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TMGM Review 2024

Plamen Stoyanov
Updated: Feb 19, 2024
Overall Rating
  • Trust
  • Fees
  • Platforms and Tools
  • Tradable Instruments
  • Customer Support
  • Research
  • Deposit and Withdrawal
  • Account Types and Terms
  • Education
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.

    Our Take on TMGM

    Established in 2013, TMGM is an Australian forex and CFD broker, catering to traders worldwide. The firm offers a diverse range of instruments on MetaTrader 4&5.

    TMGM stands out with its dedication to client protection, fast order execution, competitive prices, and a selection of supporting tools.

    I judge TMGM as a good choice for high-frequency trading. Additionally, the availability of over 10,000 stocks on the seamless IRESS platform makes it a strong option for stock traders.

    Recommended in 6 best broker guides: 
    Forex | CFD | ASIC | ECN | HFT | Share CFD

    TMGM Pros and Cons

    Pros Cons
    • Tight regulation and extra protections
    • Average order execution under 30ms
    • Multiple trading tools
    • Reliable customer support
    • IRESS platform for stock trading
    • Limited educational materials 
    • High inactivity fee
    • Withdrawals only via wire transfer

    TMGM Highlights for 2024

    • Strong Client Funds Protection: TMGM provides multifaceted protections that exceed the minimum required by most financial regulators.
    • Competitive Spreads: Spreads for forex and gold on the Edge account are tighter than the industry average.
    • Fast Order Execution: TMGM works with 7 liquidity providers allowing it to achieve average execution speeds of under 30 milliseconds.
    • Algo-Trading Features. The broker offers free VPS hosting, AI-powered research content, and EAs-compatible platforms.
    • Comprehensive Research. The broker publishes well-informed market analyses daily and incorporates superior research content from third-party providers, such as Acuity.

    What Sets TMGM Apart?

    From my research, TMGM stands out for its stability. It is licensed by ASIC and FMA oversight, is a member of The Financial Commission, and has issued private indemnity insurance with a coverage of up to AUD 5 million.

    Moreover, TMGM offers narrow stop-out levels and no minimum requirements for stop or limit orders, effectively reducing the risk associated with sudden market changes.

    Who is TMGM For?

    In my professional opinion, thanks to its fast execution speed, free VPS hosting, and flexible pricing, TMGM is geared toward high-frequency traders, allowing scalping and intraday trading strategies.

    Moreover, stock traders can take advantage of the high execution standards and availability of more than 10,000 stocks on the seamless IRESS platform.

    I performed my tests on the Edge account using the desktop and mobile app versions of the MetaTrader 5 platform. The account was opened with the Trademax Australia Limited entity of the broker. Some features and services may vary depending on where you reside and which entity you open an account with.

    TMGM Main Features

    ☑️ RegulationsFSCM (Mauritius), ASIC (Australia), FMA (New Zealand), VFSC (Vanuatu)
    🗺 Supported Languages
    English, Portuguese, Spanish, Chinese, Thai, Vietnamese, French, Indonesian, Italian, Malaysian, Korean
    💰 ProductsCurrencies, Stocks, ETFs, Crypto, Indices, Commodities
    💵 Min Deposit$100
    💹 Max Leverage1:500 (FSCM), 1:30 (ASIC), 1:400 (FMA), 1:1000 (VFSC)
    🖥 Trading Desk TypeECN
    📊 Trading PlatformsMT4, IRESS, MT5
    💳 Deposit OptionsFasaPay, Wire Transfer, Skrill, Neteller, Union Pay, Broker to Broker, Visa, Mastercard, Revolut, Wise
    💳 Withdrawal OptionsWire Transfer
    🤴 Demo AccountYes
    🗓 Foundation Year2013
    🌎 Headquarters CountryAustralia
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    TMGM Full Review


    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    TMGM operates through four distinct entities, with two regulated by Tier-1 authorities (ASIC and FMA) and the other two overseen by Tier-3 regulators (VFSC and FSC). This broker has earned a high level of trust due to its private indemnity insurance, external audits, membership in The Financial Commission, and adherence to a ‘best execution’ policy. Additionally, TMGM is transparent about its trading fees and legal documents.

