Is TMGM really free?
TMGM does not provide access to real stock trading on US markets. If you are looking for a zero-commission broker to trade on US stock exchanges, you can check our article detailing the best apps offered in this category of brokers. If you wish to stick with TMGM though, then you will find the fees they charge below.
Overview of TMGM fees and charges
It's safe to say that TMGM's fees are low in general. They either don't charge a brokerage fee for things that other brokers do, or they only charge a small amount.
Here's a high-level overview of TMGM's fees
|Assets||Fee level||Fee terms|
|US stock fee||-||Not available|
|EURUSD fee||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.|
|US mutual fund fees||-||Not available|
|Inactivity fee||Low||$30 inactivity fee per month if your account balance falls below $500 or if it remains inactive for over six months.|
TMGM fees explained
Online brokerages in general charge much lower brokerage fees than traditional brokerages do - this is largely because online brokerages' businesses can be much better scaled: from a purely technical standpoint, it doesn't make that much of a difference for them if they have 100 or 5,000 clients.
This is not to say, however, that they don't charge any fees at all. They make money by charging you various rates for various actions or events. Usually you need to keep an eye on the following three types of fees:
- Trading fees - these are brokerage fees that you pay when you actually carry out a trade, like buying an Apple share or an ETF. What you pay is either a commission, a spread or a financing rate. Some brokers apply all of these.
- A commission is either fixed or based on the traded volume.
- A spread is the difference between the buy price and the sell price.
- A financing rate or overnight rate is charged when you hold your leveraged positions for more than one day.
- Non-trading fees. These are usually related to some operations you carry out in your account, such as depositing money, withdrawing money, or not trading for an extended period.
We compare TMGM fees with its closest competitors, Eightcap and Axi.
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TMGM trading fees
TMGM's trading fees are low, which makes it suitable for you even if you trade often (i.e. several times a week).
Let's break down trading fees according to the different asset classes available at TMGM.
TMGM's trading fees are low.
TMGM's forex fees are low.
|EURUSD benchmark fee||$6.7||$6.4||$5.6|
|EURGBP benchmark fee||$7.7||$6.9||$4.4|
TMGM has low CFD trading fees.
TMGM non-trading fees
Some of TMGM's non-trading fees are average.
Non-trading fees include various brokerage fees and charges at TMGM that are not related to buying or selling assets. This can be a withdrawal fee, deposit fee, inactivity fee or account fee.
TMGM deposit fee
Usually, brokers don't charge anything for deposits, and TMGM is no different.
TMGM withdrawal fee
TMGM generally doesn't charge a withdrawal fee.
|Withdrawal fee for bank transfer||$0||$0||$0|
TMGM inactivity fee
TMGM does apply an inactivity fee and it is $30 inactivity fee per month if your account balance falls below $500 or if it remains inactive for over six months.. Keep this in mind to avoid getting charged after a longer idle period. The fact that TMGM charges an inactivity fee makes it less ideal for you if you are a buy-and-hold investor.
The inactivity fee charged by TMGM is low.
|Inactivity fee||$30 inactivity fee per month if your account balance falls below $500 or if it remains inactive for over six months.||No inactivity fee||No inactivity fee|