TMGM Review 2024 - Is TMGM Legit or Scam | Forexing.com (2024)

TMGM General Information

Our TMGM Review

Trademax Global Markets (TMGM) is a global forex and CFD broker that was founded by a group of traders in order to solve the problems confronting traders in the business. The company was established in 2013 but became TMGM Group in 2018. Today, its head office is in Sydney while it has other offices in Melbourne, Adelaide, Canberra, Auckland, and Taiwan.

The broker asserts that its ‘TMGM Aggregator’ chooses the best rates from its 7 top-tier liquidity providers and presents the ‘bid’ and ‘ask’ prices to its clients via the trading platforms. This is why its spreads are tight and very competitive. Also, courtesy of modern technology, client trades are executed at lightning speeds; less than 30milli seconds without requotes.

TMGM offers over 15,000 financial assets for trading on the MT4 and IRESS platforms.

Pros

• Regulated by the ASIC, FMA and VFSC.
• Two platforms are available; MT4 and IRESS though MT5 will soon be available.
• Features HUBx; a special proprietary module for fund managers and investors.
• ECN spreads and lightning speed executions.
• Comprehensive training academy.
• Expert analysis powered by Trading Central.

Cons

• High minimum deposit on the IRESS platform.
• No educational videos.
• Clients from USA Iran, North Korea, and Crimea are not accepted.

TMGM Regulation and Security

Trademax Australia Ltd is authorized and regulated by the Australian Security and Investment Commission (ASIC).

Trademax Global Ltd is regulated by the Vanuatu Financial Services Commission (VFSC).

Trademax Global Markets (NZ) Ltd is regulated by the Financial Markets Authority (FMA) of New Zealand.

All clients’ funds are kept in segregated bank accounts maintained with National Australia Bank (NAB) which is one of the largest banks in Australia and in the world. Even if TMGM goes bankrupt, the segregated funds will not be used to bail out the broker instead clients’ funds will be returned.

Also, TMGM states that its trading servers are located at data centers in New York NY4, and Tokyo TY3. These servers are equipped with the latest technologies for speed, security, and efficiency. Secured Socket Layer (SSL) encrypts clients’ data while it is being transmitted to the servers. This is to protect user-sensitive information in case it is intercepted by internet hackers.

Furthermore, TMGM has taken Civil Liability Insurance to the tune of $5 million which protects it against mistakes, omissions, fraud, and general financial risks that may cause losses.

TMGM Trading instruments

TMGM gives its clients access to trade:

• Over 60 forex pairs
• More than 15,000 share CFDs from US, Hong Kong and Australia
• Over 15 indices from all over the world.
• 3 Precious metals
• 2 energies

Account Opening

Only 3 quick steps are required to open an account; provide personal info, configure an account, make a deposit and start trading. First, click the ‘open an account’ button hanging at the bottom of every page and fill the form that ensues. Enter your personal info, choose an account type, currency, leverage, password, and submit. Next, you are required to verify your account by uploading a copy of your ‘ID card’ and ‘proof of residence’ documents.

At this juncture, you will see a welcome message telling you that your application is received and your live account will be created as soon as your account is verified. You can then create a demo account and start practicing pending when the live account is ready.

TMGM Fees and account types

TMGM groups its accounts with respect to the trading platforms. Traders can maintain account currencies in USD, EUR, GBP, AUD, NZD, and CAD. Spreads are competitive and it is relatively low when compared to other brokers. Inactivity fees of $30 are charged from accounts that have remained dormant for at least 6 months.

TMGM MT4 and MT5 accounts

On the MetaTrader platforms, the available account types are:

Classic accounts

The spreads start from 1.0 pip and no commissions are charged. The minimum deposit is $100 while the maximum leverage is 1:500.

Edge

The raw spreads start from 0.0 pips while commissions start from $7 per lot per round turn. $100 is required to open the account while the max leverage is 1:500.

IRESS Accounts

These are accounts that are only available on the IRESS trading platform.

Standard account

The minimum deposit is $5,000. The platform fee is $35 or AUD 45 per month but it is waived when you trade up to 10 trades per month.

Premium account

The minimum deposit is $10,000. Platform fees are only charged if there are no trades within a month.

Gold account

The minimum deposit is $50,000 and there are no platform fees except when no trades were placed within the month.

Swap free account

This is a special account made for Muslim faithful who cannot receive interest due to their faith. It is available for only Edge accounts. The minimum deposit is $100 and it features raw spreads from 0.0 pips. Commissions of $7 per round turn are added to the spreads.

Demo account

You can open a demo account which is a virtual account used for practice purposes. It mirrors the real classic or edge accounts. During creation, you can choose a virtual capital up to $50, 000, leverage up to 1:500, and up to 6 account currencies.

TMGM Deposit and withdrawal

The minimum deposit is 100 units of account currency but TMGM recommends $500 or equivalent. Also, the minimum withdrawal is $100. There are no commissions on deposits and withdrawals except where incurred charges are passed to the client. The following payment options are available:

Debit/Credit card

Visa and Mastercard are accepted for deposits. Card deposits are normally processed instantly.

