Our perspective on TMGM
TMGM, an Australian-based brokerage, is a suitable option if you are primarily interested in CFD/forex trading and prefer using the MetaTrader platform. With its wide range of stock CFDs and a decent selection of forex pairs, TMGM offers competitive fees that make it an appealing choice for traders. Opening and funding your account with TMGM is straightforward, and the reasonable minimum deposit requirement of $100 ensures accessibility for a wide range of investors.
However, it is important to note that TMGM may not be the best choice for long-term investors who are looking for a more diverse range of assets. This is because TMGM’s product portfolio is limited to forex, CFDs, and cryptocurrencies, which means that popular asset classes like real stocks and ETFs are not available. While TMGM provides a strong selection of stock CFDs and a decent offering of forex pairs, the lack of other asset classes may deter some investors who are seeking a more diversified investment portfolio.
If you are a casual trader, it is also worth being cautious of the steep inactivity fee that is imposed after six months of no trading activity or if your account balance falls too low. This fee can significantly impact the overall profitability of your trading activities if you do not actively engage in regular trading.
Despite these limitations, TMGM stands out in terms of its low forex fees, making it an attractive option for traders who prioritize cost-effectiveness. With low fees, traders can keep more of their profits and potentially achieve better returns on their investments. Additionally, TMGM does not charge any fees for withdrawals, which further enhances the cost-effectiveness of trading with this brokerage.
When it comes to account opening, TMGM excels in providing a user-friendly and entirely digital process. The account opening process is streamlined and efficient, with our account being approved within a day. This quick turnaround time allows traders to start their trading journey promptly, without unnecessary delays or complications. Furthermore, TMGM offers a variety of deposit and withdrawal options that are free of charge, providing convenience and flexibility for traders.
TMGM utilizes the MetaTrader web trading platform, which is highly customizable and provides a clear fee report. Traders can tailor the platform to their preferences, allowing for a personalized trading experience. However, it is important to note that the platform suffers from an outdated design and lacks essential features such as two-step login and price alerts. These missing features may be a drawback for traders who prioritize security and advanced trading functionalities. While the MetaTrader platform is well-known and widely used in the industry, improvements in terms of design and functionality would greatly enhance the overall trading experience for TMGM users.
On the mobile trading front, TMGM offers an acceptable platform through MetaTrader 4, which is well-designed and user-friendly. Traders can access their accounts and execute trades on the go, providing flexibility and convenience. However, there is room for improvement in terms of implementing a more secure login method. Two-step login or additional security measures would provide an added layer of protection for traders’ accounts and enhance the overall security of the mobile trading platform.
For desktop trading, TMGM’s MetaTrader 4 platform is similar to the web trading platform in terms of design and functionality. Traders can enjoy the same customizable features and access real-time market data. Notably, the desktop platform allows users to set price alerts, which can be a valuable tool for monitoring market movements and executing trades at desired price levels. This feature enhances the trading experience and enables traders to stay informed and make timely trading decisions.
In terms of research tools, TMGM provides user-friendly resources such as trading ideas and an upgraded news feed. These resources can help traders stay informed about market trends and developments, assisting them in making well-informed trading decisions. Additionally, TMGM offers a comprehensive economic calendar, allowing traders to stay updated on important market events and economic indicators. This information can be valuable for planning trading strategies and capitalizing on market opportunities.
When it comes to customer service, TMGM shines with its excellent phone, email, and live chat support that is available 24/7. Traders can rely on prompt and relevant assistance whenever they need it, ensuring a smooth trading experience. The availability of multiple communication channels and round-the-clock support enhances the overall customer service experience and provides peace of mind to traders.
TMGM also offers educational resources such as texts and webinars, along with a demo account for practice. These resources can be valuable for traders who are looking to enhance their knowledge and skills in trading. The educational texts and webinars provide valuable information and insights into various trading strategies and market analysis techniques. However, it is worth noting that tutorial videos and general educational videos are currently lacking, which may be a drawback for some traders seeking a more comprehensive learning experience. The addition of tutorial videos and educational videos would further enrich the educational resources provided by TMGM, catering to different learning preferences and enhancing the overall learning experience for traders.
In terms of safety, TMGM is regulated by several financial authorities, including the top-tier ASIC. This regulation provides a level of oversight and accountability, ensuring that TMGM operates within the required legal and regulatory frameworks. While TMGM does not offer investor protection, it does provide AUD 2.5 million single insurance coverage. This insurance coverage adds an extra layer of security for traders, protecting their funds in the event of any unforeseen circumstances.
In summary, TMGM is a suitable choice for traders who are primarily interested in CFD/forex trading and prefer the MetaTrader platform. With its competitive fees, low forex fees, and easy account opening process, TMGM offers accessibility and cost-effectiveness. However, it is important to consider the limitations of TMGM’s product portfolio and the inactivity fee for casual traders. The lack of asset classes beyond forex, CFDs, and cryptocurrencies may limit the investment options for long-term investors. Additionally, improvements in platform design and educational resources would enhance the overall trading experience for TMGM users. Despite these areas for improvement, TMGM provides solid trading services and support, and traders can rely on its customer service for prompt and relevant assistance. The regulatory oversight and insurance coverage further add to the safety and security of trading with TMGM.