Summary

Recommended for forex traders who prefer the MetaTrader platform

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74-89% of retail CFD accounts lose money

TMGM, or Trademax Global Markets, is an Australia-based global forex broker founded in 2013. The company has several branches and is regulated by the Australian Securities and Investment Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

TMGM is considered safe because it is regulated by the top-tier ASIC.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Overall Rating
4.3
Fees
4.5
Account opening
5.0
Deposit and withdrawal
4.3
Trading platform
3.2
Markets and products
1.9
Research
1.5
Customer service
4.5
Education
1.5

TMGM pros and cons

TMGM has low forex fees. The account opening process is fast and simple, while deposits and withdrawals are free of charge and user-friendly.

On the negative side, TMGM has a limited product portfolio covering only CFDs and forex. The research tools are basic and the demo account is the sole educational tool. Lastly, there is no negative balance protection.

Pros Cons
Low forex fees Slim product portfolio
Easy and fast account opening Limited research and educational tools
Free deposit and withdrawal No negative balance protection
TMGM main features and highlights
🗺️ Country of regulation Australia, Vanuatu
💰 Trading fees class Low
💰 Inactivity fee charged No
💰 Withdrawal fee amount $0
💰 Minimum deposit $100
🕖 Time to open an account 1 day
💳 Deposit with bank card Available
👛 Depositing with electronic wallet Available
💱 Number of base currencies supported 5
🎮 Demo account provided Yes
🛍️ Products offered Forex, CFD, Crypto
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74-89% of retail CFD accounts lose money

Author of this review

Krisztián Gátonyi

Author of this review

Krisztián has 10+ years of experience in proprietary trading in the interbank currency market as a foreign exchange risk manager. He is interested also in real estate and dividend growth investing. His purpose is to help people find the best investment provider.

Krisztián Gátonyi

Senior Broker Expert

Krisztián has 10+ years of experience in proprietary trading in the interbank currency market as a foreign exchange risk manager. He is interested also in real estate and dividend growth investing. His 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

TMGM review
Fees

4.5
To know more about trading and non-trading fees, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
TMGM has low forex and CFD fees. In addition, non-trading fees are low and the broker doesn't charge fees for inactivity and withdrawals.
Pros Cons
Low forex fees None
No withdrawal fee
No inactivity fee
TMGM fees snapshot
Assets Fee level Fee terms
EURUSD Low Edge pricing: $3.5 commission per lot per trade plus spread cost. 0.1 pips is the average spread cost during peak trading hours.
GBPUSD Low Edge pricing: $3.5 commission per lot per trade plus spread cost. 0.2 pips is the average spread cost during peak trading hours.
S&P 500 CFD Low Edge pricing: The fees are built into the spread, 0.2 points is the spread cost during peak trading hours.
Inactivity fee Low No inactivity fee

How we ranked fees

We ranked TMGM's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let's go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

In the sections below, you will find the most relevant fees that TMGM charges for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

We also compared TMGM's fees with those of two similar brokers we selected, Pepperstone and Fusion Markets. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of TMGM alternatives.

To have a clear overview of TMGM, let's start with its trading fees.

TMGM trading fees

TMGM's trading fees are low. There are different cost structures for different account typesWe tested the 'ECN Edge' account.

We know it's hard to compare trading fees for forex brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We chose popular instruments in each asset class usually provided by forex brokers:

  • Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
  • Stock index CFDs: SPX and EUSTX50

A typical trade means buying a leveraged product, holding it for one week and then selling. For the volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used was:

  • 30:1 for forex
  • 20:1 for stock index CFDs

This catch-all benchmark fee includes spreads, commissions and financing costs for all brokers. Let's see the verdict for TMGM fees.

Forex fees

TMGM forex fees are generally low and in line with main competitors.

TMGM forex benchmark fees for a $20,000 30:1 long position held for one week
  TMGM Pepperstone Fusion Markets
EURUSD benchmark fee $6.4 $12.6 $4.5
GBPUSD benchmark fee $4.9 $11.3 $3.8
AUDUSD benchmark fee $5.2 $13.8 $3.2
EURCHF benchmark fee $4.2 $5.5 $2.3
EURGBP benchmark fee $8.2 $14.8 $5.0

CFD fees

TMGM has low CFD trading fees.

