TriumphFX – The alleged online trader TriumphFX is, according to its own statements, a provider of forex trading. Accordingly, one can trade with over 60 assets on the TriumphFX platform. However, there is an official warning from Malaysia on the subject of TriumphFX.
If you are considering investing with TriumphFX or if you are already a TriumphFX customer and trade online, the following considerations are certainly relevant:
- Are there any empirical values from other investors on the subject of TriumphFX from which conclusions can be drawn?
- What courses of action can you possibly take as a TriumphFX customer in the event of losses?
- Is the broker TriumphFX licensed by an official European supervisory authority?
The lawyers of the Herfurtner law firm have addressed these questions and compiled the answers in this article on TriumphFX.
Table of contents
- TriumphFX experiences
- TriumphFX on the net
- Contact TriumphFX
- TriumphFX Licence
- Regulatory warning from regulators about TriumphFX
- Online Trading Tips
- Lawyers support in case of difficulties
In addition to the question of whether TriumphFX offers a trustworthy service, it is important to deal with the basics of successful trading. Our lawyers will also answer how the TriumphFX platform compares to other financial products.
In addition, we stand by investors and support them in case of uncertainties and difficulties in connection with TriumphFX.
TriumphFX presents itself on its website as a reliable, safe and fair trading platform. Moreover, TriumphFX is an international brokerage house that offers first-class financial and investment services all over the world.
TriumphFX is committed to maintaining long-term relationships with its clients and strives to provide them with the best service and most competitive terms in the industry.
TriumphFX also said it was the largest provider of online foreign exchange(forex) trading services, offering forex and commodities trading on margin to individuals and institutional clients worldwide.
Moreover, TriumphFX believes that the forex market is not only for professional investors, traders or institutions, but should be accessible to everyone. That is why TriumphFX has made it its mission to educate and guide retail investors while offering an unparalleled trading platform that traders can use effortlessly.
Accordingly, TriumphFX has become the leading forex broker for investors of all levels. In the process, he said, online trading has never been easier due to a modern trading platform and the ability to trade from anywhere, both via computer and mobile phone.
In addition, TriumphFX’s development team is constantly developing new products to help investors make the most of their trading experience, he said. Because through innovation, TriumphFX is a pioneering provider in foreign exchange trading, he said.
Furthermore, on the TriumphFX homepage you can find out about the different account types that are available to customers:
- Standard account: Minimum deposit 100 US dollars
- Premium account: Minimum deposit 500 US dollars
- Platinum Account: Minimum deposit 2,000 US dollars
- VIP account: Minimum deposit 5,000 US dollars
The website of TriumphFX
The provider TriumphFX can be reached via the website www.tfxi.com.
According to §6 of the German Media State Treaty (MDStV) the name of the person responsible for the content of the website has to be mentioned in the imprint. This is often a member of the provider’s management. It is not only necessary to identify the persons responsible by name, but also a sign of transparency.
As of November 2021, there is no data on the persons responsible for the content on the TriumphFX website.
Operator and Trademark
The name of the online presence or the platform or the offer is not necessarily congruent with the operating company. In the past, it was not uncommon for companies to be present on the market with many different trademarks in parallel.
Moreover, it is a widespread practice of certain operators to remove the websites of incriminated trademarks and to return to the market shortly afterwards with another trademark. For this reason, it is advisable to generally consider the operating company in addition to the trademark when researching news and facts about a provider.
The relevant information can be found either in the imprint or often also in the footer of a website. The terms and conditions of the website state that TriumphFX is owned by Triumph Int Limited.
Many companies use their many years of practical experience to pretend to be trustworthy. However, such statements are often contradicted by the date on which the domain was registered. Therefore, it is necessary to check who owns the domain and in which year the domain was registered.
Our lawyers checked the data on the provider TriumphFX on 02.11.2021 with the following result: Domain Name: tfxi.com Registry Domain ID: 1377928670_DOMAIN_COM-VRSN Registrar WHOIS Server: whois.godaddy.com Registrar URL: http://www.godaddy.com
Updated Date: 2019-05-16T00:25:57Z Creation Date: 2008-01-12T14:15:56Z Registrar Registration Expiration Date: 2023-01-12T14:15:56Z Registrar: GoDaddy.com, LLC
In Germany, according to §5 of the German Telemedia Act (TMG), there are general obligations to provide information and mandatory details for the imprint. Accordingly, this obligation for “provider identification” applies to all commercially operated websites.
This is because the information should inform the user of a website who he or she is dealing with. Last but not least, the address of the website operator plays a role in the event that legal claims are to be enforced against him.
In this context, it is also important to note that the obligation to maintain an imprint applies equally to providers domiciled abroad who conduct their business activities in Germany. As of November 2021, no legally binding imprint could be found on the TriumphFX website.
TriumphFX Contact Details
At the time of writing, the following statements could be found on the TriumphFX website:
- TriumphFX email address: support[a]tfxi.com
- TriumphFX phone number: n/a. A.
- TriumphFX address: n.a. A.
The existence of a valid authorisation from an official European financial supervisory authority can be an important criterion for determining whether a provider is trustworthy. This is because issuing a licence requires a great deal of economic effort on the part of the company.
However, it is not necessarily fraudulent for an online broker to omit data on its authorisation or regulatory status. The following financial regulators, among others, are responsible for licensing and supervising financial service providers such as TriumphFX:
- Malta Financial Services Authority (MFSA, Malta)
- Swiss Financial Market Supervisory Authority (FINMA, Switzerland)
- Federal Financial Supervisory Authority (BaFin, Germany)
- Securities and Futures Commission (SFC, Hong Kong)
There were no statements of regulatory authorisation on TriumphFX’s website in November 2021. Private investors can discuss what this means in an exchange with legal counsel at our firm.
