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EightCap , TMGM Broker Comparison

Do you want to know which is the better broker between EightCap and TMGM ?

In the table below, you can compare the features of EightCap , TMGM side by side to determine the best fit for your needs.

  • Rating
  • Basic Information
  • Benchmark
  • Account Information
  • Relevant information
  • Relevant exposure
  • Rating
  • Basic Information
  • Benchmark
  • Account Information
  • Relevant information
  • Relevant exposure
 2 / 3   brokers in total
Rating
Score
Regulatory Status
WikiFX Guarantee
WikiFX Survey
Risk Evaluation
Exposure
Basic Information
Established
Regulatory license
MT4
MT5
Crypto
Deposit and withdrawal method
Benchmark
environment rating
Transaction Speed
Transaction speed rating
Average transaction speed
The highest transaction speed
The highest speed of opening positions
The highest speed of closing position
Slowest transaction speed
The lowest speed of opening positions
The lowest speed of closing position
Trading slippage
Transaction slippage rating
Average slippage
Maximum transaction slippage
Maximum positive slippage
Maximum negative slippage
Transaction Cost
Transaction cost rating
  • Average transaction cost
  • (EURUSD)
  • Average transaction cost
  • (XAUUSD)
Rollover Cost
Rollover cost rating
  • Average transaction cost
  • (EURUSD)
  • Average transaction cost
  • (XAUUSD)
Disconnection results
Software disconnection rating
Average disconnection frequency (times/day)
Reconnection time
Account Information
Accounts
Account name
Products
Deposit REQ
Maximum Leverage
Spread of majors
Forced Liquidation Ratio
Spread Types
Minimum Position
Crypto
Lock postition
Scalping
EA trading
EightCap
7.89
Regulated
Under guarantee
15-20 years
ASIC,FCA,CYSEC,SCB
UnionPay,USDT,Wire transfer
A
A
464.2
1
1
1
1999
1999
1937
B

EURUSD: 0.4

XAUUSD: 1

27
-1
27
AAA
9.44 USD/Lot
13.97 USD/Lot
B

Long: -6.79

Short: 2.35

Long: -25.86

Short: 8.02

C
0.3
518.2
Raw,Standard
--
$100
--
From 0.0
50.00
varied
0.01
--
TMGM
7.77
Regulated
Under guarantee
10-15 years
ASIC,FMA,VFSC
--
AA
A
492.9
45
72
45
1998
1998
1985
AA

EURUSD: -0.3

XAUUSD: 0.5

29
-5
29
AA
11.4 USD/Lot
26.48 USD/Lot
A

Long: -6.15

Short: 2.22

Long: -33.54

Short: 19.88

AAA
0.1
188.7
Edge ,Classic
FX: 56 Bullion: 3 Oil: 2 CFD: 20 Crypto: 12 Shares: 48
$100
1:500
From 0
0.00
--
0.01
--

EightCap 、 TMGM BrokersRelevant information

EightCap 、 TMGM BrokersRelevant exposure

Which broker is more reliable?

You can determine the reliability and credibility of a broker by checking four factors:

1.Forex broker introduction。

2.Are the transaction costs and expenses of eightcap, tmgm lower?

3.Which broker is safer?

4.Which broker provides better trading platform?

Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:

Forex broker introduction

eightcap
Eightcap Basic Information
Registered Country/Area Australia
Founded in 2009
Regulation ASIC,FCA, SCB
Minimum Deposit $100 USD
Trading Assets Forex, Cryptocurrencies, Indices, Commodities, Shares
Trading Platform MetaTrader 4, MetaTrader 5, Webtrader
Spreads Starting from 0.0 pips
Commissions $3.5 per side per lot
Leverage Up to 1:500
Demo Account Available
Islamic Account Available
Deposit Methods Credit/debit cards, bank transfer, Skrill, Neteller, and more
Withdrawal Methods Same as deposit methods
Customer Support 24/5 live chat, phone, email support, FAQ section
Educational Resources Webinars, Trading Guides, Videos, Economic Calendar
Bonus Offers No bonus offers available

General Information

Eightcap is a popular online forex and CFDs broker that offers access to trade various financial markets. The broker was founded in 2009 in Melbourne, Australia, and has since expanded its presence to other regions such as Europe, Asia, and the Middle East. Eightcap prides itself on providing a user-friendly trading experience, robust trading platforms, and competitive trading conditions for its clients.

The broker offers a wide range of financial instruments to trade, including Forex, Indices, Commodities, Shares, and Cryptocurrencies. Clients can access these markets through the popular trading platforms, MetaTrader 4 and MetaTrader 5. The broker also offers two types of account types to suit the individual needs of its clients, including Standard, Raw Spread, with the minimum deposit of $100 for both accounts.

