Written by ForexBrokers.com
In this head to head comparison of Interactive Brokers vs TMGM, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Interactive Brokers and TMGM are both notable online brokers, but they differ significantly in terms of regulatory trust and history. Founded in 1977, Interactive Brokers has a strong reputation, backed by a perfect Trust Score of 99 from ForexBrokers.com. This high rating reflects its possession of nine Tier-1 licenses, indicating a high level of trust. Interactive Brokers is publicly traded, which often adds an additional layer of transparency for investors. Despite its long-standing presence in the market, it is not categorized as a bank.
On the other hand, TMGM, established in 2013, holds a Trust Score of 83, signifying a trusted status, though not on par with Interactive Brokers. TMGM maintains two Tier-1 licenses, contributing to its reliability but lacks Tier-2 licenses. Unlike Interactive Brokers, TMGM is privately held and not publicly traded. Similar to Interactive Brokers, TMGM is not considered a bank. Overall, while TMGM is seen as a trusted broker, Interactive Brokers stands out with higher regulatory credentials and more investor transparency.
| Feature |
Interactive Brokers
|
TMGM
|
|---|---|---|
| Year Founded | 1977 | 2013 |
| Publicly Traded (Listed) | Yes | No |
| Bank | No | No |
| Tier-1 Licenses | 9 | 2 |
| Tier-2 Licenses | 2 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Interactive Brokers is highly regarded for its commission and fee structure, earning it a 5-star rating and ranking second out of 63 brokers according to ForexBrokers.com. While Interactive Brokers does not publish average spreads for forex, the average spread for EUR/USD during Q3 2024 was 0.19 pips, translating to an effective spread of 0.59 pips when including commission. Their forex commission starts at 0.00002 of the U.S. dollar trade value per side, with a minimum charge of $2 per order, though this amount can be reduced for extremely active traders. Additionally, Interactive Brokers offers discounted commissions for those exceeding volume minimums, catering to active traders who might trade over $1 billion in forex monthly.
TMGM offers competitive rates as well, especially for its Edge account which charges a commission of $3.50 per side alongside low spreads. However, TMGM does not provide average spread data for the EUR/USD pair. TMGM ranks #36 in the Commissions and Fees category with a 4-star rating. Depending on your account choice, trading costs will vary. The Edge account is ideal for traders looking for lower spreads and commission-based trading, while the Classic account operates on a spread-only basis. Notably, Islamic finance customers must opt for the Edge account to receive interest-free trading conditions complying with Sharia law.
When comparing both brokers, Interactive Brokers stands out for its sheer volume capacity and discounted rates for high-frequency traders. TMGM, on the other hand, offers simpler commission structures and lower upfront costs per trade through its Edge account, but lacks the spread transparency that many traders find crucial for calculating exact trading costs. Overall, Interactive Brokers appears to be a more cost-effective option for active traders seeking scale, whereas TMGM provides a straightforward and competitive option for those who prioritize straightforward commission structures.
| Feature |
Interactive Brokers
|
TMGM
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 0.59 | N/A |
| All-in Cost EUR/USD - Active | 0.59 | N/A |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Interactive Brokers and TMGM both cater to traders with diverse investment options, yet they differ significantly in their offerings. Interactive Brokers provides access to 8,500 tradeable symbols, along with the ability to trade 90 forex pairs. Its clients can directly purchase exchange traded securities on U.S. and international exchanges, such as Apple and Vodafone shares. For cryptocurrency enthusiasts, Interactive Brokers offers the choice to buy actual cryptocurrencies, in addition to cryptocurrency derivatives. While it holds the top spot for Range of Investments in a ForexBrokers.com ranking, Interactive Brokers does not support copy trading, which may be a downside for some.
In contrast, TMGM supports 12,000 tradeable symbols, including 62 forex pairs. Although TMGM excels in the variety of symbols offered, it lacks the capability to trade exchange-traded securities on U.S. and international exchanges. TMGM does enable clients to engage in forex and cryptocurrency derivative trading, but does not offer the purchase of actual cryptocurrencies. However, TMGM stands out by offering copy trading, making it an attractive option for traders who want to follow experienced investors. Rated 4.5 stars for its Range of Investments and ranked 17th by ForexBrokers.com, TMGM presents a competitive alternative for those prioritizing specific trading strategies.
| Feature |
Interactive Brokers
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 8500 | 12000 |
| Forex Pairs (Total) | 90 | 62 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | Yes | 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 comparing the trading platforms and tools offered by Interactive Brokers and TMGM, both provide options for simulated trading with free virtual demo accounts. Interactive Brokers shines with its in-house developed platform, offering a Windows-based desktop download and a web-based platform. This broker provides an impressive 85 drawing tools for charting and allows users to trade directly from stock charts. However, it lacks popular platforms like MetaTrader 4 and 5, and does not offer copy trading. Conversely, TMGM delivers an experience that includes both MetaTrader 4 and 5, plus copy trading. Despite these features, TMGM does not have a proprietary platform and offers fewer drawing tools.
