Written by ForexBrokers.com
In this head to head comparison of TMGM vs iFOREX, 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.
TMGM and iFOREX are both established online brokers, with TMGM founded in 2013 and iFOREX in 1996. Neither company is publicly listed on a stock exchange, nor are they banks, which means they operate strictly within their brokerage capacities. When it comes to regulatory standing, TMGM holds two Tier-1 licenses, signaling a higher level of credibility, compared to iFOREX, which holds one Tier-1 license. This distinction in licensing can be a vital factor for traders prioritizing regulatory oversight.
In terms of trust scores as assessed by ForexBrokers.com, TMGM receives a score of 83 out of 99, placing it in the 'trusted' category, whereas iFOREX scores 75, indicating an 'average risk' level. These scores reflect how the brokers are perceived in terms of reliability and customer security. The differences in their trust scores and regulatory licenses could influence a trader's choice, aligned with their preferences for safety and oversight.
| Feature |
TMGM
|
iFOREX
|
|---|---|---|
| Year Founded | 2013 | 1996 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 1 |
When considering the cost of trading, both TMGM and iFOREX present different offerings that cater to distinct trader preferences. TMGM stands out with a 4-star rating and is ranked #36 out of 63 brokers for its commissions and fees, according to ForexBrokers.com. It offers various account types, including the spread-only Classic account and the commission-based Edge account. The Edge account is particularly appealing for its low commissions of just $3.50 per side ($7 round trip), complemented by minimal spreads, making it a cost-efficient choice. Furthermore, TMGM accommodates Islamic finance customers by offering Sharia-compliant swap-free accounts exclusively with the Edge option.
On the other hand, iFOREX does not provide detailed average spread data, which can be a drawback for traders looking to assess their total trading costs accurately. Despite this, iFOREX maintains a 3-star rating and ranks #61 in the Commissions and Fees category among 63 brokers reviewed by ForexBrokers.com. This indicates that while iFOREX might serve certain trader needs, it may not be the most cost-effective option.
Both brokers offer unique advantages, but for traders keen on minimizing trading costs, TMGM's transparent fee structure and low commission rates provide a more compelling proposition compared to iFOREX. Whether you're seeking Sharia-compliant accounts or simply looking for competitive fees, TMGM's options may warrant closer consideration.
| Feature |
TMGM
|
iFOREX
|
|---|---|---|
| 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 | No |
| ACH or SEPA Transfers | No | 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 comparing the range of investment options offered by TMGM and iFOREX, it's clear that each online broker has its strengths and limitations. TMGM boasts an impressive array of 12,000 tradeable symbols, significantly outpacing iFOREX's offering of 750. In terms of forex pairs, however, iFOREX takes the lead with 88 available options compared to TMGM’s 62. Both brokers allow forex trading via CFDs or spot contracts, providing flexibility for forex traders. However, neither platform allows access to exchange-traded securities on U.S. or international exchanges, leaving stock traders with limited direct access to companies like Apple or Vodafone. The field of cryptocurrencies presents a similar story: both TMGM and iFOREX permit trading in cryptocurrency derivatives, yet neither supports the buying of actual cryptocurrencies. A notable difference is TMGM’s inclusion of copy trading capabilities, a feature absent from iFOREX's portfolio.
Despite these similarities, TMGM's broader range of offerings is reflected in its higher user ratings and industry rankings. TMGM secures an impressive 4.5 stars for its range of investments and ranks 17th out of 63 brokers as per ForexBrokers.com. In contrast, iFOREX holds a rating of 3.5 stars and ranks 41st in the same category. This distinction highlights TMGM's more diverse investment choices, particularly in the sheer number of tradeable symbols and the additional copy trading functionality, making it potentially more appealing for traders looking for variety and flexibility in their investment strategies.
| Feature |
TMGM
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12000 | 750 |
| Forex Pairs (Total) | 62 | 88 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | No |
| 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 trading platforms and tools, TMGM and iFOREX each offer distinct advantages and features. TMGM provides a comprehensive setup with Windows-based desktop downloads and web-based platforms, although it does not have a proprietary system. This broker supports MetaTrader 4 and MetaTrader 5 for those seeking familiar and powerful trading environments. In addition, TMGM allows users to benefit from simulated trading through a free virtual demo account, an attractive feature for new traders looking to practice without financial risk. Meanwhile, TMGM excels in copy trading options, giving traders the flexibility to follow successful strategies executed by others.
