TMGM

TMGM, also known as Trademax, was established in Australia in 2013. They hold a licence under ASIC (Australia) as well as licences from the authorities in Vanuatu and Mauritius.

TMGM also has physical offices in major cities across Australia. They offer the MT4 and MT5 trading platforms.

We found TMGM to be an unusual broker to review. As you will see below, their Bid-Ask spreads are huge. During an interview with a TMGM employee, we were told that most of their business is conducted via account management (copy trading) rather than direct trading by individual traders. This might explain the colossal Bid-Ask spreads on stock indices. While their FX spreads are still wide, they are more comparable to those of other brokers globally.

TMGM is one of the most expensive brokers to trade with overall, based on our list of reviewed brokers. This is primarily due to their disproportionately large Bid-Ask spreads on stock indices.

For instance, they offer the FTSE at 3 points wide, while some brokers offer it as low as 0.60. Their DAX index spread is 5 points wide, which is frankly absurd when compared to other brokers who offer it as low as 0.60.

TMGM has an overall score of 46.80 across the 16 FX and CFD products we measure. This places it among the worst scores we have recorded globally.

So, to answer the question, “Should you trade with TMGM?” –the answer is no if you trade stock indices, unless you are willing to pay five times more for the same product compared to other brokers. If you trade FX, the costs are still above average, but TMGM is not as bad in this category.

We recommend reviewing the supporting evidence and comparing TMGM to other brokers before making your decision.