    TMGM Regulations

    In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

    This is what I discovered about the four entities operating under the TMGM trade name:

    • Trademax Australia Limited is licensed and regulated by the Australian Securities and Investments Commission (ASIC) under license number 436416. We rate ASIC as a Tier-1 regulator.
    • Trademax Global Markets (NZ) Limited is licensed and regulated by the Financial Markets Authority (FMA) in New Zealand under license number 569807. We rate the FMA as a Tier-1 regulator.
    • Trademax Global Limited is licensed and regulated by the Vanuatu Financial Services Commission (VFSC) under license number 40356. We rate the VFSC as a Tier-3 regulator.
    • Trademax Global Markets (International) Pty Ltd is licensed and regulated by the Financial Services Commission (FSC) in Mauritius under license number GB22201012. We rate the FSC as a Tier-3 regulator.
    Trademax Australia Limited’s licensing information on
    Trademax Australia Limited’s licensing information on

    We have summarized the most essential aspects of TMGM in terms of regulation and safety in the table below:

    Entity Features Trademax Australia Limited Trademax Global Markets (NZ) Limited Trademax Global Limited Trademax Global Markets (International) Pty Ltd
    Country/Region Australia, Sydney New Zealand, Auckland  Vanuatu, Port Vila Mauritius, Port Lois
    Regulation ASIC FMA VFSC FSC
    Tier 1 1 3 3
    Segregated Funds Yes Yes Yes Yes
    Negative Balance Protection Yes No No Yes
    Compensation Scheme Professional indemnity insurance of up to AUD 5 million  Professional indemnity insurance of up to AUD 5 million Professional indemnity insurance of up to AUD 5 million + EUR 20,000 by the Financial Commission Professional indemnity insurance of up to AUD 5 million
    Maximum Leverage 1:30 1:400 1:1000 1:500

    Why is it Important to Know Where Your Broker’s Subsidiaries are Regulated?

    Brokers operate multiple entities because it allows them to serve clients worldwide. However, licenses obtained by regulators in different jurisdictions do not always entail the same degree of protection. Some regulators mandate compliance with the strictest financial frameworks, whereas others are less rigid. That is why traders need to familiarize themselves with the safety mechanisms ensured by the entity they want to open an account with beforehand.

    Here is what you need to be looking for in a broker in terms of safety mechanisms:

    • Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All TMGM entities ensure segregated client funds.
    • Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. This is especially important in volatile markets. Trademax Australia Limited and Trademax Global Markets (International) Pty Ltd provide negative balance protection.
    • Compensation scheme. A compensation scheme protects traders against the broker’s liabilities in the unlikely event that the company becomes insolvent. All TMGM entities have professional indemnity insurance.
    • Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum retail leverage with TMGM is 1:1000, available with its entity based in Vanuatu.

    Is TMGM Safe to Trade With?

    I assess TMGM as a fairly safe broker to trade with, especially its main Trademax Australia Limited entity that I have been reviewing. It is authorized by a Tier-1 regulator (ASIC), has issued professional indemnity insurance, and is periodically audited. All of this ensures top-line protection for retail and professional traders alike.

    TMGM’s multilayered protection
    TMGM’s multilayered protection

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.

    I verified TMGM’s transparency by thoroughly reviewing its legal documents and comparing the trading fees listed on its website with those charged on its platform. My assessment confirmed that the fees matched, demonstrating the broker’s honesty in its fee structure.

    I found all of TMGM’s vital information to be abundant, clearly written, and readily available. The broker does not use any misleading language or hidden warnings in its Client Agreement. I also discovered that TMGM operates on a ‘best execution’ basis, meaning it provides the best price quotes under prevailing market conditions.

    In summary, my research indicates that TMGM can be regarded as having a very high level of trust and stability due to the following factors:

    • Licensed by two Tier-1 regulators
    • Has issued professional indemnity insurance on its own initiative
    • Operates on a ‘best execution’ basis
    • Participates in the Financial Commission


    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    TMGM offers commission-free trading with floating spreads starting from 1.0 pips on its Classic account. On its Edge account, it provides raw spreads accompanied by a $7 round-turn commission per lot.

    TMGM’s pricing is tighter than the industry average for FX Majors and other popular instruments. However, be aware that swap fees can sometimes be quite high. Platform fees are applicable for IRESS.

    The broker does not charge for deposits and withdrawals.

