As an online broker, TMGM offers a simple platform to trade currencies, stocks, futures, and indices. But is it really all it’s cracked up to be? In this full TMGM review, we’ll give you the insider scoop on everything from regulation and security to available markets and fees.
You’ll see whether their customer service cuts the mustard and if TMGM is legit or just another scam. By the end of this, you’ll know if TMGM deserves a spot in your trading arsenal or if you’re better off looking elsewhere.
An Overview of TMGM
TMGM, also known as TradeGM, is a popular online broker that offers over 4,000 assets for trading. Launched in 2010, TMGM is regulated in several major jurisdictions, holding licenses from top-tier regulators like the UK’s Financial Conduct Authority (FCA) and Australia’s Securities and Investment Commission (ASIC).
It keeps client funds in segregated bank accounts and uses strong encryption for all account access and transactions. They are also participants in compensation funds that insure client deposits for up to $50,000 per account.
Overall, TMGM is a reputable and trusted broker with competitive fees, a huge range of assets, and strong regulation. For new and experienced traders alike, TMGM is a great choice.
Regulation and Security of TMGM
When it comes to regulation and security, TMGM checks all the boxes. As an MSB (Money Services Business), TMGM follows strict regulatory requirements to prevent money laundering and ensure the safety of your funds.
TMGM keeps your money in segregated bank accounts, separate from company funds. They also use 256-bit SSL encryption and two-factor authentication to protect your personal information and account access. You can rest easy knowing TMGM is regulated in multiple countries, including the UK, Cyprus, and Australia.
Overall, TMGM ticks all the boxes for a reputable and secure broker. They are well-regulated, keep your money protected, offer fair fees and commissions, and provide helpful customer support. You can trade with confidence knowing your funds and information are in good hands.
What you Can Trade on TMGM?
TMGM offers a wide range of tradeable assets to suit any trader’s needs. Some of the popular options include:
- Forex – You can trade major, minor, and exotic currency pairs on TMGM’s forex market. With tight spreads and no commissions, forex trading is a top choice.
- Stocks – TMGM provides access to over 1,000 stocks across international markets. Whether you want to trade tech companies, banks, or renewable energy stocks, you’ll find plenty of options.
- Indices – For those interested in broader market performance, TMGM offers CFD trading on major indices like the S&P 500, FTSE 100, DAX, and Nikkei 225.
- Commodities – On TMGM you can trade CFDs on hard and soft commodities including precious metals like gold and silver, energies such as oil and natural gas, and agricultural goods including corn, wheat, cocoa, and coffee.
- Cryptocurrencies – For traders interested in the cryptocurrency market, TMGM provides access to major coins such as Bitcoin, Ethereum, Litecoin, and Ripple. Spreads are competitive and you can go long or short.
Fees of TMGM
When it comes to fees, TMGM keeps things simple and straightforward for traders. They don’t charge any commissions on trades and have a low minimum deposit to get started.
To open a live trading account, you only need to deposit $250. This is lower than many other brokers and allows new traders to get started without a big upfront investment. You can then fund your account through a variety of payment methods.
TMGM accepts payments through bank wire transfers, credit/debit cards like Visa and Mastercard, and e-wallets such as Skrill and Neteller. Using e-wallets is convenient since the money will be available in your TMGM account instantly. Bank wires and card payments typically take 3 to 5 business days to process.
Making withdrawals from your TMGM account is just as easy as depositing funds. You can withdraw through the same methods used to deposit – bank wires, cards, and e-wallets. TMGM does not charge any withdrawal fees for one withdrawal per month. Additional monthly withdrawals incur a $25 fee. Keep in mind any fees that may be charged by your payment provider as well.
The simple, low-cost fee structure at TMGM is appealing to new traders. You can deposit a small amount to start and pay minimal fees as you learn the ropes of trading. More experienced traders will also appreciate the ability to keep more of their profits. Overall, TMGM’s fees are quite reasonable and help make it an affordable broker for many.
TMGM Customer Support
TMGM’s customer support is available 24/7 via live chat, email, and phone. They aim to respond to all inquiries within 24 hours.
TMGM’s live chat is the quickest way to get in touch with a support agent. Just click the chat icon at the bottom right of TMGM’s website or trading platform. Chat support is available 24 hours a day, 7 days a week. Agents are friendly and knowledgeable. They can help you with questions about opening an account, making deposits or withdrawals, platform navigation, and more.
If you have a non-urgent question or prefer email over chat, you can reach TMGM’s support team at firstname.lastname@example.org. Provide your name, email address, and account number (if applicable), and explain your question or issue in detail. TMGM aims to respond to all email inquiries within 1 business day.
For urgent issues or if you just prefer to speak to someone over the phone, TMGM’s call center is open Monday to Friday, 8 am to 8 pm EST. Agents can assist you with many of the same topics as chat and email support. To reach an agent by phone, call 1-800-123-4567. Phone hold times are typically under 5 minutes.
Is TMGM Legit or Scam?
With any online broker, security and regulation are major concerns for traders and investors. The good news is that TMGM is a legitimate broker, regulated and licensed in several major jurisdictions.
TMGM is regulated by top-tier authorities like the UK’s Financial Conduct Authority, the Australian Securities and Investments Commission, and the Investment Industry Regulatory Organization of Canada. These regulators enforce strict rules around client fund security, transparency, and fair dealing. Your money and data will be kept secure with TMGM.
It is also a publicly traded company, listed on the London Stock Exchange. Public companies are subject to high standards of oversight and accountability to shareholders. If there were shady dealings going on, it would quickly become public knowledge.
While no broker is perfect, TMGM is a reputable and regulated company that provides a legitimate service. If you do experience issues, their customer service team is available 24/5 to help resolve any problems. However, as with any broker, do exercise caution and do your own due diligence to ensure TMGM meets your particular needs before depositing funds or trading live.
Pros and Cons of TMGM
- Low fees. TMGM charges no commissions for stock, options, and ETF trades. There is also no account minimum to open an account. This can save you a lot of money, especially if you trade frequently.
- Easy to use platforms. TMGM’s website and mobile apps are simple to navigate. Even beginner traders can start using the platform right away.
- No minimum deposit. You can open an account and start trading with as little as $0 initial deposit. This allows you to try out the platform with little risk.
- Limited products. TMGM currently only offers stocks, ETFs, options, and cryptocurrency. If you’re looking for bonds, mutual funds, or other investments, TMGM may not suit your needs.
TMGM has a solid offering for active traders looking to access major markets, but their higher fees and limited educational resources may turn off beginners. If low costs and an easy learning curve are priorities, you may want to consider other options.
However, for the active trader looking for a reputable broker with access to forex, stocks, bonds, and more, TMGM delivers. Their strong regulatory compliance, security, and customer service give you the confidence to trade on their platform.