Written by ForexBrokers.com
In this head to head comparison of FXCM vs TMGM, 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.
FXCM and TMGM are both notable online brokers, although they differ significantly in their trust and regulatory standings. FXCM, established in 1999, is publicly traded and holds a high Trust Score of 95, indicating it is considered highly trusted. It is licensed with four top-tier regulatory bodies and has two additional licenses from tier-2 authorities. This means FXCM offers a strong sense of security to its users.
On the other hand, TMGM, founded in 2013, is not publicly traded and holds a Trust Score of 83, placing it in the trusted category. TMGM is licensed by two top-tier regulators, which still offers a level of credibility, but it doesn't have any tier-2 licenses. Both FXCM and TMGM are not banks, so while TMGM provides reliable services, it may not offer the same level of trust as FXCM due to fewer regulatory endorsements.
| Feature |
FXCM
|
TMGM
|
|---|---|---|
| Year Founded | 1999 | 2013 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 4 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
When it comes to commissions and fees, FXCM and TMGM each offer distinct structures tailored to different trading needs. FXCM's pricing for forex trading tends to be somewhat higher than the industry average. For instance, during May 2024, the standard account spreads on the EUR/USD averaged 0.78 pips for their EU, U.K., and Australia offerings, while its St. Vincent and the Grenadines entity had an average spread of 1.38 pips. Commission-based accounts at FXCM, however, enjoyed lower average spreads of 0.28 pips, excluding commission. Discounts for active traders can further reduce costs, although the effectiveness of these discounts depends on your trading volume and location. Overall, FXCM scores 4 stars out of 5 in the commissions and fees category and ranks #25 out of 63 brokers on ForexBrokers.com.
TMGM, on the other hand, is known for its competitive commission structure, particularly with its Edge account. The Edge account offers a low commission rate of $3.50 per side ($7 per round trip) in addition to low spreads, though detailed average spread data for the EUR/USD wasn't provided. In contrast, the Classic account offers a spread-only pricing model. TMGM also provides interest-free accounts for Islamic finance customers, though only through the Edge account. Like FXCM, TMGM is rated 4 stars for commissions and fees but stands at #36 in ForexBrokers.com's ranking.
In summary, both FXCM and TMGM offer competitive commissions and fees but cater to different segments of traders. While FXCM's active trader programs might offer value through reduced effective spreads, TMGM's straightforward commission rates and Islamic account offerings might appeal to a broader range of traders. The decision between these brokers may ultimately depend on your trading volume and specific account preferences.
| Feature |
FXCM
|
TMGM
|
|---|---|---|
| Minimum Deposit | Starts from $50 | $100 |
| Average Spread EUR/USD - Standard | 0.78 | N/A |
| All-in Cost EUR/USD - Active | 0.78 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | Yes | Yes |
| 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 considering the variety of investments available, TMGM clearly outperforms FXCM. TMGM offers an extensive selection with 12,000 tradeable symbols, significantly eclipsing FXCM's offering of 440 symbols. Forex traders will find TMGM's provision of 62 forex pairs advantageous compared to FXCM's available 46 pairs. While both brokers allow forex trading through CFDs and spot contracts, neither offers direct exchange-traded securities on U.S. or international exchanges. Additionally, although neither allows the purchase of actual cryptocurrencies directly, both provide options for trading cryptocurrency derivatives. Copy trading is supported by both brokers, adding flexibility for investors.
In terms of broader investment options, TMGM holds a higher rating, receiving 4.5 stars for its range of investments, while FXCM is rated at 3.5 stars. Moreover, ForexBrokers.com ranks TMGM at #17 out of 63 brokers in the Range of Investments category, showcasing its superior offering in comparison to FXCM, which is positioned at #47. For traders focused on a diverse and comprehensive trading environment, TMGM appears to deliver a more compelling suite of investment choices.
| Feature |
FXCM
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 440 | 12000 |
| Forex Pairs (Total) | 46 | 62 |
| 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). | 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 it comes to comparing the trading platforms and tools offered by FXCM and TMGM, both brokers have distinct advantages for online traders. FXCM provides users with a proprietary trading platform, developed in-house, alongside popular options like MetaTrader 4 (MT4), although it lacks MetaTrader 5 (MT5). Meanwhile, TMGM does not have its own platform but does support both MT4 and MT5, catering to those who prefer these widely-used tools. Both brokers excel in offering web-based platforms and Windows-based desktop applications, ensuring a seamless trading experience across different devices. Additionally, paper trading through free virtual demo accounts is available with both FXCM and TMGM, allowing traders to practice without risk.
When examining specific features, FXCM impresses with tools such as ZuluTrade for social trading, which TMGM does not provide, and a greater number of watch list columns. However, TMGM surpasses FXCM in drawing tools with 15 options compared to FXCM’s 10. Both brokers allow direct trading from stock charts, a user-friendly feature that enhances convenience. In terms of ratings, FXCM shines with a 5-star rating and ranks 6th out of 63 brokers for trading platforms and tools, while TMGM holds a respectable 4-star rating and ranks 48th. Ultimately, the choice between the two may depend on individual preferences for platform options and specific trading tools.
| Feature |
FXCM
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | Yes | No |
| Charting - Indicators / Studies (Total) | 115 | 30 |
| Charting - Drawing Tools (Total) | 10 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 13 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of FXCM and TMGM, both platforms offer apps for iPhone and Android users, catering to a broad audience of mobile traders. These apps enable users to receive stock and forex price alerts and allow them to create watchlists with real-time quotes. However, a key difference lies in watchlist syncing capabilities; FXCM offers seamless syncing between mobile apps and online accounts, while TMGM does not provide this feature. For those who rely heavily on technical analysis, FXCM stands out with 59 technical studies available for charting compared to TMGM's 30, providing more tools for in-depth chart analysis. Both brokers also offer vital charting features, such as the ability to draw trendlines and view multiple timeframes, along with auto-saving drawings for user convenience.
