If you’re considering TMGM as your next forex broker and wondering if they’re the right fit, then you’re in luck! Everything you would need to inquire about will be covered in this TMGM review.
Read on for a comprehensive TMGM review on:
- My Findings on TGMG’s Products
- My Personal Experience with TGMG
- Demo Trading on TGMG
- TGMG FAQs
- TMGM Alternatives
The TMGM broker’s funding members started as traders and looked to mould a broker that solved the obstacles they faced on the rise up. Now, they currently hold operations in 150+ countries all over the globe.
In general, brokers are integral to the forex trading ecosystem, and retail traders wouldn’t be this accessible to the market without them. So, if you’ve traded with this broker, tell us your experience with them in the comment section at the end of this page.
Without further ado, let’s head into the finer details of this TMGM review, shall we?
- Is TMGM Safe?
- My Findings on TMGM‘s Products
- Expert Opinion on TMGM’s Services
- My Personal Experience With TMGM
- Demo Trading on TMGM
- TMGM Alternatives
|Free Bonus||None currently|
|Spread||Dependent on account type|
|Leverage||Up to 1:500 (can be lowered)|
|Deposit Methods||Wire transfer, Skrill, Visa cards, MasterCard, Cryptocurrency|
|Withdrawal Methods||Wire transfer, Skrill, Visa cards, MasterCard, Cryptocurrency|
TMGM Review Summary and Rating
TMGM is a forex broker whose strengths lie in its educational content. After each lesson, quizzes are held to test your knowledge, and progress is tracked correctly.
It is an excellent place to learn certain trading basics.
Regulated in three countries.
12,000 trading symbols at your disposal
Swap-free/ Islamic account is available.
Zero charges on withdrawals and deposits
Copy Trading available
IRESS platform is only accessible to certain clients
Educational content, especially on YouTube, is jarring
Is TMGM Safe?
TMGM is indeed a safe broker; they are accountable and regulated in three countries.
TMGM is authorized and regulated as Trademax Global Limited by the Australian Securities & Investment Commission (ASIC), Financial Markets Authority (FMA)– New Zealand, and VFSC Vanuatu Financial Services Commission.
Furthermore, TGMG isn’t backed by any bank or financial institution, but that’s no concern.
Instead, they prioritize safety, so clients’ funds are kept separate from the company’s in Nation Australian Bank (NAB).
My Findings on TMGM‘s Products
The sign-up process here is fully digital/ automated and swift. Fill in your personal information in the appropriate fields, and you’re ready.
One thing, though, is that the verification mail might end up in the spam folder of your mail, so ensure to check!
Once completed, head under “documents” in TMGM’s portal and upload your ID, utility bill, or bank statement.
In approximately 12 minutes, a mail to you got verified, and the login credentials of a live trading account were provided and ready for a deposit!
TMGM’s Account Types
Three types of accounts are offered on TMGM: Classic, Edge, and Islamic (swap-free). The Classic account has no commissions or fees attached but spreads start from 1 pip.
As for the Edge account, it’s a raw spread offering (0.0pips), but a fee of $0.07 per 0.01 lot is paid each time a trade is open.
Demo accounts are also available for beginners looking to practice or new clients testing services.
However, due to the volatile nature of the market, the data on the demo account might lag a bit.
Lastly, any account can be denominated in AUD, EUR, CAD, GBP, NZD, and USD.
The account choice determines spread, as I mentioned above. Spreads start from 1 pip for the Classic accounts and are nonexistent for the Edge accounts.
On TMGM, the leverage options are diverse, so every trader will find one that’s right for them. The leverage option is: 1:100, 125, 150, 175, 1:200, 1:300, 1:400, 1:500.
TMGM’s Lot Sizes
The smallest lot size that can be used on this trading platform is 0.01 lots, while the highest is 80 lots. The only complaint here is some other brokers offer up to a 100-lot size per trade.
TMGM’s Minimum Deposit
The minimum deposit is $100, but the broker recommends an initial deposit of $500. Various deposit methods are available to choose from, but they do vary depending on location.
To deposit, head under “funding,” click “deposit,” and choose a suitable payment method. The exact process would be made to initiate a withdrawal as well.
Currently, no deposit bonus(es) is available, but keep it open for the various competitions and trading bonuses that spring up occasionally.
Any account created with TMGM supports MT4 and MT5. However, MT5 support wasn’t available up until last year. I’m glad that has been resolved.
As for the web, there’s a web trading portal that’s convenient to use but somewhat outdated, with no means to make price alerts.
There’s a copy trading platform called “HUBx” and “IRESS,” a CFD trading platform. The latter is only available to clients with a deposit of at least $5,000.
To create an account for these trading tools, support has to be contacted with a registered mail for login credentials.
They have no mobile trading platform, but there’s a fake mobile app on both Android and iOS stores, so stay clear of them.
This is a category in which TMGM excels; there are different courses to suit traders at various experience levels.
At the end of each lesson, there are quizzes on the theoretical aspect of forex / CFDS to test you properly.
Their blog provides technical and fundamental analysis insights. Not every content has top-tier quality, but it’s decent regardless.
Additionally, there are tools for information on the sentiment of the market and an economic calendar.
Also, a YouTube channel contains promotional videos, webinars, tutorials, etc.
Customer support was excellent and was available all through the week. I needed help creating an alternate account.
The team member who attended to me was engaging, and I found that refreshing.
Expert Opinion on TMGM’s Services
TMGM is a safe broker with his business activity licensed by three financial bodies: the Australian Securities & Investment Commission (ASIC), the Financial Markets Authority (FMA)- New Zealand, and the VFSC Vanuatu Financial Services Commission.
Moreover, with 12,000 trading pairs, this broker is highly versatile for all types of traders.
Two areas for improvement of this broker are the inactivity fee and lack of a quality mobile/ web trading platform owned by the company itself.
My Personal Experience With TMGM
I’m sure everyone will be delighted with the first impressions of this broker.
The signup process is automated, so you go past it quickly. Also, verification of documents takes just 15 minutes after submission.
Trading With TMGM
TMGM is a broker with 12,000+ trading instruments- astonishing! This is the broker for you if you’re a forex broker who sometimes dabbles in stocks.
I chose to deposit into the Classic account- no trading fees charged so I could review TMGM without bias. My deposit reflected almost instantly, and there were zero hiccups whatsoever.
However, ensure you keep a copy/ document of the transaction in case of an anomaly. The leverage offered was more that situation, and I had zero complaints.
Demo Trading on TMGM
We tested automated trading on TMGM with our custom XAUUSD bot, and only a win rate of 69% was established.
Hence, it can be deduced that trading conditions are favourable for this broker.
As this TMGM review showed, the broker gatekeeps certain features to traders with higher deposits. Furthermore, an inactivity fee is charged when an account is left idle.
Read the review attached below if any of these are a deal breaker.
Conclusion: TMGM Review
TMGM is a decent broker that would meet the needs of nearly any forex trader. As for accounts, they offer swap-free, zero-commission, and spread-free accounts, respectively.
Identify your needs and pick one that’d suit the needs/concerns you had from your previous broker.
Customer service here is good, too, so if you run into any trouble, contact them via the live bot!