TMGM ReviewCategory: Reviews | Author: Trading Brokers | Date: November 17, 2022
TMGM is an ECN broker that gives you easy access to thousands of trading instruments including forex trading and CFDs on metals, indices, energies, commodities, crypto, stocks and shares, through the powerful and intuitive MetaTrader 4, MetaTrader 5, Iress ViewPoint and HubX trading platforms. The broker provides exceptional trading conditions including tight spreads, low fees and deep liquidity for enhanced trade execution speeds at the best available prices. It takes just a few minutes to open an account with the broker having a minimum deposit requirement of just $100. You can also open a free demo account to practice trading online without any risk. I think they are a great choice of broker for those of you who are looking for industry leading trading products and services in a regulated environment. I have had an account with them for a while now and haven’t had any issues whatsoever.
Pros & Cons
- Sophisticated MetaTrader, Iress and HubX platforms
- Huge selection of over 15,000 trading instruments
- Tight spreads from as low as 0.0 pips
- Low trading fees compared to competitors
- Fast trade execution speeds at the best prices
- Great choice of 10+ quick and easy funding options
- Trading Central is great for market analysis
- Free VPS for eligible clients
- MAMM service for money managers and investors
- TMGM Academy to help educate beginners
- Swap-free Islamic accounts for Muslim traders
- Free demo accounts if you want to practice trading risk free
- Excellent 24/5 customer service
- Cannot accept clients from some countries
- Inactivity fees if you are not trading frequently enough
- Minimum $100 deposit not the lowest
- Do not currently support crypto funding
- It would be great if they could also add Autochartist and cTrader
Trademax Global Markets (TMGM) is an online broker offering superior forex and CFD trading products and services to both individual retail traders and professional institutions. TMGM were founded in 2018 and are based in Australia. They have a highly professional and independent technical team who work around the clock to make sure you get a seamless trading experience with minimal fuss. The broker implements the ECN execution model which gives you access to deep liquidity pools for superior execution speeds with minimal slippage and the best market prices at all times. They have a highly professional and independent technical team with a good selection of different account types and lots of funding methods to meet trader’s individual needs. You can trade with leverage of up to 1:500 which is quite high compared to some other regulated brokers.
As a Trademax Global Markets client, you will get access to lightning speed execution with razor-thin spreads for some of the best trading conditions of any online broker that I have seen. I would compare them to other industry leaders such as IC Markets in this respect.
- Partnerships with top-tier Liquidity Providers
- Powered by OneZero Financial Technology
- State of the art Equinix data centres in New York NY4 and Tokyo TY3
They have partnerships with various liquidity providers which they combine together to create a large liquidity pool. They will match your trades with the best prices within that liquidity pool at the time of execution. I much prefer this model of brokerage when compared to a market maker who use their own in-house liquidity and take the opposite side of your trade. I feel this leads to a conflict of interest as they can set their own prices and have a dealing desk between you and the markets.
TMGM have built the perfect environment for automated trading systems (EAs) to thrive. They have no restrictions on trading strategies and therefore allow scalping, hedging, news trading, expert advisors and more. There are no requotes and no minimum stop loss distance, providing the ideal trading environment for traders of all different styles. If you are looking to use scalping robots or any other trading system that require tight spreads and quick execution, they are certainly worth consideration.
The broker is well regulated in multiple jurisdictions which gives me plenty of confidence that I can trust them with my funds. I would have any issue trading with them as I know regulation means they must follow strict rules and procedures which have been put in place to protect investors. I would always prefer to trade with a regulated broker as they can give us some protection that an unregulated brokerage firm cannot. If this also matters to you, Plus500 are one of the most well-regulated brokers that I have come across.
- Trademax Global Limited, trading as TMGM, is a financial services company and regulated by Vanuatu Financial Services Commission (VFSC), with the license number 40356.
- Trademax Australia Pty Ltd, trading as TMGM, is authorized by Australia Security and Investment Commission (ASIC) with an Australia Financial Services License 436416.
- Trademax Global Markets (NZ) Limited is regulated by the Financial Markets Authority in New Zealand (FMA). FSP No. 56980.
The broker holds clients’ money in a ‘pooled’ client trust account and is strictly separated from the company funds. This is good as it means that your funds should not be used for any other purposes. In the event that something was to go wrong, the company should not be able access these funds.