Interactive Brokers caters to traders looking for extensive customization, highlighted by 659 columns for watchlists, while TMGM offers seven. Despite TMGM’s support for popular trading platforms, Interactive Brokers earns a higher 5-star rating for its trading platforms and tools compared to TMGM's 4-star rating. According to ForexBrokers.com, Interactive Brokers ranks third out of 63 brokers, in this category, whereas TMGM is positioned at 48th. Overall, Interactive Brokers provides a more comprehensive suite of tools and platforms that may appeal to advanced traders, while TMGM offers flexible choices for those who prefer the MetaTrader ecosystem.
| Feature |
Interactive Brokers
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 155 | 30 |
| Charting - Drawing Tools (Total) | 85 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 659 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Interactive Brokers and TMGM provide mobile trading apps for iPhone and Android, facilitating easy access to trading on the go. They each offer features like stock and forex price alerts, as well as the ability to draw trendlines and view various time frames on stock or forex charts. However, Interactive Brokers takes the lead in a few key areas: it allows watchlist symbol syncing, ensuring seamless updates between the mobile app and online account. It also offers an impressive 97 technical studies in its charting, compared to TMGM's 30, allowing for more sophisticated analysis.
While TMGM's app does have the advantage of auto-saving chart drawings, Interactive Brokers is highly rated, receiving 5 out of 5 stars and ranking #4 out of 63 brokers for mobile trading apps on ForexBrokers.com. TMGM, on the other hand, earns 4 stars and ranks #47 in the same category. Both apps support creating watchlists with real-time quotes, making them both suitable choices, but those seeking more advanced features may find Interactive Brokers to be the superior option.
| Feature |
Interactive Brokers
|
TMGM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 97 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | No | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When examining the market research features offered by Interactive Brokers and TMGM, both online brokers provide daily market commentary and deliver forex news from renowned sources like Bloomberg and Reuters. They share the absence of tools from Autochartist but integrate Trading Central for technical analysis. Sentiment-based trading is supported by both, providing insights into market positions for various instruments. An economic calendar detailing global news events is also available from both brokers, along with the use of Acuity Trading tools. However, Interactive Brokers stands out by including market research from TipRanks, unlike TMGM.
In terms of research quality, Interactive Brokers holds a five-star rating and ranks third out of 63 brokers as per ForexBrokers.com, showcasing its superior research capabilities. In comparison, TMGM has a 3.5-star rating and ranks 53rd, reflecting relatively less robust research offerings. These differences underscore Interactive Brokers' edge in delivering comprehensive market insights and research tools to its users.
| Feature |
Interactive Brokers
|
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) | Yes | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing Interactive Brokers and TMGM for the educational resources they offer to beginners, Interactive Brokers clearly stands out. Interactive Brokers provides a wide range of educational content, including over 10 pieces focused on forex and CFDs, monthly online webinars, and a vast archive of recorded sessions. In addition, they offer at least 10 beginner educational videos designed to introduce new traders to the trading world. Furthermore, Interactive Brokers also supports seasoned traders with advanced content and boasts an extensive investor dictionary that clarifies more than 50 investment terms. In contrast, while TMGM has an investor dictionary and archived webinars, it lacks foundational learning materials such as beginner and advanced educational videos as well as scheduled webinars.
The comprehensive educational offerings from Interactive Brokers are reflected in their high rankings. They have garnered a 5-star rating for their educational resources and secured the third position out of 63 brokers in the Education category, according to ForexBrokers.com. On the other hand, TMGM, with its relatively limited resources, received a 3.5-star rating, placing it at the 54th position in the same ranking. For beginners looking to delve into forex and CFDs, Interactive Brokers provides a well-rounded educational experience that surpasses what TMGM offers.
| Feature |
Interactive Brokers
|
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 Interactive Brokers is better than TMGM. Interactive Brokers finished with an overall rank of #2, while TMGM finished with an overall rank of #37.
Interactive Brokers is a highly trusted multi-asset broker with an extensive offering of tradeable global markets. It delivers competitive fees and high-quality research and education, as well as a modern, institutional-grade trading platform suite.
| Feature |
Interactive Brokers
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TMGM
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 83 |
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Interactive Brokers allows investors to purchase actual delivered cryptocurrency and also offers cryptocurrency derivatives, whereas TMGM provides the option to trade cryptocurrency derivatives but does not support the purchase of actual delivered cryptocurrency.
Interactive Brokers facilitates account funding through ACH, SEPA, and bank wire transfers, whereas TMGM supports a wider range of deposit and withdrawal options including PayPal, Skrill, Visa, Mastercard, and bank wires, but does not offer 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 | Interactive Brokers | TMGM | |
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| Trust Score | 99 | 83 | |
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| Review | Interactive Brokers Review | TMGM Review |
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| Regulation | Interactive Brokers | TMGM | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| Year Founded | 1977 | 2013 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 9 | 2 | |
| Tier-2 Licenses | 2 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Interactive Brokers | TMGM | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Interactive Brokers | TMGM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | Yes | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Interactive Brokers | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 8500 | 12000 | |
| Forex Pairs (Total) | 90 | 62 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | Yes | 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 | Interactive Brokers | TMGM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.59 | N/A | |
| All-in Cost EUR/USD - Active | 0.59 | N/A | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Interactive Brokers | TMGM | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Interactive Brokers | TMGM | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Interactive Brokers | TMGM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 659 | 7 | |
| Charting - Indicators / Studies (Total) | 155 | 30 | |
| Charting - Drawing Tools (Total) | 85 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Interactive Brokers | 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 | 97 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | No | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Interactive Brokers | 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 | Interactive Brokers | 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 | Interactive Brokers | 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 | Interactive Brokers Review | TMGM Review |
| Overall | Interactive Brokers | TMGM | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Interactive Brokers Review | TMGM Review |
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