Eightcap also places a strong emphasis on education, offering various educational resources to help traders improve their trading skills and knowledge. These resources include trading articles, video tutorials, webinars, and a comprehensive trading glossary. Lastly, the broker provides a 24/5 multilingual support team to assist clients with any questions or concerns they may have.

In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on.

We will also briefly summarize the main advantages and disadvantages so that you can understand the broker's characteristics at a glance.

General information

Is Eightcap legit or a scam?

Yes, Eightcap is considered a legitimate broker, regulated by reputable financial authorities such as the FCA, ASIC, and SCB. These regulatory bodies impose strict rules and regulations on the broker to ensure they operate in a fair and transparent manner, thereby providing traders with a safe and secure trading environment.

EIGHTCAP PTY LTD, its Australian entity, is authorized and regulated by the Australia Securities & Investment Commission (ASIC) under the regulatory license number 391441.

regulation

Eightcap Group Ltd, its UK entity, is authorized and regulated by the Financial Conduct Authority (FCA) under the regulatory license number of 921296.

regulation

Eightcap Global Limited, the international entity, is authorized and regulated by the Security Commission of the Bamas (SCB) under the regulatory license number of SIA-F220.

regulation

Pros and Cons

Eightcap is a global forex and CFD broker offering a variety of features and benefits that make it an attractive choice for traders of all levels. One of the primary advantages of Eightcap is its range of trading instruments, including forex, indices, commodities, and cryptocurrencies. This diversity allows traders to take advantage of a wide range of market opportunities and build diversified portfolios.

In addition to its broad range of trading instruments, Eightcap also offers competitive trading conditions, such as tight spreads and low commissions, which can help traders maximize their profits. The broker also provides access to multiple trading platforms, including MetaTrader 4 and 5, as well as a proprietary platform, allowing traders to choose the platform that best suits their needs.

While there are many benefits to trading with Eightcap, there are also some potential drawbacks to consider. One of these is the limited selection of educational resources, which may be a disadvantage for novice traders. Additionally, the broker does not currently offer social trading options, and 24/7customer support.

Pros Cons
Regulated by top-tier financial authorities Limited range of account types
Low minimum deposit of $100 No social trading options
Competitive spreads and commission fees compared with other brokers No proprietary trading platform
Offers MT4 and MT5 trading platforms No Islamic accounts
Wide range of tradable assets including CFDs No 24/7 customer support
Access to educational resources and trading tools Inactivity fee charged after 6 months of no trading activity
Multilingual customer support
Demo accounts available
Wide selection of payment methods

Market instruments

Currency pairs, indices, commodities, metals, energy, cryptocurrencies, stocks.....EightCap allows clients to access a huge range of trading markets. Therefore, both beginners and experienced traders can find what they want to trade on EightCap.

market instruments
Pros Cons
Wide range of market instruments including forex, indices, commodities, shares, and cryptocurrencies Limited selection of shares compared to some other brokers
Access to multiple trading platforms including MetaTrader 4 and 5 Higher spreads for some cryptocurrency pairs
No fees for deposits and withdrawals Limited leverage for cryptocurrency trading
Negative balance protection for all clients Inactivity fee charged for accounts that are inactive for six months or more
Ability to use Expert Advisors and automated trading strategies No guaranteed stop-loss orders
Limited educational resources compared to some other brokers
No social trading capabilities

Spreads and Commissions

Eightcap offers competitive spreads and commissions on their trading instruments. The spreads on forex pairs start from as low as 0.0 pips on the Raw account and 1.0 pips on the Standard account. The commissions charged on forex trades start from $3.50 per lot round trip on the Raw account and there are no commissions on the Standard account.

For indices, the spreads start from 0.5 pips on the Raw account and 1.0 pips on the Standard account. There are no commissions charged on indices trading. The spreads on commodities trading start from 0.03 pips on the Raw account and 0.5 pips on the Standard account, and there are no commissions charged on commodities trading. The spreads and commissions may vary depending on market conditions and the type of account held by the trader.

The following table compares the spreads on EUR/USD, gold, and popular indices like US 500, UK 100, and AUS 200 offered by four leading brokers: Eightcap, eToro, IC Markets, and Exness.