TriumphFX – Authority warning – funders are worried
Since 2020, the Financial Supervisory Authority of Malaysia has listed the provider of TriumphFX on its public warning list, on which it gathers unauthorised websites, investment products, companies and persons.
Thereby, there is a note for the provider TriumphFX “carrying on the capital market activity of trading in derivatives without a licence”.
Before you start trading with TriumphFX and others – Online-Trading Advisor
Online trading, as with TriumphFX, is the extension of traditional trading in financial instruments to the web. Here, as there, financiers act with the intention of generating profits by buying and selling assets. Trading is no longer limited to securities. Rather, investors can also choose from the following alternatives, for example:
- CFD Trading
- Crypto Trading with Bitcoins and Altcoins, e.g. Ethereum
- Money market funds
- listed index funds
- Government bonds
- Real estate
- Foreign exchange trading
Online trading is done via interfaces such as online brokers (such as TriumphFX) or banking institutions that offer their clients a specific trading application. Especially the extensive technological developments of recent years are the reason why online trading is now fast and convenient and therefore as accepted as it is popular.
Advantages of online trading
Digitalisation has also had a considerable impact on the financial world, especially in relation to trading such as at TriumphFX. Because in view of the technological possibilities, trading has gained particularly strong speed.
Whereas investors and traders used to place their orders by phone, fax or post, nowadays they can do so at the click of a mouse and with considerably less effort.
Factors such as the term and type of trade, prices and quantities or the key data for the account can nowadays be clarified between a provider such as TriumphFX and its customers without a personal conversation. Consequently, the opportunity for online trading has created various conveniences:
- Learning materials for online trading, knowledge pools, analyses or trading courses are offered in many places out of the box.
- The trading platform executes the booked orders, all you need is an internet connection.
- Online traders have access to many tools and can use a wide variety of indicators.
- The unpredictability of losses due to gaps is reduced.
- The speed with which trades can be processed has increased noticeably.
- A large number of tools can be used automatically and immediately.
- Surpluses can be achieved even with a low stake.
But online trading not only brings advantages in terms of uncomplicated use of the platform. Especially due to the analysis options, indicators and the various tools, the investor has noticeably more comfort. The times when you had to draw your own chart diagrams or make your own calculations are over.
Trading platforms now offer their customers an enormous range of order types, which online traders can execute themselves with a day trading provider of their choice.
The weaknesses of online trading
Not all that glitters is gold, this statement also applies to online trading. Accordingly, in addition to the advantages, a number of disadvantages are also apparent, which interested private investors should integrate into their considerations:
- Investors should keep a constant eye on the course of prices.
- The existence of fraudulent trading platforms has led to enormous risks of loss.
- Private investors should already be experienced in trading and pursue resilient strategies.
- Compared to classical trading, it is rather hasty.
- If wrong decisions are made, there is a risk of high deficits.
Above all, speculative day trading is not recommended for investors who are dealing with the topic of trading for the first time. This is because the danger of misjudging price developments is considerable, and due to time pressure, adjustments are difficult.
Consequently, this type of trading tends to be worthwhile for very experienced or particularly risk-averse investors. If you belong to this group, day trading is a way to generate timely results. In addition, one benefits, for example, from the elimination of fees for holding positions overnight.
Finally, such financing costs should also be included in the holistic examination of an investment. On top of that, one literally saves oneself a rude awakening in the morning, in case there were immediate and drastic price changes. Such “gaps” arise quickly due to incriminating reports about a company.
On the other hand, one quickly sees success when one can report a profit at the end of a trading day. Furthermore, it is relevant for day traders to compare the trading fees of the individual brokers. Here it can be worthwhile to opt for a flat rate in the form of a flat rate.
This pays off especially if you trade with a high frequency and individually invoiced order fees would noticeably reduce your profit.
Understanding risks and dangers
In order not to unnecessarily increase the risks of online trading, you should ask yourself which provider you want to use for trading on the trading venues. From the experience of our law firm, some questions have arisen that can be used to identify possible risks. Applied to the TriumphFX example, these would look like this:
- Are there any warnings from lawyers or law firms who represent clients who have suffered losses in connection with TriumphFX?
- Is there an imprint on TriumphFX’s website and can credible information on the company’s registered office be found?
- Does TriumphFX promise particularly high profits or a safe return and conceal the risks or play them down?
- What experiences have other investors already had with TriumphFX, what is the prevailing opinion in forums?
- Is TriumphFX regulated by a European financial supervisory authority and is the company subject to official supervision?
- Did the contact with TriumphFX result from an unsolicited telephone call?
- Can regulatory alerts about TriumphFX be located?
What can be done in the event of losses?
If you suspect that you have been defrauded in trading, it is advisable to stop additional payments immediately. This applies in particular to the fact that the broker suggests additional payments to compensate for losses. In addition, one should try to recover the lost capital.
In doing so, affected private investors can seek investor protection and turn to the lawyers of our law firm. Our law firm examines civil law as well as criminal law options and possible claims for damages against the provider and against involved payment service providers such as banking institutions.
“A private investor who loses his capital in the course of online trading is truly not an isolated case. Many investors are fooled by the professional behaviour of financial providers and only register too late that they are not responsible for their losses.”
Our advice is therefore not to bury your head in the sand, but to react swiftly and actively. Because the chance of recovering the lost money is often greater than the aggrieved investors suspect. Would you like to talk to one of our lawyers about TriumphFX? Then click here to go directly to our contact area.