What makes a good broker?
Having a good broker is a vital part of trading. There are a few aspects that you need to look at before deciding which broker you should choose. Here are some of the most important variables to keep in mind when doing research on brokers:
- Are they regulated by one or more regulators?
- Is there a selection of accounts with spreads, fees and deposits/withdrawals that satisfy your needs?
- Is there a wide variety and quantity of currency pairs available for trading?
- Do they have good customer service?
- Are they using quality trading platforms and tools to give you the best trading experience?
- Do they make research and educational resources readily available to you?
Only if a broker has all the qualities you are looking for, should you trade through them. It is unnecessary to settle with a brokerage that does not offer everything you need. There are so many choices and at least one will have suitable qualities for your trading needs.
Overview of TMGM
TMGM is an ECN broker that is regulated by the ASIC and VFSC. It offers a range of instruments for you to trade with including metals, energies, indices, commodities and shares. There are multiple platforms that you can make use of including the popular MT4 and MT5, HubX and Iress. You can expect lightning-fast execution speeds, deep liquidity and a fairly low minimum deposit of $100 dollars. Is TMGM the broker for you?
Regulation and safety
TMGM is registered in Australia and regulated by the Australian Securities and Investment Commission (ASIC). They are also registered in Vanuatu and regulated by the Vanuatu Financial Services Commission (VFSC). This shows that the company is legit and safe. On top of this, the company name and activities can be seen in the professional forex world.
Accounts and fees
There are two accounts offered at TMGM, namely the classic and edge account. The minimum deposit is $100; however, they offer a high leverage of 1:500$ which allows you to make a big return from your trading. The difference between the account is the spreads and fees. One account has tight spread with a 7% fee on each lot whereas the other one has high spreads without commission. Both accounts have a minimum lot size of 0.01 and ECN execution.
There are also demo accounts which allow you to practice trading with virtual funds. This is intended to allow traders to familiarize themselves with the platform and services offered by the broker.
Deposit and Withdrawals
Funding and withdrawal are simple with the range of options TMGM gives you to do so. These include credit/debit cards, UnionPay, bank transfer, Skrill, POLi, RMB Direct Pay, Neteller and Sticpay. Withdrawals are either processed on the same day or the next business day, depending on the time you submit the withdrawal.
Funds that are deposited must be under the same name as your account as TMGM does not allow third-party payments.
Many trading instruments are offered by TMGM for you to choose from. Forex, indices and commodities are just a few examples of these trading instruments. Major, minor and exotic currency pairs can also be traded through TMGM. Commodity CFDs are available to be traded through MT4 and include silver, gold, platinum, Brent and WTI. The Iress platform has CFDs and crypto too.
The customer support at TMGM is fast and informative. Traders can make inquiries via email, telephone or online chat. Common questions can be answered by the FAQ page on the broker’s website, which has detailed answers. There are a range of different languages in which you can get support too.
As mentioned before, TMGM makes use of four different trading platforms:
MetaTrader4: MT4 is an extremely popular platform among traders. It has tools that assist with analyzing the market. It also provides various other useful information through charts and news to keep traders ahead of the market at all times. MT4 can be used on desktop, web and mobile.
MetaTrader5: MT5 is an updated version of MT4. Most of the functions and features are the same, some are a bit more advanced. The differences include extra order types and timeframes of charts, multi-currency strategy tester, more trading tools and depth of market.
Iress: This trading platform is web-based. Market data is streamed through Iress on products and exchanges. Iress Trader provides the essentials for maintaining edge in the market with good charting systems, live news flows and full market depth.
Hubx: This is a TMGM-made platform. It is designed to allow traders to manage and fund accounts easier. The advanced tools are created to make controlling investments fully easier. All important transaction information is kept track of. The environment is truly transparent for better monitoring of trading performance.
VPS and MAMM- Virtual private server allows traders to run their trading accounts and access to expert advisors 24/5. If a professional trader meets minimum requirements, they are able to use this feature. MAMM is designed for use of money managers.
Account manager- TMGM provides a dedicated account manager to provide assistance through the method chosen by the trader.
VIP desk- This feature helps traders tailor their accounts. They have a solution to meet your trading demands.
TMGM’s educational resources are lackluster. There is no evidence showing that they provide educational resources to their users.
Opening an account
Opening a TMGM account is fairly simple. You can open an account through the website by clicking on the ‘get started’ button at the top right corner. All you have to do is fill in the required details on the registration form and submit it. You will get a web login and a warning notice once the account is opened. Only once the account has been approved will you receive information for MT4. Opening an account does not come with any fees. However, it is still imperative that you read and understand the terms and conditions before opening the account.