What is TriumphFX？

TriumphFX was founded in 2009 and is based in Cyprus, providing professional online trading services to investors, traders, and institutional clients through a robust NDD and STP order processing model.

TriumphFX is regulated by Federal Financial Supervisory Authority (BaFin) and Cyprus Securities and Exchange Commission (CySEC). TriumphFX is also registered with Financial Conduct Authority (FCA) and Vanuatu Financial Services Commission (VFSC), but these two licenses have already been revoked.

TriumphFX has been brought into a series of scandals about the inability to withdraw funds, illegal brokers, as well as failing to log in to its official website, etc. Please be aware of the risk.

Pros & Cons

TriumphFX offers competitive trading conditions with low spreads, multiple account types, and MT4 trading instrument. Additionally, the broker is regulated by reputable authorities and offers negative balance protection. However, too many complaints from users saying that they have difficulty withdrawing. And their educational resources, research and analysis tools are limited compared to other brokers.

Note: The above table is based on general information and may not be comprehensive. Pros and cons may vary depending on individual experiences and circumstances. Each trader has unique needs and preferences, so it is important to carefully consider your own trading style and goals when selecting a broker.

TriumphFX Alternative Brokers

There are many alternative brokers to TriumphFX depending on the specific needs and preferences of the trader. Some popular options include:

• XM: This is a popular forex broker that is known for its low spreads, multiple trading platforms, and excellent customer service. They are regulated by multiple top-tier authorities, including the ASIC, CySEC, and FCA, which makes them a safe and reliable choice.

• Pepperstone: This broker offers a wide range of trading instruments, low spreads, and fast trade execution speeds. They are also regulated by top-tier authorities such as the FCA and ASIC, which ensures that they are a trustworthy option.

• IG: This broker offers a variety of trading instruments, competitive pricing, and a user-friendly trading platform. They are also regulated by top-tier authorities such as the FCA, which ensures that they adhere to strict financial regulations and are a safe and reputable broker.

Is TriumphFX Safe or Scam？

Based on the information provided on TriumphFX's website, as well as their regulatory status, it seems that TriumphFX takes measures to protect its clients' interests and promote a safe trading environment. They are licensed and regulated by reputable authorities, and have implemented several security measures to ensure the safety of its clients' funds, such as segregated accounts and negative balance protection. However, there have been some negative reviews from clients regarding withdrawal issues, which is a red flag.

How are you protected？

It's important to note that while TriumphFX takes steps to protect its clients, no broker can guarantee complete protection against all risks. Clients should always do their own research and carefully consider the risks involved in trading before making any investment decisions.

Market Instruments

TriumphFX offers investors a small range of trading instruments, including over 60 pairs of the most popular major currency pairs in the Forex market, minor currency pairs, exotic currency pairs, as well as precious metals such as gold and silver.

Accounts

To meet the investment needs and trading experience of different investors, TriumphFX offers three different types of accounts, namely Classic Accounts, Gold Accounts, and Premium Accounts. The minimum deposit requirement is 100. The base currencies of the accounts are EUR, USD, and GBP, and the minimum trade lot size is 0.01. Demo accounts are also available.

Leverage

TriumphFX, as a Cyprus-regulated broker, offers the maximum trading leverage of up to 1:30 for retail clients. Traders can adjust the leverage according to their knowledge and experience, and professional clients can trade with a maximum leverage of up to 1:500.

It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads & Commissions

All spreads with IMS FX are a floating type and scaled with the asset class. The minimum spread on the TriumphFX platform is 0.4 pips for EURUSD, 0.1 pips for EURGBP, 1.2 pips for GBPUSD, 0.8 pips for USDJPY, 1.7 pips for XAUUSD, and 1.7 pips for XAGUSD. It seems that there is no commission charged.

Below is a comparison table about spreads and commissions charged by different brokers:

Note: Spreads can vary depending on market conditions and volatility.

Trading Platforms

TriumphFX offers traders the flexibility to choose from the market-leading and widely acclaimed MT4 trading platform, as well as MT4 Windows, MT4 iOS, and MT4 Android. MT4 is known as the ideal forex trading platform with powerful charting and data analysis tools, an intuitive and clear interface, and support for EA intelligence. MT4 can develop suitable trading strategies for traders of different levels, helping traders to trade with ease.

See the trading platform comparison table below:

All four brokers offer MetaTrader4 and have mobile, web, and desktop versions available. XM and Pepperstone also offer MetaTrader5, while IG has a wider range of trading platforms including ProRealTime, L2 Dealer, and its own IG Trading Platform.

Trading Tools

TriumphFX offers several trading tools designed to help traders stay informed and up-to-date with the latest market trends and developments. The economic calendar provides real-time updates on upcoming economic events and their potential impact on the markets, while the FX analysis and news section offers daily market commentary and analysis from TriumphFX's team of experts. These tools can be especially useful for traders who rely on fundamental analysis to make informed trading decisions.