TMGM allows traders from different parts of the world to open an account with them if their countries of residence permit online trading with international brokers. However, they specifically state on their website that they do not offer their online trading services to residents of the USA, Iran, Japan and the Democratic People’s Republic of Korea. If they do not serve your country, please feel free to have a look for another option via our broker reviews.
The broker provides you with the powerful and user-friendly MetaTrader 4 and MetaTrader 5 platforms in addition to the Iress and HubX trading platforms. I have tried out all of these platforms and think you cannot really go wrong with any of them. They were all easy to use, with modern layouts and intuitive interfaces. I personally prefer the MT4 platform because it was the first one that I mastered when I started trading many years ago. I have never felt the need to make the permanent switch to another platform as it is capable of doing everything that I need it to and much more. It is also worth considering that most brokers provide MT4 versus other platforms. Therefore, if you do decide to change brokers down the line then you will have plenty of choice when it comes to MT4. Pepperstone also have a great choice of platforms, including MT4, MT5 and cTrader which TMGM do not offer.
MetaTrader 4 (MT4)
MT4 is one of the most popular trading platforms in the market. The MT4 platform is replete with tools to help analyse the financial markets. It provides you with live price feeds, technical charts, analytical tools, and up-to-date financial news to ensure that the traders are aware of what is happening in the market at all times. TMGM provides the MT4 trading platform in the following versions:
MT4 Desktop Platform
This is a desktop application of the platform that contains all of the core features and functionalities. It offers a clear and user-friendly interface with many customizable charts and dozens of technical indicators. The MT4 Windows gives you access to your trade positions and other account information. I really like the MT4 desktop platform as it is perfect for me to run my automated systems around the clock on my VPS. It is actually the only version of the MT4 platform that supports automated trading strategies so keep that in mind.
Some of the more prominent features of the MT4 desktop platform include the following:
- Lots of chart timeframes to get a different view of the market
- Choice of different chart types to check the price action
- Place instant, pending and limit orders with just a few clicks
- Set price alerts so you don’t need to watch charts all day long
- Analyse the charts with lots of technical indicators to choose from
- Run automated trading systems to place and manage trades for you
- Backtest your strategies in the strategy tester
- Develop your own tools in the MQL editor interface
- Copy trading signals from the community and share ideas
- Access a plethora of additional tools from the marketplace
MT4 Web Platform
The MetaTrader 4 web platform allows you to trade directly through most modern web browsers without the need to download or install any additional software. The web platform can be accessed by simply logging into the broker’s client portal. I think it is great that you can access your account from any device and the web platform will always be up to date. If you were staying over at friends and your phone battery died, you would still be able to login to the web platform on one of their devices.
Some features of the MT4 Web platform includes:
- All types of trading orders and MT4 execution modes
- One-Click trading for placing orders quickly with predefined money management
- 30 indicators and 24 graphical objects for complex technical analysis
- Real-time quotes in the market watch so you can keep track of all markets at once
- Run the platform in any web browser
- Web platform always runs the latest version
- No need to download or install any software
MT4 Mobile Platform
The MT4 platform has a mobile app, which is compatible with iPhone/iPad and Android devices; it enables you to trade from anywhere and at any time. I am a huge fan of trading apps as I like the having the option to check the markets and my positions as and when I feel like it. I could be sitting in the sofa or lying in bed, either way I am able to launch the app and see what is going on. The app is simple yet is able to do everything from market analysis to placing and managing trades in just a few taps. Unfortunately, the MT4 app does not support automated trading. I use the desktop platform for that and follow progress on my mobile phone.
The mobile app is customized and has the following features:
- Full control over any trading accounts all from one handy app
- Accessible from anywhere, provided there is an internet connection
- Same execution types and modes as the other platforms
- Full charting timeframes and more than 50 indicators and analytical tools
- Simple to use yet can be good for market analysis and managing trades
MetaTrader 5 (MT5) is the follow up platform to MT4. It maintains most of the same features and functionalities as its predecessor, with some more advanced functionalities. This includes depth of market (DOM) pricing, additional order types and chart timeframes, larger selection of trading tools, multi-currency strategy tester and more.
I have used MT5 but never felt it necessary to make the switch over from MT4. If you can use one platform, you shouldn’t have any problem using the other. They are really similar in so many aspects, just that MT5 can do a lot more. Probably more than most of you will need it to do. If you are a casual trader who just wants to follow the markets and take some trades, either platform should do the job. For those of you who want to build complex trading strategies with endless possibilities, then you may edge more towards MT5. Just be aware that more brokers have MT4 at the moment so you could limit your choices moving forward. That being said, HYCM are another good broker with both MetaTrader platforms.
