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TMGM Broker Service Review - Pros and Cons of the MT4 broker
The Australian licensed broker, TMGM has a lot of advantage to offer. Let's find out their pros and cons together.
TMGM is a highly recommended broker offering competitive pricing, diverse account types, and excellent customer support, despite minor limitations such as high inactivity fees and limited educational content.
TMGM is an accomplished broker that offers a wide array of tools and services tailored to the unique needs of traders. Based in Sydney, Australia, this company has etched its name as a frontrunner in the realm of OTC derivatives trading in Australia. Founded in 2013, TMGM has rapidly built a commendable reputation based on trust and massive brand recognition.
A glance at TMGM’s account offerings and tradeable instruments
Recognizing the individualistic needs of traders, TMGM has curated a range of account types, each designed to cater to different market goals and means. From casual traders to professional high-volume investors, TMGM’s account spectrum has something for everyone. Although the number of tradeable instruments available at TMGM might not be the most extensive, it is still considerable. Moreover, all these instruments can be traded at very low costs. Backed by an extensive pool of liquidity providers, TMGM has gained a reputation for swift and precise order execution.
Exploring the Platforms
TMGM has successfully integrated the renowned MetaTrader 4, promising to include its successor shortly. Professional traders also have the option to go for the more flexible and superior IRESS platform. The only area where TMGM can improve is expanding its educational content.
TMGM Key Takeaways: A comprehensive review
In our evaluation of TMGM across nine categories (Trust and Stability, Fees, Tradable Instruments, Account Types, Deposit and Withdrawal, Research, Customer Support, Education, and Platform and Tools), TMGM proved to be a solid choice for any trader.
Where TMGM shines bright
In the categories of Account Types, Deposit and Withdrawal, and Customer Support, TMGM garnered high scores. TMGM offers a diversified and well-rounded account selection along with multiple payment methods. The broker also stands out with its reliable customer support service.
TMGM also excelled in the Research and Education categories, offering content that is both informative and practical. This is further complemented by a systematic trading course and a variety of third-party tools.
The average and above average
In the Trust, Fees, and Platforms categories, TMGM scored above average. The broker’s strong regulation and low trading fees contribute to this score. The Tradable Instruments category saw an average score for TMGM. It offers a plethora of CFDs but lacks complex instruments like options.
What sets TMGM apart?
TMGM’s service benefits are numerous, from very low trading fees and a high trust level to excellent customer support. However, one factor that stood out for us is its deep pool of liquidity providers. With access to seven different providers, TMGM ensures high-quality order execution at the most favorable quotes. Moreover, TMGM adheres to a best execution policy, ensuring that traders get the most competitive prices for their trades.
The significance of liquidity providers
The Asian trading session, during which Sydney, one of the two major financial hubs, is active, is characterized by low overall liquidity, increasing the risk of slippage. By leveraging its deep pool of liquidity providers and sophisticated price aggregation method, TMGM significantly mitigates this risk.
TMGM: A match for all types of traders
With its varied features, TMGM is an equally beneficial platform for all types of traders. Whether you’re a scalper, an intraday trader, a day trader, a position trader, or a high-volume stock trader, TMGM has got you covered with its customized services for each.
TMGM Pros and Cons: A balanced look
While TMGM impresses with its regulation, competitive fees, fast order execution, diverse account types, and reliable customer support, it does have some areas where it could improve. For instance, the high inactivity fee and the lack of ETFs or options trading are some areas where improvement could be made. The limited educational content is another aspect that TMGM can work on.
TMGM’s Regulations: An overview
The three entities operated by TMGM are each regulated by different entities:
- Trademax Australia Limited is authorized and regulated by the Australian Services and Investments Commission (ASIC), a Tier-1 regulator on our system.
- Trademax Global Markets (NZ) Limited is authorized and regulated by the Financial Markets Authority (FMA) in New Zealand, a Tier-2 regulator on our system.
- Trademax Global Limited is authorized and regulated by the Vanuatu Financial Services Commission (VFSC), a Tier-3 regulator on our system.
TMGM’s Trust and Stability
Founded nearly a decade ago in 2013, TMGM has steadily grown its operations and improved its services, becoming a reliable name in the industry. The company currently employs over 200 people and maintains offices globally. Transparency is a key strength of TMGM, providing comprehensive details on its website about its services, fees, and legal policies.
The Fee Structure at TMGM
TMGM has competitively priced its services with no commissions on a Classic account and a $7 round turn commission per lot on its Edge account. The spreads on a Classic account start from 1.0 pips while the Edge account offers raw spreads starting from 0.0 pips. Non-trading fees are also reasonable, with no deposit, withdrawal, or account fees. However, a $50 fee is levied after three months of inactivity.
The Final Verdict
In conclusion, TMGM, with its formidable regulatory oversight, competitive pricing, variety of trading platforms, and excellent customer support, has firmly established itself as a go-to choice for traders, regardless of their level of expertise. Despite some areas that need improvement, TMGM’s reliability, efficiency, and transparency make it stand out in a highly competitive trading landscape.