Additionally, TriumphFX offers access to a variety of technical analysis tools, including charting and indicators, that can be used to identify trading opportunities and potential market trends. Overall, TriumphFX's trading tools can be a valuable resource for traders looking to stay ahead of the markets and make more informed trading decisions.

Deposits & Withdrawals

TriumphFX supports clients by depositing and withdrawing funds to their investment accounts via Visa, MasterCard, Bank Wire, Neteller, and Skrill/Moneybookers.

The minimum deposit amount is $/€/£100.

No commissions are charged on deposits. For any deposit equivalent or above $500, TriumphFX will reimburse the Intermediary Bank Charges. Regardless however, all Local Bank Charges incurred by the sending bank will not be reimbursed. Your deposits will be processed within 2-3 business days from the day your funds are sent from your bank account. After confirmation of your deposits, your funds will be immediately credited into your trading account.

Traders withdrawing funds via NETELLER and Skrill/Moneybookers pay 1% commission and while via VISA & MasterCard, the withdrawal fee is $3/€2/£2. For Bank Wire withdrawals, if your withdrawal amount is less than €1,000, the fees will be $30/€20/£25, and any above will be charge + 0.15%. All withdrawals are subjected to intermediary bank charges ranging from $25 to $75 per transaction. It will take 2-5 business days to process your request.

TriumphFX minimum deposit vs other brokers

TriumphFX Money Withdrawal

In order to create a Withdrawal Request please:

Step 1: Login to your trading account ( https://secured.triumphfx.com/login ) .

Step 2: Go to the Withdrawals Section.

Step 3: Click Create Withdrawal and choose the method you want to withdraw your Funds.

Step 4: Fill in all the required fields.

Step 5: Submit the web form.

Customer Service

TriumphFX offers customer support via phone, email, and online messaging. You can also follow this broker on social networks such as Facebook, Instagram and LinkedIn. Overall, the customer service of TriumphFX appears to be satisfactory.

Education

TriumphFX offers a range of educational resources to help traders improve their trading knowledge and skills. These resources include Forex essentials and Forex glossary. Additionally, TriumphFX offers a demo account for traders to practice their trading strategies and get familiar with the platform before trading with real money. Overall, TriumphFX's educational resources can be a valuable asset for both new and experienced traders looking to improve their trading skills.

Conclusion

All in all, TriumphFX seems to be well-regulated, but there are numerous negative reviews from users. Many users have reported difficulties in withdrawing funds, and some have even accused TriumphFX of being an illegal Ponzi scheme. Despite offering attractive trading conditions, the high number of negative reviews and accusations of illegal activity should be a red flag for potential investors. It is important to thoroughly research any broker before investing and to exercise caution when dealing with TriumphFX.

Frequently Asked Questions (FAQs)

Overview of Probis

Probis is an Australian-based trading platform with a history dating back to its founding in 2009. This platform offers a diverse range of financial instruments, including Forex, Commodity CFDs, and Securities CFDs, allowing traders to engage in various aspects of the global financial markets. Prospective traders can opt for either Live Accounts, where real funds are used for trading, or Demo Accounts, which provide a risk-free environment for honing trading skills.

One of the key features of Probis is its proprietary trading platform known as PROBIS AUTON, which facilitates efficient and secure online trading. This platform supports 24-hour trading in Forex, indices, precious metals, and commodities, making it adaptable to different trading preferences and time zones. However, it's important to note that Probis's regulatory status is currently unusual, as its official regulatory status has been revoked. Therefore, traders are advised to exercise caution and thoroughly research the platform's regulatory status and oversight to ensure the safety of their investments.

Is Probis Legit？

Probis was previously regulated by the Australian Securities and Investments Commission (ASIC) under license number 338241. However, it's important to note that the regulatory status of Probis is currently abnormal, and the official regulatory status has been revoked. Traders and potential clients should exercise caution and be aware of the associated risks when considering Probis as a trading platform. It's advisable to thoroughly research and consider the regulatory status and oversight of any brokerage before engaging in trading activities to ensure the safety and security of your investments.

Pros and Cons

Probis offers diverse tradable assets, including Forex, Commodity CFDs, and Securities CFDs. Traders can choose between Live and Demo Accounts for real-money or risk-free practice trading. The platform's proprietary PROBIS AUTON trading software is user-friendly and accessible on multiple devices. However, caution is advised due to the platform's uncertain regulatory status, as its official regulatory credentials have been revoked. Commission fees lack transparency, and non-trading fees like swap interest charges can affect overall trading costs. Considering these pros and cons is crucial for potential users.

