TMGM Review – Is TMGM a Good Broker?
TMGM is a broker with a regulatory status, the ASIC regulates Trademax Australia Limited, which is a company providing financial services. The ASIC is one of the strictest regulation authorities in the world. A Trademax Global Limited entity is under the laws of Vanuatu, which is an offshore zone. Typically, offshore brokers are not recommended to trade with, but Trademax holds a reputable license.
Protection at TMGM
TMGM keeps its customers funds in a segregated account to ensure safety. These accounts are with National Australia Bank and the investors under Professional Indemnity Insurance. It places the compensation in case the broker ends up in insolvency.
There are several rules a brokerage sets and one of them is that capital requirements should meet international procedures and robust risk management.
TMGM offers over 100 currencies, commodities, indices, stocks, options, etc. to support the different preferences of traders. These products are accessible through PC, mobile, and web. Furthermore, it has a built-in platform IRESS, which is a better choice for traders who want to trade shares. This is because IRESS allows you to trade on exchanges in the USA, Australia, UK, China, Singapore, and Hong Kong.
However, you need to keep in mind that the minimum deposit fee for IRESS is $5,000. It’s high because this platform is for serious traders only and the cost differs between stock exchanges.
TMGM offers multiple accounts for trading to make it easier for traders of every level. You can choose between the classic account and Edge account. The spreads on TMGM’s Classic account are from 1 pip and there are no commission fees as they’re already part of these spreads. This account is suitable for traders who are not dependent on spreads. This account features free funding, ECN execution, and base currencies including EUR, AUD, and USD.
However, the edge account offers the lowest spreads starting and 0 pips, and there is a $3.50 one-way commission fee, totaling to $7 for each standard lot. This account is suitable for traders who seek the sites tightest spreads.
TMGM also offers demo accounts if you want to explore all the features before finally making an account. They consist of virtual funds to make the process realistic so you can start to get familiar with the options. Demo accounts that make use of the MT4 will have access to the platform for a year, but will be removed if inactivity lasts over 6 months. There are 3 options for funding amounts for the demo account, i.e. $5,000, $10,000, and $50,000.
Leverage allows you to profit from fluctuations in rates. It is a loan provided by a broker to the trader to multiply gains, but this should be used wisely to gain maximum benefit. TMGM’s leverage is dependent on whether you are from Australia/New Zealand or some other country.
In Australia, ASIC regulates TMGM and the maximum leverage ratio for Major pairs is 1:30, and for Minor pairs is 1:20. However, for pro traders, the leverage rises to 1:400 for both minor and major pairs.
In New Zealand, the FMA regulates TMGM and the maximum leverage offered is 1:30. Outside both these countries, the maximum leverage while trading at TMGM is 1:500.
TMGM has a very motivated customer support staff. Along with that, it also offers opportunities for education, called TMGM academy, which teaches you about the ins and outs of forex trading. It has 3 stages to suit traders of all levels.
The beginner stage helps get you ready for online trading and builds a strong understanding of the basics. It includes reading types of charts, margin trading, indicators and several more lessons. The intermediate stage sheds light on some complicated parts of forex trading. It helps build a better understanding of further types of indicators, moving averages and several more.
The advanced stage in this academy is about deep strategies and how to apply these strategies while trading. Here you can learn further about Fibonacci extensions and many more important technical features.