TMGM Review & Rating 2023

TMGM, formerly known as TradeMax Global Markets, is an Australian-based CFDs broker that was founded in the year 2013. TMGM should be considered a sound option if traders are looking for a broker with a good variety of financial instruments.

TMGM offers to trade more than 15,000 financial products for trading on the MT4 and IRESS platforms. Forex, Indices, Shares, Commodities, Cryptocurrencies are available with competitive spreads.

Although TMGM’s roots are Australian, it is becoming globally recognized due to the management efforts of offering stable trading conditions to investors around the world. Currently, TMGM boasts a presence in over 200 countries.

As an ECN broker, TMGM uses an electronic communication network to connect buyers with sellers without any third parties. Traders at TMGM benefit from direct access to other market participants and typically receive better prices and trading efficiency.  

TMGM aims at providing the best trading conditions, powered by both industry-leading and cutting-edge innovative platforms.

Pros

• Regulated by the ASIC, FMA and VFSC;
• Two platforms are available; MT4 and IRESS;
• Crypto trading available;
• ECN spreads and lightning speed executions.

Cons

• MT5 is unavailable;
• High minimum deposit on the IRESS platform;
• Clients from the US and Japan are not accepted.

Is TMGM legit? Yes, absolutely! All clients’ funds are kept in segregated bank accounts maintained with National Australia Bank (NAB) which is one of the largest banks in Australia and in the world. In the extraordinary event of TMGM’s bankruptcy, for example, the segregated funds will not be used to bail out the broker, instead clients’ funds will be returned.

TMGM also states that its trading servers are located at data centers in New York NY4, and Tokyo TY3. These servers are equipped with the latest technologies for speed, security, and efficiency. Secured Socket Layer (SSL) encrypts clients’ data while it is being transmitted to the servers. In the event of a hack attack, this will protect user-sensitive information.

What is more, TMGM has taken a $5 million Civil Liability Insurance which protects the brokerage firm against fraud, mistakes, and general financial risks that may result in losses.

A trading platform is simply a software interface that allows you to place trades. Trading platforms often come with charting, research, and order processing tools, too. 

As you review TMGM’s trading platforms, you will find three main choices,

• MT4
• IRESS
• Webtrader

1. MT4: MetaTrader 4 is one of the most widely used trading platforms designed by MetaQuotes Software Corporation; a Cyprus-based Fintech Company. This reliable, sophisticated, and user-friendly platform has more users than any other forex and CFD trading platform. The MT4 comes with 30 indicators, 9 timeframes, and 24 analytical tools. With MT4, traders can view live price feed, see up-to-date financial news, use analytical tools, and consult technical charts, giving users the best opportunity to make the right trading decisions. The MT4 platform is available in a large number of languages and is available for download as a mobile app for Android and iOS devices. At the time of writing this review of TMGM, the MT5 is unavailable.
2. IRESS: This is the next-generation web-based trading platform designed for professional traders. Combining the power of the world's most popular charts, TradingView, you can compare, add and overlap multiple charts all within the IRESS platform to identify trading opportunities. With this trading platform, you'll get both true market depth and breadth all in a single screen - bringing you everything from the latest news of a particular stock to the real-time depth of market pricing.
3. Webtrader: This platform is perfect for people who want a simple user experience, with all the critical functionality directly from a web browser. No installation is required and it’s available on any computer on any browser. You can access a wide selection of studies and indicators and get timeframes up to a month. With TMGM Webtrader, you can set market and pending orders, take profit and stop loss, the option to partially close your positions, view trading history and charts. Open, close, and edit individual and aggregate positions at the click of a mouse.

Our TMGM review team found that the forex broker offers two main types of accounts, Edge and Classic, which are suited to all levels of traders. The Edge account offers spreads from 0 pips, plus a commission while the classic account only uses spreads. Spread is the difference between the bid (sell) price and the ask (buy) price.

1. Edge account: The Edge account is geared to short term traders, traders who trade economic news events and traders who use Expert Advisors (EAs). This is because trading via the Edge account is the cheaper account in the long term due to the low spread. EA traders prefer this type of account because many EAs use scalping as a trading strategy. When scalping, low spreads are especially important because trades are often held for only a few seconds and profit targets can be just a few pips.
2. Classic account: This account type offers spreads from 1 pip and is ideal for anyone who prefers to use mid or long-term strategies that aren’t spread dependent.
3. Demo Account: TMGM offers free demo accounts with the MT4 platform. You will have access to this practice account for 365 days but, you will lose your access to it after six months of inactivity. 