Trading Instruments

Probis offers a range of trading instruments, including FX (Forex), Commodity CFDs (Contracts for Difference), and Securities CFDs. Each of these instruments has its own specifications and trading hours.

FX (Forex) Trading: Probis provides Forex trading options with various currency pairs, including EUR/USD, USD/JPY, GBP/USD, USD/CHF, USDCAD, AUD/USD, EUR/JPY, GBP/JPY, CHF/JPY, CAD/JPY, AUD/JPY, and EUR/GBP. These pairs come with specific contract sizes, minimum fluctuations, spread values, and necessary margin requirements per lot. Trading hours for Forex pairs vary between summer and winter times, with rollover times specified.

Commodity CFD Trading: Probis also offers Commodity CFDs for trading in assets such as Spot Gold, Spot Silver, Crude Oil, Copper, Soybean, Wheat, and Corn. Each commodity has its unique contract size, minimum fluctuation, spread, and margin requirements. Trading hours for these commodities differ during summer and winter times.

Securities CFD Trading: For traders interested in securities, Probis provides CFDs on various indices, including the US 30 Index, US E-mini SPX 500 Index, US NDAQ 100 Index, UK 100 Index, SGX Japan 225 Index, and HongKong50 Index. These securities CFDs have point values, minimum fluctuations, spreads, and margin requirements per lot. Trading hours for securities CFDs are specified for both summer and winter times.

Here is a comparison table of trading instruments offered by different brokers:

Account Types

Probis offers two main types of accounts to cater to the needs of traders: Live Accounts and Demo Accounts.

Live Account: A Live Account is designed for traders who are ready to engage in real-money trading. Opening a Live Account involves depositing real funds, and traders can use this account to execute actual trades in the financial markets. Live Accounts provide access to real market conditions, and any profits or losses are reflected in the trader's account balance. These accounts offer the opportunity to experience the excitement and risks of live trading, making them suitable for both novice and experienced traders.

Demo Account: A Demo Account, on the other hand, is a risk-free and practice-oriented account type. It allows traders to hone their trading skills and test strategies without risking real capital. Demo Accounts are funded with virtual money, and traders can execute trades in a simulated market environment that mirrors real market conditions. This is an invaluable tool for beginners to learn the ropes of trading and for experienced traders to refine their strategies. It's a safe way to explore the trading platform and gain confidence before transitioning to a Live Account.

How to Open an Account

To open an account with Probis, follow these steps.

1. Visit the Probis website. Look for the “Open Live Account” button on the homepage and click on it.

1. Sign up on websites registration page.

1. Receive your personal account login from an automated email

2. Log in

3. Proceed to deposit funds to your account

4. Download the platform and start trading

Leverage

Probis offers varying levels of leverage to traders, depending on the type of financial instrument they are trading. For major currency pairs like EUR/USD and USD/JPY, the maximum leverage is 1:30. This means that traders can control a position worth up to $30 for every $1 they have in their trading account. Minor currency pairs and gold trading come with a maximum leverage of 1:20. When trading CFD products other than gold, such as commodities, the leverage is set at 1:10. For securities CFDs, which include major stock markets, the maximum leverage is 1:20, while minor stock markets offer a leverage of 1:10. Traders should exercise caution and consider their risk tolerance when using leverage, as it can amplify both profits and losses in their trades.

Here is a comparison table of maximum leverage offered by different brokers:

Spreads and Commissions (Trading Fees)

Probis provides specific details about spreads for various trading instruments. For Forex pairs, spreads typically start at 3 pips. In the case of Commodity CFDs like Spot Gold, the spread starts at 0.5 dollars per troy ounce. For Securities CFDs such as the US 30 Index, the spread begins at 5 points. These precise spread values are essential for traders to understand their trading costs accurately.

Traders should stay informed about potential changes through the platform's notifications. Please note that commission details are not provided on the website and should be obtained from Probis' customer service.

Non-Trading Fees

Probis charges non-trading fees, with one significant fee being swap interest or overnight financing charges. Swap interest arises from the difference in interest rates between two currencies in a currency pair during rollover periods.

In essence, if traders hold a position overnight in a currency pair, they may either receive or pay swap interest based on the interest rate differentials between the currencies involved. For instance, if traders buy a currency with a higher interest rate and sell a currency with a lower interest rate, they can earn interest. Conversely, if they sell a currency with a higher interest rate and buy a currency with a lower interest rate, they will incur interest charges.

For example, if the Australian Dollar has a higher interest rate compared to the Japanese Yen, and traders hold an AUD/JPY position overnight, they may earn or pay the net interest difference between these currencies. The calculation and settlement of FX swap interest occur at the market's closing.

Traders should be aware of these swap interest rates as they can impact the overall costs of holding positions overnight, affecting their trading strategies and expenses. It's advisable to check Probis for specific swap interest rates for different currency pairs.

