A good place to start is to ask, what is TMGM? TMGM or Trademax Global Markets is an Australian-based forex broker. They appeal to new and experienced forex traders and reward each user for their time while trading, no matter what they earn, through their loyalty program. If you decide to become a member, you will earn ten points for every lot you trade. The higher your status, the more points you’re rewarded.
Once you start earning and collecting those points, you have the chance to trade them in for items in the TMGM store including the latest iPhones, Macbooks, Airpods, or the option to claim cashback.
In addition, our TMGM review looked at the broker if we were a new customer. You have access to the demo account that allows you to trade the financial markets first without using any real money. It will help you practice your skills and forex trading techniques.
TMGM is very user-friendly. Their easy-to-navigate platform makes it an excellent choice for people new to trading and more skilled users. Our TMGM review found it has a simple interface and layout design that proved popular with customers.
The platform also has features like the Hubx, trading calendar, and the TMGM academy. We went into more detail below.
This bespoke platform was created to help fund managers handle their clients. It’s an advanced portfolio adjustment tool that is great for fund managers and clients to work together and take control of their investments in the financial markets.
The TMGM platform gives its users access to a real-time economic calendar. Our TMGM review found that this broker knows how important it is for its clients to be on top of economic and financial market news when trading. Their calendar monitors the financial activity in 38 countries by the day, week, month, or choosing a selected time.
The TMGM academy is a great place for trading novices to build their knowledge to start their forex trading journey. There are three stages: the Beginner, Intermediate, and Advanced stages. It is advised to start at the Beginner stage and work your way up or risk making mistakes when you trade with real money.
We found in this TMGM review the different account types offered to its customers. These included the Classic account, the Edge account, and the demo accounts, which we have detailed below.
The Classic account offers its customers variable spreads with a maximum leverage of 1:500. The minimum deposit is $100 in your base currency. You can choose between USD, EUR, GBP, AUD, NZD, or CAD. There is no commission on trades, and there is a range of financial markets that you can trade also.
The Edge account is similar to the Classic as it also has a minimum deposit of $100 and maximum leverage of 1:500. However, they have commission rates of $3.5 and spreads from 0.0 pips. Both the classic and edge use either MT4 (MetaTrader 4) or MT5 (MetaTrader 5) platforms to execute the trades on the web, mobile, or the app.
In this TMGM review, we found the demo account is available for both main trading accounts. It allows you to practice your trading skills for free and helps you make decisions before you spend your funds on your chosen financial market.
How to Open a TMGM Account
At TradersBest.com, we looked at the process of opening an account with TMGM and found it to be simple to follow and done in under ten minutes. There are four main steps to consider when opening an account which includes:
- Filling in some basic information about you, including your name, email address, country of residence, and mobile number.
- You then get to fill in some additional information, like your date of birth and personal address.
- You can choose the account type you want and what currency you will be trading in. TMGM is available across the world except for the United States. But, you can still choose USD to be your base currency.
- The final step is to confirm you are who you say you are by verifying your identity. You upload a copy of your ID, like a passport, and a bank statement or utility bill to confirm your address.
To avoid any TMGM scams, the broker uses reliable and well-trusted MetaTrader platforms. MT4 and MT5 are excellent choices and used on many reputable brokers, as mentioned in our XM.com review. The only downfall about MT4 is there is no two-step login. It is a lot safer for the user. The design is also outdated, but this is where MT5 comes in as a new and improved version.
In this TMGM review, we noticed they used MT4 because it has years of experience as a highly sought-after trading platform. Its usability and design are easy to go through on the platform. It allows the user to customise the size and position of tabs that help with executing trades. MT4 is available in several languages to appeal to traders from all over the world. It also has several tools and features that are aimed to help the user. These include asset charts, clear portfolios, and fee reports.
TMGM also uses IRESS, an institutional-grade platform. Meaning customers can trade on multiple portfolios with the help of advanced charting tools, access to over 50 indicators, and real-time price streaming. You also have a unique modular structure that allows you to customise the web workspace by choosing which information is most important to you.