IRESS ViewPoint is a web-based online trading platform that dynamically streams market data across multiple product types and exchanges. By combining access to full market depth, an enhanced in-house charting system with live news flows, the platform provides everything you need to try and maintain your edge in the market. With a winning mix of data, software and on-the-ground support, IRESS ViewPoint combines responsive design, real-time market data and access to 130+ markets for a seamless digital trading experience. I think this is a fantastic platform but it is not widely provided by many other brokers, FP Markets being one of the exceptions.
IRESS ViewPoint provides seamless digital trading including the following:
- Global – multi-asset and global trading capabilities with access to over 130 different markets
- Flexible – a single web interface for various trading needs
- Current – updated every three weeks to ensure you have the most up-to-date software available
- Time-efficient – everything you need to perform trades and analysis without re-keying data
- Easy to use – clear design, simple navigation, no downloads and compatible with Mac OS and PC.
HUBx is a bespoke platform created from scratch by TMGM with fund managers and their clients in mind. With its cutting edge futuristic functions, it helps fund managers manage their clients along with their risk allocations more efficiently and easily. It’s advanced portfolio adjustment tools help clients take full control of their investments in an easy and intuitive manner. HUBx’s smart logs and journals keep track of all important transaction information – this provides a truly transparent environment for clients to monitor their trading performance.
I really appreciate how the broker care about clients having an enjoyable trading experience. That is why they provide you with a selection of trading tools to help with your daily trading activities. There are some great tools which enhance the overall trading experinece. I particularly like the VPS service and market analysis tools. If you want to see an even larger selection of tools, you can head on over to my Markets.com Review.
The VPS (Virtual Private Server) hosting allows traders to run their trading platforms and expert advisors 24/5. Professional traders who meet the brokers minimum requirements can make use of the service. I use a third-party VPS myself and find it to be an invaluable tool for running multiple instances of the MT4 platform 24/7. This is because I am constantly testing brokers and automated strategies, but don’t always want my computer up and running. There are other brokers who have the option of a free VPS, Blueberry Markets being one of my preferred choices.
Should you become a money manager, you can also enjoy the MAMM service. HUBx brings advanced portfolio management controls to the hands of its users. You can easily monitor and manage your positions along with adjusting your risk allocations. If you are looking for managed accounts, Eightcap also have a great offering for money managers and investors alike.
Dedicated Account Manager
The dedicated account managers are equipped to provide clients with any assistance they may require. I think it is good how you can choose to communicate when it suits you and in your preferred method whether that be face to face, over the phone, emails, or any other messaging service.
The VIP Desk helps traders in tailoring their trading accounts to meet their demands; whether it be specific pairs going through the different liquidity providers of your choice, the VIP desk provides you with a solution.
The economic calendar refers to the scheduled dates of significant releases or events that may affect the movement of individual security prices or markets. An economic calendar is used by investors to monitor market-moving events, such as economic indicators and monetary policy decisions. Market-moving events, which are typically announced or released in a report, have a high probability of impacting the financial markets. I always check the economic calendar prefer taking any trade decisions. There is actually a calendar built-in the MT5 platform which is much more convenient to access without needing to constantly switch between tabs.
TMGM provide a handy market sentiment tool. The market sentiment is the general prevailing attitude of investors as to anticipated price development in a market. This attitude is the accumulation of a variety of fundamental and technical factors, including price history, economic reports, seasonal factors, and national and world events. I use this tool often and feel it is a really undervalued method of market analysis that everyone should use. After all, it is the sentiment that moves the marker a lot of the time. Why wouldn’t we want to know what other traders are doing. I think all brokers should provide this information to clients. It does beg the question as to why this is not the case.
Trading Central is available to clients of TMGM. Trading Central is an excellent tool that is widely recognized as one of the leading providers of technical analysis with a well-deserved reputation for the quality of their insights into the financial markets. This brilliant software uses a proprietary process, resulting from their many years of research and continual testing and fine-tuning. I think anyone can find this extremely useful for finding customised trading signals across multiple assets and timeframes. It can literally save you from spending hours scanning charts manually.
Trading Central’s patented pattern recognition applications continually scan 89 markets globally to provide coverage of over 75,000 instruments. Their insightful analysis and investment research tools enable users to find and validate suitable investment opportunities based on their individual preferences, optimize the timing of their trades, continually learn about markets while running their own portfolios. You can get access to Trading Central through other brokers such as Forex.com who also have Autochartist which is equally as good for market analysis.
