TMGM Review 2024

Quick Links

• Our Review Method

• Is TMGM Safe or a Scam?

• Leverage

• Accounts

• Spread

• Deposits and Withdrawals

• Minimum deposit

• Trading Platforms

• Education

• Conclusion

Our Review Method ▲

Trademax Global Markets, commonly known as TMGM, is a globally recognized broker that offers traders access to a wide array of CFDs including Forex, Metals, Energies, Indices, Shares, and Cryptocurrencies. Initially launching its operations in Australia in 2013, TMGM secured its license from the Australian Securities and Investments Commission (ASIC), marking its entry into the forex and OTC derivatives trading market. Over the years, TMGM has consistently strived to provide a Direct Market Access (DMA) trading environment that is both reliable and devoid of any human intervention, ensuring a seamless trading experience for its clients.

Is TMGM Safe or a Scam? ▲

TMGM is far from being considered a scam. This broker has established a strong reputation, underpinned by its adherence to stringent regulations enforced by several top-tier regulatory bodies. These measures ensure that traders enjoy a safe, transparent trading environment. TMGM, operating under Trademax Australia Limited, is regulated by the Australian Securities and Investments Commission (ASIC), one of the world's most rigorous financial regulatory authorities. This ensures the broker's stability and trustworthiness. Additionally, TMGM operates a separate entity under TradeMax Global Limited, regulated by the laws of Vanuatu, a known offshore zone. While typically, offshore brokers are not recommended due to their lax regulatory standards, TMGM's possession of an additional reputable license mitigates these concerns, making it a safe choice for traders.

Pros

• Regulated by toptier authorities

• Offers a secure and transparent trading environment

Cons

• International trading is available through an offshore entity

Leverage ▲

TMGM offers its traders the capability to use leverage, significantly amplifying potential profits through increased trading sizes compared to their initial balances. The available leverage varies depending on the trader's location. For those trading from Australia and New Zealand, where TMGM is regulated by ASIC and FMA respectively, the maximum leverage on major forex pairs is capped at 1:30 and 1:20. Conversely, professional traders on the TMGM platform can access higher leverage up to 1:400 for both major and minor forex pairs. Outside of these countries, through TMGM's international entities, traders can leverage up to 1:500 when trading forex. It's important for traders to exercise caution and educate themselves on the risks associated with high leverage trading.

Accounts ▲

TMGM caters to a diverse range of trading experiences and preferences through its multiple account offerings. Whether you are a long-term investor or a day trader, TMGM provides account options tailored to your needs, including the TMGM Classic account and the TMGM Edge account. For traders unable to engage in interest-based transactions due to religious beliefs, TMGM offers a Swap-Free account option, applicable only to Edge account types. This account requires a minimum deposit of $100 and supports a minimum lot size of 0.01. Moreover, TMGM provides a Demo account utilizing the MetaTrader 4 platform, allowing traders to practice with virtual funds ranging from $5,000 to $50,000. However, it's important to note that the demo account will be deactivated following six months of inactivity. TMGM's market offerings are extensive, comprising over 12,000 trading products across seven asset classes including forex, indices, shares, cryptocurrencies, precious metals, and energies. This ensures traders have access to deep liquidity and competitive spreads, although it's critical to acknowledge that the range is confined to FX and CFD trading, and conditions may vary depending on the regulatory entity.

Pros

• Multiple account options tailored to different trading styles

• SwapFree account available for Edge account holders

• Extensive range of trading instruments across various asset classes

Cons

• Limited to FX and CFD trading

• Conditions and offerings may vary by entity

Spread ▲

Based on extensive research, TMGM's pricing structure is either embedded within the spreads or applied as commission fees, contingent upon the selected account type. With multiple liquidity providers ensuring competitive rates, spreads remain low across virtually all asset classes. Notably, TMGM does not impose any fees for deposits or withdrawals. The only exception is an inactivity fee, which is charged if trading activities cease for more than six months.

TMGM's fee structure is considered low, receiving an overall score of 4.4 out of 5, following a comprehensive evaluation against over 1000 other brokers. Although pricing may vary depending on the specific entity and account type chosen, it generally remains low and advantageous.

• Spreads

• The Classic account type at TMGM starts with spreads from 1 pip, incorporating commission fees within the spread itself. This account is particularly suitable for traders who employ mid or longterm strategies that are not highly dependent on spread variations.

• In contrast, the TMGM Edge account provides the platform's most competitive spreads, beginning at 0 pips. A commission of $7 per round turn ($3.50 each way) is charged per standard lot. The Edge account most closely mirrors ECN trading, eliminating the need for a dealing desk.