Deposit & Withdraw Methods

Probis provides bank transfer for depositing and withdrawing funds:

Deposit:

You can deposit funds into your Probis trading account via bank wire. Domestic transfers typically take 1-2 business days, while international transfers usually take 3-5 business days. You can make deposits in either AUD or USD. Probis does not charge any fees for deposits. However, please note that international transfers to and from international banking institutions may incur intermediary or transfer fees that are independent of Probis.

Withdrawal:

To withdraw margins from your trading account, you have two options:

- Use the “withdraw margin” button within the trading platform. Fill in the withdrawal amount to complete the application.

- Contact Probis customer service by telephone. You will need to provide your login ID and service pin to complete the withdrawal application.

Trading Platforms

Probis offers the PROBIS AUTON trading platform for efficient and secure online trading. It supports 24-hour trading in forex, indices, precious metals, and commodities. The platform is available on PC, tablets, and mobile devices, ensuring flexibility for traders. It has specific system requirements, such as Microsoft .NET Framework 4.5 for the PC version and various operating systems for mobile devices. Users can download the platform from the Probis website or app stores for iOS and Android. Manuals are available for each platform version to help users navigate and make the most of their trading experience.

Customer Support

Probis offers comprehensive customer support to assist clients with their inquiries and needs. They are conveniently located in Sydney, Australia, with a registered office at Suite 11.01, Level 11, 227 Elizabeth Street, and a postal address at PO Box 20697 World Square. Clients can reach out to Probis through various communication channels. They provide telephone support at +61 2 9047 7800, allowing clients to speak directly with their team.

For specific inquiries, Probis has dedicated email addresses for different services. Clients looking for assistance with asset management can reach out to enquiries@probisgroup.com.au. If you have questions related to FX and CFD trading, you can contact cs@probisgroup.com.au. For FX and CFD account-related inquiries, you can email account@probisgroup.com.au, and margin deposit and withdrawal matters can be addressed at margin@probisgroup.com.au.

Educational Resources

Probis provides a range of educational resources to empower clients in their FX and CFD trading journey. Their educational offerings cover FX & CFD trading, trade characteristics, technical analysis, and a comprehensive glossary.

FX & CFD Trading: Probis offers educational content that helps clients understand the fundamentals of FX (foreign exchange) and CFD (contract for difference) trading. This includes insights into market dynamics, trading strategies, and risk management techniques.

Trade Characteristics: Understanding the unique characteristics of different trading instruments is crucial for success. Probis provides resources that delve into the specifics of various assets, helping traders make informed decisions.

Technical Analysis: Technical analysis is a vital tool in trading, and Probis equips clients with the knowledge and skills needed to analyze price charts, identify trends, and make data-driven trading decisions.

Glossary: The financial world comes with its own jargon and terminology. Probis offers a comprehensive glossary that defines and explains key terms, ensuring that clients can navigate the trading landscape with confidence.

Trading Tools

Probis provides traders with Economic Calendar to enhance their market analysis and decision-making. It provides traders with a professional perspective on market events, helping them understand market dynamics, stay informed about crucial economic announcements, and seize investment opportunities. This tool is instrumental in tracking economic indicators, central bank decisions, and geopolitical events that can significantly impact financial markets.

Conclusion

In conclusion, Probis offers traders access to various financial instruments, a user-friendly trading platform, and educational resources. However, its regulatory status is uncertain, which raises concerns about the safety of investments. The lack of transparency regarding commission fees and potential non-trading fees like swap interest charges can impact overall trading costs. While Probis has its advantages, including a range of tradable assets and a demo account for practice, potential users should carefully consider these drawbacks and exercise caution when choosing this platform for their trading needs.

FAQs

Q: Is Probis a regulated trading platform？

A: Probis was previously regulated by the Australian Securities and Investments Commission (ASIC), but its regulatory status is currently uncertain as the official regulatory status has been revoked.

Q: What types of trading accounts does Probis offer？

A: Probis provides two main types of accounts: Live Accounts for real-money trading and Demo Accounts for practice trading.

Q: Can I access Probis's trading platform on mobile devices？

A: Yes, Probis's trading platform, PROBIS AUTON, is available on PC, tablets, and mobile devices, offering flexibility for traders.

Q: What is the maximum leverage offered by Probis？

A: The maximum leverage varies depending on the type of financial instrument. For major currency pairs, it's 1:30, while minor currency pairs and gold trading offer 1:20. CFD products other than gold come with 1:10 leverage, and securities CFDs offer a maximum leverage of 1:20 for major stock markets and 1:10 for minor stock markets.

Q: How can I deposit and withdraw funds with Probis？

A: You can deposit funds via bank wire transfer in either AUD or USD. Withdrawals can be made using the “withdraw margin” button within the trading platform or by contacting Probis customer service.