TriGold

TriGold lures unsuspecting traders to what is essentially a very shady broker with contradictory claims. Read on to see for yourself.

TriGold claims to be regulated by the NFA. The NFA is based in the US, which is the most demanding location for brokers to thrive in. For a broker to operate in the US it must be a member of the National Futures Association (NFA) and has to be registered as a Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC). These two entities, the NFA and CFTC, are considered to be the most austere regulatory agencies in the world. TriGold is in fact registered as an exempt commodity pool operator, but that does not make them authorized by the NFA.
Here, it explicitly says that TriGold does not accept residents from the US,

which renders their regulation completely fake, in turn confirming our skepticism that this broker is UNREGULATED.

If that wasn’t enough to convince you then consider the leverage offered at TriGold. It clearly gives clients 1:400, while anything above 1:50 is illegal in the US. Unlicensed brokers like to come up with false claims for the sole purpose of captivating unsuspecting traders.

As we were unable to register (we received a verification an hour after giving an email, and the code was not working), and as the website offers no Live Quotes, we are left with a spread derived from a small chart found on the Forex sub page:

The EUR/USD spread is 2 pips. Unfortunately, we are unable to verify this with the trading platform since we need a registration beforehand, and as we have established, we weren’t able to do so.

The assets are currency pairs, and precious metals. This is a very limited number of assets, and not many traders will agree to register with such a broker, even if it were regulated.

The languages in the homepage and the rest of the main pages are English and Chinese, yet once we registered we were offered the choice between these two and Vietnamese.

TRIGOLD LOGIN

At least TriGold has allowed for the MT4 platform to brighten up this otherwise shady broker.

METATRADER 4

Holding the title for the most popular trading platform in the industry does not come easily. MT4 incorporates all features that both new and professional clients alike need to have in their trade game. Clients can set auto trades, and they come loaded with lots of customizable options for optimal trading.There is even an a MultiTerminal, if one is to believe the broker’s assertions. By using the MT4 MultiTerminal traders can access multiple MT4 accounts at the same time.

The spread, as already established, is 2 pips for the EUR/USD pair, that is if one trusts the small chart (as attached above).

There are commissions, but the explanation backing them is by no means flashy; it just mentions spread and overnight interest charges:

MT4 is available as a desktop trader, and is accessible on Android and Apple devices.

TRIGOLD MINIMUM DEPOSIT

The minimum deposit is $100 for what is called a “special mini account”, otherwise the minimum deposit is $1000. This is simply preposterous, and is four times the industry standard.

Usually US broker have these payment methods: Debit Card, Wire Transfer, eCheck (ACH) and through Check. Credit card funding is banned by the NFA. However, TriGold is very ambiguous about funding methods, and we were able to only get a hint of them

So are we to understand that only Wire Transfer and cheque deposits are allowed? Since were were unable to register, we cannot say for certain.

All signs point to the obvious: that this broker is not to be trusted due to its lack or regulation. It’s only logical that we advice traders against it. Brokers with proper licenses from the NFA must also hold a permit from the CFTC in order to operate within the boundaries of the law. These two, when put together, are the most strict agencies for regulating brokers in the world, and we are certain that sloppy brokers like TriGold can slip so easily between their fingers.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Furthermore, for safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card. TriGold is blurry at best with regards to this information, so be sure NOT to give it away!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Another novice mistake that has been numerously repeated and taken advantage of is providing access to your computer and bank account via AnyDesk or TeamViewer. These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browsers, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

TRIGOLD WITHDRAWAL TIME AND FEES

There is no mention of a minimum withdrawal amount.

Process times have been indicated as 1-2 days, which seems most unlikely. First off, cheques take much longer, since they have to be physically sent and received. Secondly Wire Transfer processes are rarely handled within such a short time frame by the broker, except for renowned and lucrative brokers like Gain Capital US.

The only fee that is included is as obscure as it gets. It claims that bank charges will be taken from the withdrawal amount:

Probably meaning that there are fees deducted by the broker, as well as from the payment system.

ADDITIONAL FEES AND TAXES

Unregulated brokers like this one will undoubtedly find excuses for charging you with incoming fees. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advice you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. TriGold does not directly ask you for it, but there will eventually come a time when they will demand it and use it against you when you try to expose them. Trustworthy brokers ask for these before traders can deposit to make a check up.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a NFA and CFTC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The best advice we could give you is to immediately file for a chargeback with you credit card company.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

TriGold feels like it was abandoned after some time, probably someone else beat us to the punch and exposed them as the frauds they are. No matter what the case is, this broker is not only UNREGULATED but its website lacks crucial information that is a priority for most traders, not to mention that it’s seemingly impossible to register. Do yourself a favor and don’t get involved.