Written by ForexBrokers.com
In this head to head comparison of TMGM vs FXOpen, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing online brokers TMGM and FXOpen, both companies were founded a decade apart, with FXOpen starting in 2003 and TMGM launching in 2013. Neither of these brokers are publicly traded or function as banks. On the regulatory front, TMGM and FXOpen each hold two Tier-1 licenses, which are highly trusted according to ForexBrokers.com. However, neither holds any Tier-2 licenses.
The ForexBrokers.com Trust Score gives TMGM a rating of 83, placing it in the trusted category, while FXOpen scores 76, marking it as presenting an average risk to investors. These scores suggest that TMGM is viewed as a more reliable option than FXOpen, despite both having the same number of top-tier licenses. For those seeking a trusted online trading partner, these scores and regulatory standings provide crucial insights.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Year Founded | 2013 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 0 |
When comparing the commissions and fees of online brokers TMGM and FXOpen, TMGM offers appealing options for traders. Their Edge account features low spreads and requires a modest commission of $3.50 per side, translating to $7 per round trip. However, the absence of recent average spread data for currencies like the EUR/USD makes it challenging to fully assess trading costs. TMGM also provides an option for Islamic finance clients with their Edge account, offering a Sharia-compliant solution.
Meanwhile, FXOpen does not disclose average spread data, making a comprehensive comparison of trading costs difficult. Both TMGM and FXOpen have received a commendable rating of 4 stars out of 5 for commissions and fees. Despite this similarity, TMGM is ranked slightly higher at #36 in the Commissions and Fees category according to ForexBrokers.com, as compared to FXOpen's rank of #44 out of 63 brokers.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $100 | $100 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing TMGM and FXOpen for their investment offerings, TMGM stands out with an extensive range of options. It provides access to 12,000 tradeable symbols and 62 forex pairs, which is significantly more comprehensive than FXOpen’s 87 tradeable symbols and 25 forex pairs. Both brokers offer forex trading as CFDs or spot contracts and support copy trading, catering to investors who value diverse strategies. Neither TMGM nor FXOpen provides the ability to purchase actual cryptocurrencies or exchange-traded securities on U.S. or international exchanges.
Despite both brokers allowing the trading of cryptocurrency derivatives, TMGM is favored with a 4.5-star rating for range of investments, ranking at #17 out of 63 brokers according to ForexBrokers.com. In contrast, FXOpen is rated 3 stars, ranking at #62, highlighting a more limited investment offering. For those seeking a broader selection of tradeable symbols and forex pairs, TMGM emerges as the preferable choice, especially for traders interested in a wider array of investment opportunities.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12000 | 87 |
| Forex Pairs (Total) | 62 | 25 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When choosing between online brokers TMGM and FXOpen for trading platforms and tools, both provide comprehensive options catering to various trading needs. Both TMGM and FXOpen offer free virtual demo accounts, allowing traders to practice before going live. While neither broker provides a proprietary platform, they ensure compatibility with popular choices like MetaTrader 4 and 5. For traders who prefer flexible access, both brokers offer Windows-based desktop and web-based trading platforms. Additionally, both TMGM and FXOpen support copy trading, though FXOpen extends its offerings with ZuluTrade, a feature TMGM does not provide.
Charting tools available at TMGM and FXOpen are equally matched, with each offering 15 drawing tools and the ability to trade directly from stock charts. However, the precise number of technical indicators available at each broker remains unspecified. Watchlist customization is also on par, with both brokers supporting seven fields. In terms of user ratings, both TMGM and FXOpen have earned four stars out of five, reflecting reliable platforms and tools. According to ForexBrokers.com, TMGM is ranked slightly higher at #48 compared to FXOpen's #53 out of a total of 63 brokers, showcasing competitive positions within the industry.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading, both TMGM and FXOpen provide versatile apps compatible with iPhone and Android devices. Users of either platform can benefit from stock and forex price alerts, allowing them to stay informed on market changes. Both brokers support 30 technical studies for charting, the ability to draw trendlines, and access multiple time frames such as daily or weekly views. Additionally, traders can create watchlists with real-time quotes on both platforms. However, one notable difference is that TMGM's app automatically saves chart drawings, while FXOpen's does not.
