Beware! Triton Capital Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Triton Capital Markets is a forex company. Our first impression is that there are broken links on its website that do not allow to register an account. This is a red flag showing that this broker is not reliable to trade with.
Triton Capital Markets Regulation and safety of funds
Triton Capital Markets is with a registered address in St Vincent and the Grenadines. It’s operated by Karello D Buro KFT with an address in Hungary. However, upon checking to see if Karello D Buro Kft is registered in Hungary, we found out that it is not which means that it is not a legit company. Furthermore, St Vincent and the Grenadines is an offshore zone and the Financial Services Authority (FSA) does not regulate forex brokers. A non-regulated forex company is not reliable to trade with as there is no guarantee for the safety of your funds and you may be dealing with scammers.
If you are looking for a reliable forex broker that is not going to fleece you off your hard-earned funds, we suggest that you choose one from the well-established jurisdictions where forex brokers are regulated and the chances of dealing with scammers are reduced by rigid requirements that the brokers have to meet in order to be licensed. For example, one of the requirements is that forex brokers must provide a certain initial capital. For US, it’s $20 million, for Australia, it’s 1 million AUD. For EU and UK, it’s 730,000 EUR. As you can see, no scammer will invest so much money in an initial capital just to look legit. Other benefits for choosing forex brokers regulated by CySEC or FCA is that they must contribute to a compensation scheme from which, in case of bankruptcy, traders get compensated by up to 20,000 EUR per person if the broker is regulated by CySEC or 85,000 GBP per person if the broker is regulated by FCA.
You won’t find better conditions than these!
Triton Capital Markets Trading software
Although we made several attempts to open a trading account with this broker, the broken links did not allow us to do so. From the information on the company’s website, we gathered that the trading platform is the MetaTrader 5 and in the screenshot below, you can get an idea what the MT5 trading platform looks like from the unbranded platform’s image.
On the left, there is the menu for the currency pairs with their bid/ask price and beneath is the navigator from which you can open the accounts, indicators, scripts and other services. The top horizontal bar allows you to use the different charting options which are truly amazing as they contain different tools that allow the trader to analyse the fluctuation in price and make predictions. Also, in the horizontal bar menu there is the algo trading option. In the middle are displayed the charts with different currency pairs and their bid/ask price, as well as the fluctuation of the price in a given time frame.
MetaTrader 5 is a newer version of the MetaTrader 4 that has retained all the great features of its predecessor, such as the charting package, the automated trading system and others. In addition, it’s got the option that allows traders to execute trades on different financial markets through a single account. Since its launch on the market, MT5 has gained a lot of popularity among the forex broker.
However, an excellent platform, such as MetaTrader 5, is not enough in itself if the broker is not licensed.
Triton Capital Markets Deposit/Withdrawal methods and fees
To its clients, Triton Capital Markets offers 7 trading accounts – Bronze, Silver, Gold, Premium, Platinum, VIP Exclusive and Managed accounts. The minimum initial amount for the Bronze account is $2,500. This is a very big amount for a minimum initial deposit and licensed brokers will not ask for so much money. The other accounts start at $5,000, $10,000, $25,000, $50,000, $100,001 and $500,001 respectively.
On the company’s website, we see as payment methods VISA, MasterCard, Bitcoin and wire transfer.
The minimum withdrawal amount is 100 USD/EUR/GBP or 0.1 ETH, 1.5 LTC, 0.3 Dash or 0.026 BTC. Withdrawal processing time may take up to 3 business days to be process by Triton Capital Markets and another 5 additional days before the money appears in the trader’s account.
For a lack of trading activity or a minimum of 3 opened positions starting from the first month, the broker will charge 100 USD/EUR/GBP or 5% fee per month. This definitely is not to the trader’s benefit. Licensed brokers will not charge inactivity fee for the first 6 months and it will be a fixed amount, not a percentage.
In addition to the above mentioned fee, the broker will also charge a rollover fee when keeping positions overnight. The fee for cryptocurrencies pairs is 0.01%. Withdrawal fee via credit card is 5% and for bank transfers, the fee is 10 USD/EUR/GBP for SEPA and for other bank transfers – 25 USD/EUR/GBP.
In short, if you choose to trade via this broker, prepare yourselves to pay a lot of fees!
Another thing that you should be aware of, is that Triton Capital Markets offers one-time trading credits and bonuses to its clients. However, you should know that these are not free gifts and usually come with heavy to fulfill requirements attached to them. In this instance, traders who accept bonuses or one-time credits must trade at least 1 lot for each $1 added funds or bonuses. This is indeed, hard to fulfill and furthermore, it will mess up your funds and make withdrawal impossible unless you execute the trading volume required by the conditions. For your information, licensed brokers do not offer bonuses or other incentives which are usually a sign for scam.
How does scam work?
A lot of people get scammed everyday, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for chargeback.
What to do if scammed?
If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.