Instrument Eightcap eToro IC Markets Exness
EUR/USD 0.0 pips (raw) 1.0 pips (fixed) 0.1 pips (raw) 0.1 pips (raw)
Gold $0.30 (raw) $0.45 (variable) $0.28 (raw) $0.30 (raw)
US 500 0.4 pips (raw) 0.75 pips (fixed) 0.4 pips (raw) 0.2 pips (raw)
UK 100 1.0 pips (raw) 1.5 pips (fixed) 1.0 pips (raw) 0.6 pips (raw)
AUS 200 0.9 pips (raw) 1.0 pips (fixed) 0.5 pips (raw) 0.6 pips (raw)

Non-Trading Fees

Eightcap charges non-trading fees, which are fees not directly related to trading, such as deposit and withdrawal fees, inactivity fees, and currency conversion fees. For deposits, Eightcap does not charge any fees, but there may be fees charged by the payment provider or bank. Withdrawals made via bank transfers are free, but there is a fee of $10 for withdrawals via credit/debit cards.

Additionally, Eightcap charges an inactivity fee of $50 per quarter if there are no trades or account activity for a period of 90 days or more. It's important to note that this fee is only charged if there are sufficient funds in the account, and it does not apply to demo accounts.

Eightcap also charges a currency conversion fee of 0.5% for clients who deposit or withdraw in a currency other than their account base currency. This fee can be higher for certain currencies, so it's important to check with Eightcap for the exact fee amount. Overall, while Eightcap does charge some non-trading fees, they are competitive with other brokers in the industry.

Account Types

Demo Account: EightCap provides a demo account that allows you to try out the financial markets without the risk of losing money.

Live Account: We have 2 types of accounts at EightCap: raw and standard. Both have a minimum deposit of 100 USD, which is quite friendly for beginners. Their most relevant differences consist in the spreads, the raw account has a lower spread.

account types

Demo Accounts

Aside from two types of live trading accounts, Eightcap offers a demo account for traders who want to practice and test their trading strategies without risking real money. The demo account is free and is designed to simulate real market conditions, allowing traders to get a feel for the platform and instruments before they start trading with a live account. The demo account is funded with virtual money and offers access to the same features as the live account, including a range of instruments and trading platforms.

demo-account

How to open an account?

Opening an account with Eightcap is a straightforward process that can be completed in just a few simple steps.

First, interested individuals need to visit the Eightcap website and click on the “Creative Account” button.

open-account

From there, you will be directed to a page where you can select the account type they wish to open, either the Standard or Raw account.

open-account
open-account

After choosing the desired account type, potential clients will be required to provide some personal information, including their full name, email address, and phone number. They will also need to provide proof of identification and residency, which can be done by uploading a copy of a passport or driver's license and a recent utility bill or bank statement.

Once the required information has been submitted and verified, clients can fund their accounts by choosing from one of the available payment methods, such as bank transfer or credit card. After the account has been funded, clients can then start trading on the platform.

Trading Platforms

Eightcap offers multiple trading platforms, including the popular MetaTrader 4 and MetaTrader 5 platforms. These platforms are known for their user-friendly interface and advanced charting tools, making it easier for traders to analyze market data and make informed trading decisions. Additionally, Eightcap also provides a web-based trading platform that can be accessed from any device with an internet connection. This platform is ideal for traders who prefer a simpler interface or who don't want to download and install software on their device.

trading-platform

With the MetaTrader platforms, Eightcap offers a range of customizable features, including the ability to use custom indicators and expert advisors. These platforms also provide access to real-time market data and allow traders to execute trades quickly and efficiently. Traders can also use the platforms to set up automated trading strategies, which can be particularly useful for those who want to trade around the clock.

trading-platform

Furthermore, Eightcap's web-based trading platform is designed to offer a streamlined trading experience. It includes essential features such as real-time market news, customizable charts, and advanced order types. The platform also offers access to a range of educational resources, including trading videos, webinars, and tutorials, which can be helpful for new traders looking to improve their skills.

 trading-platform
Broker Trading Platforms Desktop Web-based Mobile
Eightcap MT4, MT5, WebTrader Yes Yes Yes
eToro eToro Platform Yes Yes Yes
Exness MT4, MT5, WebTerminal, Exness Trader App Yes Yes Yes
IC Markets cTrader, MT4, MT5 Yes Yes Yes

Leverage Offered

The maximum leverage is determined by the regulator; the maximum ASIC leverage is only 1:30, but the Bahamas SCB allows a leverage of 1:500. However, other trading conditions may vary accordingly and you can decide for yourself.

High leverage is ideal for active traders and scalpers, as it presents greater trading flexibility in general, which directly impacts profitability, but new users are advised to operate with caution with such large leverage.

leverage

Deposit and Withdrawal

Eightcap offers a variety of deposit and withdrawal methods to cater to its clients' needs. Clients can deposit funds into their account using various methods, including credit/debit cards, bank transfers, and popular e-wallets like Neteller, Skrill, and FasaPay.

