TMGM Review Australia & Test 2021
Is TMGM safe or scam?
With almost 10 years in the industry, Trademax Global Markets (TMGM) is a leading broker in Australia and around the world. There are over 15,000 tradable CFD instruments at a broker with seriously low fees and commissions.
There are quite a few features to this Australian broker and traders will be able to invest in everything from stocks and energies to indices and forex. But you should never leap without looking first – is TMGM safe and reliable? We’ve gone deep in our TMGM review and have all the insight into a multi-platform broker with tons to offer.
Starting out at TMGM is super quick and a very friendly process. Opening an account is 100% digital – much like Capital.com Australia – and can be completed online in minutes. It took us, during our TMGM review in Australia, around 10 minutes to complete the sign up. Our account was also approved the very next day.
Our TMGM review in Australia noted that this is an ECN broker – meaning that this broker uses an electronic communication network to connect buyers with sellers without any third parties. Traders at TMGM benefit from direct access to other market participants and typically receive better prices and trading efficiency. This TMGM review for Australia acknowledged 50 forex pairs, over 15 indices, precious metals, oil & gas, and more than 15,000 shares across a global marketplace.
Now, MetaTrader 4 looks a little dated when compared to some web traders available online, but it makes up for it in customizability. We felt, during our TMGM review for Australia, that the platform was rather intuitive, and making changes that personalised the platform was very easy. Unlike the mobile counterpart, searching is difficult. We found you couldn’t type an asset into the search function manually, having to rely on searching through the categories instead. Placing orders is a great experience for beginners. The options will be considered limited by experienced traders – stop loss, limit, and margin only – but we also noted a Good ‘til time and Good ‘til cancelled time limits there too.
Mobile users can use MetaTrader 4 on their iOS or Android device. Out MetaTrader 4 test had us accessing the TradeMaxGlobal Live 3 server and found much of the very same functionality as the web trader version. Searching for an instrument is as simple as punching in what you are after at the top of the screen, and it was easy to set up price alerts too. The order window felt the same as the web trader and there were no differences in order time limits or order types.
TMGM keeps things simple just like Trade Nation Australia – two accounts that have subtle differences such commission-free trading and higher spreads. Otherwise, both accounts feature the use of MetaTrader 4 and eventually MetaTrader 5, all available tradable markets at TMGM, and the very same server locations. On both accounts, you’ll find 1:500 maximum leverage, no minimum on stop loss distance, and a minimum lot size of 0.01. We at Wetten especially like the website feature that questions your trading habits in order to best determine which account is best for you.
The Edge account features spreads from 0.0 pips and commissions per lot of $3.5 AUD while the classic account is commission-free and features spreads from 1.0 pips. Not available on the classic account, the Edge account can also be opened as an Islamic Swap-Free account – fully compliant with sharia law and features no swap or rollover interest.
For serious traders, however, TMGM offers 3 Iress accounts: standard, premium, and gold. The minimum deposits for these accounts are $5,000, $10,000, and $50,000 USD respectively. Traders benefit from little to no commissions and the premium and gold accounts have no minimum trade size. Iress traders at TMGM will benefit from genuine exchange pricing, real-time price streaming, and the ability to manage multiple trading portfolios.
We found 2 trading platforms during our TMGM reviews with MetaTrader 5 listed as coming soon:
- MetaTrader 4
- MetaTrader 5 (Coming Soon)
MetaTrader is world-renowned in the trading industry and is described by many as the gold standard trading platform. Many platforms use it such as Ingot Australia. At TMGM, MetaTrader 4 is available as a web trader, mobile app, and desktop application. Iress is a highly advanced, web-based trading platform for retail traders who seek institutional level trading tools. It is available on any web browser and provides traders with far more advanced charting and analytical capabilities than the MetaTrader platforms.
Deposits and withdrawals at TMGM can only be made in AUD, NZD, USD, EUR, and GBP. That’s not many accepted currencies as a base currency when compared to almost any competitors. It won’t be a huge issue for many customers, especially Australian and Kiwi clients, however smaller countries will suffer convention fees when using their unaccepted local currency. The deposit minimum is $100 AUD across all payment method and includes:
- Visa and Mastercard
- Bank Transfer
And many more. The above methods are available in multiple currencies whilst several others are only available in USD or CNY. Most deposits are instant, excluding bank transfers that take 1 – 3 working days or Wise and Revolut that take 1 working day. Our TMGM review found zero fees for making a deposit using any of the payment methods available. There are slightly less withdrawal methods, but they all carry a minimum amount of $100 AUD, take 1 working day and are, once again, fee free.
Our TMGM review found no account fees along with the free deposits and withdrawals. However, there is a $30 AUD inactivity fee if your account is inactive for more than 6 months.
Customer support at TMGM is available 24 hours a day, Monday through to Friday. That extends to 3 different channels in phone support, email, and live chat. The live chat functionality at TMGM is particularly exemplary – during our TMGM review, live chat response times were fast, and responses were always on point. We also noted a unique contact number for 5 different departments including client support, general inquiries, and account opening – all Australian numbers too. Far more extensive than a broker like Global Prime Australia.
Support is provided in 10 languages and high volume traders are privy to VIP client support which allows them direct access to team members and some exclusive events as well. While access to support was good during our TMGM review, we sometimes had to bounce around phone support members to find the right expert to resolve our queries.
The level of regulation that TMGM has signed up to goes a long way to proving trust and security to its customers. Our TMGM review noted 3 major regulatory bodies that TMGM holds licenses from.
- Australian Securities and Investment Commission
- Financial Markets Authority (NZ)
- Vanuatu Financial Services Commission (VAN)
TMGM also ensures an external and independent auditor regularly evaluates their business practices to ensure they are compliant with all obligations set forth by the three regulators. Failing to meet those standards would risk the loss of licensing and TMGM has continued to maintain licences.
Another important component to the reliability of this broker is that customer funds are all held in trusted tier-1 banks separate from the broker’s funds. Funds are held at the National Australia Bank – one of the 4 largest banks in Australia and an authorised deposit-taking institution. Our TMGM review uncovered that for individuals or an organisation of high net worth at TMGM, they are given an added perk – they can request that their funds be held in a separate trust account with access to view the account balance at any time.
Admittedly, educational tools have never been TMGM’s strong suit, but they’ve been working on it. In the TMGM Academy, you’ll find several educational experiences. Firstly, the featured articles contain everything from trading news to advanced tips on forex trading strategy. Market analysis features daily technical outlooks ahead of sessions and the academy now features trading lessons for forex and technical charting. There is also a free demo account for practicing trades, risk-free in a virtual environment.
TMGM is an Australian ECN broker offering tens of thousands of tradable assets including stocks, forex, indices, and more. Unfortunately, our TMGM review in Australia noted no cryptocurrencies available to trade. Fees are very low, and we were very impressed by the execution speeds across all available trading platforms.
Liquidity is very high at this broker, with more than 10 tier-1 liquidity providers and TMGM offered price guarantees because of this. There are no TMGM scam reports either. TMGM is a very reliable broker with an extensive history. Not only that, TMGM is highly regulated by several major regulatory bodies and security is top-notch.
Novice traders will have no problem at TMGM and will be more at home than at a broker like our Think Markets review. There are plenty of educational tools to get you started and a free demo trading account to practice trades and strategies. With several available trading platforms, huge CFD markets, and very low trading fees, TMGM is a seriously competitive broker in Australia.