TMGM CFD fees for a $2,000 long position held for one week
  TMGM Pepperstone Fusion Markets
S&P 500 index CFD fee $0.5 $1.2 $0.0
Europe 50 index CFD fee $1.1 $1.6 $1.5

Non-trading fees

TMGM has low non-trading fees. There are no inactivity, deposit or account fees.

There is no fee for withdrawing funds using credit/debit cards or electronic wallets.

TMGM non-trading fees
  TMGM Pepperstone Fusion Markets
Account fee No No No
Inactivity fee No No No
Deposit fee $0 $0 $0
Withdrawal fee $0 $0 $0

TMGM review
Account opening

5.0
To experience the account opening process, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
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 Cons
Fast None
Fully digital
Low minimum deposit

Can you open an account?

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74-89% of retail CFD accounts lose money

TMGM accepts customers from all around the world. One notable exception is the United States.

What is the minimum deposit at TMGM?

The required TMGM minimum deposit is $100. This is considered low since there are brokers that require a minimum of $2,000 or more.

Account types

TMGM provides two account types, with different pricing.

TMGM account types
  ECN Edge ECN Classic
Commission per lot (round turn*) $7 $0
Spread 0.0 pips 1.0 pip
Trading platform MT4 MT4
Available accounts by ownership Individual, Corporate Individual, Corporate
Islamic account available** Yes Yes

*Round turn means that you open and close the position.

**Also called swap-free accounts.

How to open your account

The TMGM account opening process is easy and fully digital. The online application takes roughly 10-15 minutes, while our account was approved within one business day. 

The five steps of TMGM account opening:

  1. Provide some contact information, like your email address.
  2. Fill out your personal information, like your date of birth and address.
  3. Choose the account type and the base currency.
  4. Verify your identity and residency by uploading a copy of your passport or ID, and a bank statement or utility bill. 
TMGM review - Account opening

TMGM review
Deposit and withdrawal

4.3
To find out more about the deposit and withdrawal process, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
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 Cons
Credit/Debit card available Minor currencies not accepted
Free withdrawal
No deposit fee

Account base currencies

At TMGM, you can choose from 5 base currencies. These are: AUD, USD, EUR, GBP, NZD.

This account base currency selection is a bit more limited than at the compared brokers.

Base currencies at TMGM vs similar brokers
  TMGM Pepperstone Fusion Markets
Number of base currencies 5 9 6

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bankThese offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

TMGM deposits are free of charge. Besides bank transfer, you can deposit funds in your account using credit/debit cards or the following electronic wallets:

  • Paytrust
  • Neteller
  • Sticpay
  • Skrill
  • Fasapay
TMGM deposit options
  TMGM Pepperstone Fusion Markets
Bank transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes Yes

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

TMGM review - Deposit and withdrawal - Deposit

TMGM withdrawal fees and options

TMGM charges no fees for withdrawal. However, you should calculate with a $20-30 bank processing fee if you use bank withdrawal outside Australia.

Similarly to deposits, you can use bank transfer, credit/debit cards and electronic wallets to withdraw funds from your account.

TMGM withdrawal fees and options
  TMGM Pepperstone Fusion Markets
Bank Transfer Yes Yes Yes
Credit/Debit card Yes Yes Yes
Electronic wallets Yes Yes No
Withdrawal fee $0 $0 $0

How long does it take to withdraw money from TMGM? We tested the debit card withdrawal and it took 1 business day.

You can only withdraw money to accounts in your name.

How do you withdraw money from TMGM?

  • Once logged in to your account, select 'Funding Management' in the menu.
  • Select 'Withdrawal'.
  • Choose a withdrawal option. 
  • Fill out the form and click 'Submit'.

Compare to other brokers

TMGM review
Web trading platform

2.8
To try the web trading platform yourself, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
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 Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) No price alerts
Order confirmation Poor design
TMGM platforms to choose from
Trading platform Score Available
Web 2.8 stars Yes
Mobile 3.8 stars Yes
Desktop 3.4 stars Yes

TMGM doesn't have its own self-developed trading platform, it offers two third-party platformsMetaTrader 4 and IRESS. We reviewed MetaTrader 4 because it is the most widely used. 

MetaTrader 4 is available in an exceptionally large number of languages.

TMGM web trading platform languages
Arabic Bulgarian Chinese Croatian Czech Danish
Dutch English Estonian Finnish French German
Greek Hebrew Hindi Hungarian Indonesian Italian
Japanese Korean Latvian Lithuanian Malay Mongolian
Persian Polish Portuguese Romanian Russian Serbian
Slovak Slovenian Spanish Swedish Tajik Thai
Traditional Chinese Turkish Ukrainian Uzbek Vietnamese  

Look and feel

The MetaTrader web trading platform has great customizability. It is easy to change the size and the position of the tabs.

