What is TMGM？
TMGM is an online ECN/STP broker founded in 2013 and headquartered in Sydney, Australia. The company offers a wide range of financial instruments, including forex, commodities, cryptocurrencies, and stocks, to trade on its proprietary trading platform and the popular MetaTrader4 (MT4) and Iress platforms. TMGM is regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Markets Authority (FMA). The broker prides itself on offering competitive pricing, fast execution speeds, and comprehensive educational resources to support traders of all levels.
Pros & Cons
TMGM appears to be a reputable broker with several advantages such as its multiple licenses, competitive trading conditions, and extensive range of trading instruments. However, products and Services offered on their website is not intended for residents of the United States.
Note: Pros and cons are based on available information and may be subject to change.
Is TMGM Safe or Scam？
TMGM is a regulated broker that is authorized by the Australian Securities and Investments Commission (ASIC) and holds a New Zealand Financial Markets Authority License (FMA). It also has a strong reputation in the industry and is highly regarded by its clients. Therefore, based on this information, it is reasonable to say that TMGM is a legitimate and trustworthy broker.
How are you protected？
Note that this table is not exhaustive and there may be other protections or security measures in place at TMGM.
Our Conclusion on TMGM Reliability:
Based on the information available, TMGM appears to be a reliable and trustworthy broker. It is regulated by reputable authorities, has been in operation for several years, and has received positive reviews from many customers.
However, as with any investment, there is always some level of risk involved, and it is important for traders to do their own research and carefully consider their options before investing.
Market Instruments
TMGM offers 12,000+ trading instruments including major, minor, and exotic forex currency pairs, indices, stocks from major global exchanges, futures, precious metals like gold and silver, energies like oil and natural gas, and a range of cryptocurrencies like Bitcoin, Ethereum, and Litecoin. This range of trading instruments offers traders the opportunity to diversify their trading strategies and portfolios.
Accounts
TMGM offers different account types based on the trading platform used. For the MetaTrader4 platform, they offer EDGE and CLASSIC accounts. For the IRESS trading platform, they offer STANDARD, PREMIUM, and GOLD accounts. In addition, they also offer Swap Free accounts and demo accounts for traders who prefer these options.
Both accounts require a minimum deposit of $100, quite reasonable for most regular traders to get started.
The minimum deposit requirement is $5,000 for STANDARD Account, $10,000 for PREMIUM Account, and $50,000 for GOLD Account.
TMGM also provides a Swap Free account for those who are unable to pay or receive interest owing to their religious convictions. To open a Swap-Free account, you'll need to have an Edge account, which requires a minimum of $100 and a minimum lot size of 0.01.
Demo trading accounts are available through TMGM for anyone interested in testing the waters before opening a real account. These accounts allow you to test out the broker's services before committing any real money. In addition, it provides a means of learning as much as possible about TMGM before you commit to an investment account.
The MetaTrader4 trading platform (which we'll come to in a moment) is available to demo accounts for an entire year. However, in the event of inactivity for six months, your access will be terminated. A $5,000, $10,000, or $50,000 virtual currency balance is available to you.
Leverage
TMGM offers quite a high trading leverage up to 1:500 on all account types. Forex products trading can use leverage of up to 1:500, indices and energy with leverage of 1:100, and precious metals featuring 400x leverage.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
Spreads & Commissions
TMGM offers competitive spreads and commissions on their trading instruments. The exact spreads and commissions vary depending on the account type and trading platform used. The spreads on CLASSIC accounts start at 1.0 pips, with no commission charged, while the spreads on EDGE accounts start at 0.0 pips, and a commission of $7 (round turn) is charged per lot.
Generally, TMGM offers tight spreads on major forex pairs such as EUR/USD, with spreads as low as 0.0 pips. Commissions may be charged on some trading instruments, such as shares and futures. However, these commissions are generally competitive compared to other brokers in the industry.
Below is a comparison table about spreads and commissions charged by different brokers:
Note that commission rates may vary based on account type and trading volume, and spread rates may also vary depending on market conditions. It's always best to check with the broker for the most up-to-date information.
Trading Platforms
TMGM offers two main trading platforms for their clients: MetaTrader4 (MT4) and IRESS.
MT4 is a popular and widely used platform that provides advanced charting tools, technical analysis indicators, and customizable trading robots. It also supports a variety of order types and execution modes, allowing for flexible and efficient trading.