Despite these similarities in features, some distinctions remain. While neither app offers syncing between mobile and online watchlists, TMGM ranks slightly higher than FXOpen in the Mobile Trading Apps category according to ForexBrokers.com, placing 47th out of 63 brokers. Meanwhile, FXOpen holds the 54th spot. Both apps receive a solid user rating of four out of five stars, marking them as reliable choices for on-the-go trading. However, the higher ranking of TMGM might give it a slight edge for traders prioritizing app functionality and user experience.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing TMGM and FXOpen for market research offerings, both brokers provide daily market commentary and source forex news from top-tier providers like Bloomberg and Reuters. While neither utilizes Autochartist tools, TMGM makes a difference by incorporating Trading Central’s technical analytics, giving traders access to more insightful analysis. On top of that, TMGM offers sentiment-based trading tools, which display the ratio of long and short positions, while FXOpen lacks this feature. Furthermore, TMGM enhances its research suite with resources from Acuity Trading, such as Signal Centre, which FXOpen does not offer.
Both brokers deliver economic calendars to track global news events, though TMGM appears to have an edge in overall research services. With a rating of 3.5 stars out of 5, TMGM outperforms FXOpen’s 3-star rating in research. According to ForexBrokers.com, TMGM is ranked at #53 out of 63 brokers, demonstrating better research capabilities compared to FXOpen's placement at #63. This suggests TMGM might be the preferable choice for traders seeking more comprehensive market insights.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources available for beginners between TMGM and FXOpen, it becomes evident that both have room for growth. Neither TMGM nor FXOpen provides a minimum of ten educational resources focused on forex or CFDs, such as articles, videos, or webinars. They also lack regular monthly online webinars aimed at educating their clients, though TMGM stands out by offering a searchable archive of previously recorded webinars, a feature FXOpen does not have. Despite these shortcomings, both brokers provide an investor dictionary with definitions of over 50 investing terms, supporting users in understanding complex trading terminology.
In terms of educational video content tailored for beginners or advanced traders, neither TMGM nor FXOpen excels, as they don't offer a substantial amount of these resources. With regards to education ratings, TMGM achieves a 3.5-star rating compared to FXOpen's 3-star rating. This small difference in rating reflects TMGM's commitment to slightly better educational offerings. In the rankings by ForexBrokers.com, TMGM is placed at 54th while FXOpen is at 58th out of 63 brokers, indicating similar challenges they face in expanding their educational programs for new and experienced traders alike.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | No | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | No | No |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that TMGM is better than FXOpen. TMGM finished with an overall rank of #37, while FXOpen finished with an overall rank of #54.
TMGM stands out for its impressive education toolset, though it still trails behind the best brokers in most categories. TMGM offers a small range of markets via the MetaTrader 4 (MT4) platform. While primarily a MetaTrader broker, it also offers the more exclusive IRESS platform – though the platform-specific requirements will limit who can use it.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 83 | 76 |
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TMGM and FXOpen do not offer the ability to buy actual delivered cryptocurrency, but both provide the option to trade cryptocurrency derivatives.
When comparing online brokers TMGM and FXOpen regarding funding options, TMGM supports PayPal, Skrill, Visa/Mastercard, and bank wires for deposits and withdrawals, while FXOpen offers the same services except for PayPal, with neither broker offering ACH or SEPA transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | TMGM | FXOpen | |
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| Trust Score | 83 | 76 | |
| Winner | check_circle | ||
| Review | TMGM Review |
| Broker Screenshots | TMGM | FXOpen | |
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| Regulation | TMGM | FXOpen | |
|---|---|---|---|
| Trust Score | 83 | 76 | |
| Year Founded | 2013 | 2003 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 0 |
| Tier-1 Licenses (Highly Trusted) | TMGM | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | No | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | TMGM | FXOpen | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | TMGM | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12000 | 87 | |
| Forex Pairs (Total) | 62 | 25 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | TMGM | FXOpen | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | TMGM | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $100 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | TMGM | FXOpen | |
|---|---|---|---|
| Proprietary Platform | No | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | TMGM | FXOpen | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | TMGM | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | TMGM | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | TMGM | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | No | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | No | No | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | TMGM | FXOpen | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | TMGM Review |
| Overall | TMGM | FXOpen | |
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| Trust Score | 83 | 76 | |
| Winner | check_circle | ||
| Review | TMGM Review |
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