    TMGM’s Trading Fees

    TMGM’s Spreads

    I tested TMGM’s spreads during the most actively traded times – the London open at 8:00 a.m. GMT and just after the U.S. open at 2:45 p.m. GMT. The test was conducted on the 9th of January 2024. The results are shown in the table below:

    Instruments Live Spread AM Live Spread PM
    EURUSD 0.0 pips 0.0 pips
    GBPJPY 0.9 pips 0.4 pips
    Gold (XAUUSD) 11 pips 10 pips
    Crude Oil 0.04 pips 0.04 pips
    Apple  NA 0.12 points
    Tesla NA 0.20 points
    Dow Jones 30 4.0 basis points 3.0 basis points
    Germany 40 3.0 basis points 3.0 basis points
    Bitcoin $58 $32

    Broken down by asset class and compared to the broader industry, TMGM offers low spreads on currency pairs and share CFDs, low-to-average spreads on commodities, average-to-high spreads on indices, and high spreads on cryptocurrencies.

    TMGM’s Commissions

    TMGM’s Edge account type features a fixed round-turn commission of $7 per traded lot (100,000 units) applied to FX currency pairs and a $5 round-turn commission per lot applied to metals.

    Please note that ‘round-turn’ means that half of the fixed rate is paid whenever an order is opened, and the other half is paid when the position is closed. I determined that TMGM’s commissions marginally exceed the industry average.

    TMGM’s Swaps

    A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

    The values listed below are for one full contract (100,000 units) of the base currency.

    Instrument Swap Long Swap Short
    EURUSD Charge of $6.15 Credit of $2.22
    GBPJPY Credit of $16.21 Charge of $30.93

    My tests indicate that TMGM’s swap charges are average-to-high compared to the industry average. The broker offers favorable conditions for using medium-to-longer-term trading strategies for some instruments.

    TMGM’s Non-Trading Fees

    TMGM imposes a monthly maintenance fee of $30 on dormant accounts. This fee applies to accounts with a balance below $500 that have shown no activity for six consecutive months. The fee will continue to be charged each month until either trading activity resumes or the account balance reaches $0.

    Are TMGM’s Fees Competitive?

    For the most part, I found TMGM’s fees to be competitive, depending on the type of instrument traded and the duration of the trade. The recorded spreads on FX pairs and share CFDs on an Edge account are especially low, however, there is a corresponding commission that marginally exceeds the industry average.

    The broker’s pricing structure is primarily designed to support high-frequency trading. However, it also accommodates day and position trading strategies. Traders should be aware of fluctuating swap rates, as these can sometimes become significantly high.

    Accounts Comparison

    I have compiled the table below to help you better understand the difference between the trading fees on TMGM’s two retail account types. It illustrates the spreads and commissions I have recorded on the EUR/USD pair for each account type. It also shows the typical costs for ECN and STP accounts in the industry at large. The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) on the EUR/USD with a pip value of $10 for each account.

    To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

    Account Type* Spread  Commission** Net Cost
    Classic 1.0 pips $0 $10
    Edge 0.0 pips $7 $7
    Typical STP 1.0 pips $0 $10
    Typical ECN 0.2 pips $6 $8

    *The numbers in this chart are only illustrative and subject to change over time

    **Round-turn commission

    My testing shows that TMGM’s Edge account provides slightly better conditions than most ECN accounts and significantly more advantageous conditions than most STP accounts, including TMGM’s own Classic account. The Classic account, true to its name, aligns with the costs typical of an STP account, especially in terms of spreads and commissions.

    Platforms and Tools

    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    TMGM offers the standard suite of MetaTrader 4, MetaTrader 5, and the professional-grade IRESS platform, featuring access to over 10,000 share CFDs. TMGM also supports copy and social trading.

    MetaTrader 5 has many essential features, such as one-click trading, an alarm setting option, and a depth of markets tool. Because of its simplistic and straightforward design, I would say that MT5 is a good stepping stone for beginner traders wishing to learn essential charting skills on a platform with a learning curve.

    MetaTrader 4’s depth of markets feature
    MetaTrader 5’s depth of markets feature

    MT5 accommodates automated trading via its Expert Advisors (EAs). I determined that TMGM is a good choice for those interested in algo-trading because of several factors. Its above-mentioned fast order execution coupled with free VPS hosting (for clients with a monthly traded volume of at least 7 lots), and an AI-powered research tool Acuity.

