TMGM Forex Broker Review: Legit or Scam Broker✅

🌎 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 forex broker

Our Opinion About TMGM

Since 2013, TMGM has been a go-to forex broker for Nigerian traders, offering a clear, competitive space for trading. They give traders access to numerous instruments, cutting-edge platforms, and educational help to guide them. Thanks to solid regulation, fair pricing, and an easy-to-use platform, TMGM is a top pick for newbies and seasoned traders alike in Nigeria.

For Nigerian traders seeking a reliable and competitive forex broker, read on to gain more insights on TMGM.

Regulation in Nigeria

To ensure the safety of its global client base, TMGM operates through several regulated entities. Nigerian traders primarily deal with Trademax Global Limited, regulated by the Vanuatu Financial Services Commission (VFSC) under registration number 40356. The VFSC’s strict regulatory oversight provides Nigerian traders with peace of mind, knowing their funds and interests are well-protected.

TMGM Forex Broker Review: Legit or Scam?  

When considering a forex broker, it’s crucial to assess its legitimacy. Having examined TMGM closely, it is clear that they are a legitimate forex broker. Their solid track record, respected regulators, and positive feedback underline their credibility. The broker’s transparency regarding pricing, order execution, and the segregation of client funds further shows its commitment to maintaining a trustworthy trading environment.

TMGM Trading Instruments

TMGM offers an extensive range of trading instruments to cater to the diverse needs of Nigerian traders. These include:

• Over 60 currency pairs, including majors, minors, and exotics 
• Spot metals such as gold and silver
• Energy products like oil 
• Global stock indices
• Individual stocks (via the IRESS platform)  
• Cryptocurrencies

This comprehensive selection enables traders to diversify their portfolios and exploit various market opportunities.

TMGM Account Types

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

Classic Account 

The Classic Account is perfect for newcomers and seasoned traders, demanding a $100 minimum deposit and zero commission fees. Spreads kick off at one pip, with leverage stretching up to 1:1000. It supports a broad array of assets, with trade sizes ranging from 0.01 to 80 lots. 

Edge Account 

The Edge Account tightens spreads to as low as 0.0 pips on major currencies, charging a straightforward $7 per round turn. A $100 minimum deposit unlocks high leverage of 1:1000, speedy executions, and competitive prices, making it a prime choice for scalping and high-volume trading. 

IRESS Standard Account 

Designed for the adept trader, the IRESS Standard Account starts at a $5,000 minimum deposit. It brings a wealth of market tools, dynamic pricing, low commissions, and superior charting for an immersive global market experience. Active traders enjoy waived platform fees after ten monthly trades. 

IRESS Premium Account 

Aimed at professionals, the IRESS Premium Account requires a minimum of $10,000 in deposit and extends its services with extra features and a broader market scope at low commission rates. It’s a robust platform for thorough market analysis and execution, supporting greater trading volumes. 

IRESS Gold Account 

The IRESS Gold Account is the pinnacle of trading luxury, asking for a $50,000 minimum deposit. It erases platform fees and keeps commissions low, granting access to extensive market data and top-tier support. It’s the ultimate choice for affluent traders seeking a superior experience. 

Demo Account 

The Demo Account is an invaluable asset for novices and pros, providing a zero-risk zone to hone strategies and familiarize with TMGM’s platforms. It replicates live market conditions with virtual capital, and without an expiration date, it stands as a prime educational tool. 

Account Type	Minimum Deposit	Commission	Spread Starting From	Leverage Up To	Features
Classic	$100	$0	1 pip	1:1000	Wide asset range, suitable for all traders
Edge	$100	$7/round turn	0.0 pips	1:1000	Narrow spreads, fast execution for active traders
IRESS Standard	$5,000	Competitive	Dynamic	N/A	Tools for global markets, no platform fees after 10 transactions
IRESS Premium	$10,000	Competitive	Dynamic	N/A	Extended features, broad market access
IRESS Gold	$50,000	Competitive	Dynamic	N/A	Premium experience, no platform fees, extensive support
Demo	N/A	N/A	N/A	N/A	Risk-free, real market conditions, unlimited use

Trading Tools 

TMGM equips traders with powerful trading tools to enhance their market analysis and decision-making. These include:

• Economic calendar 
• VPS hosting for EA traders
• Acuity risk management tool
• Advanced charting package
• Market news and analysis

These tools, combined with the forex broker’s fast execution and low latency, give traders a competitive edge in the markets.