TMGM's spreads have earned a low ranking with a score of 4 out of 5, as our analysis reveals Forex spreads significantly below the industry's average of 1 pip for EURUSD, alongside attractive spreads for other instruments as well.

Deposits and Withdrawals ▲

TMGM supports a variety of secure account funding methods without any transaction fees. These methods include Bank Wire transfers, Card payments, PayPal, UnionPay, POLi, and fasapay. Traders have the liberty to choose their account's base currency, simplifying transactions by avoiding currency conversions.

We rated TMGM's funding methods as Excellent, with an overall score of 4.3 out of 5. The minimum deposit requirement aligns with industry standards, and fees are either nonexistent or minimal, although conditions may vary based on the entity.

• Deposit and Withdrawal Methods

• TMGM offers a comprehensive range of funding options, including Debit/Credit Cards, Bank Transfers, and several epayment wallets. While bank transfers may take a few business days, payments made via credit/debit card are processed instantly. It is important to verify the availability of these methods based on your country of residence and the entity.

Minimum deposit ▲

What constitutes TMGM's minimum deposit threshold?

Minimum initial deposits start at $100, though trading might necessitate higher amounts to satisfy margin requirements. The Classic account boasts no commission charges but comes with wider spreads. Conversely, Edge accounts entail a $7 commission fee yet offer tighter spreads. Regardless of the chosen account type, ECN execution and a minimum lot size of 0.01 are standard.

Comparing TMGM's minimum deposit requirement with other brokers reveals that many require a minimum deposit of $500, positioning TMGM as a more accessible option for traders.

TMGM Withdrawals

TMGM employs the same mechanisms for withdrawals as for deposits, without imposing any withdrawal fees. However, traders should consider potential bank processing fees, which are dictated by their bank's terms and conditions.

• Withdrawing from TMGM

To initiate a withdrawal from TMGM, the following steps should be taken:

• Log into your account.

• Navigate to 'Withdrawal' or 'Withdraw funds' from the relevant menu.

• Choose the withdrawal method and/or the account to which the funds will be withdrawn.

• Specify the withdrawal amount, then verify and proceed with the process.

Trading Platforms ▲

TMGM's trading capabilities are enhanced by a selection of advanced tools across its platforms, including MetaTrader 4, MetaTrader 5, and IRESS, without offering a proprietary platform. The platforms provided by TMGM are recognized for their high performance, securing an Excellent rating with a score of 4.0 out of 5 when compared to over 1000 other brokers. These platforms are noted for their sophisticated features and technologies, making them an excellent choice for traders.

Desktop Platform

The integrated platform, IRESS, stands out for traders interested in share trading, offering access to exchanges across the United States, Australia, the United Kingdom, Hong Kong, China, and Singapore. This makes it a preferable option over MetaTrader 4 for those trading in shares.

Direct Market Trading

IRESS distinguishes itself by providing exchange pricing and market depth through Direct Market Access (DMA) trading. This feature allows traders to see live orders from institutional liquidity providers directly on the exchange, a capability not offered by MetaTrader 4. However, traders should be mindful of the high minimum deposit requirement of $5,000 USD, making IRESS suitable primarily for serious, professional traders. The costs associated with trading on various stock exchanges, particularly in the US, vary.

TMGM Customer Support

TMGM excels in customer support, offering services through live chat, email, and international phone calls. The support team is multilingual and available 24/7, delivering fast and relevant responses. It is ranked Excellent, with a score of 4.5 out of 5, highlighting its efficiency and accessibility even during weekends.

Education ▲

The TMGM Academy is a standout feature, offering a structured educational program that spans Beginner, Intermediate, and Advanced stages. The Beginner Stage lays the foundation for forex trading, covering margin trading, chart reading, and basic trading instruments. The Intermediate Stage delves into more technical aspects such as MACD, RSI, ATRs, and Fibonacci analysis. The Advanced Stage focuses on sophisticated trading strategies and management techniques. With an overall rating of 4.9 out of 5, TMGM's education offerings are comprehensive and free, including articles, guides, video tutorials, and glossaries, catering to all levels of traders.

Conclusion ▲

Our review finds TMGM to be a reputable broker with strong regulatory backing from AISC and FMA, offering transparent trading conditions alongside a top-notch education section. The broker's competitive pricing model, low fees, and spreads, combined with high leverage options and industry-standard platforms, make TMGM a compelling choice for a wide range of traders. TMGM is particularly well-suited for beginners, professional traders, those employing EAs, engaging in copy trading, scalping, hedging strategies, and traders who favor the MT4 or MT5 platforms. It supports a variety of trading strategies and offers free VPS tools, making it a versatile option for currency and CFD trading.