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TMGM Review

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Blain Reinkensmeyer

January 25, 2023
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.

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.

4/5 Stars Overall
  • Minimum Deposit: $100
  • Trust Score: 79
  • Tradeable Symbols (Total): 12000

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

Feature TMGM logoTMGM
Overall Rating 4/5 Stars
Trust Score 79
Offering of Investments 5/5 Stars
Commissions & Fees 4/5 Stars
Platform & Tools 4/5 Stars
Research 3.5/5 Stars
Mobile Trading 4/5 Stars
Education 4.5/5 Stars has been reviewing online forex brokers for over six years, and our reviews are the most cited in the industry. Each year, we collect thousands of data points and publish tens of thousands of words of research. Here's how we test.

Is TMGM safe?

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.

Feature TMGM logoTMGM
Year Founded 2013
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 2
Tier-2 Licenses 0
Tier-3 Licenses 1

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.

Feature TMGM logoTMGM
Forex Trading (Spot or CFDs) Yes
Tradeable Symbols (Total) 12000
Forex Pairs (Total) 62
U.S. Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Social Trading / Copy Trading Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) 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).

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.

Feature TMGM logoTMGM
Minimum Deposit $100
Average Spread EUR/USD - Standard 0.96 info
All-in Cost EUR/USD - Active 0.76 info
Active Trader or VIP Discounts Yes
ACH or SEPA Transfers No
PayPal (Deposit/Withdraw) No
Skrill (Deposit/Withdraw) Yes
Visa/Mastercard (Credit/Debit) Yes
Bank Wire (Deposit/Withdraw) Yes

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.

Feature TMGM logoTMGM
Android App Yes
Apple iOS App Yes
Mobile Alerts - Basic Fields Yes
Watchlists - Total Fields 7
Watchlist Syncing No
Charting - Indicators / Studies (Total) 30
Charting - Drawing Tools (Total) 15
Mobile Charting - Draw Trendlines Yes
Charting - Multiple Time Frames 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).

Feature TMGM logoTMGM
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
DupliTrade No
ZuluTrade No
Charting - Indicators / Studies (Total) 30
Charting - Drawing Tools (Total) 15
Charting - Trade From Chart Yes
Watchlists - Total Fields 7
View More

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.

Feature TMGM logoTMGM
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Autochartist No
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. 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.

Feature TMGM logoTMGM
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).

2023 Review Methodology

At, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to learn more about how we test. 2023 Annual Awards

For the 2023 Annual Awards, brokers were evaluated against’s 8 Primary Categories: Commissions & Fees, Offering of Investments, Platforms & Tools, Mobile Trading Apps, Research, Education, Trust Score, and Overall. also recognized brokers that demonstrated excellence and innovation with our exclusive Industry Awards. To see the complete list of Industry Award winners (and to learn more about our Annual Awards from our Director of Online Broker Research, Steven Hatzakis), check out our Annual Awards page.

Primary categories

TMGM logoTMGM Overall Rating Offering of Investments Commissions & Fees Platforms & Tools Research Education Mobile Trading Apps Trust Score
Rating 4/5 Stars 5/5 Stars 4/5 Stars 4/5 Stars 3.5/5 Stars 4.5/5 Stars 4/5 Stars 79
Rank #1
Streak #1
Best in Class
Best in Class Streak

Industry awards

Feature TMGM logoTMGM
#1 Educational Course verified

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.

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About the Editorial Team

Steven Hatzakis
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. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

John Bringans
John Bringans

John Bringans is the Senior Editor of An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.

Blain Reinkensmeyer
Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.