FXCM's mobile app is highly regarded, rated at 4.5 stars, which edges out TMGM's 4-star rating. This positive reception is reflected in their rankings by ForexBrokers.com, where FXCM holds the 16th spot out of 63 brokers, considerably higher than TMGM, which is ranked 47th. For traders seeking a mobile trading app with more comprehensive features and higher user satisfaction, FXCM might be the preferable choice, especially if syncing watchlists and extensive technical studies are important.
| Feature |
FXCM
|
TMGM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 59 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both FXCM and TMGM provide daily market commentary and access to forex news from leading sources like Bloomberg and Reuters, ensuring traders stay informed with the latest developments. When it comes to research tools, both brokers incorporate resources from Trading Central, offering technical analysis insights. For sentiment-based tools that show trader positioning across currency pairs, both platforms are equally equipped. Additionally, each has a comprehensive economic calendar that displays global economic events, aiding traders in strategizing their market moves.
Despite having some similarities, FXCM sets itself apart by offering market research from TipRanks, which is not available on TMGM. Conversely, TMGM features research tools from Acuity Trading, giving it a unique edge in that department. When it comes to research ratings, FXCM holds a higher rating with 4.5 stars compared to TMGM’s 3.5 stars, reflecting a stronger overall research experience. As per ForexBrokers.com rankings, FXCM is placed at a commendable #11 out of 63 brokers in the Research category, while TMGM is positioned at #53, indicating FXCM’s more comprehensive offerings in this field.
| Feature |
FXCM
|
TMGM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| TipRanks | Yes | No |
| Signal Centre (Acuity Trading) | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, FXCM stands out with a comprehensive offering. FXCM provides more than ten educational pieces focusing on forex and CFDs, including articles, videos, and archived webinars. They also host monthly online webinars, giving participants the chance to learn live with experts. Additionally, FXCM maintains a searchable archive of these webinars for further learning. Beginner traders can benefit from over ten beginner videos tailored specifically for them, as well as advanced videos for those looking to deepen their expertise. FXCM also includes an investor dictionary with more than fifty investing terms, making it easier for newcomers to get familiar with the trading vocabulary. This extensive suite is reflected in its high education rating of 4.5 out of 5 stars and a respectable 14th place ranking out of 63 brokers by ForexBrokers.com.
In comparison, TMGM provides a more limited set of educational resources for beginners. While they offer a searchable archive of previously recorded webinars and an investor dictionary with over fifty terms, TMGM lacks the breadth of educational content seen at FXCM. They do not offer monthly educational webinars or ten educational pieces focused on forex and CFDs. Furthermore, TMGM does not provide a rich selection of beginner or advanced educational videos. These factors contribute to TMGM's lower education rating of 3.5 stars and a more modest 54th place ranking out of 63 brokers as assessed by ForexBrokers.com. For beginners seeking a well-rounded educational experience, FXCM is positioned as a stronger choice.
| Feature |
FXCM
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | 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 FXCM is better than TMGM. FXCM finished with an overall rank of #15, while TMGM finished with an overall rank of #37.
For traders who appreciate advanced trading tools and quality market research, FXCM is a winner, especially for algorithmic trading. Its range of tradeable markets is fairly narrow, however, and the pricing at FXCM is just average.
| Feature |
FXCM
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TMGM
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|---|---|---|
| Overall Rating |
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| Trust Score | 95 | 83 |
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Both FXCM and TMGM do not provide options to purchase actual delivered cryptocurrency, but they do offer the ability to trade cryptocurrency derivatives.
FXCM and TMGM both offer a range of deposit and withdrawal methods, including PayPal, Skrill, Visa, and Mastercard, as well as bank wires; however, FXCM uniquely provides ACH or SEPA transfers, whereas TMGM does not offer these options.
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 | FXCM | TMGM | |
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| Trust Score | 95 | 83 | |
| Winner | check_circle | ||
| Review | FXCM Review | TMGM Review |
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| Regulation | FXCM | TMGM | |
|---|---|---|---|
| Trust Score | 95 | 83 | |
| Year Founded | 1999 | 2013 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 4 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | FXCM | TMGM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | 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) | Yes | No | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | FXCM | TMGM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | Yes | No | |
| South Africa (FSCA Authorised) | Yes | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | FXCM | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 440 | 12000 | |
| Forex Pairs (Total) | 46 | 62 | |
| 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). | 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 | FXCM | TMGM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.78 | N/A | |
| All-in Cost EUR/USD - Active | 0.78 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | FXCM | TMGM | |
|---|---|---|---|
| Minimum Deposit | Starts from $50 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | Yes | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | FXCM | TMGM | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | Yes | No |
| Trading Tools | FXCM | TMGM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 13 | 7 | |
| Charting - Indicators / Studies (Total) | 115 | 30 | |
| Charting - Drawing Tools (Total) | 10 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FXCM | TMGM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 59 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | FXCM | TMGM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | Yes | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | FXCM | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | FXCM | TMGM | |
|---|---|---|---|
| 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 | FXCM Review | TMGM Review |
| Overall | FXCM | TMGM | |
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| Trust Score | 95 | 83 | |
| Winner | check_circle | ||
| Review | FXCM Review | TMGM Review |
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