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TMGM Review

Steven Hatzakis

April 9th, 2022
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

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.

TMGM pros & cons

thumb_up_off_alt Pros

  • Commission rates are competitive on the Edge account.
  • Minimum deposit starts at $100 for spread-only or commission-based accounts.
  • The TMGM Academy is an impressive educational tool that includes quizzes and interactive content, which I found to be excellent for beginners. The offering landed TMGM among Best in Class for beginners in our annual review.

thumb_down_off_alt Cons

  • MetaTrader 5 (MT5) has not yet launched at TMGM (coming in 2022).
  • The majority of available symbols are segmented on the IRESS platform which is not optimized for forex trading (and requires a $5000 deposit).

Overall summary

Overall 3.5 Stars
Trust Score79
Offering of Investments 3 Stars
Commissions & Fees 3.5 Stars
Platforms & Tools 3.5 Stars
Research 3 Stars
Mobile Trading Apps 3.5 Stars
Education 4 Stars

Is TMGM safe?

help 79
Trust Score

TMGM is considered average-risk, with an overall Trust Score of 79 out of 99. TMGM is not publicly traded and does not operate a bank. TMGM is authorised by two tier-1 regulators (high trust), zero tier-2 regulators (average trust), and one tier-3 regulator (low trust). TMGM is authorised by the following tier-1 regulators: the Australian Securities & Investment Commission (ASIC) and the Financial Markets Authority (FMA) - New Zealand. Learn more about Trust Score.

Regulations Comparison

Year Founded2013
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses2
Tier-2 Licenses0
Tier-3 Licenses1
Trust Score79

Offering of investments

TMGM provides access to dozens of forex pairs and CFDs across its brands regulated in Australia, New Zealand, and Vanuatu, all available via its MetaTrader platform offering. Select clients gain additional access to share trading on its IRESS trading platform.

Cryptocurrency: CFDs are available across 12 cryptocurrency pairs against the U.S. Dollar, including bitcoin, ethereum, link, uniswap, and other popular crypto assets.

TMGM offering of investments:

Forex Trading Yes
CFD Trading Yes
Tradeable Symbols (Total) 12000
Forex Pairs (Total)62
US Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Social Trading / Copy-Trading Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Crypto Disclaimer (UK)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).

Commissions and fees

TMGM offers competitive commission rates for its Edge account with low spreads and no requotes.

Account types: Trading costs at TMGM will depend on whether you choose the spread-only Classic account, or the commission-based Edge account. The Edge account would be my choice, as it only charges a small commission of $3.50 per side ($7 per round trip), in addition to low prevailing spreads.

Interest-free accounts: Islamic finance customers seeking Sharia-compliant accounts must choose the Edge account, as swap-free accounts are not available with the Classic option.


TMGM pricing summary:

Minimum Deposit$100
Average Spread EUR/USD - Standard0.96 (July 2021)
All-in Cost EUR/USD - Active0.76 (July 2021)
Active Trader or VIP Discounts Yes
Execution: Agency Broker Yes
Execution: Market Maker No

Mobile trading apps

With no proprietary mobile app available, TMGM trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps, read our guide to Best Forex Trading Apps.

Apps overview: Since TMGM is a MetaTrader-only broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple App Store and Android Play store, respectively. While TMGM primarily offers the MetaTrader 4 (MT4) mobile app for forex trading, it also offers the IRESS mobile app which contains its full range of CFDs. For this review we focused on TMGM’s MT4 app.


TMGM mobile trading:

Android App Yes
Apple iOS App Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies30
Charting - Draw Trendlines Yes
Charting - Trendlines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave No
Forex Calendar No

Other trading platforms

TMGM is primarily a MetaTrader broker, offering the standard, out-of-the-box MT4 experience. Unfortunately, there are no notable add-ons to help TMGM stand out among the best MetaTrader brokers. MetaTrader 5 (MT5) is not available although is expected to be made available at TMGM sometime in 2022.

Platforms overview: The MT4 desktop platform is available for the macOS and Windows operating systems straight from the developer, and is provided by TMGM as an installable file once you open a live or demo account. The IRESS platform is primarily for share-trading – it is not optimized for forex trading.

Charting: MT4 is known for offering robust charts with versatile functionality. Zooming in and out and rearranging windows and tabs is a breeze on MT4. It also supports the ability to drag and drop from the default list of nearly 50 indicators.