How to open your account

Opening a TMGM account is super easy. It takes about ten minutes to create an account and it will get approved within one business day. 

You can open your TMGM account by following the six steps below:

1. Visit TMGM website and click on ‘get started’ on the top right corner;
2. Provide some contact information, like your email address;
3. Fill out your personal information, like your date of birth and address;
4. Choose the account type and the base currency;
5. Verify proof of your identity and the country of residence;
6. Fund your account and start trading.

Deposit and withdrawal methods

You can easily fund your account using secure methods like an international bank transfer, payment cards such as Visa, MasterCard, and UnionPay, as well as electronic wallets Skrill, Neteller, FasaPay. Notably, TMGM does not charge any deposit or withdrawal fees. Nevertheless, we advise that you check with your bank or online payment processor if they will charge you any fees.

Can you trade cryptocurrency at TMGM? One of the reasons TMGM is good is due to the fact that this broker offers crypto trading for its investors and traders interested in virtual currencies.

Our TMGM review team found that this crypto-friendly platform offers eight of the most popular cryptocurrencies, including Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. You can trade your favorite digital assets right from the MT4 platform, so you don’t have to open up another window on your desktop.

Unlike a lot of Forex brokers, TMGM has low trading fees. Your fees, charges and commissions depend on what type of account you have as well as your location.

If you choose the Edge account, spreads on trades start from 0.0 pips, with a minimum lot size of 0.01 lot. That means you will have to pay a commission of $3.5 per lot, which works out at a $7 round turn.

 In contrast, the Classic account has spreads starting from 1.0 pips with a minimum lot size of 0.01 lot. However, you will not have to pay any additional commissions on each lot.

Minimum deposit

TMGM requires a minimum deposit of $100. This is the minimum amount you will need to deposit in order to use the broker's platforms for trading online. Unlike some brokers that have minimum deposit requirements that run into thousands of dollars, we believe that $100 is very reasonable.

However, it is important to note that your account may be subject to maintenance fees if your account balance drops below $100 or if it remains inactive after six months.

Is TMGM good? As part of our TMGM review, we examined customer service options, response times and problem resolution effectiveness. AtoZ Markets found favorable TMGM opinions from clients and our review team confirmed that this was accurate. 

You can contact TMGM customer support over the phone, through live chat, or via email and you'll get useful and relevant answers to your questions. However, this customer support is not available 24/7 but only 24/5. So if you run into a problem during the weekends, Saturday or Sunday, you’ll have to wait until Monday for any problem to get resolved.

Just in case you prefer to talk to the customer support team in their language, TMGM supports a wide range of languages including English, Chinese, Vietnamese, Portuguese, Spanish, Thai, Filipino, French, Italian and Indonesian.

In addition to customer support, this broker offers clients a unique feature called TMGM Academy. With this feature, you can learn everything about forex trading. TMGM Academy consists of three stages, Beginner Stage, Intermediate Stage, and Advanced Stage.

Is TMGM scam? When choosing a broker like TMGM, one of the most important criteria for traders is the regulatory body and regulatory status of this brokerage firm. We have checked and found in this review of TMGM that this broker is regulated and supervised by reputable organizations.

TMGM is a safe platform because it has been authorized by the following regulatory bodies to provide financial services:

• Australian Securities and Investments Commission (ASIC), 
• New Zealand Financial Markets Authority (FMA);
• Vanuatu Financial Services Commission (VFSC).

Traders who conduct business with unregulated brokers do so at their own risk as they are likely to lose their money to fraudsters.

Because TMGM is regulated, it will not manipulate market prices. When you send in a withdrawal request to TMGM, this will be honored. If they violate any regulatory rules their regulated status can be revoked.

To conclude our TMGM review, we can say that TMGM is a legit broker as it is overseen by ASIC, a tier-one regulatory body. Because the broker is regulated in more than one jurisdiction, especially tier-1 jurisdiction, it has gone a long way towards building trust with existing and prospective customers. Hence, it is difficult to find a TMGM scam report.

TMGM offers a solid range of trading assets and provides the security of funds to their clients. The spreads and fees are very competitive with other brokers. The company offers 2 different trading platforms, so every user can choose based on preferences.

Despite these positives, there are other areas TMGM must improve. This broker currently doesn't have the MT5 trading platform. This can be a drawback for some traders. But overall, you should have good experience trading forex with this broker.