One of the advantages of Eightcap's deposit and withdrawal system is that it supports multiple currencies, including USD, EUR, AUD, GBP, CHF, and SGD. This allows clients from different parts of the world to transact in their preferred currency.

Eightcap does not charge any deposit fees, but clients may incur fees when depositing or withdrawing funds through certain payment methods. For example, bank transfers may incur fees from the client's bank or intermediary banks involved in the transaction.

deposit-withdrawal
deposit-withdrawal
deposit-withdrawal
deposit-withdrawal
deposit-withdrawal
deposit-withdrawal
deposit-withdrawal

Clients can withdraw their funds through the client portal area, or contact their account manager to withdraw funds. Withdrawals can be made using the same methods used for deposits, with the exception of credit cards, which can only be used for deposits. It's worth noting that withdrawals can only be made to the same account that was used to make the deposit, in compliance with anti-money laundering regulations.

With their policy of processing all withdrawal requests submitted before 01:00 PM AEST/AEDT Monday to Friday on the same business day, you can expect to receive your funds quickly and without any delays. This is particularly convenient for traders who need to access their funds urgently or simply prefer a broker with fast and reliable payment processing.

Pros Cons
Fast processing time for deposits Withdrawal Limits
Wide selection of deposit methods available Fees may apply for certain deposit methods
No fees for withdrawals Withdrawal time through some methods may be slow
Withdrawals processed on the same day Some deposit methods may not be available in certain countries or regions
Withdrawals may be subject to additional verification or security procedures

Educational Resources

Eightcap offers various educational resources to help traders improve their skills and knowledge in the financial markets. Here are some of the educational resources provided by Eightcap:

  • Video Tutorials: Eightcap provides a range of video tutorials that cover various trading topics, including technical analysis, trading strategies, risk management, and more. These videos are designed to help traders of all levels learn more about the financial markets.

  • Trading Guides: Eightcap offers a range of trading guides that cover various financial instruments, such as forex, stocks, indices, and commodities. These guides provide valuable insights into the markets and can help traders make more informed trading decisions.

  • Webinars: Eightcap regularly hosts webinars on various trading topics, which are presented by industry experts. These webinars are an excellent way to learn more about the financial markets and interact with other traders.

  • Economic Calendar: Eightcap provides an economic calendar that displays upcoming economic events and announcements that may impact the markets. This calendar can be a useful tool for traders who trade based on news events.

  • Trading Glossary: Eightcap provides a comprehensive trading glossary that defines various trading terms and concepts. This glossary can be a useful resource for traders who are new to the markets.

Pros Cons
1. Video tutorials cover a range of topics 1. Limited number of webinars offered
2. Trading guides available for various instruments 2. No dedicated educational courses offered
3. Webinars presented by industry experts 3. Economic calendar is basic
4. Economic calendar available
5. Comprehensive trading glossary available

Customer Support

Eightcap's representatives are fluent in several languages, including English, Spanish, Chinese, and Arabic, among others. This ensures that clients from all over the world can receive assistance in their native language, which can be particularly helpful when dealing with complex issues.

In addition to a multilingual team, Eightcap offers several support channels, including live chat, phone, and email. Their live chat feature is available 24/5, which means clients can get instant assistance whenever they need it. Phone support is also available during business hours, and email support promises a response within 24 hours.

educational-resources
educational-resources

In addition, Eightcap has an extensive FAQ section on its website that covers various topics, such as account opening, trading platforms, funding and withdrawals, and trading conditions.

Pros Cons
24/5 live chat and phone support No 24/7 customer support
Multilingual support No dedicated account manager
Email support available No social media support
FAQ section on website No in-person support

Conclusion

In conclusion, Eightcap seems like a solid choice for traders looking for a reliable broker with a wide range of instruments, competitive pricing, and user-friendly platforms. Their customer support is also top-notch, with various ways to get in touch and a comprehensive FAQ section. While their educational resources may not be as extensive as some other brokers, they still provide useful tools and market analysis to help traders stay informed. The only potential downside is the lack of proprietary trading platforms, but with MT4, MT5, and WebTrader available, there's still plenty of options to choose from.

FAQs

Q: Is Eightcap regulated?

A: Yes, Eightcap is regulated by the Australian Securities and Investments Commission (ASIC) and the Vanuatu Financial Services Commission (VFSC).

Q: What trading platforms does Eightcap offer?

A: Eightcap offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and WebTrader.

Q: What are the minimum deposit requirements for Eightcap?

A: The minimum deposit requirement for Eightcap's Standard account is $100.