Trading tools: Forex Virtual Private Servers (VPS) are available at TMGM for traders who are running algorithmic strategies on MT4, and who want to host their platform in a cloud environment that can run 24-7 without interruption. The basic service is free if you deposit $3,000 or trade at least 7 standard lots per month if you are a new client, or deposit $20,000 if you are a high-frequency trader (HFT).


TMGM trading platform:

Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) No
cTrader No
DupliTrade No
ZuluTrade No
Charting - Indicators / Studies (Total)30
Charting - Drawing Tools (Total)15
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Market No

Market research

TMGM trails behind the industry average with its research content, and offers little to no market commentary beyond the excellent suite of third-party tools from Trading Central. TMGM’s blog has a good foundation for growth, but many of its articles (besides the Technical Outlook series) lack the images, charts, and tables that typically are found in market analysis updates provided by the best brokers in this category.

Research overview: Much of the research content at TMGM is powered by Trading Central (TC), including the Market Buzz and Economic Insight tools. Market Buzz depicts a sentiment-guided heatmap of instruments, whereas Economic Insight is a TC-powered economic calendar. Look to TMGM’s blog for additional features such as pre-session outlooks and fundamental forecasts.

Market news and analysis: TMGM’s blog includes daily market commentary and provides technical and fundamental analysis. Articles are generally consistent in authorship and format. The video content on TMGM’s official YouTube channel lacks variety, consisting mostly of promotional commercials along with a small handful of tutorials and webinars. Expanding the scope of articles and videos would help elevate TMGM’s research offering closer to the industry average.


TMGM research:

Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Autochartist No
Trading Central (Recognia) Yes
Delkos Research No
Social Sentiment - Currency Pairs Yes
Economic Calendar Yes


TMGM has created an impressive educational course complete with comprehensive quizzes designed to test your knowledge. These quizzes are a genuine challenge – I’ve found that if you want to pass them, you either need to really study the material, or be an expert on the subject matter. This is an excellent tool for gaining an understanding of the theoretical side of forex and CFD trading.

TMGM’s educational content pays close attention to the finer details, such as tracking and offering feedback on your progress. Overall, TMGM earned a Best in Class for beginners in our annual review.

Learning center: The TMGM Academy contains three modules that are grouped by experience level – beginner, intermediate, and advanced. It allows you to track your progress and gives you the freedom to jump between chapters. Each chapter has its own interactive quiz at the end with multiple-choice questions.

Room for improvement: A greater variety of written articles and videos would only strengthen TMGM’s educational offering.


TMGM education:

Has Education - Forex or CFDs Yes
Client Webinars Yes
Client Webinars (Archived) Yes
Videos - Beginner Trading Videos No
Videos - Advanced Trading Videos No
Investor Dictionary (Glossary) Yes

Final thoughts

TMGM’s offering is mixed. Its greatest range of markets is on the IRESS platform which is not optimized for FX trading. Whereas its MT4 offering, on the other hand, offers only 79 CFDs and 62 forex pairs – and MT5 is not yet available. While there is room for its educational offering to improve, TMGM does stand out for its TMGM Academy which features interactive quizzes that test your knowledge.

Overall, TMGM offers some solid features, but still struggles to compete with the best MetaTrader brokers across some key categories.

About TMGM

Trademax Global Markets (TMGM) was founded in 2013, and holds regulatory licenses in Australia with the Australian Securities and Investment Commission (ASIC) and in New Zealand with the Financial Markets Authority (FMA). TMGM is also authorised in Vanuatu by the Vanuatu Financial Services Commission (VFSC).

2022 Review Methodology

For our 2022 Forex Broker Review we assessed, rated, and ranked 39 international forex brokers over a three-month time period resulting in over 50,000 words of published research.

Each broker was graded on 113 different variables, including our proprietary Trust Score algorithm. This innovative scoring system ranks the level of trustworthiness for each broker based on factors such as licenses, regulation and corporate structure. Read about Trust Score here.

As part of our annual review process, all brokers had the opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy.

Ultimately, our rigorous data validation process yields an error rate of less than .1% each year, providing site visitors with quality data they can trust. Learn more about how we test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses.Read more on forex trading risks.

About the Author

Steven Hatzakis

Steven Hatzakis is the Global Director of Research for Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

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Trading CFDs, FX, and cryptocurrencies involves a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published website as of 01/10/2022 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the "Contact" link at the bottom of this page.

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