    TMGM also offers an advanced version of copy trading by incorporating the HUBx tool. It is used by fund managers and their clients. The standout feature of HUBx is its enhanced risk allocation capabilities. For more information about the tool, please click here.

    Among all the analytical tools and chart configurations that it permits, the major drawback of MetaTrader 5 is its ruggedness. The platform has a rather outdated feel to it, especially when compared to newer and sleeker software. Carrying out sophisticated technical analysis is hampered by its cumbersome charts, which makes it more difficult for chart artists to explore price action behavior in depth. Nevertheless, MT5 facilitates fast and easy order execution.

    Trading on the go is made possible with the mobile app version of MetaTrader.

    TMGM’s Desktop MetaTrader 5 Platform

    MetaTrader 4’s main panel
    MetaTrader 5’s main panel

    General Ease of Use

    MT5’s layout is pretty straightforward. Account info is displayed at the bottom of the screen; charts occupy the middle portion of the window; a watch list of selected instruments and tools screen is positioned on the left side of the window; and a panel with various settings and configurations can be found at the top of the window.


    I consider the chart screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles. In my experience, the really important aspect of a chart is how easy it is to scale price action up and down.

    MetaTrader 5’s charts screen
    MetaTrader 5’s charts screen

    I have broken down the available analytical tools and chart configurations below

    • 38 technical indicators. The platform supports trend-based, volume-based indicators, oscillators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next. The problem with MetaTrader 5, in my opinion, is that applying 2 or more indicators to the chart obscures price action rather than contextualizing it. This is due to the ruggedness of the software design.
    • 24 drawing tools. Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels. Despite the rather big collection of drawing tools, the ruggedness of MT5 makes it difficult to discern price action behavior.
    • 21 timeframes. MT5 allows multi-timeframe analysis of price action behavior. The greater the number of timeframes, the more intricate examinations that can be carried out across the short-term and long-term. One of the best things about MT5 is its wide range of timeframes, affording traders a multifaceted outlook on price action behavior.
    • 3 chart types. Price action can be represented as a line, bars, or candlesticks. This diversity makes it possible to examine potential trading opportunities from different angles.


    Order placing window
    Order placing window

    I have broken down the available order types on the MetaTrader 5 platform below:

    • Market orders. Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price where the order gets filled.
    • Limit orders. Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
    • Stop orders. They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

    My Key Takeaways After Testing the MetaTrader 5 Platform

    One of the best things about MT5 is its simplified order execution. However, its rugged design is not ideal for carrying out probing technical analysis.

    As a chart artist, I have always preferred trading platforms with charts that allow me to scale price action up and down easily. But MT5 is not such a platform. I found its charting capabilities quite rigid and ineffective. The one thing that MT5 is quite suitable for is automated trading because it is not dependent on the execution of precise technical analysis.

    TMGM’s MT5 Mobile App

    A watchlist of selected instruments (left), chart screen (middle), and order placing screen (right)
    A watchlist of selected instruments (left), chart screen (middle), and order placing screen (right)

    TMGM’s MT5 mobile app affords traders quick and easy access to the market on the go. It is very useful for making snap adjustments to any open trades. The market is volatile and ever-changing, and staying on top of the latest developments is made easy with the mobile app version of MT5. You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.

    My Key Takeaways After Testing MT5’s Mobile App

    MT5’s app suffers from the same underlying problem inherent to other mobile apps. Analyzing price action behavior on low-resolution devices is extremely difficult. That is why I recommend using the mobile app only to monitor your positions’ development and make changes if needed.

    Tradable Instruments

    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    TMGM offers more than 150 instruments on MetaTrader 4, including currency pairs, commodities, ETFs, indices, and cryptocurrencies. It also provides over 10,000 share CFDs on the IRESS platform.

    What Are CFDs?

    Contracts for difference (CFDs) are derivatives used to speculate on the underlying asset’s price without physical delivery. For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

    What Can You Trade With TMGM?

    I have broken down the available instruments with TMGM below:

    • 56 Currency Pairs
      Major, Minor, and Exotic
    • 5 Commodities
      Metals and Energy
    • 50 Share CFDs (10,000+ on IRESS)
      Financial, Retail, Tech, Other
    • 20 Indices
      U.S., Europe, Asia, Australia
    • 7 ETFs
      Asia, North America, South America
    • 20 Cryptocurrencies
      Major and Minor

    Compared to the industry average, TMGM offers an average amount of FX pairs and commodities and a high amount of share CFDs, indices, and cryptocurrencies.