Conversely, iFOREX boasts a proprietary trading platform, appealing to those desiring unique functionalities tailored by the broker. While it lacks a downloadable option for desktops, iFOREX compensates with a robust web-based platform. Although it does not offer MetaTrader support or paper trading accounts, iFOREX provides users with more drawing tools and an extensive watch list, featuring nine customizable columns. Both brokers allow trading directly from stock charts, providing a streamlined trading experience. Ultimately, while both platforms receive a four-star rating for their tools, TMGM ranks slightly higher (#48) on ForexBrokers.com compared to iFOREX (#54), making them both competitive but distinct choices for traders.
| Feature |
TMGM
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | No | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 30 | 57 |
| Charting - Drawing Tools (Total) | 15 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both TMGM and iFOREX offer mobile trading apps for iPhone and Android users, providing easy access to trading opportunities on the go. However, TMGM sets itself apart by offering features like stock and forex price alerts, which are not available with iFOREX. Traders using TMGM can also benefit from a wider range of charting tools, including the ability to apply 30 technical studies and draw trendlines, features that are missing from iFOREX’s mobile app. Additionally, TMGM allows users to view various time frames such as daily and weekly on a stock or forex chart and auto-saves any drawings made, making technical analysis more convenient.
While both platforms receive a respectable 4-star rating for their mobile trading apps, TMGM ranks higher at #47 compared to iFOREX’s #55, out of 63 brokers evaluated by ForexBrokers.com. Nonetheless, neither app currently supports watchlist symbol syncing, meaning changes made on the mobile app do not reflect automatically on the online account. However, TMGM does permit the creation of a watchlist with real-time quotes, adding another level of ease for active traders, a feature that iFOREX lacks. Overall, for traders seeking more comprehensive tools and alerts on mobile, TMGM seems the preferable option.
| Feature |
TMGM
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
TMGM and iFOREX both offer daily market commentary, which can help traders stay informed about market trends and potential trading opportunities. TMGM stands out by providing forex news from top-tier sources, such as Bloomberg and Reuters, whereas iFOREX does not include this feature. Both brokers offer tools from Trading Central, enabling users to benefit from specialized technical analytics. However, TMGM advances further with the inclusion of tools from Acuity Trading, like Signal Centre, providing additional insights for traders compared to iFOREX, which lacks this feature.
Both TMGM and iFOREX support traders with sentiment-based tools to gauge the ratio of long or short positions, as well as offering economic calendars to track global news events. Despite these similarities, TMGM’s broad range of research tools does not significantly elevate its overall research rating, with both brokers receiving a 3.5-star rating. In terms of rankings among 63 brokers, iFOREX slightly edges out TMGM, securing the 48th spot compared to TMGM’s 53rd position, reflecting a minor preference in research capabilities.
| Feature |
TMGM
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | Yes |
| Social Sentiment - Currency Pairs | Yes | Yes |
| 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 to beginners between TMGM and iFOREX, both platforms offer some learning tools but have distinct differences. TMGM provides a searchable archive of previously recorded client webinars and an investor dictionary with definitions of over 50 investing terms, making it easier for users who prefer self-guided learning through researching past webinars and understanding investing terminology. However, it falls short in providing at least 10 educational pieces dedicated to forex or CFDs, monthly webinars, and beginner-oriented trading videos.
On the other hand, iFOREX stands out by offering more than 10 beginner educational videos covering trading topics specifically for newcomers, helping users ease into the trading world with guided content. Unlike TMGM, iFOREX lacks a searchable archive for webinars and an extensive investor dictionary. Though these platforms earn an equal rating of 3.5 stars for education and are ranked closely by ForexBrokers.com, iFOREX takes a slight edge in offering tailored videos, while TMGM benefits those seeking a deeper dive into terms via its dictionary.
| Feature |
TMGM
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | No | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | No | Yes |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. TMGM finished with an overall rank of #37, while iFOREX finished with an overall rank of #52.
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
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iFOREX
|
|---|---|---|
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| Trust Score | 83 | 75 |
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Both TMGM and iFOREX do not offer the ability to buy actual, delivered cryptocurrency, but they both provide the option to purchase cryptocurrency derivatives.
Both TMGM and iFOREX provide several options for depositing and withdrawing funds, including PayPal, Skrill, Visa or Mastercard, and bank wires, but neither offers 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 | iFOREX | |
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| Trust Score | 83 | 75 | |
| Winner | check_circle | ||
| Review | TMGM Review |
| Broker Screenshots | TMGM | iFOREX | |
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| Regulation | TMGM | iFOREX | |
|---|---|---|---|
| Trust Score | 83 | 75 | |
| Year Founded | 2013 | 1996 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 1 |
| Tier-1 Licenses (Highly Trusted) | TMGM | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12000 | 750 | |
| Forex Pairs (Total) | 62 | 88 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | No | |
| 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 | TMGM | iFOREX | |
|---|---|---|---|
| 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 | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | Yes | Yes |
| Funding | TMGM | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $100 | $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 | No | No |
| Trading Platforms | TMGM | iFOREX | |
|---|---|---|---|
| Proprietary Platform | No | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | TMGM | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 7 | 9 | |
| Charting - Indicators / Studies (Total) | 30 | 57 | |
| Charting - Drawing Tools (Total) | 15 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | TMGM | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | TMGM | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | Yes | |
| Economic Calendar | Yes | Yes |
| Education | TMGM | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | No | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | No | Yes | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | TMGM | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
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| Trust Score | 83 | 75 | |
| Winner | check_circle | ||
| Review | TMGM Review |
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