TMGM Leverage, Spreads and Commissions 

TMGM offers flexible trading conditions for its clients:

Leverage

TMGM provides flexible leverage options, with ratios up to 1:500 for Nigerian traders. This allows traders to amplify their potential returns, although using leverage responsibly and managing risk effectively is crucial. 

Spreads

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

Commissions  

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

TMGM Deposits and Withdrawals

The forex broker supports a variety of deposit and withdrawal methods for Nigerian traders, offering flexibility and convenience in managing their funds.

Deposit Methods

Nigerian traders can choose from several deposit options, including bank wire transfers, credit/debit cards, and e-wallets. TMGM does not charge deposit fees, making it easy and cost-effective for traders to fund their accounts. However, it is essential to note that some third-party providers may apply their fees, so traders should check with their respective banks or payment service providers for any applicable charges.

Withdrawal Methods  

Regarding withdrawing funds, TMGM offers the same options as deposits, including bank wire transfers, credit/debit cards, and e-wallets. Similar to deposits, TMGM does not charge withdrawal fees, allowing traders to access their funds without incurring additional costs. However, third-party fees may still apply, depending on the 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. This forex broker ensures Nigerian traders can manage their funds easily and efficiently, allowing them to focus on their trading activities without unnecessary hurdles.

TMGM Registration – How To Open A Trading Account

Opening a trading account with TMGM is a simple process:

1. Go to the official TMGM website and click the “Open an Account” button.

2. Fill in the required personal information and trading preferences.  

3. Submit proof of identity and address for verification.

4. Fund your account using one of the available payment methods.

5. Start trading!

The entire process typically takes less than 24 hours, and the TMGM support team is available to assist you if needed.

TMGM Trading Platforms

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

1. MetaTrader 4 (MT4)- This is the go-to platform in the industry, celebrated for its dependable performance, sophisticated charting tools, and a wide array of indicators and Expert Advisors (EAs).

2. MetaTrader 5 (MT5)- This platform elevates trading with enhancements over MT4, introducing capabilities like market depth analysis, an integrated economic calendar, and a multi-threaded strategy tester for more in-depth analysis.

3. IRESS- It caters to seasoned traders with a premium platform that grants access to over 10,000 global stocks. It comes with top-tier risk management features and allows for personalized interface designs.

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

This Nigerian forex broker offers a variety of learning tools to help traders grow and enhance their skills. The resources available are:

• A starter guide for those new to forex trading
• Informative articles and instructional videos
• Regular updates on market analysis and trading suggestions
• A detailed dictionary of forex trading terms

These materials aim to serve traders across the spectrum, from novices just starting to seasoned traders aiming to polish their strategies.

TMGM Customer Support 

TMGM provides customer support in multiple languages and is available 24/5 through live chat, email, and phone. Their support team is well-informed, quick to respond, and always eager to assist with any inquiries or issues. Additionally, their website includes a comprehensive FAQ section that addresses a wide range of topics concerning trading, accounts, and how to use the platforms.

Our Verdict

The Trade Forex Review team believes that TMGM is a trustworthy and comprehensive forex broker. It provides Nigerian traders with an excellent trading experience. With its wide range of tradable instruments, competitive pricing, technologically advanced platforms, and emphasis on education and support, TMGM caters to all Nigerian traders. While no forex broker can be considered perfect, TMGM’s strengths far outweigh any potential weaknesses, making it an attractive option for anyone looking to trade forex and CFDs in Nigeria.