Wire transfers

International bank transfers take 3-5 working days before the transaction is completed. But, TMGM processes withdrawal requests within one working day.

Online Payments

The digital payment options available are Skrill, Wise, Revolut, Neteller, UnionPay, STICPAY, FasaPay, Generally, the deposit completion range is from instant to 24 hours while withdrawals are completed within a working day.

TMGM Trading Platforms

IRESS Viewpoint

This is a technology-driven online trading platform that provides real-time market pricing updates, secured and reliable market data as well as analysis and trading tools. Below are some of its features:

• Requires no downloads and can be accessed from any browser.
• Fully customizable interface, workspace and templates.
• Latest news updates is streamed on the platform.
• Comprehensive charting package powered by TradingView.
• Comes with over 50 technical indicators.

TMGM MT4 and MT5

These are trading platforms designed by MetaQuotes Software Corporation; a Cyprus-based Fintech Company. The MT4 was launched in 2005 while the MT5 was released in 2010. Both software looks very much alike in the physical interface but the MT5 has more functions and capabilities. Both platforms support the automation of strategies by the use of Expert Advisors (EAs). However, they are not compatible with each other as apps made for MT5 will not run on MT4. This is why brokers like TMGM offer both platforms because MT5 installation does not upgrade existing MT4 installation.

The MT4 comes with 30 indicators while MT5 has 38 but through plugin apps, more indicators can be added to both platforms. MT5 comes with 21 timeframes while MT4 has only 9. For analytical tools, MT4 has 24 while MT5 has 44. The economic calendar is embedded in the MT5 as one of the tabs while it is absent in the MT4.

Overall, both platforms are powerful, sophisticated, rugged, and very popular. But MT4 is widely used and has more users than any other forex and CFD trading platform. Both platforms are available as android and iOS apps, windows desktop applications, and WebTrader. The MT4 is available to TMGM clients but the MT5 has been announced and will soon be available.

TMGM Research and Tools

HUBx

This is a proprietary platform built especially for fund managers who trade on behalf of other clients. It integrates a unified dashboard from which a fund manager can manage his clients’ accounts and view performances. HUBx comes with easy onboarding features, portfolio management, and other features that allow investors to monitor their account performance while it is being traded by a fund manager.

Economic Calendar

TMGM presents a comprehensive and customizable economic calendar on its website and clients’ portal. This calendar displays when important events that affect the financial markets will take place and also presents its analysis, charts, impact history, and impact forecasts.

TMGM Virtual Private Server (VPS)

TMGM has partnered with ForexVPS to provide discounted VPS services to its clients who need reliable and uninterrupted access to the servers. ForexVPS’s basic plan becomes free if a TMGM client trades a minimum of 7 lots in a month. New clients must deposit at least $3,000 to have free access otherwise they will have to subscribe to any of the available plans.

Trading Central

TMGM recently partnered with Trading Central; a premium financial research and analytical firm that provide expert analysis, analysis software, and trading ideas on a variety of instruments. Traders can access Trading Central from the clients’ area of the website. Also, there is an MT4 plugin app; ‘Trading Central Alpha Generation’ which adds 3 indicators to the MT4 installation. The indicators help in identifying trading opportunities.

TMGM Education

TMGM academy

This is a comprehensive training resource provided by TMGM for all its clients. To access the academy, you need to register and it takes only a few minutes.

The academy has 3 courses:

• The Beginner stage; it has about 9 chapters introducing forex trading, terms, brokers, chart patterns, etc
• Intermediate stage; It introduces technical analysis and different indicators.
• Advanced stage; it teaches advanced technical analysis, trading strategies, risk management, etc.

Each course is made up of chapters and each chapter comprises topics and a quiz at the end. The academy monitors progress, training sessions, and records the last activity. Every topic is written as an article and sometimes contains graphic illustrations.

Customer Service

TMGM has a client support desk that works on a 24/5 basis and speaks over 10 languages. To reach the customer support team, you can send an email, make a phone call or chat them up on the website. They are also active on social media; the channels available are YouTube, Twitter, Facebook, LinkedIn, and Instagram.

Summary

TMGM was founded by traders for traders. Since 2013, the broker has been expanding and rolling out products to make trading accessible, inexpensive, and convenient. It is a regulated, and technology-driven broker. Clients’ funds are kept in a tier1 bank; NAB.

Modern technology which ensures digital security, aggregation of spreads, and speedy execution of trades has been deployed by the brokerage. ECN spreads as low as 0.0 pips are available. Multiple account types and payment options are supported. To support newbies, a comprehensive trading academy that tracks students’ progress is provided at no cost. There are no fees for deposits and withdrawals. Clients can choose from over 15,000 trading instruments. The new Trading Central partnership provides expert analysis and trading ideas on many assets.

Though, there are no training videos or cent accounts; the broker’s commitment to excellence and genuineness is unquestionable.

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