There is the TMGM Academy which provides different levels of forex education and training materials, not only for clients but to individuals who are looking to learn about forex. The academy has a choice of trading courses, depending on your experience level. I had a browse through and found the content for easy to understand and informative, I feel there is more than enough to bring beginners up to speed with some of the core principles of trading online.
The Beginner Stage
The beginner stage aims to prepare you for your journey into forex trading. This free course can help you build a strong foundation before you start. The course covers topics such as what margin trading is, the types of charts there are, along with a broad overview into technical indicators, price action, support/resistance and more.
The Intermediate Stage
The Intermediate Stage is slightly more technical for those who are looking to apply more advanced techniques to their daily trading activities. It takes a look at various indicators such as Moving Averages, MACD, Stochastic, RSI, ATRs, Bollinger Bands and more. It also covers the complex world of Fibonacci and important Fundamental analysis along with ways to employ that effectively in your day trading.
The Advanced Stage
The Advanced Stage goes into extra detail on the various forms of trading strategies utilizing what traders would have learnt in the previous trading courses, particularly in the Intermediate Stage. This course takes a look at advanced forms of support/resistance, Stochastics, RSI, Fibonacci (retracements & extensions), correlation and trade management. The broker also shares some of the trading strategies that they have put together using what has been learnt throughout the courses.
Diving straight to this section without first understanding what the basic and intermediate courses teach you could cause you to make mistakes so it may be a good idea to build up a strong foundation with the previous 2 courses first.
If you want to learn more about some of the most common trading terminologies, the broker has a handy trading glossary which covers some of the most important trading terms along with a detailed explanation of each. This isn’t really anything ground breaking but I think it is good that the broker has all basis covered.
TMGM provide multiple trading instruments across different asset classes, including forex, commodities, indices, cryptos, stocks, shares, metals, energies and more. There are several major, minor, and exotic currency pairs for trading. You can trade a wide array of commodity CFDs through the MetaTrader platform, allowing you access to these markets at your convenience no matter where you are in the world. Commodities offered include Gold, Silver, Platinum, WTI, and Brent. The broker also offers many types of Indices, such as the Dow Jones Industrial Average (DJIA), S&P 500, and FTSE 100 Index. I also found a generous selection of crypto and share CFDs on the Iress platform. Overall, they have one of the most impressive ranges of instruments that I have seen from any broker. I would put them up there with IG who have around 17,000.
- 50 currency pairs
- Up to 1:500 leverage
- Tight spreads from 0.0 pips
- Deep liquidity
- 15+ global indices
- Up to 1:100 leverage
- No commissions
- 15,000+ global stocks
- Earn dividends on your stocks
- Trade on MT5 and IRESS
- Gold, Silver and Platinum
- Up to 1:400 leverage
- Trade Oil and Natural Gas
- Up to 1:100 leverage
CFDs (Contracts for Difference) are derivative trading instruments providing opportunities to trade on the price movement of various financial assets such as forex currency pairs, stocks, commodities, indices and cryptos. CFDs offer a simple method to speculate on different markets without ever actually owning the underlying asset on which the contract is based. Traders find CFDs to be a popular option to diversify their trading into different global markets.
One of the main benefits to trading CFDs is that you use leverage to initiate a CFD trade with lower initial capital. This allows traders to gain a larger exposure to the movement of the CFD for a comparatively small cost of only the transaction spread. Although leverage can amplify a profit, it can also amplify losses, so proper risk management strategies should be followed when trading CFDs on margin.
The broker has a good variety of trading accounts to match every trading style across all levels of experience. Whether you’re a scalper, day trader, long term investor, use expert advisors (EAs) or are a discretionary trader – they have you covered.
You can choose between the TMGM edge and TMGM classic account. The minimum deposit starts from $100 whereas flexible leverage of up to 1:500 is available. One account does not charge a commission but has higher spreads whereas the other does have a commission charge of $7 per round turn but tighter spreads. Both accounts have ECN execution with a minimum 0.01 lot size.
The TMGM edge account has the lowest spreads, starting from just 0 pips. There is a small $7 commission per standard lot, per round turn. This account may be suitable for traders who are using strategies that require a tight spread.