Q: What is the maximum leverage available at Eightcap?

A: The maximum leverage available at Eightcap is 1:500.

Q: Does Eightcap charge commissions on trades?

A: Eightcap does not charge commissions on trades, but it does charge spreads.

Q: What is customer support like at Eightcap?

A: Eightcap offers customer support via live chat, phone, and email. Its customer support team is available 24/5.

Q: Does Eightcap offer educational resources?

A: Yes, Eightcap offers educational resources such as news and analysis,videos, trading guides, and webinars.

Q: How long does it take to withdraw funds from Eightcap?

A: Withdrawal requests submitted before 1:00 PM AEST/AEDT on business days are processed on the same day. However, the time it takes for funds to reach your account depends on the payment method you use.

Q: Can I open a demo account with Eightcap?

A: Yes, Eightcap offers a demo account that allows traders to practice their trading strategies without risking real money.

Q: What financial instruments can I trade at Eightcap?

A: Eightcap offers a wide range of financial instruments, including forex, indices, commodities, and shares.

tmgm

Let's Start Here:

TMGM appears to a respected forex broker, presenting access to more than 12,000 spanning forex, CFDs, and cryptocurrencies. Traders can enjoy competitive spreads across various instruments, exemplified by the EUR/USD currency pair with an average spread of around 0.1 pips. Moreover, TMGM extends a diverse set of trading platforms, notably including MetaTrader 4 and IRESS. Besides, TMGM enriches the trading journey with rich educational resources and trading tools. Lastly, 24/7 multilingual customer support stands ready. However, the question remains: Does TMGM truly live up to its claims? Let's explore more.

Pros & Cons

.TMGM has some strong points: solid regulation, competitive costs, lots of assets, and top-notch support. But there are a couple of downsides, like inactivity fees and no MT5 yet.

Pros Cons
• ASIC and FMA regulation • No US clients accepted
• Competitive spreads and low commissions • Inactivity fees applied
• Over 12000 trading instruments •MT5 not provided yet
• Both MT4 and IRESS platforms offered
• 24/7 multilingual cutsomer support
• Multiple account types with flexible options
• Rich educational resources
• High leverage up to 1:500

Overview

TMGM Review Summary in 10 Points
Founded 2013
Headquarters Sydney, Australia
Regulation ASIC, FMA,VFSC
Market Instruments forex, indices, shares, futures, precious metals, energies and cryptocurrencies
Demo Account Available
Leverage 1:500
EUR/USD Spread 1.0 pips
Trading Platforms MT4, MT5 (coming soon), IRESS
Minimum deposit $100
Customer Support Live chat, phone, email

What is TMGM?

Founded in 2013 and headquartered in Sydney, Australia, TMGM is an online ECN/STP broker. Notably, in 2016, TMGM introduced its MetaTrader 5 platform. Subsequently, the company achieved FCA membership in the UK during 2017. The year 2019 witnessed the launch of TMGM's mobile trading app, further enhancing accessibility. By 2021, TMGM's reach expanded to encompass over 200 countries worldwide.

Offering a diverse array of more than 12,000 trading instruments spanning forex, commodities, cryptocurrencies, and stocks, TMGM caters to traders through popular platforms including MetaTrader 4 (MT4) and Iress.

basic-info

Is TMGM Legit?

TMGM, a regulated broker, holds authorization from the tier-one regulator ASIC and is also licensed by the New Zealand Financial Markets Authority (FMA). Additionally, TMGM's international operations are overseen by the VFSC in Vanuatu offshore. Now, let's quickly delve into TMGM's regulations and licenses, which will shed light on how the broker ensures compliance with industry standards and protects clients.

Regulated Country Regulated Authority Regulated Entity License Type License Number
ASIC TRADEMAX AUSTRALIA LIMITED Market Making(MM) 436416
FMA TRADEMAX GLOBAL MARKETS (NZ) LIMITED Market Making(MM) 569807
VFSC Trademax Global Limited Retail Forex License 40356

Under the oversight of ASIC, a prominent tier-1 regulatory authority, TMGM's Australian branch known as TRADEMAX AUSTRALIA LIMITED operates with regulatory number 436416. This entity is licensed for Market Making (MM). As per the stringent rules set by ASIC, which is globally recognized, brokers must ensure the safety of clients' funds.

regulation

Supporting TMGM's ASIC license, an investigation team from WikiFX visited the company's registered address in Australia. This visit, conducted in person, revealed that the company is operating smoothly and on a large scale. This direct observation by the investigator enhances our confidence in TMGM's legitimacy and highlights its strong and credible operations under ASIC's regulation.

