Beware! Triton Capital Markets is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
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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.
Triton capital market is total fraud company. First they will say you to invest so and so dollar after few days they will say your basic customer please add more dollar and upgrade if you say no your money is gone. They are cheaters.
1st i wanted to invest in “E-YUAN” which it was advertising as one of the 1st cryptocurrency that monitor by the Chinese government. So once I clicked onto the site it directed me to the sign up page and next thing you know there’s this sales assistant called me and helpfully verified my personal information then I asked him how much am I paying for the E-Yuan for how many would I get then the sales assistant said there will be someone contact me to guide me with the buying instruction detail. So within 1.5 hr later someone call and said that in order to start trading I will need to deposit USD$550 I’m order to start trading … so quickly I went and deposit the money, after that it was a nightmare. The guy seems to be super friendly helpful and nice trying to talk me into investing into sthg else .. which my family is in “stock market” business why would I invest in stock if it wasn’t for “E-Yuan” so the guy kept going with his investment strategy talk… then I told him that “I’m sorry I don’t want to trade any stock because I have my whole stock account with my family….. even after half an hour of talk he still insist. … obviously after all the explanations of what better to trade, I told them I’m sorry I want to withdrawal my money. Days after days their platform kept rejecting my withdrawal instructions and even try to send them emails and no one would reply. Then after 30 days later I saw my account was deducted USD$100 for “administration fee” which it said on the blanket for them to deduct that is if you don’t make and trade within 60 days they will charge you an “Dormant fee”, then I start sending many emails to their support team and “sales representative” to ask what’s going on. (24 Feb 2021) Somehow they did reply and call me to ask what’s going on and rebate the money back to my account and told the sales representative I cannot trade with them due to family issue also told him I’m sorry i need to withdrawal all the money and close me account.. then I thought great now everything is done. 25 Feb 2021 this after when I wake up around 12:50 after doing some house work I checked my emails for work stuff and found out someone use my account to made a currency GBP/USD trade- the trade was QTY190,000 and activated time was GMT 04:55 and the email I received was a margin warning saying my account equity was remaining low and the trade will close by itself when money get lower then $107, obviously the trade closed by itself cause I was not even aware there was a opening position with my account…. due to the issue I’ve send them more than 6 emails but till now no one has even contact me or reply my emails. And now I don’t even know will I get my $548 back due to this malfunction platform and it actually would open position by itself. I have all the print screen of the statement in case they take my money then close my account without notify me.