    Forex Commodities
    EURUSD | GBPJPY | EURNOK | USDDKK | USDNOK | AUDUSD Gold | Crude Oil | Silver | Brent Oil | Platinum
    Share CFDs Indices
    Microsoft | Uber | Airbnb | Amazon | Boing | Citigroup | Apple | Tesla | Facebook Australia 200 | Dow Jones 30 | Germany 40 | Nasdq 100 | Japan 225 | Hong Kong 50
    ETFs Cryptocurrencies
    iShares MSCI Brazil ETF | iShares MSCI Philippines ETF | iShares MSCI Canada ETF | iShares MSCI India ETF Bitcoin | Ethereum | Polkadot | Ripple | Chainlink | Tezos | DogeCoin | Cardano

    My Key Takeaways After Exploring TMGM’s Tradable Instruments

    Clients of TMGM are treated to a decent range of instruments. But even more importantly, TMGM’s assortment is diverse enough to accommodate the needs of both more risk-averse traders and those interested in more speculative trading. I consider TMGM’s instruments offering to be sufficient for consistent and balanced trading.

    Customer Support

    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    TMGM offers 24/7 support in 11 languages. You can get in touch via live chat, email, or phone. TMGM’s team responds fairly quickly to all manner of queries with timely and well-informed answers. Additionally, the broker offers a pretty exhaustive FAQ section on the website.

    The easiest way to get in touch with TMGM is via live chat. You are automatically connected to a chatbot intended to help you describe the nature of your question. Before connecting to an agent, you have to state your name and email address and choose a preferred language.

    TMGM’s offices in Australia
    TMGM’s offices in Australia

    Customer Support Test

    When we test a broker’s customer support team, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

    I performed a live chat test with TMGM on January 9 at approximately 11:15 CET. The response from an agent was immediate. My query regarding TMGM’s commission policy for an Edge account was met with a swift and knowledgeable answer. The agent provided clear, direct responses and was very polite and helpful. Furthermore, she confidently addressed additional questions I posed, effectively demonstrating her expertise.

    My conversation with TMGM’s customer support
    My conversation with TMGM’s customer support

    Deposit and Withdrawal

    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    TMGM offers various deposit methods, such as bank wire, debit/credit card, and e-wallets. However, withdrawals are limited to bank wire transfers, impacting the broker’s rating in this aspect. Processing times align with industry standards. The broker supports an ample selection of currencies. Notably, TMGM doesn’t charge fees for deposits or withdrawals.

    TMGM’s Deposit Methods

    Payment Method Currency Fee Processing Time
    Bank Wire USD, AUD, GBP, EUR, HKD, NZD, SGD, PHP $0* 1-3 business days
    Credit/Debit Card USD, EUR, GBP, AUD, NZD, CAD $0 Instant 
    PayID AUD $0 1 business day
    PayPal USD, AUD $0 Instant 
    Revolut USD, AUD, GBP, EUR, HKD, NZD, SGD, PHP $0* 1-3 business days

    *Third-party banking fees may apply

    TMGM’s Withdrawal Method

    Payment Method Currency Fee Processing Time
    Bank Wire USD, AUD $0* 1-3 business days

    *Third-party banking fees may apply

    Account Types and Terms

    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    TMGM offers two retail and three IRESS accounts. Swap-free trading is available via its Islamic accounts. With a minimum deposit requirement of $100 and versatile pricing mechanisms, the Classic and Edge account types are pretty affordable. TMGM provides several base currencies – AUD, USD, EUR, GBP, NZD, and CAD.

    Why is Choosing the Right Account Type Important?

    Your account should reflect your goals, needs, and ambitions on the market. You should take into consideration several factors, such as whether the account type has a minimum deposit requirement, its spreads and commissions, the execution method, and more.

    What Account Types Does TMGM Offer?

