You might have heard of TriumphFX, and there is a good reason you haven’t heard many positive things about this forex platform.
TriumphFX, also known as TFXI, was an online forex trading platform that has effectively collapsed after years of regulatory warnings and enforcement actions. The Cyprus entity behind the brand has been renamed Shine Trades (CY) Limited, the offshore websites are largely inaccessible, and Malaysian police are investigating over $5.3 million in victim losses linked to the brand.
This article documents what TriumphFX was, the regulatory actions taken against it, the alleged Ponzi-style operations in Asia and what investors caught up in the scheme can do now.
Is TriumphFX a scam?
Yes. The evidence accumulated over the past three years confirms that TriumphFX was operating as a fraudulent scheme. These are the key facts as of September 2026:
- CySEC enforcement action: in December 2023, the Cyprus Securities and Exchange Commission suspended the voting rights of TriumphFX’s sole indirect shareholder, Chong Chun Hseung (held through CCH Triumph Cyprus Trust), and banned its executive directors, Christoforos Christoforou and Joel Prakash Benedict, from performing management duties for two years. CySEC stated that Hseung’s influence over the firm was detrimental to its sound and prudent management. The measures have been extended in six-month cycles since then, including in July 2024 and February 2025, and stay in force until the TriumphFX entities are removed from the investor alert lists of the regulators in Singapore and Malaysia.
- Cyprus entity rebranded: the company formerly known as Triumph Int. (Cyprus) Limited is now Shine Trades (CY) Limited and operates under the ShineTrades brand, abandoning the TriumphFX name. CySEC licence number 293/16 remains attached to the renamed entity.
- Offshore websites inaccessible: the main TriumphFX websites (triumphfx.com and tfxi.com) are largely unreachable, and the offshore licences have been revoked or struck off. The Vanuatu licence (FSC, number 17901) was struck off in May 2021.
- Malaysia criminal investigation: Malaysian police have received over 72 complaints from victims who lost more than 23.7 million MYR (around $5.3 million) to a syndicate operating under the TriumphFX brand since 2019. The scheme promised monthly returns of 4% to 7% and worked like a Ponzi scheme.
- Withdrawal complaints: clients have reported blocked withdrawals and unanswered support requests since August 2022, well before the brand collapsed.
- Regulatory warnings: TriumphFX and its associated entities appear on the warning lists of the Hong Kong SFC (since 2015), the Monetary Authority of Singapore (since 2014, again in 2021), the Malaysian Securities Commission (since 2020), the Indonesian OJK (since April 2022) and New Zealand’s FMA.
The conclusion is clear: TriumphFX should not be considered a viable or safe broker under any of its current or past brand names. If you have funds with TriumphFX, ShineTrades, TFXI, ZFinances or ZCD, file a complaint with your local financial regulator and seek legal advice.
TriumphFX and CySEC
The Cyprus Securities and Exchange Commission (CySEC) is a recognised EU regulator. For years, TriumphFX held CySEC licence number 293/16, originally issued in 2016 after the operators behind TriumphFX acquired a previously licensed entity (G.S.E. Golden Sky Europe Ltd). This is a common pattern that lets new owners inherit an existing EU licence without going through a fresh approval process.
However, this licence is no longer used to operate the TriumphFX brand. In December 2023, CySEC acted against the Cyprus entity because of the influence of its sole indirect shareholder, Chong Chun Hseung, and its links to Asian regulators’ warning lists. CySEC suspended Hseung’s voting rights and banned the company’s executive directors from management duties for two years.
The suspension is tied to a condition rather than a fixed date: it lasts until the TriumphFX entities are removed from the investor alert lists in Singapore and Malaysia. CySEC has kept renewing it in six-month cycles, including in July 2024 and February 2025.
After the enforcement action, the Cyprus entity was renamed from Triumph Int. (Cyprus) Limited to Shine Trades (CY) Limited, and it now operates under the ShineTrades brand. The TriumphFX brand has been abandoned in Europe, and the offshore websites that targeted Asian investors are largely inaccessible.
Our original investigation in 2024 found that the TriumphFX brand operated through several domains: triumphfx.com targeted European investors under CySEC oversight, while tfxi.com targeted investors in Asia under offshore (Seychelles FSA) regulation. That split between regulated and unregulated operations is what ultimately could not survive scrutiny.
Warning signs
The warning signs around TriumphFX built up over nearly a decade across several jurisdictions, until CySEC itself acted against the Cyprus entity in December 2023. This is the timeline:
- December 2014, Singapore: the Monetary Authority of Singapore (MAS) added Triumph Global (Asia) Limited to its Investor Alert List, and later also targeted Triumph International Limited. TriumphFX was added again in August 2021.
- 2015, Hong Kong: the Securities and Futures Commission (SFC) placed Triumph Global (Asia) Limited / TFX Global on its warning list for operating without the necessary licence.
- 2020, Malaysia: the Securities Commission Malaysia added the brand to its investor alert list.
- May 2021, Vanuatu: the offshore licence (FSC number 17901) was struck off.
- April 2022, Indonesia: the Financial Services Authority (OJK) included TriumphFX in its register of illegal activities.
- August 2022 onwards: clients began reporting blocked withdrawals and unanswered support requests.
- December 2023, Cyprus: CySEC suspended the shareholder’s voting rights and banned the executive directors from management duties, measures that have been extended repeatedly since.
- 2024 to 2026: the Cyprus entity was renamed, the websites went offline and Malaysian police opened a criminal investigation.
