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TriumphFX Review: Is it a Scam? 2024 Review

Ricardo Fernandes| Updated: January 8, 2024

You might have already heard of TriumphFX, and there’s a chance you haven’t heard many positive things about this forex trading platform.

TriumphFX, also known as TXFI, is mainly an online forex trading platform. However, TriumphFX show numerous warning signs, as there have been claims from numerous investors accusing TriumphFX of being a potential scam!

Want to know if TriumphFX is a scam, the regulations it holds, and how it operates? Look no further – this article is your ultimate guide to uncovering the truth about TriumphFX.

Is TriumphFX a scam?

Unfortunately, TriumphFX doesn’t seem to be safe! The company behind the TriumphFX platform is Triumph International Limited (Triumph Int. Ltd), which appears to be regulated and secure. However, concerns arise when considering the subsidiaries associated with the company targeted at non-English speakers in Asia.

Triumph International Limited, the parent company, holds licenses from some low-to-mid tier regulators, such as CySEC (Licence Number: 293/16) and FSA (License Number: SD080).

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TriumphFX’s Cyprus Securities and Exchange Commission, CySEC, regulation (Source: CySEC)

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TriumphFX’s Financial Services Authority of Seychelles, FSA, regulation (Source: FSA)

TriumphFX also had authorisation from the FSC – Vanuatu (License Number: 17901). However, the license was struck off, and the company was deregistered in May 2021. This registration appears confusing and misleading, as TriumphFX has never conducted operations in Vanuatu.

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TriumphFX’s registration with the Vanuatu Financial Services Commission (Source: VFSC)

Warning Signs

Despite the regulations mentioned earlier, there were already some warning signs about the company that appear to have been ignored by the regulators mentioned before. Most of the problems come from subsidiaries that allegedly directly relate to the company and are targeted at non-English speakers, more precisely Asian investors.

In 2015, the Securities and Futures Commission (SFC), a well-known regulator in Hong Kong, placed Triumph Global (Asia) Limited / TFX Global on their warning list for conducting activities in Hong Kong without the necessary regulation. As a matter of fact, the domain is still in use by TriumphFX today (the other one – – is for sale at the time of writing in December 2023). While this doesn’t conclusively prove anything, it could be considered evidence of a potential relationship between the companies.

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Triumph Global (Asia) Limited/ TFX Global in SFC warning list (Source: SFC)

However, the SFC was not the first to target Triumph Global (Asia) Limited. In December 2014, the Monetary Authority of Singapore (MAS) had already included the same company in its Investor Alert List.

Furthermore, MAS had also taken action against Triumph International Limited, the company allegedly overseeing the subsidiaries, as Triumph Internacional (Asia) Limited.

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Triumph Global (Asia) Limited/ TFX Internacional Limited in MAS warning list (Source: MAS)

The Indonesia Financial Services Authority (OJK) had also targeted TriumphFX or one of the subsidiaries of the company for engaging in illegal forex activities, including it in the register of illegal activities in April 2022.

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TriumphFX is listed in the register of illegal activities by the Indonesia Financial Services Authority, OJK (Source: OJK)

How does TriumphFX hold a CySEC License?

Cyprus Securities and Exchange Commission, CySEC, is known for being a respected regulator in the European Union. So, you probably have one question in mind: How does TriumphFX hold a CySEC License?

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TriumphFX is regulated by CySEC (Source: CySEC)

License Date

TriumphFX has faced accusations from Asian regulators for nearly a decade, yet it maintains a reputable license from CySEC, which was issued after addressing some of the allegations, including those from SFC and MAS (date highlighted in red in the image above). This occurred as Triumph International Limited or its affiliated companies acquired another licensed business from the European Union, enabling legal operations.

TriumphFX Previous Name

The previous company holding a license from the SEC was G.S.E Golden Sky Europe Limited (date highlighted in yellow in the image above). It appears that the company was acquired after 2016, as our team discovered some former employees of G.S.E on LinkedIn who worked there until 2017. The information about the company’s name was obtained through the Company Registration Number (CRN), which was researched on the Cyprus government portal.

