TMGM Review

Regulation - 10/10

What is TMGM?

TMGM stands for Trademax Global Markets and they are a good forex & CFD trading platform that accepts Australian traders.

Is TMGM Regulated?

Yes since the year 2013, TMGM Australia LTD. has been regulated by the Australian Securities & Investment Commissions (ASIC) with AFSL Number 436416.

For external dispute resolution, TMGM is also a member of the Australian Financial Complaints Authority (AFCA) with membership number 32245.

TMGM is also regulated by the Financial Service Commission of Mauritius & uner this entity, TMGM registers its clients from Africa.

Account Management - 8/10

Base Currencies

TMGM offers AUD account currency alongside NZD, USD, EUR & GBP account currencies.

Maximum Number of Trading Accounts Allowable

At TMGM, you can open a maximum of 20 Live Accounts & 30 Demo Accounts for trading purposes.

Negative Balance Protection

TMG offers Negative Balance Protection which means if your losses exceed your account balance, causing it to go into negative, TMGM will bring your account balance back to zero.

Joint Accounts

TMGM allows you open Joint Accounts but both parties must also operate a joint bank account.

Account Types - 5/10

1. TMGM Classic Account

The TMGM Classic Account is a variable spread-only account where you don't pay commissions on trades.

The spread on the Classic Account starts at 1.0 pips & the execustion style is ECN.

2. TMGM Edge Account

The TMGM Edge Account is a Raw-Spread Account where you pay a flat commission of $3.5 per side in exchange for lower spreads starting at 0.0 pips.

TMGM Funding & Withdrawal - 6/10

Minimum Deposit

TMGM minimum deposit is $50 AUD for Crypto and $100 AUD for other deposit methods such as Wise, Debit/Credit Cards, Bank Transfer, Revolut, GPay, Apple Pay etc.

TMGM deposits are free of charge and can be made in various currencies such as USD, AUD, EUR, GBP, NZD, SGD, CAD, AED, CHF, DKK, FJD, HKD, NOK, PHP, SEK, THB, WST & ZAR.

Minimum Withdrawal

TMGM minimum withdrawal is $50 AUD for Crypto & $100 AUD for other withdrawal methods.

Although TMGM minimum withdrawal is rather high, there are no withdrawal fees associated with it.

Range of Markets - 6/10

1. Forex CFDs

At TMGM you can trade over 50 forex pairs including AUD crosses.

2. Precious Metal CFDs

Gold, Silver & Platinum are paired against the US Dollar and you can trade these pairs at TMGM. However, these metals are not paired against the Australian Dollar.

3. Stock CFDs

100+ Stock CFDs of major companies are available for trading using Direct Market Access for tighter spreads. However, fractional stock are not available.

4. Crude Oil CFDs

you can trade CFDs on Brent Crude & WTI Crude at TMGM. However,, there is no Naturel Gas CFD for trading.

5. Crypto CFDs

At TMGM you can trade 5 Cryptocurrency CFDs including Bitcoin/USD, Ether/USD, Doge/USD, BNB/USD & DOT/USD; without the need to open a Digital Crypto Wallet.

6. Indices CFDs

You can trade 15+ indices including Nasdaq & Dow Jones 30 (US30).

TMGM Fees - 6/10

1. Spread

TMGM spread on the Classic Account starts from 1.0 pips while that of the Edge Account starts from 0.0 pips.

2. Commission

In exchange for receiving low spreads from 0.0 pips on the Edge Account, you must pay a flat commission of $3.5 per side per standard lot.

3. Overnight Fees

Overnight fees apply to CFD trade positions left open till the next day but TMGM Islamic Accounts are exempt.

4. Inactivity Fees

After one year of not using your account, TMGM will charge you a $30 AUD inactivity fee every month.

Trading Platforms - 6/10

1. MetaTrader

TMGM traders in Australia get access to trading on both MT4 & MT5 platforms available as mobile, tablet & desktop versions.

2. TMGM Mobile App

TMGM has a mobile app for trading & this app is fairly new (released in March 2024).

3. TMGM Desktop App

TMGM also has a desktop app for Windows & MAC PCs, so you can download & install this desktop app on your PC.

Trading Tools - 6/10

1. Trading Calculator

TMGM's trading calculator consists of a Margin Calculator & Profit Calculator.

These calculators are helpful if you are trading on MT4 or MT5 which do not have calculators built into them.

2. Market Sentiment Tool

Since MT4 & MT5 do not come with inbuilt Market Sentiment Tools, the TMGM market sentiment indicator will be useful to tell you the percentage of TMGM traders that are Bullish or Bearish on an instrument.

3. Trading Calendar Tool

This tool is basically an Economic Calendar that points out dates when key market moving economic data will be released by governments across the world.

4. Acuity Trader Tool

This is a downloadable plugin for your MT4/5 which shows you news integrated with market sentiment.

5. HubX (Copy Trading)

TMGM has copy trading which it calls HubX and with this tool you can copy the trades of more experienced traders.

6. Signal Trading Tool

With this tool, you can send signals to other traders & you can also receive trading signals from other signal providers at your own risk.

Customer Support - 8/10

1. Live Chat

TMGM can be reached through live chat 24/7 & the hold time is around 3 minutes.

2. Physical Offices

TMGM has physical office locations in Sydney, Melbourne, Adelaide, Canberra & Vanuatu.

3. Telephone & Email Support

You can also reach TMGM via telephone or email and typically you get email responses in around 30 minutes.

4. Education

You can learn rom the TMGM Academy, Traders Terminology/Dictionary & lots of How To Videos provided by TMGM. There is also a Demo Account where you can learn to trade using virtual funds.

Final Verdict - 6.7/10

TMGM is one of our best forex brokers for experienced traders in Australia.

We would not recommend TMGM for newbies because the minimum withdrawal is high which can encourage over-trading, & the spreads are not transparent.