TMGM Review: Honest Take on Broker Services

TMGM Broker Review Basics

🌎 Headquarters	Established in 2013, headquartered in Sydney
⚖️ Regulation:	Trademax Global Limited licensed by VFSC (license number 40356)
💰 Minimum Deposit:	$100 (Classic & Edge accounts), $1,000 (IRESS Standard account)
💳 Deposit Options:	Bank wire, Credit/Debit cards, E-wallets
🪙 Withdrawal Options:	Bank wire, Credit/Debit cards, E-wallets
📈 Trading Platforms:	MetaTrader 4 (MT4), MetaTrader 5 (MT5), IRESS
🎓 Educational Resources:	Beginner’s guide, articles, videos, market analysis, glossary
📞 Customer Support:	24/5 via live chat, email, phone
📌 Open an account:	Start Trading with TMGM

Our Opinion About TMGM

TMGM is a respected forex broker serving traders worldwide since 2013. With a solid commitment to providing a transparent and competitive trading environment, TMGM has established itself as a reliable choice for novice and experienced traders in Kenya. The broker offers a wide range of trading instruments, advanced platforms, and educational resources to support traders in their journey.

Regulation Status and Security Measures

TMGM in Kenya operates through multiple entities, each under the regulation of the top-tier financial authorities.

The most relevant entity for Kenyan traders is Trademax Global Limited, authorized and regulated by the Vanuatu Financial Services Commission (VFSC) under Registration Number 40356. VFSC safeguards and oversees the well-being of all traders.

Furthermore, TMGM prioritizes the security of their clients’ funds and personal information. They employ advanced encryption technology and strict data protection measures to ensure the utmost security across their trading platform.

TMGM Forex Broker Review: Legit or Scam?

When it comes to choosing a brokerage, one of the most crucial factors is determining its legitimacy. After thoroughly reviewing TMGM’s services, we can confidently say that TMGM is a legitimate forex broker. The company’s long-standing history, regulation by reputable authorities, and positive user reviews all prove its credibility. Also, TMGM’s transparency in terms of pricing, execution, and fund safety further reinforces its legitimacy.

However, it is important to acknowledge that no brokerage is perfect, and TMGM is not exempt from receiving negative feedback from some clients. It’s crucial to objectively consider both positive and negative reviews to make an informed judgment about TMGM’s legitimacy and decide whether their offerings align with your trading needs.

Trading Instruments

TMGM provides a diverse range of trading instruments for you to trade on their platform. Here are some of the popular instruments available:

• Forex: Trade major, minor, and exotic currency pairs in the global foreign exchange market.
• Individual stocks(through the IRESS platform) : Buy and sell shares of leading companies from around the world.
• Indices: Trade on the performance of stock market indices from various countries.
• Commodities: Invest in precious metals, energies, and agricultural products.
• Cryptocurrencies: Take advantage of the volatility in the cryptocurrency market with popular digital assets like Bitcoin, Ethereum, and more.

Execution Speeds and Order Types

TMGM understands the importance of fast and reliable trade execution. They leverage cutting-edge technology to provide lightning-fast execution speeds, ensuring that your trades are processed efficiently. TMGM offers a variety of order types to suit your trading strategy. Whether you prefer market orders, limit orders, or stop orders, TMGM has got you covered.

Unique Features and Tools

TMGM goes the extra mile to enhance your trading experience by offering unique features and tools. These include:

• Advanced charting: Analyze the markets with a wide range of technical indicators and drawing tools.
• One-click trading: Execute trades quickly and efficiently with just one click.
• Trading signals: Access expert trading signals to help you make informed trading decisions.
• Copy Trading: Follow and automatically copy the trades of successful traders.

TMGM Account Types

TMGM offers several account types to suit different trading styles and preferences:

Classic Account

The Classic account is an excellent choice for traders who prefer a simple, commission-free pricing structure. With a minimum deposit of just $100, this account is accessible to many traders. Key features include:

• Spreads starting from 1.0 pips
• No commission charges
• Leverage up to 1:500

This account type is well-suited for traders new to forex or those who prioritise simplicity in their trading experience.

Edge Account

The Edge account is designed for more experienced traders who demand tighter spreads and are willing to pay a small commission per trade. Like the Classic account, the minimum deposit is $100, making it accessible to most traders. Key features include:

• Raw spreads starting from 0.0 pips
• Commission of $7 per round turn
• Leverage up to 1:500

This account type is ideal for active traders prioritising cost-efficiency and seeking the most competitive trade pricing.