    I have broken down the features of TMGM’s account types below:

    Account Type Retail Retail IRESS IRESS IRESS
    Account Name Classic Edge Standard Premium Gold
    Spreads From 1.0 pips 0.0 pips NA NA NA
    Commission $0 $7 round-turn $2.25 $2 $1.8
    Minimum Deposit $100 $100 $5,000 $10,000 $50,000
    Platform Fee $0 $0 *AUD 45/month **$0 **$0
    Data Fee NA NA For Every Exchange ***For Every Exchange ***For Every Exchange
    Stop-Out Level 40% 40% NA NA NA
    Automated Trading Yes Yes Yes Yes Yes
    All Strategies Yes Yes Yes Yes Yes
    Swap-Free Yes Yes NA NA NA

    *Waived if 10 trades are placed each month

    ** Fee will be applied if no trades are placed in a month

    *** Waived if 10 trades are placed each month

    The Classic account is generally geared towards beginners, whereas the Edge account is better suited for high-frequency trading. The stop-out level at 40% is pretty standard for the industry and ensures tight protection against adverse market volatility.

    The broker allows all strategy types, including hedging, scalping, and the use of EAs. This gives traders the freedom to exploit a wide variety of opportunities. TMGM also does not have a minimum distance requirement between limit and stop orders, meaning that traders can practice tight risk management. They are free to place their stop-loss orders as close to the market price as they wish.

    What is CFD Leverage?

    The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

    TMGM’s Execution Model

    TMGM utilizes market execution. The broker operates on an electronic communication network (ECN) basis without a dealing desk. Order requests are transmitted to the interbank level, where TMGM’s liquidity providers fill them. As long as there is enough liquidity in the market, all order requests will be filled at varying speeds.

    TMGM’s Account Opening Process

    TMGM’s account registration form
    TMGM’s account registration form

    The account creation process with TMGM is straightforward and quick. You can go at your own pace and be done with everything within an hour. I have summarized the step-by-step process below:

    • Step 1. Click the ‘Sign Up’ button at the top-right corner of the main page.
    • Step 2. Fill in your personal details, including your name, country of residence, and email address.
    • Step 3. Confirm your email address and log in to the client portal.
    • Step 4. Choose an account type and configure its parameters.
    • Step 5. Fill in your financial details and complete a suitability test as part of the client categorization process.
    • Step 6. Verify your account by uploading proof of ID and address.

    Why is a Demo Account Important?

    TMGM offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself alongside your live CFD account.

    TMGM’ Restricted Countries

    Trademax Australia Limited’s services are directed solely towards Australian residents.


    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    TMGM provides deep and diverse research content. The broker publishes concise daily market breakdowns comprising a technical and fundamental segment. It also incorporates top-of-the-line content from external providers, such as the AI-powered Acuity tool. The only thing I found lacking is daily video breakdowns.

    Research Tools

    I have broken down TMGM’s research content by type below:

    Economic Calendar

    The economic calendar is an essential tool in a trader’s arsenal. It informs traders of upcoming market events and releases that have the potential to stir price action, thereby creating viable trading opportunities.

    TMGM’s economic calendar
    TMGM’s economic calendar

    Daily Market Breakdowns

    Each article comprises a daily breakdown of one or two instruments and currently developing trading ideas. These contain a brief fundamental analysis and a trend analysis supported by a chart. The technical section may contain key support and resistance points, pivot points, and expected market direction. I appreciated the straight-to-the-point approach implemented by TMGM.

    A market analysis by TMGM
    A market analysis by TMGM


    A tool used to gauge market sentiment and give the trader an idea of how other market participants are positioning themselves. This can give him an idea of the discrepancy between buying and selling pressure in the market.

    TMGM’s market sentiment
    TMGM’s market sentiment


    Acuity is an AI-powered tool that presents traders with sharp and actionable insights. Acuity combines real-time sentiment research, market alerts, AI research, and other features in one comprehensive tool.


    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    TMGM offers a forex glossary, a handful of written articles, and a few videos on the broker’s YouTube channel explaining how to use the MetaTrader platform. But beyond that, TMGM does not offer comprehensive educational content. In my opinion, the scope of materials is rather limited, and traders cannot rely on the broker to obtain a layered understanding of technical or fundamental analysis.

