RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TFXI or TriumphantFX is an interesting broker, one that we do not come easily by. Yes, it is legitimate, which is a rare find nowadays, but the way the brokerage carries itself suggests that it is otherwise, even if it really isnt. Furthermore, the website is also on the sloppy side, with a lot of shady sides to it. Overall, this is a broker whose offshore status is clearly reflected in its interface. Read the review to find out more.
The registration process is what one would expect from a legit broker, requiring users to pour out many a detail about their financial lives, however, in the end, we had no way of opening an account, because the process required way too much of us, especially in terms of proof of ID.
The leverage is capped at 1:500. Note that leverages above 1:100 are subjected to further conditions dubbed the Equity Maintenance Requirements.
The alleged average spread is 1.6 pips for some undisclosed asset. Usually, the general spread is measured by the EUR/USD financial asset.
The broker offers forex currency pairs and precious metals only as tradeable financial instruments.
The website is available only in English.
TFXI REGULATION AND SAFETY OF FUNDS
TFXI is registered in Vanuatu and is regulated by the local Vanuatu Financial Services Commission.
One of the main things to note about the Vanuatu Financial Services Commission is that it imposes capital requirements on all its brokers. This requirement is at a minimum of $50 000. Otherwise, the agency deals with its broker in much the same way that most offshore regulators do. We will just say that offshore license issuers are more light-hearted than their contemporaries down in Europe or the United States.
However, Triumph Int. Limited, the main company behind the broker, is also registered in the British Virgin Islands, where the British Virgin Islands Financial Services Commission plays a key role in the regulation of the local FX market. However, Triumph Int. Limited is not regulated in this nation, retaining only its Vanuatu-based license.
The broker has a very big red flag that is easy to notice, which is expressed in the broker’s very short legal documents. Just to illustrate this, the terms and conditions are no more than 3 pages long. This is a suspicious addition to an otherwise regulated broker.
TFXI TRADING SOFTWARE
The trading platform used here is the MT4, however, we had no way to access it because we had no way of accessing it due to our failed registration attempt. Nevertheless, the broker is regulated so it cannot afford to lie about its trading software.
Some of the main features of the MT4 include time frames, pending orders, an economic calendar, EAs, VPS, One Click Trading, stop/loss and take/profit. There are hundreds of others like this, helping users improve their trade game.
Please be notified that TFXI charges spread commissions on certain assets.
TFXI DEPOSIT/WITHDRAWAL METHODS AND FEES
The minimum deposit is $100 for the standard account. With every account type, the minimum increases. The premium is $500, and the platinum is $2000.
It seems that both deposits and withdrawals are available to be made only through a wire transfer
All international bank transfers are subjected to fees ranging from $25 to $75. If the transferred amount is higher than $500, then all wire transfer fees will be waived, given that the money is transferred through bank. The minimum deposit by a wire transfer is $100. Withdrawal requests are processed within a 5-day timeframe.
With all that we have revealed and seen, we have a very ambiguous decision for TFXI. This broker is odd, and at times it does not seem that the broker is worth it. To be honest, it is not all that bad, but users can do better. We even think that TFXI can improve on many fronts.
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