Account Type Comparison

To better understand the differences between TMGM’s account types and industry standards, consider the following comparison table:

Account Type	Spread	Commission**	Net Cost
Classic	1.0 pips	$0	$10
Edge	0.0 pips	$7	$7
Typical STP	1.0 pips	$0	$10
Typical ECN	0.2 pips	$6	$8

The table shows that TMGM’s Edge account offers more competitive pricing than the typical ECN account, with a net cost of $7 per round turn compared to $8. On the other hand, the Classic account is in line with the typical STP account, with a net cost of $10 per round turn.

TMGM Leverage, Spread, and Commissions

There are various trading conditions for its clients.

TMGM Leverage

This broker offers flexible leverage options, with ratios up to 1:500 for Kenyan traders. Through this, traders can amplify their potential returns, although using leverage responsibly to manage risk is essential.

TMGM Spreads

The broker’s spreads are competitive, starting from 0.0 pips on the Edge account and 1.0 pips on the Classic account.

TMGM Commissions

Commissions are applicable on the Edge account at $7 per round turn, which aligns with industry standards.

TMGM Deposits and Withdrawals

TMGM supports a variety of deposit and withdrawal methods for Kenyan traders, offering flexibility and convenience in managing their funds.

Deposit Methods

Kenyan traders can choose from several deposit options, including:

• Bank wire transfers
• Credit/debit cards
• E-wallets

TMGM does not charge deposit fees, making it easy and cost-effective for traders to fund their accounts. However, it’s important to note that some third-party providers may apply their fees, so traders should check with their respective banks or payment service providers for applicable charges.

Withdrawal Methods

When it comes to withdrawing funds, TMGM offers the same range of options as for deposits:

• Bank wire transfers
• Credit/debit cards
• E-wallets

Similar to deposits, TMGM does not charge withdrawal fees, allowing traders to access their funds without incurring additional costs. Third-party fees may still apply, depending on the chosen withdrawal method.

Processing Times

TMGM prides itself on the fast and efficient processing of deposit and withdrawal requests. In most cases, deposits are credited to the trading account instantly, allowing traders to start trading immediately.

Withdrawal requests are handled promptly, with most requests processed within 24 hours. However, the time it takes for the funds to reach the trader’s account may vary depending on the withdrawal method and the processing times of the respective banks or payment service providers.

TMGM ensures that Kenyan traders can manage their funds easily and efficiently, focusing on their trading activities without unnecessary hurdles.

TMGM Trading Platforms

TMGM in Kenya offers a choice of powerful trading platforms to cater to different trading needs and preferences:

• MetaTrader 4 (MT4) – The industry-standard platform known for its reliability, advanced charting, and extensive range of indicators and EAs.
• MetaTrader 5 (MT5) – A more advanced version of MT4, with additional features such as market depth, built-in economic calendar, and multi-threaded strategy tester.
• IRESS – A professional-grade platform designed for advanced traders, offering access to 10,000+ global stocks, advanced risk management tools, and customisable layouts.

All platforms are available on desktop, web, and mobile devices, ensuring you can trade on the go and never miss a market opportunity.

TMGM Education and Research

TMGM provides various educational resources to support traders in their learning and development. These include:

• Beginner’s guide to forex trading
• Educational articles and videos
• Weekly market analysis and trade ideas
• Glossary of forex terminology

These resources are designed to cater to traders of all levels, from complete beginners to advanced traders looking to refine their strategies.

TMGM Customer Support

TMGM offers multilingual customer support 24/5 through live chat, email, or phone. The support team is knowledgeable, responsive, and always available to help with inquiries or problems. Its site also has an extensive FAQ section covering general questions about trading, accounts, and platform usage.

Our Verdict

TMGM forex broker is trustworthy and comprehensive, providing Kenyan traders with excellent trading experience. TMGM suits all Kenyan traders thanks to the availability of several instruments, competitive prices for trades, technologically advanced platforms, and education & support emphasis. Although no broker can be termed perfect, TMGM’s strengths far outweigh the possible weaknesses, making it an attractive option for anyone seeking to trade forex and CFDs in Kenya.

FAQs

Is TMGM a regulated broker?

TMGM is regulated by multiple top-tier financial bodies, including the Vanuatu Financial Services Commission (VFSC), which oversees the company serving Kenyan clients.

What is the minimum deposit required to open an account with TMGM?

To start trading on Classic or Edge-type accounts, you will need at least $100, while an IRESS Standard account requires $1,000 as a minimum initial deposit.

Does TMGM offer a demo account?

Yes! Traders can practice trading skills using virtual funds through a TMGM-free demo account.

What trading platforms does TMGM offer?

TMGM offers MetaTrader 4 (MT4), MetaTrader 5 (MT5), and IRESS platforms catering to different trading needs and preferences.

How can I contact TMGM’s customer support?

You can reach TMGM’s customer support team 24/5 via live chat, email, or telephone. The contact details are available on the broker’s website.