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Triumph International Limited’s previous and current name (Source: Department of Registrar of Companies)

Approved Domain

Nevertheless, Triumph International Limited’s activities must align with regulations, and the company cannot use this branch to conduct unlicensed activities, as that would raise concerns with the regulator at present. So, this indicates that the approved domain (date highlighted in green in the image above) in the CySEC regulation is not used to conduct suspicious operations.

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Website associated with domain (Source: TriumphFX Cyprus)

However, MAS could simply target all the known domains. Our team supposes that this could be true, as the SFC does not target this domain. Furthermore, MAS also targets other domains allegedly used to sponsor suspicious activities aimed at non-English-speaking investors in Asia and not approved by CySEC.

As a matter of fact, we conducted research on various domains associated with TriumphFX, and our findings led us to a conclusion that aligns with our initial expectations. The domain approved by CySEC appears to target Cyprus and other European investors, and seems a legal approach. On the other hand, the domain, which was targeted by Asian regulators, is geared towards non-English-speaking investors, as evident in the language selection shown in the following image. This domain is allegedly among the suspicious ones that we do not recommend for opening an account.

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Website associated with domain (Source: TriumphFX1)

How does TriumphFX operate?

Is important to notice that TriumphFX seems to operate in different ways in Asia and Europe (with CySEC regulation). So, we decided to make a deeper review of TriumphFX (under the domain authorised by CySEC).

TriumphFX Cyprus Review

Products Available

The range of available products is quite limited, falling into just two categories: Forex and Precious Metals.

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Investment Products Availability (Source: TriumphFX Cyprus)

On the Forex side, you can trade over 60 currency pairs. However, more than half of them are restricted to a select group of clients (VIP clients). The leverage offered is up to 1:100, with leverage above 1:100 available on-demand and subject to specific Equity Maintenance Requirements.

The trades are executed using Ctrader, a reliable platform. It’s important to note that CTrader is not responsible for any potential misconduct by TriumphFX.

When it comes to Precious Metals, TriumphFX enables investors to trade Gold and Silver against USD. For this category of investment, the company uses the same criteria for leverage and utilises the CTrader platform to execute trades.

TriumphFX Cyprus Forex Precious Metals
Leverage2 1:30 up to 1:100 (depending on expertise) 1:30 up to 1:100 (depending on expertise)


TriumphFX Fees
Spread on Forex From 0.1 to 4.9 (for major pairs3)
Spread on Precious Metals 1.7 (minimum)
Currency Conversion Fees Non-Disclosure
Deposit Fees $0
Withdraw Fees No commission for Bank Wire (up to $12 for other methods)

The withdrawal fee structure is somewhat complex because you don’t pay any commission when withdrawing money via bank wire. However, if you withdraw through Visa or Mastercard, you may incur a fee of up to 3 USD (or 2 EUR/GBP) with no specified amount limit. On the other hand, opting for Neteller or Skrill will result in a 1% commission, with a maximum withdrawal limit of 12,000 USD/EUR/GBP. This equates to a maximum fee of 12 USD/EUR/GBP.

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Withdraw Fee Structure (Source: TriumphFX Cyprus)


This is a controversial point, as we have demonstrated throughout the rest of the article. However, it is important to note that TriumphFX Cyprus is regulated, and the company must adhere to strict guidelines to maintain this regulation. Because of this, clients are provided with a considerable level of safety. However, we do not recommend investors trust the company as they typically would with a broker authorized by FCA, SEC, and other top-tier regulators.

Nevertheless, it is important to mention that TriumphFX is obligated to segregate investor funds from the company’s own funds, providing a higher level of security compared to a situation where this doesn’t exist. This means that in the case of bankruptcy of the firm, your funds will remain safe in a segregated account, in accordance with the Cyprus Securities and Exchange Commission client funds regulations.

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Segregation of client’s funds (Source: TriumphFX Cyprus)

In addition to the protection mentioned above, TriumphFX Cyprus is also covered by the Investor Compensation Fund (ICF), a Cyprus investor compensation fund working in conjunction with CySEC. The ICF guarantees compensation payments of up to €20,000 to clients of TriumphFX Cyprus in the event of insolvency.

