TriumphFX is a confusing online Forex and CFD (Contract For Difference) provider. The company is regulated by the Cypriot regulatory body, CySEC.
The owner is Triumph Int. (Cyprus) Ltd with license number 293/16. The company, however, has another entity offshore, based in Vanuatu, that it hasn’t reported to CySEC.
Triumph Int. Ltd is a new owner — it was previously known as G.S.E. Golden Sky Europe Ltd., a firm connected to the bank of Lithuania and kept all its clients’ money there.
We cannot really call it reputable, can we? That’s probably why the company needed a change of owner.
Those dealing with a CySEC-regulated entity are fully protected, while those under Vanuatu governing law are subject to loose offshore investment rules.
For more details, check out this TriumphFX review.
How can TriumphFX take your money?
It doesn’t matter where you’re from, the broker has the discretionary right to assign you to any of its entities.
Simply speaking, even if you’re from Cyprus, it doesn’t mean you will get to deal with your home country entity.
You may easily be assigned with the offshore one. And that’s where you will be a subject of Vanuatu rules.
Putting regulated entities aside, brokers like TriumphFX have a good reason to register offshore. They’re evaluating the client and deciding whether it’s worth scamming or not. Once they decide you are good for a scheme, you’ll end up with a Vanuatu entity, and there’s no limit.
You will be promised profit, your account manager will ask for more money every day, and once you ask for a payout, your account will be frozen.
That’s how most offshore companies are operating, and that’s why it’s risky dealing with them. Since you have no guarantees about which entity you’ll be assigned to, staying away from the TriumphFX scam is safest.
If you’re still not convinced that a CySEC-regulated firm can be a scam, check out these regulatory warnings. It seems that TriumphFX is operating in Asia without proper regulations, which led to complaints, and the broker was eventually blacklisted.
According to the Malaysian Securities Commission, TriumphFX even opened an illegal firm in this country and used it to present itself as a legitimate domestic firm.
What to do if you have already gotten into the hands of a scammer?
Now when you know the whole truth about the TriumphFX scam, you should also know that there is a solution. If you have already fallen victim, contact Global Fraud Protection right away.
Their chargeback specialists are here to hear your story and help you get your funds back. Whether you deposited using your card or via bank transfer, there are options. You just need to act quickly before the broker changes its name again and your funds get stolen for good.