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TMGM Review 2024

Written by
Krisztián G.
Fact checked by
Updated
2d ago
Trusted by BrokerChooser
  • Regulated by the top-tier ASIC in Australia
  • Founded in 2013
  • No investor protection
  • Clean track record: no major regulatory incidents or fines
3,179 people picked this broker at BrokerChooser in the last 6 months

Our take on TMGM

Australia's TMGM is a good choice if you are content with only CFD/forex trading and prefer the MetaTrader platform.

It has a very strong selection of stock CFDs and a decent offering of forex pairs, all at low fees. It’s easy to open and fund your account, and the $100 minimum deposit is reasonable.

Still, the lack of assets outside forex, CFDs and crypto will likely deter long-term investors, and the MetaTrader platform is not everyone’s favorite due to its poor design and limited functionality.

Casual traders will be stung by a steep inactivity fee that kicks in after six months or if your account balance is too low.

BrokerChooser score
4.1 4.1 /5
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80.26% of retail CFD accounts lose money
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Pros
  • Low forex fees
  • Easy and fast account opening
  • Free deposit and withdrawal
Cons
  • Slim product portfolio
  • Educational videos are missing
  • Inactivity fee
“I would recommend TMGM to traders from Down Under but also elsewhere who are looking for a massive stock CFD selection and competitive fees, as well as to forex traders due to its low forex fees. The broker is not suited for investors, however, as stocks, funds and bonds are not available. I appreciated the option to make deposits from popular multi-currency apps such as Revolut or Wise; especially as TMGM supports only a few account base currencies. Because of the inactivity fee, I would recommend TMGM to those who are planning to trade actively. I liked that TMGM Academy helps beginners to learn, but I missed investor protection provided by regulators.”

TMGM summary

Snapshot of key data
🗺 Country of regulationAustralia, Vanuatu, New Zealand
🛡️ Negative balance protectionYes
💰 FX commission per lot$3.50 commission per lot per trade
💰 EURUSD spread0.1
💰 Inactivity fee chargedYes
💰 Withdrawal fee$0
💰 Minimum deposit$100
💵 Available base currenciesAUD, USD, EUR, GBP, NZD, CAD
💵 Conversion fee of deposits in non-base currencyExchange rate received from liquidity providers plus a mark-up. We used the EURUSD trading fees for the calculation.
💳 Deposit with bank cardAvailable
👛 With electronic walletAvailable
🕖 Time to open an account1 day
🎮 Demo account providedYes
💵 Number of currency pairs60
🛍️ Products offeredForex, CFD, Crypto
Fees
Account opening
Deposit and withdrawal
Desktop platform

For a more comprehensive, in-depth look at the broker's services and features, simply expand on the sections below.

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Fees

Score: 4/5
TMGM has low forex fees. While TMGM doesn't charge a fee for withdrawals, there's an inactivity fee if you don't trade for more than six months.
Pros
  • Low trading fees
  • Low forex fees
  • No withdrawal fee
Cons
  • Inactivity fee
Read more

Account opening

Score: 5/5
The account opening process at TMGM is user-friendly and fully digital. It was also very quick, as our account was approved within a day.
Pros
  • Fast
  • Fully digital
  • Low minimum deposit
Cons
None
Read more

Deposit and withdrawal

Score: 4.2/5
TMGM's depositing and withdrawal services are great. Many options are available for moving your money in and out, and they are free of charge.
Pros
  • Credit/Debit card available
  • Free withdrawal
  • No deposit fee
Cons
  • Minor currencies not accepted
Read more

Web trading platform

Score: 2.8/5
TMGM uses the MetaTrader web trading platform. It is highly customizable and has a clear fee report, but its design is outdated and it lacks a two-step login and price alerts.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Order confirmation
Cons
  • No two-step (safer) login
  • No price alerts
  • Poor design
Read more

Mobile trading platform

Score: 3.3/5
TMGM has an OK mobile trading platform, provided by MetaTrader 4. It is well-designed and user-friendly, but lacks a more secure login.
Pros
  • User-friendly
  • Good search function
  • Price alerts
Cons
  • No two-step (safer) login
  • No Touch/Face ID login
Read more

Desktop trading platform

Score: 3.4/5
In design and functionality, TMGM's MetaTrader 4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts.
Pros
  • Clear fee report
  • Good customizability (for charts, workspace)
  • Price alerts
Cons
  • No two-step (safer) login
  • Poor design
Read more

Markets and products

Score: 2.3/5
At TMGM, you can trade only forex, CFDs and cryptos. This means that many popular asset classes, like real stocks and ETFs, are not available.
Read more

Research

Score: 4/5
TMGM has user-friendly research tools, from trading ideas to an upgraded news feed. As a plus, there is a good economic calendar.
Pros
  • Trading ideas
  • User-friendly
  • Good economic calendar
Cons
None
Read more

Customer service

Score: 5/5
TMGM has great phone, email and live chat support., which is accessible 24/7.
Pros
  • Live chat
  • Fast response time
  • Relevant answers
Cons
None
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Education

Score: 3/5
TMGM provides quality educational texts, webinars and you can use a demo account. On the other hand, there are no tutorial videos and general educational videos.
Pros
  • Demo account
  • Quality educational texts in blog
  • Webinars
Cons
  • No trading platform tutorial videos
  • No educational videos
Read more

Safety

TMGM is regulated by several financial authorities, including the top-tier ASIC. On the negative side, there is no investor protection, although TMGM does provide AUD 2.5 million single insurance coverage.
Pros
  • Regulated by the top-tier ASIC
  • Negative balance protection
Cons
  • Not listed on stock exchange
  • No investor protection by regulators
Read more

Bottom line

TMGM's forex fees are low, and account opening is fast and easy. Deposits and withdrawals are free of charge, and the process is user-friendly.
On the other hand, the product portfolio covers only forex and CFDs. In addition, clients are not covered by any investor protection.
Feel free to try TMGM, as you can easily open an account within a day.

Visit broker
80.26% of retail CFD accounts lose money

FAQ

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Author of this review

Krisztián Gátonyi

Method-Man | Forex • Market Analysis • Stock Market

I have 15 years of experience in proprietary trading, mainly in the interbank currency market as a foreign exchange risk manager. I'm actively involved in reviewing the 100+ brokers listed on our site. I personally open accounts with real money, execute trades, test customer services. I hold an MSc in International Business from the University of Middlesex. My purpose is to help people find the best investment provider.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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