It is important to note that these types of protections do not extend to TriumphFX subsidiaries operating outside the European Union. Therefore, if you plan to open an account in the Asian region, please be aware that TriumphFX likely operates there under the FSA regulation, which is not as strict as CySEC and does not require brokers to follow funds segregation or include a compensation fund. However, TriumphFX states on its website that it takes measures to ensure clear segregation between the funds of the clients and those of the company.

Account Opening

When you open an account with TriumphFX Cyprus, if you plan to do so, you must keep in mind that three types of accounts are offered: Classic, Gold, and Premium Account.

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Types of accounts offered (Source: TriumphFX Cyprus)

The main difference between these three types of accounts lies in the availability of Market Analysis (1 vs 1). Although TriumphFX does not disclose specific information about the service, it is presumed to involve a call with an analyst who conducts an analysis with you, assisting in making well-informed investment decisions. Webinars are exclusively offered with the Classic Account, yet, once again, the company does not provide detailed information on this topic.

Demo Account

We attempted to open a demo account to showcase the platform and execute some trades. Unfortunately, we encountered issues as the demo account did not function as expected, as evidenced in the screenshot below. This constitutes another significant drawback for the platform, further contributing to the existing trust issues.

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Unavailability of Demo Account (Source: TriumphFX Cyprus)

TriumphFX Asia Branches: A suspicious modus operandi

Allegations suggest TriumphFX’s business model in Asia resembles a Pyramid Ponzi Scheme. The company claims that skilled traders and advanced algorithms make its trades; however, the promised returns may be unrealistic and unsustainable, casting doubt on the legitimacy of TriumphFX.

These allegations are documented on Trustpilot, where TriumphFX received a rating of 2.5 based on over 500 reviews. Additionally, a noteworthy trend has emerged within a Malaysian Investment Group on Reddit, where clients share their experiences regarding TriumphFX’s utilization of an MLM structure in Asia. It’s crucial to note that TriumphFX has been the subject of scrutiny by various Asian regulators.

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Source: Trust Pilot

TFX Coin

TriumphFX has also introduced a cryptocurrency known as TFX. This initiative was undertaken by TRIUMPH INT. (SC) LIMITED, which is regulated by the Financial Services Authority (FSA) of the Republic of Seychelles. But what exactly is TFX?

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Source: TriumphFX, under the domain

Based on our findings, TFX was exclusively launched in the Asian region, where the company operates somewhat dubiously with its subsidiaries. Launched in December 2022, the currency aimed to fuel the TriumphFX ecosystem.

In summary, the promise was that TFX would always be worth a minimum of 1 USDT. However, returns from investments earned in USD couldn’t be paid in dollars; instead, they had to be converted to TFX. What transpired was that, at the coin’s launch, there was a correction to its price, around 0.60 USD, far from the company’s pledge. The price surged, reaching highs of 0.93 USD days after launch. This increase may have been triggered by the major holders of the coin, which happened to be the company itself. This could have been achieved through a sudden increase in supply, but the rise wasn’t sustained because the TFX ecosystem didn’t add value. Consequently, by the end of 2022, TFX was already valued at about 0.22 USD (Source: Gecko Terminal)

This prompted many investors to desperately sell their TFX holdings, driving up the supply against scarce demand. As a result, TFX never lived up to its promises, currently valued at 0.2828 USD as of the writing date (26/12/2023). Consequently, numerous investors felt cheated by the company, witnessing their returns being “swallowed” by a cryptocurrency without a foundation, created for the purpose of speculation in favour of its major holders.

TriumphFX Alternatives in Asia (and Worldwide)

TriumphFX raises safety concerns, especially for Asian investors! However, there’s no need to worry. Our team has meticulously compiled a set of alternatives that we believe are safer and more suitable for you. In this collection, our emphasis is on alternatives featuring investment products similar to TriumphFX’s primary focus, which is Forex.

