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 stands out for its impressive education toolset, yet still trails behind the best brokers in most categories.
TMGM pros & cons
- 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.
- MetaTrader 5 (MT5) has not yet launched at TMGM.
- Average spreads are not available to gauge the EUR/USD pair trading costs.
- IRESS platform requires a $5,000 deposit and must be referred by an Introducing Broker (IB).
|Offering of Investments|
|Commissions & Fees|
|Platforms & Tools|
Is TMGM safe?
TMGM is considered average-risk, with an overall Trust Score of 74 out of 99. TMGM is not publicly traded and does not operate a bank. TMGM is authorised by one tier-1 regulator (high trust) and one tier-2 regulator (average trust). TMGM is authorised by the following tier-1 regulator: the Australian Securities & Investment Commission (ASIC). Learn more about Trust Score.
|Publicly Traded (Listed)||No|
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:
|Tradeable Symbols (Total)||79|
|Forex Pairs (Total)||62|
|US Stock Trading (Non CFD)||No|
|Int'l Stock Trading (Non CFD)||No|
|Social Trading / Copy-Trading||Yes|
Commissions and fees
TMGM offers competitive commission rates for its Edge account with low spreads and no requotes. However, I was unable to obtain any average spread data. Using a sample spread of 0.04 pips that I observed on the TMGM website for the EUR/USD, even if it were an average spread, the total cost after commission would be 1.1 pips on the Edge account – putting it slightly higher than the industry average.
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:
|Average Spread EUR/USD - Standard||0.96 (July 2021)|
|All-in Cost EUR/USD - Active||0.76 (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 iTunes store and Android Play store, respectively. While TMGM primarily offers the MetaTrader 4 (MT4) mobile app, it also offers the IRESS mobile app – but only for clients that are introduced by an Introducing Broker (IB). For this review we focused on TMGM’s MT4 app.
TMGM mobile trading:
|Apple iOS App||Yes|
|Alerts - Basic Fields||Yes|
|Watch List Syncing||No|
|Charting - Indicators / Studies||(Default MT4)|
|Charting - Draw Trendlines||Yes|
|Charting - Trendlines Moveable||No|
|Charting - Multiple Time Frames||Yes|
|Charting - Drawings Autosave||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.
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 not available unless your account is referred by an Introducing Broker (IB). This more exclusive 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 requires you to 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|
|Desktop Platform (Windows)||Yes|
|Social Trading / Copy-Trading||Yes|
|MetaTrader 4 (MT4)||Yes|
|MetaTrader 5 (MT5)||No|
|Charting - Indicators / Studies (Total)||(Default MetaTrader4)|
|Charting - Drawing Tools (Total)||(Default MetaTrader4)|
|Charting - Trade From Chart||Yes|
|Watchlists - Total Fields||(Default MetaTrader4)|
|Order Type - Trailing Stop||No|
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 lacks the images, charts, and tables that typically are found in market analysis updates typically 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.
|Daily Market Commentary||Yes|
|Forex News (Top-Tier Sources)||Yes|
|Trading Central (Recognia)||Yes|
|Social Sentiment - Currency Pairs||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.
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.
|Has Education - Forex or CFDs||Yes|
|Client Webinars (Archived)||Yes|
|Videos - Beginner Trading Videos||No|
|Videos - Advanced Trading Videos||No|
|Investor Dictionary (Glossary)||Yes|
TMGM’s offering is mixed. Its greatest range of markets is on the IRESS platform which is not available to all clients. 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.
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).
2021 Review Methodology
For our 2021 Forex Broker Review we assessed, rated, and ranked 27 international forex brokers over a three-month time period resulting in over 50,000 words of published research.
Each broker was graded on 108 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." Learn more.
About the Author
Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. 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.