The screenshots below show the Singapore and Indonesia warnings:
TriumphFX in Asia: a suspicious modus operandi
TriumphFX’s business model in Asia resembled a pyramid or Ponzi scheme, and in 2024 and 2025 that description moved from alleged to criminally investigated. The company claimed that skilled traders and advanced algorithms generated its returns, but the payouts it promised were unrealistic and unsustainable.
The Malaysia case: Malaysian police have received over 72 complaints from victims who lost more than 23.7 million MYR (around $5.3 million). According to Bukit Aman’s Federal Commercial Crime Investigation Department (CCID), the syndicate had been active since September 2019, promised monthly returns of 4% to 7% and recruited investors through Zoom presentations. Several people connected to the brand have been detained.
Allegations of a recruitment-driven structure had been documented for years on Trustpilot and in Malaysian investor groups, but the scale of the losses only became clear once regulators and police started investigating.
TFX coin
TriumphFX also launched a cryptocurrency called TFX, through TRIUMPH INT. (SC) LIMITED, an entity registered with the Financial Services Authority (FSA) of the Seychelles. So what was TFX?
TFX was launched only in Asia, in December 2022, and was presented as the fuel of the TriumphFX ecosystem.
The promise was that TFX would always be worth at least 1 USDT. However, returns earned in dollars couldn’t be paid in dollars and had to be converted into TFX. At launch, the coin traded around 0.60 USD, well below the promise. It then rose to about 0.93 USD within days, which may have been driven by the largest holder of the coin, the company itself. The rise didn’t last, because the ecosystem added no real value.
Many investors then rushed to sell their TFX, pushing supply up against very little demand. Investors were left with returns “swallowed” by a token with no foundation, created mainly for speculation in favour of its largest holders.
Update (2024 to 2026): according to multiple investor testimonies, TFX holdings were later force-converted into a new token called ZCD, with funds allegedly migrated to a successor entity called ZFinances, owned by MEXSUS Ltd in the British Virgin Islands. Investors report being told their balances would be locked for 18 months without warning. Migrating victim funds across successive offshore entities and tokens is a pattern consistent with attempts to obscure asset trails and frustrate recovery. If you hold TFX, ZCD or any related token, contact your local financial regulator and seek legal advice rather than engaging further with these entities.
What to do if you have money with TriumphFX
If you have funds with TriumphFX, ShineTrades, TFXI, ZFinances or ZCD:
- Gather your records: save account statements, transfer receipts, contracts, emails and chat messages, including anything from people who recruited you.
- File a complaint with your regulator: in Cyprus, CySEC. In Malaysia, the Securities Commission and the police (CCID). In Singapore, MAS. In Indonesia, OJK. Reports help build the case and can support asset-freezing efforts.
- Contact your bank or card issuer: if you paid recently by card or transfer, ask about a chargeback or recall, although the chances fall sharply after a few months.
- Seek legal advice: a lawyer experienced in investment fraud can tell you whether group action is possible in your country.
- Beware of recovery scams: anyone who contacts you promising to recover your funds for an upfront fee is almost certainly targeting you a second time. Legitimate authorities never charge to investigate.
What TriumphFX offered (2024 archive)
TriumphFX operated differently in Asia and in Europe. Our 2024 review looked at the European platform (triumphfx.com), which was authorised by CySEC.
Products: the range was limited to forex and precious metals. On forex, it offered over 60 currency pairs, although more than half were restricted to VIP clients. Leverage went up to 1:100, with higher leverage on request. Gold and silver were available against the US dollar. Trades were executed on cTrader, a third-party platform that bears no responsibility for the conduct of the brokers that use it.
Fees: spreads on major forex pairs ranged from 0.1 to 4.9 pips, and from 1.7 pips on precious metals. Deposits were free. Withdrawals were free by bank wire, up to 3 USD (or 2 EUR/GBP) by card, and 1% with Neteller or Skrill, capped at 12,000 USD/EUR/GBP per withdrawal.
Protections on paper: the Cyprus entity was required to segregate client funds and was covered by the Cyprus Investor Compensation Fund, which pays up to €20,000 if a firm becomes insolvent. These protections never applied to the offshore entities in Asia, which is where the reported losses happened. As the case shows, an EU licence in the group is no guarantee that the money you send to an offshore arm of the same brand is protected.
Demo account: we tried to open one and it didn’t work, which was another sign of the platform’s poor state.
TriumphFX alternatives
Given that TriumphFX has effectively ceased operations and is the subject of regulatory enforcement and a criminal investigation, choosing a properly regulated alternative is essential.
These three brokers are regulated by top-tier authorities and offer forex and CFD trading with the safety standards TriumphFX failed to deliver:
69-80% of retail CFD accounts lose money.
81% of retail CFD accounts lose money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Bottom line
TriumphFX is no longer a viable broker. What our 2024 review described as a company with serious warning signs has, by 2026, become a confirmed regulatory failure:
- CySEC acted against the Cyprus entity in December 2023, suspending shareholder voting rights and banning executive directors from management duties. The measures have been extended repeatedly and remain in force.
- The Cyprus entity was renamed Shine Trades (CY) Limited and now operates under the ShineTrades brand.
- The main TriumphFX websites are largely inaccessible, and the offshore licences have been revoked or struck off.
- Malaysian police are investigating losses of over $5.3 million across more than 72 complaints, with detentions linked to the brand.
- Investor funds were allegedly migrated through successive tokens (TFX to ZCD) and entities (ZFinances, MEXSUS Ltd in the British Virgin Islands), a pattern consistent with obstructing recovery.
Our recommendation is clear: do not open an account with TriumphFX, ShineTrades or any associated brand. If you already have funds with these entities, contact your local financial regulator and seek legal advice. The alternatives above are regulated by top-tier authorities and provide the protections TriumphFX failed to deliver.
