TriumphFX is not a registered financial service provider or regulated to provide any financial service or financial product in New Zealand. Similar TriumphFX regulatory warnings have been issued in Indonesia (second warning) and Singapore. Turns out while the Bank of Malaysia hasn’t done anything, the Malaysian SEC issued a TriumphFX securities fraud warning back in 2020. 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. 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.
Lack of transparency, incomplete disclosures, or evasive answers to investors’ inquiries can raise suspicions about the legitimacy of the company. Investors should scrutinize the information provided by TriumphFX, ensuring that it aligns with industry standards and regulations. Misleading or inconsistent statements may be indicative of fraudulent intentions or an attempt to conceal the true nature of the business. 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.
However, there have been allegations that these testimonials are not genuine and are created to mislead individuals into believing that TriumphFX is a reputable investment opportunity. Investors should exercise caution when encountering testimonials and verify their authenticity through independent sources before making any investment decisions related to TriumphFX. An additional warning sign is the presence of vague or misleading information regarding TriumphFX’s operations.
- In contrast, TriumphFX relies on exaggerated claims to attract users who may lack a full understanding of cryptocurrency trading.
- However, the company did not have the appropriate SFC licences to operate in Hong Kong and was then managed by Triumph International Limited, which was located in the British Virgin Islands.
- Furthermore, there have been legal actions, regulatory warnings, and consequences such as financial losses suffered by victims.
- Investors should be cautious of investment opportunities where the primary focus is on building a network of participants rather than generating sustainable profits through legitimate business activities.
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Malaysian authorities have uncovered a significant investment scam involving the offshore forex broker TriumphFX, with 72 victims reporting losses exceeding MYR 23.7 million (approximately US$5.3 million). The Federal Commercial Crime Investigation Department (CCID) revealed that the “syndicate”, active since September 2019, lured Malay investors through Zoom chats, promising monthly returns of 4% to 7%. TriumphFX heavily emphasizes recruitment and referral bonuses as a means of attracting new investors. The compensation structure often prioritizes recruiting new members over actual trading activities or product sales. Investors should be cautious of investment opportunities where the primary focus is on building a network of participants rather than generating sustainable profits through legitimate business activities. A pyramid Ponzi scheme is a fraudulent investment scheme that involves promising high returns to investors, typically through a multi-level marketing structure.
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The victims lost over MYR 23.7 million (over USD 5.3 million) to the so-called “syndicate,” the Federal Commercial Crime Investigation Department (CCID) revealed to the local media. TriumphFX stands out for its aggressive marketing, promising users large profits with minimal effort. It advertises sophisticated trading systems, guaranteed returns, and ‘risk-free’ investment options. However, these claims are highly misleading, as the cryptocurrency market is known for its volatility and unpredictability, making such promises unrealistic.
- There have been instances where investors have suffered significant losses with TriumphFX and were unable to recover their investments.
- The Federal Commercial Crime Investigation Department (CCID) revealed that the “syndicate”, active since September 2019, lured Malay investors through Zoom chats, promising monthly returns of 4% to 7%.
- For this category of investment, the company uses the same criteria for leverage and utilises the CTrader platform to execute trades.
- Despite still making up the majority of traffic to TriumphFX’s website, Malaysian authorities have not followed up on their 2020 securities fraud warning.
Legal Actions and Regulatory Warnings
In this scheme, new investors’ funds are used to pay returns to earlier investors, creating an illusion of profitability. However, no legitimate profits are generated, and the scheme eventually collapses when it becomes unsustainable to meet the high return demands. The perpetrators of the scheme benefit while the majority of investors end up losing their money.
Reports of Difficulties in Withdrawing Funds
Founded in 2013, Tradingpedia aims at providing its readers accurate and actual financial news coverage. Our website is focused on major segments in financial markets – stocks, currencies and commodities, and interactive in-depth explanation of key economic events and indicators. These traders and forex trades did not exist, argued prosecutors, and investors were sent false statements that showed trades had taken place.
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Any trustworthy trading platform would never promise consistent profits without addressing the risks involved. Such assurances are a clear warning sign of a potential scam, aiming to exploit those new to investing. Legitimate platforms focus on educating users about market volatility and the importance of making informed decisions. In contrast, TriumphFX relies on exaggerated claims to attract users who may lack a full understanding of cryptocurrency trading.
TriumphFX positions itself as an online platform for cryptocurrency trading and investment, initially appearing as an attractive option with its user-friendly tools, automated strategies, and promises of high returns. Raising triumphfx scam awareness is vital in preventing others from becoming victims of similar scams. By sharing information, educating others about the red flags and consequences like TriumphFX scams, individuals can play a significant role in protecting others from financial harm.
Warnings Issued by Financial Regulatory Authorities
Investors should closely monitor the consistency and timeliness of payments from TriumphFX, as frequent delays or irregularities may suggest a high risk of financial loss and potential fraudulent activities. Local investigations also revealed that the syndicate lured victims through Zoom chats. First, the company is accused of lacking a tangible product or service, focusing more on recruitment and referral bonuses. There are concerns about unsustainable high returns on investments and vague information about its operations. Reports of difficulties in withdrawing funds and inconsistent payments have been raised by investors. TriumphFX employs pressure tactics to recruit new members and create a false sense of urgency.
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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. 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. 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. Authorities are currently reviewing 10 investigation papers under Section 420 of the Penal Code for cheating, an offense that carries a prison sentence of one to 10 years, whipping, and a fine upon conviction.
Authorities have also identified a clone of TriumphFX, which advertised on social media and claimed investors could earn profits within three hours. This clone scheme has led to 23 additional investigations, with losses amounting to MYR 243,377 since 2024. In response to the alleged fraudulent activities of TriumphFX, certain jurisdictions have taken actions to shut down or block the company’s operations within their borders. These actions can include legal injunctions, revocation of licenses, or the imposition of penalties against TriumphFX. Such measures are implemented to protect the interests of investors and prevent further financial harm. TriumphFX offers various investment options, including forex trading accounts, managed accounts, and investment packages.
Investors were expected to fund accounts with either Triumph Global or Union Markets and were not allowed to conduct their own trades but hand them over to professional traders. Singapore’s authorities charged Wah for his role of founder of the SingliForex Ponzi scheme. Our next breadcrumb is the 2018 arrest of Singaporean scammer Leong Koon Wah (aka Hermes Leong). While the company names are different, one of the cited website domains, “tfxi.com”, is the same used by TriumphFX today.