regulation
regulation

TMGM's another entity, the entity in New Zealand known as TRADEMAX GLOBAL MARKETS (NZ) LIMITED, similarly, holds a Maket Making (MM) lincense from the authorization of FMA.

regulation

Lastly, TMGM's international branch, Trademax Global Limited, operates under the regulation and authorization of VFSC offshore, holding a license for retail forex activities.

regulation

Market Instruments

TMGM goes above and beyond by offering an impressive collection of 12,000+ trading instruments, setting it apart as a broker with an exceptional range of options, covering 60 currency pairs, indices, and stocks sourced from major global exchanges. Moreover, TMGM extends its offerings to include futures, as well as sought-after precious metals like gold and silver. Adding to the mix are energies such as oil and natural gas, not to mention a selection of 10 cryptocurrencies like Bitcoin, Ethereum, and Litecoin.

Trading Assets Available
Forex
label
Shares
label
Energies
label
Indices
label
Precious Metals
label
Cryptocurrencies
label
Futures
label
Indices CFD Dividend
label
Shares CFD Dividend
label
ETFS
label
Stocks
label
Options
label
markets

Account Types

TMGM tailors its account types to match the chosen trading platform. If you're using the MetaTrader 4 platform, they provide EDGE and CLASSIC accounts. Opting for the IRESS trading platform brings you a choice of STANDARD, PREMIUM, and GOLD accounts. Plus, for those who prefer Swap Free accounts or want to practice with demo accounts, TMGM offers those options as well.

MT4 Accounts: EDGE and CLASSIC

Both accounts require a minimum deposit of $100, quite reasonable for most regular traders to get started.

Classic Edge
Min Deposit $100 $100
Min Lot Size 0.01 Lot 0.01 Lot
Max Leverage 1:500 1:500
Funding Free Free
Execution Type ECN ECN
EA Available
label
label
Islamic Account
label
label
Hedging Allowed
label
label

IRESS Accounts: STANDARD, PREMIUM and GOLD

The minimum deposit requirement is $5,000 for STANDARD Account, $10,000 for PREMIUM Account, and $50,000 for GOLD Account. When it comes to fees, the Standard account entails a platform fee of $35 USD or $45 AUD per month. The Premium and Gold account holders, on the other hand, enjoy fee-free access to the platform. Additionally, all account types are subject to a data fee for each exchange they use.

Standard Premium Gold
Minimum Deposit $5,000 USD $10,000 USD $50,000 USD
Platform Fee $35 USD or $45 AUD / per month No Fee No Fee
Data Fee For Every Exchange For Every Exchange For Every Exchange
Min. Commission $ 10 N/A N/A
Commission Rate (cps) 2.25 7 1.8
Minimum(Trade Size) 333Shares N/A N/A
Financing Libor+3.5%/-3.5% Libor +3%/-3% Libor +2.5%/-2.5%
Demo Account
label
label
label

Swap-Free Account

TMGM also provides a Swap Free account for those who are unable to pay or receive interest owing to their religious convictions. To open a Swap-Free account, you'll need to have an Edge account, which requires a minimum of $100 and a minimum lot size of 0.01.

Demo Account

Demo trading accounts are available through TMGM for anyone interested in testing the waters before opening a real account. These accounts allow you to test out the broker's services before committing any real money. In addition, it provides a means of learning as much as possible about TMGM before you commit to an investment account.

The MetaTrader4 trading platform (which we'll come to in a moment) is available to demo accounts for an entire year. However, in the event of inactivity for six months, your access will be terminated. A $5,000, $10,000, or $50,000 virtual currency balance is available to you.

Leverage

TMGM offers quite a high trading leverage up to 1:500 on all account types. Forex products trading can use leverage of up to 1:500, indices and energy with leverage of 1:100, and precious metals featuring 400x leverage.

Here's a table comparing leverage provided by major industry players. Notably, TMGM offers relatively higher leverage, though it appears somewhat more cautious compared to the other three competitors. However, users should remember that high leverage is a two-edged tool with potential risks.

Broker Exness FXTM IC Markets TMGM
Leverage Up to 1:Unlimited Up to 1:2000 Up to 1:500 Up to 1:500

Spreads & Commissions

TMGM offers competitive spreads and commissions on their trading instruments. The exact spreads and commissions vary depending on the account type and trading platform used. The spreads on CLASSIC accounts start at 1.0 pips, with no commission charged, while the spreads on EDGE accounts start at 0.0 pips, and a commission of $7 (round turn) is charged per lot.

