Pros & cons of TriumphFX broker

TriumphFX Fact sheet

TriumphFX is a regulated broker, with a license granted by the Cyprus Securities and Exchange Commission (CySEC). The broker’s policies include client funds being kept in segregated accounts, and the broker is part of investor compensation funds in case of its insolvency. Along with this negative balance protection is in place. 

There are three account types offered by TriumphFX with very similar trading terms. The differences lie in the services offered by each account type. The initial deposit is unclear on the website for each account type. Account currencies for all three accounts are the same: EUR, USD, and GBP. The leverage for retail clients is capped at 1:30 while for professional traders it is increased to 1:500. This leverage policy applies to all three account types and is due to regulations. Lately, regulators started to prohibit brokers from giving their retail clients higher than 1:30 leverage in many cases. The minimum lot size is 0.01 and spreads start from 0.6 pips on major pairs, which is pretty competitive when compared to other popular brokers. The main differences between these accounts are as follows: For Classic accounts, there are no webinars and market analysis (1vs1) provided, while for the Gold account, webinars are available but with no market analysis. For Premium accounts, all benefits are available.

The execution technology used is Straight Through Processing (STP), meaning all orders received by TriumphFX are directed to liquidity providers based on who provides the best price to the broker.

Pros & cons of TriumphFX account types

Comparing TriumphFX fees with other brokers

TriumphFX fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

TriumphFX fees compared to CM Trading fees

TriumphFX fees compared to plus500 fees

TriumphFX fees compared to XM fees

TriumphFX fees compared to AvaTrade fees

TriumphFX fees compared to Capital.com fees

MetaTrader 4 is the main trading platform offered by TriumphFX to its clients. The platform is popular among traders, and it makes it possible to trade from all devices with the same account credentials. The number of inbuilt indicators are vast and allows traders to analyze markets with various technical indicators and formulas. TriumphFX has special downloadable files to install the software on Windows, macOS, iOS, and Android. Around 20 different languages are supported on TriumphFX’s MT4 platform, which is a very positive sign for international traders.

There are several useful educational materials available on TriumphFX’s website, including Forex essentials that teach all important entry-level basics for Forex and financial trading in general. Spreads, chart types, risk management, and trading psychology are among the educational resources. While there is more education and practice needed before successful Forex trading is possible, these resources are enough to equip newbies with the necessary basic skills to start forging their trading skills with a free demo account. The Forex glossary will offer explanations for all Forex terms and words which may be difficult for beginners to grasp. Apart from educational resources, there are several trading tools to assist traders in market analysis and increase decision-making accuracy. An economic calendar and market news are also provided. Along with these, there are articles on the website that help traders do certain trading-related things like teaching them how to withdraw money and what impact each news event can have on the markets.

Customer support does not include a live chat, which is unfortunate, as the live chat can shorten the times needed to contact the broker and help resolve any issues or get answers to questions in a fast manner. The types of support offered by TriumphFX include email, a phone number, an online form to leave a message, and visiting the office. The office is located in Cyprus, so it is not very convenient to visit the office, especially for international traders. The office is open from 9:00 UTC+2 to 18:00 UTC+2. 

TriumphFX is a CySEC-regulated Forex broker that offers only Forex and two metals for trading. The leverage is 1:30 for retail traders and the minimum lot size is 0.01. With a 100 USD minimum deposit, it is possible to trade in a micro account environment. Spreads are competitive and commissions are not clear. There is no live chat available which makes it hard to contact the broker directly and in case of an issue, clients will have to use either an online form, email, or call the broker via phone. There are three account types provided with very slight differences and the main trading platform is MT4, which is available for all devices. TriumphFX offers many useful educational resources and market research tools that can be used by beginner traders. The leverage for professional clients is capped at 1:500.