However, the platform feels outdated and some features are hard to find. For example, it took some time until we found how to add an asset to the watchlist.

TMGM review - Web trading platform

Login and security

TMGM provides only a one-step login. A two-step authentication would be more secure.

Search functions

The search functions are OK. You can find the assets listed by category. However, we missed the usual search function where you can type in the asset's name manually.

TMGM review - Web trading platform - Search

Placing orders

You can use the basic order types, but you will not find very sophisticated orders like 'one-cancels-the-other.' The following order types are available:

  • Market
  • Limit
  • Stop-loss
  • Trailing Stop

Trailing Stop is available only in the MT4 desktop platform.

If you are not familiar with order types, read this overview.

There are also order time limits you can use:

  • Good 'til canceled (GTC)
  • Good 'til time (GTT)
TMGM review - Web trading platform - Order panel

Alerts and notifications

You can't set alerts and notifications on the MetaTrader web trading platform available at TMGM. This feature is available only on the desktop trading platform.

Portfolio and fee reports

TMGM has clear portfolio and fee reports available on MetaTrader 4 web trading platform. You can easily see your profit-loss balance and the commissions you paid. These reports can be found under the 'History' tab, but we didn't find a way to download them.

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74-89% of retail CFD accounts lose money

TMGM review
Mobile trading platform

3.8
To try the mobile trading platform yourself, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
TMGM has a great mobile trading platform, provided by MetaTrader 4. It is well-designed and user-friendly, but lacks a more secure login.
Pros Cons
User-friendly No two-step (safer) login
Good search function No Touch/Face ID login
Price alerts

Similarly to the web trading platform, TMGM offers MetaTrader 4 as a mobile trading platform. MetaTrader 4 is available for both iOS and Android, and we tested it on both. It can be also downloaded by QR code from the App Store and Google Play.

After you download the MT4 mobile trading platform, you have to access the TradeMaxGlobal-Live3 server. 

Just like at the web trading platform, you can choose from many languages on the mobile trading platform too. Changing the language is a bit tricky on Android devices: you can do it only if you change the default language of your mobile.

TMGM mobile trading platform languages
Arabic Chinese (Simplified) Chinese(Traditional) Czech English
French German Greek Hindi Indonesian
Italian Japanese Korean Polish Portuguese
Portuguese (Brazil) Russian Spanish Thai Turkish
Ukrainian Vietnamese      

Look and feel

TMGM has a great mobile trading platform in MT4, we really liked its design and user-friendliness. You will easily find every feature.

TMGM review - Mobile trading platform

Login and security

Similarly to the web trading platform, the app provides only a one-step login. A two-step login would be more secure.

You can't use fingerprint or Face ID authentication. Providing this feature would be more convenient.

Search functions

The search functions are good. You can search by typing the name of the product or by navigating the category folders.

TMGM review - Mobile trading platform - Search

Placing orders

You can use the same order types and order time limits as on the web trading platform

TMGM review - Mobile trading platform - Order panel

Alerts and notifications

You can set alerts and notifications, although only on the desktop trading platform. It would be much easier if you could set these notifications on the mobile trading platform too.

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74-89% of retail CFD accounts lose money

TMGM review
Desktop trading platform

3.4
To try the desktop trading platform yourself, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
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 Cons
Clear fee report No two-step (safer) login
Good customizability (for charts, workspace) Poor design
Price alerts

TMGM offers MetaTrader 4 as a desktop trading platform.

It has the same design, languages, order types plus Trailing Stop, same search functions, and portfolio and fee reports as the web trading platform.

The major difference is that you can set alerts and notifications in the form of mobile push or email notifications on the desktop trading platform. To set email or mobile notifications, you have to add your email address and mobile MetaQuotes ID (you can find it in the MT4 app's settings). You can add them if you go to 'Tools' and then 'Options'.

Portfolio and fee reports

TMGM has clear portfolio and fee reports available on MetaTrader 4. You can easily see your profit-loss balance and the commissions you paid. These reports can be found under the 'Account History' tab: right click on one position, then choose 'Save as Detailed Report'.