Generally, TMGM offers tight spreads on major forex pairs such as EUR/USD, with spreads as low as 0.0 pips. Commissions may be charged on some trading instruments, such as shares and futures. However, these commissions are generally competitive compared to other brokers in the industry.

Below is a comparison table about spreads and commissions charged by different brokers:

Broker EUR/USD Spread Commission
TMGM 0.0 pips $7 per round turn
Pepperstone 0.09 pips $3.5 per lot
eToro 1.0 pips $0
IG 0.6 pips $0
Plus500 0.8 pips $0
XM 0.9 pips $0

Note that commission rates may vary based on account type and trading volume, and spread rates may also vary depending on market conditions.

Trading Platforms

TMGM offers two popular trading platforms for their clients: MetaTrader4 (MT4) and IRESS.

Available Devices PC, Mac, Mobile ( OS and Android)
Language English
Scalping
label
Hedging
label
Automated Trading
label
One-click Execution
label
Web-based Trading
label
Mobile Trading
label
MT5
label
IRESS
label
cTrader
label
Proprietary Platform
label

MT4 is a popular and widely used platform that provides advanced charting tools, technical analysis indicators, and customizable trading robots. It also supports a variety of order types and execution modes, allowing for flexible and efficient trading.

trading-platform

IRESS, on the other hand, is a more sophisticated and feature-rich platform that is designed for more experienced traders. It offers advanced order management, risk management, and portfolio analysis tools, as well as advanced charting and technical analysis capabilities.

Both platforms are available on desktop, mobile, and web versions, providing traders with the flexibility to trade on their preferred device.

trading-platform

Additionally, MetaTrader5 is not provided yet, and according to the announcement of TMGM's website, this popular trading platform is coming soon.

Trading Tools

TMGM provides its traders with various trading tools to enhance their trading experience. These tools include:

  • Trading Calendar: A calendar that shows the dates and times of upcoming economic events, including central bank meetings, interest rate decisions, and other important announcements.

  • Market Sentiment Tool: A tool that allows traders to gauge market sentiment by analyzing the number of long and short positions held by other traders.

  • ForexVPS: A virtual private server that allows traders to run their trading strategies 24/7 without the need for a personal computer.

  • Trading Central: A research platform that provides traders with market analysis, trading ideas, and technical analysis tools to help them make informed trading decisions.

  • Traders Terminology: Type the keyword or term that you are looking for or select the letters to see the list of words.

  • Max-Calculator : The Max-Calculator is one of the best ways to help traders quickly evaluate the possible outcome of potential transactions or actions. In addition, this calculator will also help you calculate the margin easily.

Educational Contents Available
HUBx
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Trading Calendar
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Market Sentiment Tool
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ForexVPS
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Trading Central
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Traders Terminology
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Max-Calculator
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Deposits & Withdrawals

TMGM minimum deposit vs other brokers

TMGM Most other
Minimum Deposit $100 $100

The minimum deposit and withdrawal amount is both $100. Depositing doesn't cost anything, but the time it takes and the currency options depend on your chosen payment method. Be aware, though, that some deposit methods like Union Pay, FasaPay, Visa, and MasterCard can't be used for withdrawals.

Payment Options Currencies Min.Deposit Min.Withdrawal Fees Processing Time ( Deposit) Processing Time ( Withdrawal)
NZD, USD, AUD, EUR, CAD $100 $100 $0 1-3 Working Day 1 Working Day
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USD $100 $100 $0 Instant 1 Working Day
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NZD $100 N/A $0 1 Working Day N/A
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USD $100 $100 $0 Instant 1 Working Day
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USD, EUR, GBP, AUD, NZD, CAD $100 $100 $0 1 Working Day 1 Working Day
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USD, EUR, GBP, AUD, NZD, CAD $100 $100 $0 1 Working Day 1 Working Day
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CNY $100 N/A $0 Instant N/A
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CNY $100 $100 $0 Instant 1 Working Day
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USD $100 N/A $0 Instant N/A
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USD, EUR, GBP, AUD, NZD, CAD $100 N/A $0 3 Working Days N/A
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MYR, THB, IDR, VND $100 $100 $0 Instant N/A
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USD, EUR, GBP, AUD, NZD, CAD $100 N/A $0 Instant N/A
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USD, EUR, GBP, AUD, NZD, CAD $100 N/A $0 Instant N/A

Other Fees

TMGM charges various fees, including spreads and commissions that we have mentioned before, as well as overnight financing fees. The specific fees vary depending on the type of account and trading platform used. TMGM does not charge any deposit or withdrawal fees, but clients may incur fees from their payment providers.