IRESS, on the other hand, is a more sophisticated and feature-rich platform that is designed for more experienced traders. It offers advanced order management, risk management, and portfolio analysis tools, as well as advanced charting and technical analysis capabilities.
Both platforms are available on desktop, mobile, and web versions, providing traders with the flexibility to trade on their preferred device.
Additionally, MetaTrader5 is said to be coming soon.
Overall, TMGM's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:
Note that some brokers offer additional trading platforms, but this table includes only the most common ones.
Trading Tools
TMGM provides its traders with various trading tools to enhance their trading experience. These tools include:
Trading Calendar: A calendar that shows the dates and times of upcoming economic events, including central bank meetings, interest rate decisions, and other important announcements.
Market Sentiment Tool: A tool that allows traders to gauge market sentiment by analyzing the number of long and short positions held by other traders.
ForexVPS: A virtual private server that allows traders to run their trading strategies 24/7 without the need for a personal computer.
Trading Central: A research platform that provides traders with market analysis, trading ideas, and technical analysis tools to help them make informed trading decisions.
Deposits & Withdrawals
TMGM provides users with a variety of convenient and efficient deposit and withdrawal channels. The major payment methods include:
VISA/MASTERCARD
Wire transfers
NETELLER/ Skrill
Union Pay & Alipay
FasaPay
STICPAY
Broker Transfers
Base Currencies:
USD, AUD, EUR, GBP, NZD, CAD
TMGM minimum deposit vs other brokers
TMGM Money Withdrawal
To withdraw funds from TMGM, you need to follow these steps:
Step 1: Log in to your TMGM account and go to the “Withdrawal” section.
Step 2: Select the withdrawal method that you prefer, such as bank transfer, credit card, or e-wallet.
Step 3: Enter the amount that you wish to withdraw and confirm the details.
Step 4: Submit the withdrawal request and wait for it to be processed by TMGM.
Step 5: Once your withdrawal request is approved, the funds will be transferred to your chosen withdrawal method.
Note that TMGM may require you to provide additional documentation to verify your identity before processing your withdrawal request. Usually, withdrawals can be processed within 1 working day.
Fees
TMGM charges various fees, including spreads and commissions that we have mentioned before, as well as overnight financing fees. The specific fees vary depending on the type of account and trading platform used. TMGM does not charge any deposit or withdrawal fees, but clients may incur fees from their payment providers.
Additionally, TMGM charges an inactivity fee of $10 per month if there is no activity in the trading account for a period of six months or more. This fee will be deducted from the available balance of the account. However, if the available balance is less than $10, no inactivity fee will be charged. It is important to note that the inactivity fee is a common practice in the industry and is designed to encourage active trading and to offset the costs of maintaining inactive accounts.
See the fee comparison table below:
Please note that the fees may vary depending on the specific account type and payment method used. It's always recommended to check the broker's website for the most up-to-date and accurate fee information.
Customer Service
TMGM offers customer support through multiple channels including live chat, phone, email, and social media (YouTube, Twitter, Facebook, Instagram and LinkedIn). They also have a comprehensive FAQ section on their website. Their customer support team is known to be responsive, knowledgeable, and helpful.
Note that the above information is based on publicly available information and may be subject to change over time.
Education
TMGM's special feature is TMGM Academy, and it's available in addition to the usual customer service. You may get a thorough education in foreign exchange trading by enrolling in the TMGM Academy. There are three levels to choose from Basic, Intermediate, and Expert.
The beginner stage prepares you for your journey into forex trading. The Beginner Stage develops a strong foundation based on understanding margin trading, how to read various types of charts, plus an introduction to trading instruments, oscillators, indicators, and support plus resistance.
TMGM Academies Intermediate Stage starts focusing on more technical aspects of forex trading. This includes considering indicators like MACD, RSI, ATRs, Moving Averages, and more. Additionally, TMGM introduces Fibonacci and Fundamental analysis, plus effective ways to employ them in trading.
The Advanced Stage in the TMGM Academy is where traders get deep into various trading strategies and how to apply them. This stage includes learning about advanced forms of Fibonacci extensions and retracements, RSI, correlation, and trade management.
Conclusion
In conclusion, TMGM is a reliable and regulated broker that offers a wide range of trading instruments and platforms, including the popular MetaTrader4 and IRESS trading platforms. The broker provides excellent customer service with various educational resources. Their spreads and commissions are also very competitive. Overall, TMGM is a reputable broker that provides traders with a comprehensive trading experience.
Frequently Asked Questions (FAQs)
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