TMGM review - Desktop trading platform

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74-89% of retail CFD accounts lose money

TMGM review
Markets and products

1.9
To dig even deeper in markets and products, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
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.

TMGM is primarily a forex broker, but it also provides some CFDs and cryptos for trading. To learn more about CFDs please read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

TMGM's stock CFD selection is extremely great, while forex, crypto, and other CFD product offerings are in line compared with the competitors.

TMGM product selection
  TMGM Pepperstone Fusion Markets
Currency pairs (#) 62 61 81
Stock index CFDs (#) 20 14 12
Stock CFDs (#) 9,900 64 -
ETF CFDs (#) - - -
Commodity CFDs (#) 10 16 15
Bond CFDs (#) - - -
Futures CFDs (#) - - -
Cryptos (#) 5 5 4

*Stock CFDs are available only on the IRESS platform.

You cannot change leverage at TMGM. This is a drawback.

Changing the leverage is a very useful feature when you want to lower the risk of your trade. Be careful with forex and CFD trading, as the preset leverage levels are high.

TMGM review
Research

1.5
To check the available research tools and assets, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
TMGM has limited research tools. There are no trading ideas, quality news or fundamental data available. As a plus, there are good technical analysis tools, like MT4's charting tools or its Strategy Tester.
Pros Cons
Strategy Tester for automated trading No trading ideas
No fundamental data available
No/poor quality news flow

We tested the research tools available on the MetaTrader platform.

Trading ideas

There are no trading ideas in the MetaTrader platform available at TMGM.

Fundamental data

There are no fundamental data in the MetaTrader platform available at TMGM.

Charting

MetaTrader has OK charting tools. You can use 35 technical indicators and other tools, such as trendlines, Fibonacci retracements and channels.

TMGM review - Research - Charting

News feed

There is no news feed in MetaTrader 4.

Other research tools you may enjoy

You can use a great research tool for testing your strategy with relation to automated trading. It is called Strategy Tester and you can find it by clicking on 'View' and selecting 'Strategy Tester'.

Compare research pros and cons

TMGM review
Customer service

4.5
To find customer service contact information details, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
TMGM has great email and live chat support. On the negative side, support is not 24/7 and phone support was not very helpful.
Pros Cons
Live chat No 24/7 support
Fast response time Phone support problematic
Relevant answers

You can contact TMGM via:

  • Live chat
  • Email
  • Phone

TMGM has great live chat support. It is fast and we always received relevant responses. We also liked that they asked for feedback about the support.

Email support is quick and helpful. We sent three emails and got helpful and relevant answers for all of them within a day.

Phone support was mixed, as our calls were picked up relatively quickly but we had problems connecting to the experts who could answer our questions.

We missed 24/7 availability, as support is only 24/5.

TMGM review - Customer Service

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74-89% of retail CFD accounts lose money

TMGM review
Education

1.5
To check the available education material and assets, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
TMGM does not have any education tools, such as tutorial videos, general educational videos, webinars or articles. On the other hand, you can use a demo account.
Pros Cons
Demo account No trading platform tutorial videos
No educational videos
No webinars

TMGM provides only a demo account as an educational tool.

TMGM review - Education

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74-89% of retail CFD accounts lose money

TMGM review
Safety

To find out more about safety and regulation, visit TMGM
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone
TMGM is regulated by two financial authorities, including the top-tier ASIC. On the negative side, there is no investor protection by regulators and the company does not disclose its financials publicly. However, there is an AUD 2.5 million single insurance coverage.
Pros Cons
Regulated by the top-tier ASIC No negative balance protection
Not listed on stock exchange
No investor proection by regulators

Is TMGM regulated?

Yes, it is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Is TMGM safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

Depending on your country of residency, your account will be opened at one of TMGM's two legal entities.

TMGM investor protection
Country of client Protection amount Regulation Legal entity
Australia No protection Australian Securities and Investments Commission (ASIC) Trademax Australia Limited
All other countries No protection Vanuatu Financial Services Commission (VFSC) TradeMax Golbal Limited

TMGM does not provide negative balance protection. If the balance on your account goes into negative, you will not be protected.

Background

TMGM was established in 2013. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

Find your safe broker

TMGM review
Bottom line

Visit TMGM if you are looking for further details and information
Open account 74-89% of retail CFD accounts lose money

or
Compare to its best reviewed alternative: Pepperstone

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 will have an account within a day and there is no inactivity fee.

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74-89% of retail CFD accounts lose money

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