Additionally, TMGM charges an inactivity fee of $10 per month if there is no activity in the trading account for a period of six months or more. This fee will be deducted from the available balance of the account. However, if the available balance is less than $10, no inactivity fee will be charged. It is important to note that the inactivity fee is a common practice in the industry and is designed to encourage active trading and to offset the costs of maintaining inactive accounts.

See the fee comparison table below:

Broker Deposit Fee Withdrawal Fee Inactivity Fee
TMGM Free Free $10/month after 6 months of inactivity
Pepperstone Free Free for Australian Bank Transfer, $20 for International Transfer $0 after 12 months of inactivity
eToro Free $5 $10/month after 12 months of inactivity
IG Free $1 for AUD, CAD, and USD, £1 for GBP, €1 for EUR $18/month after 24 months of inactivity
Plus500 Free $1.5-$10 depending on withdrawal method $10/month after 3 months of inactivity
XM Free Free $5/month after 90 days of inactivity

Customer Support

TMGM offers customer support through multiple channels including live chat, phone, email, and social media (YouTube, Twitter, Facebook, Instagram and LinkedIn).

Contact Channels Details
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+612 8036 8388
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support@tmgm.com
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24/7
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Sydney office, Melbourne Office, Adelaide Office, Canberra Office, Auckland Office
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https://www.facebook.com/TMGMgroup
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https://twitter.com/TMGMgroup
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https://www.youtube.com/tmgmgroup
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https://www.instagram.com/tmgmgroup/
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https://www.linkedin.com/company/tmgmgroup
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https://api.whatsapp.com/send/?phone=61452597488&text&app_absent=0

You'll find an extensive and user-friendly FAQ section right on their website, covering a wide range of topics, from account setup to trading strategies, making it an invaluable tool for traders of all levels.

Pros Cons
• Multiple languages supported • No dedicated account manager or personal service
• Quick response times to inquiries • Limited availability on weekends and holidays
• Personalized service with tailored solutions

Educational Resources

TMGM's special feature is TMGM Academy, and it's available in addition to the usual customer service. You may get a thorough education in foreign exchange trading by enrolling in the TMGM Academy. There are three levels to choose from Basic, Intermediate, and Expert.

The beginner stage prepares you for your journey into forex trading. The Beginner Stage develops a strong foundation based on understanding margin trading, how to read various types of charts, plus an introduction to trading instruments, oscillators, indicators, and support plus resistance.

TMGM Academies Intermediate Stage starts focusing on more technical aspects of forex trading. This includes considering indicators like MACD, RSI, ATRs, Moving Averages, and more. Additionally, TMGM introduces Fibonacci and Fundamental analysis, plus effective ways to employ them in trading.

The Advanced Stage in the TMGM Academy is where traders get deep into various trading strategies and how to apply them. This stage includes learning about advanced forms of Fibonacci extensions and retracements, RSI, correlation, and trade management.

Conclusion

To sum it up, TMGM stands out as a respected and regulated broker. They offer a diverse set of trading options and platforms, including the sought-after MetaTrader4 and IRESS. Plus, they shine when it comes to customer service and educational materials. Not to mention, their spreads and commissions are pretty darn competitive too. Now, the ball's in your court when it comes to choosing whether to go with this broker or explore other options. Hopefully, this review has shed some light on your decision-making process.

Frequently Asked Questions (FAQs)

Q1: Is TMGM regulated?

A1: Yes. It is regulated by ASIC, FMA and VFSC.

Q2: At TMGM, are there any regional restrictions for traders?

A2: Yes. Products and Services offered on their website are not intended for residents of the United States.

Q3: Does TMGM offer demo accounts?

A3: Yes, demo accounts are available.

Q4: Does TMGM offer the industry-standard MT4 & MT5?

A4:Yes. It supports MT4, and MT5 is coming soon.

Q5: What is the minimum deposit for TMGM?

A5: The minimum initial deposit at TMGM to open an account is $100.

Are the transaction costs and expenses of eightcap, tmgm lower?

To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).

To get a comprehensive understanding of how cheap or expensive eightcap and tmgm are, we first considered common fees for standard accounts. On eightcap, the average spread for the EUR/USD currency pair is From 0.0 pips, while on tmgm the spread is From 0.

Which broker between eightcap, tmgm is safer?

To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.

eightcap is regulated by ASIC,FCA,CYSEC,SCB. tmgm is regulated by ASIC,FMA,VFSC.

Which broker between eightcap, tmgm provides better trading platform?

When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.

eightcap provides trading platform including Raw,Standard and trading variety including --. tmgm provides trading platform including Edge ,Classic and trading variety including FX: 56 Bullion: 3 Oil: 2 CFD: 20 Crypto: 12 Shares: 48.

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