    TMGM’s trading terminology tool
    TMGM’s trading terminology tool

    I have summarized TMGM’s key educational materials by type below:

    • Forex Glossary. The ‘Trading Terminology’ feature is available from the website. It contains dozens of entries explaining some of the most fundamental trading terms and concepts.
    • Basics of CFD Trading. 7 written articles covering rudimentary topics, such as the differences between CFD and Stock trading, how to use trend lines, an introductory scalping strategy for beginners, and more. Each article contains an in-depth explanation of the subject matter, usually supported with multiple images.
    • Webinars. About a dozen past webinars are still available on the broker’s YouTube channel. Mostly technical-oriented, the bulk of these webinars cover topics such as trading strategies, automated trading, cryptocurrency trading, and others. Notably, no attention is paid to fundamental analysis or the psychology of trading.
    • Platform Videos. There are also 18 how-to videos uploaded to TMGM’s YouTube channel explaining the different uses of the MetaTrader platform.
    An educational article by TMGM
    An educational article by TMGM

    The Bottom Line

    TMGM, a prominent Australian broker since 2013, is known for its robust regulation and commitment to client safety, offering professional indemnity insurance, a best execution policy, and membership in The Financial Commission.

    TMGM offers the standard suite of MetaTrader 4 and 5 along with the IRESS platform for experienced stock traders.

    Key strengths include fast order execution (under 30 milliseconds), low trading fees, and a diverse array of tools, including free VPS hosting and detailed research content. However, the broker’s educational resources are somewhat limited.

    Overall, I concluded that TMGM caters to high-frequency traders. Long-term position trading is feasible, though it requires careful monitoring of changing swap rates.


    TMGM is headquartered in Sydney, Australia. It also has offices in Melbourne, Adelaide, and Cambera.
    TMGM holds two Tier-1 and two Tier-3 licenses, adheres to all essential safety requirements, and has very transparent legal documents. The company also has professional indemnity insurance. All of these factors, in my opinion, make TMGM a safe and reliable broker to trade with.
    Beginners can benefit from TMGM’s low trading costs, multiple supporting tools, and robust research content. However, the scope of its educational content is limited.
    The minimum deposit requirement with TMGM is $100.
    Payments can be made using bank cards, wire transfers, or e-wallets.
    Clients of Trademax Australia Limited can withdraw funds via wire transfer.
    Transaction times may vary between 3 to 8 business days.
    The maximum leverage for retail traders with TMGM is 1:1000.
    The account can be opened from the main page of the website.
    TMGM incorporates the MetaTrader 4&5 and IRESS platforms.
    Yes, it does.
    Yes, TMGM is suitable for scalping mostly because of its fast order execution speeds.
    Yes, auto-trading is available via MetaTrader’s Expert Advisors (EAs) feature. The broker also offers free VPS hosting.
    The broker allows hedging on all account types.
    No, spread betting is not available with TMGM.
    Yes, TMGM offers free VPS hosting.
    No, TMGM operates as an ECN broker without a dealing desk.
    No, TMGM does not operate a bank.

    See TMGM Full Information

    Headquarters CountryAustralia
    Foundation Year2013
    RegulationsFSCM (Mauritius), ASIC (Australia), FMA (New Zealand), VFSC (Vanuatu)
    Publicly TradedNo
    Number Of Employees366
    Trading Desk TypeECN
    Trading PlatformsMT4, IRESS, MT5
    Restricted Countries
    United States, Singapore, Spain, Japan, Romania
    Supported Languages
    English, Portuguese, Spanish, Chinese, Thai, Vietnamese, French, Indonesian, Italian, Malaysian, Korean
    Min Deposit$100
    Max Leverage1:500 (FSCM), 1:30 (ASIC), 1:400 (FMA), 1:1000 (VFSC)
    Deposit OptionsFasaPay, Wire Transfer, Skrill, Neteller, Union Pay, Broker to Broker, Visa, Mastercard, Revolut, Wise
    Withdrawal OptionsWire Transfer
    Time to Withdrawal3
    Time to Open an Account1
    Ethereum, Dogecoin, Bitcoin, Litecoin, Bitcoin Cash, Ripple, Cardano, Stellar, EOS, Golem, Polkadot, Binance Coin, Chainlink, Tezos, Solana, Kusama, Avalanche, Caduceus, MAT
    Currencies, Stocks, ETFs, Crypto, Indices, Commodities
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossYes
    Guaranteed Limit OrdersYes
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    Trading SignalsNo
    Platform Languages
    Italian, Portuguese, Chinese, Thai, Korean, Vietnamese, English, French, Spanish, Malaysian, Indonesian
    24 Hours SupportYes
    Support During WeekendsYes
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeYes

    About the Author

    Plamen StoyanovBroker Analyst

    Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.

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