TMGM Review : Is Good Forex Broker Or Not ? 2023 Pro Or Cons Latest Updated

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About TMGM

TMGM is a leading provider and innovator of CFD trading, constantly pushing the boundaries through cutting-edge research and development. At TMGM, they aim to provide you with the best trading conditions, powered by both industry-leading and cutting edge innovative platforms. The R&D efforts constantly push the boundaries of liquidity and usability to empower you to benefit from a truly exceptional trading environment.

The founding members of TMGM spent their early days doing what they do best: Trading. It was through this experience that they found what obstacles traders were facing while trading, roadblocks and pain points that the industry was simply not solving. Driven by the desire to solve these problems for fellow traders, they went forth to search for a solution.

The solution presented itself in the form of TMGM: a company genuinely built by traders, for traders, with a vision to not only solve their current problems – but to always be one step ahead innovating solutions for their clients.

TMGM at a glance

How To Create Account At TMGM

TMGM offers many different account types with no minimum deposit requirements, which means US citizens of all financial backgrounds can sign up.

TMGM Trading Fees

TMGM’s Spreads

They tested TMGM’s spreads during the most actively traded times – the London open at 8 AM GMT and just after the U.S. open at 2:45 PM GMT. The test was conducted on 19 December 2022.

TMGM’s Classic account has floating spreads starting from 1.0 pips. Except for indices, instruments from other asset classes generally have spreads below the industry average. Regarding indices, it is also worth pointing out that the spreads on the Dow Jones and DAX tend to increase at times when the local markets are closed. Traders in Australia and elsewhere should be mindful of the impact of different time zones on trading activity.

TMGM’s Swap Rates

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

Trading Platforms

MetaTrader 4

MT4 is one of the most widely used trading platforms on the market. It provides all the essential trading features and is suitable for both novice and experienced investors. Both instant and pending order execution are available.

MT4 users have access to nine timeframes, over 2,000 technical indicators and 1,700 trading robots. Expert advisors (EAs) and MT4’s automation capabilities are partly why the platform is so popular.

But while MT4 is good for forex trading, it does not provide access to TMGM’s full range of CFD assets, including shares.

MetaTrader 5

MT5 is the next generation of MetaQuotes platforms. Whilst largely similar to its predecessor, MT4, the latest terminal has more advanced tools and features, alongside several underlying efficiency upgrades. These include additional timeframes, a larger variety of orders and accounting modes, plus Depth of Market (DOM) pricing. Automated trading is also available on MT5.

IRESS

IRESS is an advanced trading platform that works on all browsers. The software is designed for professional traders and, as such, has additional fees and a minimum deposit requirement of $5,000.

Some of the advantages of the IRESS platform include access to TMGM’s full range of CFD shares, direct market access (DMA) and real-time price streaming for US customers

TMGM Deposits & Withdrawals

Any TMGM account using MT4 will require a minimum deposit of $100. Minimum deposits on the IRESS platform start at $5,000.

Accepted payment methods include bank wire transfer, debit cards and credit cards from Visa, MasterCard and UnionPay, alongside e-wallets Skrill, Neteller, FasaPay, RMB Direct Pay and Revolut. The minimum withdrawal is $100 and there is no fee.

Demo Account

Free demo accounts are available from TMGM with the MT4 platform. You can choose between three funding amounts: $5,000, $10,000 and $50,000. You will have access to the paper trading account for 365 days but, if there is no activity for six months, you will lose your access.

Regulation & Licensing

Trademax Australia Limited (ABN 76 162 331 311), trading as TMGM, is regulated by the Australian Securities and Investments Commission (ASIC).

For traders in New Zealand, TMGM holds a derivatives license with the Financial Markets Authority (FMA). TMGM TradeMax Global Limited (registration number 40356), is authorized and regulated by the Vanuatu Financial Services Commission (VFSC).

It is worth noting that ASIC, FMA and VFSC do not provide investor protection, which means you are not entitled to compensation if the firm goes bust. In addition, US clients are not accepted.