- Raw Spreads From 0.0 Pips
- $3.5 ($7.0 round turn)
- Min Deposit $100
- Min Lot Size 0.01 Lot
- Max Leverage 1:500
- Free Funding
- ECN Execution
- EA Available
- Islamic Account
- Hedging Allowed
- USD, EUR, GBP, AUD, NZD, CAD Base Currencies
The TMGM classic account has spreads from 1 pip but does not include any commission fee as it is already included within the spread. This account type may be preferred by those who are using more mid to long term strategies that are not so spread dependant.
- Variable Spreads From 1.0 Pips
- No Commission
- Min Deposit $100
- Min Lot Size 0.01 Lot
- Max Leverage 1:500
- Free Funding
- ECN Execution
- EA Available
- Hedging Allowed
- USD, EUR, GBP, AUD, NZD, CAD Base Currencies
IRESS ViewPoint Accounts
The broker has a great choice of 3 IRESS Accounts, each one catering to various trading styles. The minimum deposit on the IRESS ViewPoint accounts start from $5,000 which is much greater than the MetaTrader account but does mean you get access to the powerful platform. There is also a platform fee of $35. However, this fee is waived if you make at least 10 trades each month.
Islamic accounts that comply with Sharia law are available upon request. These are swap-free and thus, suitable for Muslim traders. The TMGM swap free account was created for clients who can’t receive or pay interest due to their religious beliefs. It is available for Edge accounts only.
Demo trading accounts which enable you to practice trading online with virtual funds are available. This can be a useful way to familiarise yourself with the brokers platforms and services. Demo accounts are often used to try out new trading strategies and to test automated trading robots (expert advisors).
To open a TMGM Global Account, you first open the brokers website, then, click on ‘get started’ on the top right corner and fill in the necessary details for registration and submit. Once you open the account you receive your login details. From then you can login and start trading online once you feel ready to do so. The broker does not charge any fees for opening an account. I found the process to be really straightforward and received my account details almost instantly. You will need to submit a proof of identification ad residency to verify your account and access all features.
The broker offers a knowledgeable customer support team who are on hand to give prompt response to clients’ inquiries. They can be reached via telephone, email and online chat. There is also a frequently asked questions (FAQ) section on the broker’s website, which gives detailed answers to some traders’ common questions. Support is available in English, Vietnamese, Thai, Spanish, Portuguese, Italian, Arabic, Chinese, Filipino, French and Indonesian.
From my experience, the TMGM customer support team were very prompt and polite with their responses to a variety of different questions that I put forward to them.
TMGM accept a range of convenient payment methods for quick and easy account funding and withdrawal, this includes Bank transfer, Credit/Debit cards, RMB Direct pay, POLi, Neteller, Skrill, UnionPay, Fasapay and Sticpay. I found there to be a very broad range of flexible account funding options which helps them to stand out when compared to some other brokers who are limited to bank transfers and card payments. Another advantage is that the broker does not charge any deposit or withdrawal fees. You may want to check with your bank or online payment processor if they will charge you any fees. easyMarkets also have plenty of funding options if you want more diversity.
Withdrawals submitted before 4 pm Sydney time are normally processed on the same day (1 business day or less). Withdrawals submitted after 4 pm are processed the next business day. The time taken for funds to clear into your account can depend on the payment method used. Some payments are instant whereas others will take a few business days to clear.
TMGM strictly does not accept third-party payments. All funds deposited into your trading account must be under the same name as your trading account. The broker states that your funds are held securely in Tier 1 banks, this means that they should not be used for any other purposes. I think they could improve by adding support for crypto funding just like Hankotrade do. Keeping in mind that it may be due to lack of crypto regulation why they cannot at this time which is fair enough.
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, TMGM is an excellent broker that I feel can meet the demands of all traders. I like how they operate as an ECN broker, providing forex and CFD trading to individual retail traders and professional institutions. They give you a great selection of powerful and user-friendly trading platforms with thousands of trading instruments to choose from. This includes the sophisticated and advanced MetaTrader 4, MetaTrader 5, IRESS and HubX platforms. I believe the vast number of tools implemented within the platforms should be enough for most traders but the broker goes a step further as you can also get free access to some excellent third-party tools for conducting in-depth market analysis.
TMGM has favourable trading conditions which are very competitive, including enhanced execution speeds and deep liquidity, to help ensure that you get the best possible prices available at all times. There are multiple account types to choose from along with flexible funding options. Furthermore, the brokers minimum deposit is just $100 and I found the customer support to be excellent. If you are looking to trade with some of the best conditions and in a regulated environment, I would consider TMGM to be a great choice. You can try them out with a demo account if you want to get a feel for what they offer.
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