If you’re still unsure about the TMGM experience and rating, we suggest you consider the positives of this platform. Like their quick deposit and withdrawal processing times.
In addition, there are zero transaction fees. So, regardless of the amount you’re depositing, with a minimum deposit of $100 in your chosen base currency, your account will instantly see those funds and be ready to trade. Similarly, if you have small or large amounts to withdraw, this is processed within one business day via bank transfer. Fairly quick for the industry average.
Our TMGM review found there are a variety of payment methods to choose from, like instant deposits through debit or credit cards, Neteller, Skrill, and Union Pay. If you decide to deposit via bank transfer, that can take up to three business days.
Fees – Inactivity fee charged after six months
Our TMGM reviews the fees of this broker and compares them to the market average. As a result, we found the majority of their fees to be quite low compared to sites like our Eightcap review suggests. So we listed a few of them below.
The TMGM trading fees are relatively low which is good news if you want to trade more than one asset or financial market at a time. It’s also great for short-term traders who are happy to make multiple smaller traders during the day rather than holding a position for a longer time.
Forex fees are also low on TMGM. This is excellent as the MT4 platform is designed specifically for forex trading. It is equipped with tools and advice for traders of all skill levels.
Non Trading fees
Our TMGM review looked at the different non-trading fees. They showed there were no withdrawal or deposit fees. TMGM also doesn’t have account fees, meaning once you’ve set up an account with them, you shouldn’t worry about any hidden charges.
If you’re not active on your account for over six months, you will be charged a $30 inactivity fee. You will also be charged this if your account balance falls below $500. In comparison to other brokers, the inactivity fee of TMGM is quite lenient as platforms generally only give their customers three months before this fee is enforced. In addition, other brokers may charge overnight fees, as we outlined in our eToro review, but luckily, TMGM does not.
At TradersBest.com, we take pride in giving support and advice to our clients, so we know what to look for when it comes to a reputable broker’s customer service team. In this TMGM review, we found this broker has a good range of customer support channels including, phone, email, and live chat options. However, the support is only 24/5, similar to what we outlined in our AxiTrader review. As opposed to offering a 24/7 service.
The TMGM headquarters is in Australia, and from our research in this TMGM review, we could only find a phone number with that area code to contact. If you live and trade in Australia, this is ideal because the phone services have a fast response time and answer your questions with relevant detail and knowledge.
If you’d prefer to email the customer support team, you can and will receive a detailed response. This contact method is not as fast as the live chat or phone calls, but you will get a response within a day or two, so keep that in mind.
We found the live chat to have the fastest response time, although you need to have an account set up so they can access your details. The live chat is available on the actual TMGM website. There are other messaging apps that you can use including WhatsApp, Viber, Telegram, and Facebook Messenger.
You may be wondering, is TMGM reliable, and we hope to help you answer that question in this TMGM review. TMGM was founded in Australia in 2013, and now clients have access to this broker from around the world.
Their regulations allow them to offer customers negative balance protection, meaning if your account goes into the red, your funds will be protected. You also have access to multiple global financial markets. However, TMGM is not listed on the stock exchange and does not offer investor protection by its regulators.
The top tier licences and regulators TMGM has includes:
Trademax Australia Limited is authorised by ASIC (Australian Securities and Investments Commission) for Australian clients.
Trademax Global Markets (NZ) Limited is authorised by FMA (Financial Markets Authority) for New Zealand clients.
Trademax Global Limited is authorised by VFSC (Vanuatu Financial Services Commission) for all other countries.
From being established in 2013, TMGM has continued to grow and develop as the years have gone on. It has a range of financial markets to choose from, like forex, shares, precious metals, indices, and cryptocurrencies.
The industry is currently highly competitive when choosing a broker to trade with. So you may ask the question, is TMGM safe, and should it be my first choice? In addition to it having high-level regulators, it also offers its users fast execution trading, tight spreads for forex trading, and no transaction fees.
Our TMGM review found that this broker promises to hold your funds in the most trusted banks, to ensure you are protected. They also use an external auditor to ensure their regulatory obligations are compliant.