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#1 Best alternative overall

Min. deposit of €/$0
Excellent reputation (founded in 1978)
+100 Currency pairs on Forex
View BrokerTriumphFX Review: Is it a Scam? 2024 Review 19Read review
Interactive Brokers summary
Founded in 1978, IBKR is one of the world’s most trustworthy brokers. It offers an enormous range of financial products and low currency conversion fees (FX fees). It also launched IBKR GlobalTrader, a modern mobile trading app, ideal for novice investors.
Supported countriesWorldwideRegulatorsSEC, FINRA, SIPC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB
Products offered4Stocks, ETFs, Bonds, Forex, Funds, Commodities, Options, FuturesInterest on uninvested cash4.83% in USD, 3.314% in EUR, 4.655% in GBP
Fractional SharesYesDemo accountYes
TriumphFX Review: Is it a Scam? 2024 Review 20

#2 Best for Forex and CFDs

Min. deposit of €/$0
Low spreads from 0.1 pips
48 Currency pairs on Forex
View BrokerTriumphFX Review: Is it a Scam? 2024 Review 19Read review
XTB summary
It offers low spreads on hundreds of markets through CFDs on Stocks, Forex, Indices, Commodities, and Cryptocurrencies. Awarded multiple times as the best Forex and CFD broker
Supported countriesWorldwideRegulatorsFCA, KNF, CySEC and FSC
Products offered5Stocks, ETFs, CFDs on Stocks, ETFs, Forex, Indices, Commodities, and CryptocurrenciesInterest on uninvested cash3.80% in EUR (first 90 days, then 2.00%)
Fractional SharesYesDemo accountYes

77% of retail CFD account lose money.

TriumphFX Review: Is it a Scam? 2024 Review 22

#3 Ideal for Demo Accounts

Minimum deposit of €/$100
Excellent reputation
60+ Currency pairs on Forex
View BrokerTriumphFX Review: Is it a Scam? 2024 Review 19Read review
Plus500 summary
Plus500 is a multi-asset online broker that offers no commissions when trading CFDs on Forex, Cryptocurrencies, Stocks, Commodities, ETFs, Options, and Indices
Supported countriesWorldwide, exceptions include U.SRegulatorsFCA, CySEC, MAS, ASIC, FMA
Products offered6CFDs on Stocks, ETFs, Forex, Indices, Options, Commodities, and CryptocurrenciesInterest on uninvested cash0%
Fractional SharesYesDemo accountYes

82% of retail CFD accounts lose money.

Bottom Line

TriumphFX, despite its regulation by low-to-mid-tier authorities such as CySEC and FSA, has raised considerable concerns, particularly in relation to its operations in Asia.

Warning signs, such as regulatory actions by SFC, MAS, and OJK, indicate potential issues. Although TriumphFX Cyprus seems to comply with regulations, the company’s multi-level marketing structure in Asia, reminiscent of a pyramid Ponzi scheme, is a cause for concern.

Moreover, the introduction of the TFX coin contributes to the scepticism. We advise investors to conduct thorough research and investigation on the company independently to make well-informed decisions when selecting a broker. To help you, our team has gathered some alternatives in this article that, in our opinion, are safer, especially for Asian investors who may be more exposed to alleged illegal activities.

1We did not provide the website link because we believe that this domain is not trustworthy
2Leverage above 1:100 available on-demand and subject to specific Equity Maintenance Requirements
3For minor pairs, it can go up to 32.7 for the EURTRY pair
4It can vary between countries. Always check the information on the broker’s website. In this review, we present the products available for IBKR Singapore, wich provides services through, Interactive Brokers Singapore Pte. Ltd.
5It can vary between countries. Always check the information on the broker’s website. In this review, we present the products available for Plus500 Singapore, which provides services through Plus500SG Pte Ltd.
6It can vary between countries. Always check the information on the broker’s website. In this review, we present the products available for XTB Singapore, which provides services through XTB International.

Ricardo Fernandes
Fintech Analyst

Ricardo Fernandes is an undergraduate management student with a passion for finance and business. He serves as the CEO of one of Portugal's most promising junior initiatives, the Minho Investment Association, and holds the role of Ambassador for the renowned BIG-4 firm, Ernst & Young (EY).