High Grade Features Which Offer By TMGM

Instant Deposits. Fast Withdrawals. No Commission.

Fund your account easily and securely through our wide range of payment options. Your funds are held securely in Tier 1 banks.

1 account 12,000+ products.

Diversify your portfolio with access to over 12,000 products across 7 asset classes. Trade CFDs on Forex, Futures, Indices, Metals, Energies, Shares and Crypto.

Trading Platforms

Trade on the popular MetaTrader 4 (MT4), MetaTrader 5 (MT5) and IRESS platforms. Available on desktop, web, Android and iPhone

License and Regulation

TMGM is regulated by three reputable financial jurisdictions. Australian Securities and Investment Commission (ASIC), Financial Markets Authority (FMA), and the Vanuatu Financial Services Commission (VFSC).

Tier 1 Major Banks

Your funds are held with tier 1 major banks such as NAB.

Security of Funds

Your funds are received into segregated bank accounts separate from those used by the company.

Market Leading Insurance

TMGM safeguards its liabilities against clients with a Civil Liability Insurance program for a limit of $5,000,000 which includes market-leading coverage against errors, omissions, negligence, fraud and various other risks that may lead to financial loss.

Customer Support

TMGM offers support via live chat, email and telephone. Help is available 24 hours a day, 7 days a week, including on weekends. The live chat feature is particularly active and response times are low.

Customer service representatives are knowledgeable and you can receive help in over 10 languages, including English, Chinese, Vietnamese, Portuguese, Spanish, Thai, Arabic, French, Indonesian, Italian and Filipino.

You will usually receive email responses from a helpful member of the team within 24 hours, but telephone support is also fast and reliable.

• Email: [email protected]
• Live chat: icon on the website
• Phone: +61 2 8036 8388

TMGM Pros & Cons

TMGM is a forex and CFD broker that provides trading services to clients worldwide. Here are some pros and cons of using TMGM:

Pros:

1. Regulation: TMGM is regulated by several reputable regulatory authorities, including the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK.
2. Trading platforms: TMGM provides traders with access to the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are user-friendly and customizable. They also offer a web-based platform and a mobile app for trading on the go.
3. Range of trading instruments: TMGM offers a wide range of trading instruments, including currency pairs, commodities, indices, and stocks.
4. Low spreads: TMGM offers competitive spreads, which can be as low as 0 pips for certain currency pairs.
5. Educational resources: TMGM provides traders with a range of educational resources, including webinars, trading guides, and market analysis, to help improve their trading skills.

Cons:

1. Limited payment options: TMGM only accepts a limited number of payment methods, which may not be suitable for all traders.
2. Inactivity fee: TMGM charges an inactivity fee of $10 per month if a trader does not place any trades for 3 months or more.
3. High minimum deposit: TMGM requires a minimum deposit of $100, which may be high for some traders who are just starting out.
4. Limited customer support: TMGM’s customer support is only available during trading hours and does not offer 24/7 support.
5. No fixed spreads: TMGM’s spreads are variable, which means they can widen during periods of high market volatility.

Overall, TMGM is a regulated broker that offers a range of trading instruments and low spreads. However, it has some drawbacks, such as limited payment options, inactivity fees, high minimum deposit, and limited customer support. Additionally, the lack of fixed spreads may make it difficult for traders who prefer a predictable cost structure. Traders should carefully consider their needs and preferences before choosing a broker and conduct thorough research to ensure they select a broker that meets their requirements.

TMGM Conclusion

In conclusion, TMGM is a regulated forex and CFD broker that offers a range of trading instruments and competitive spreads. However, it has some drawbacks, such as limited payment options, inactivity fees, high minimum deposit, and limited customer support. Additionally, the lack of fixed spreads may make it difficult for traders who prefer a predictable cost structure. Despite these drawbacks, TMGM provides traders with access to popular trading platforms, educational resources, and low spreads, which may make it a suitable choice for some traders. Traders should carefully consider their needs and preferences before choosing a broker and conduct thorough research to ensure they select a broker that meets their requirements.

Frequently asked questions