Our Review of the Trademax Global Markets (TMGM) Broker
If you’re considering opening an account with TMGM, here are a few things to keep in mind. First of all, TMGM is an ECN broker and offers demo accounts. In addition, it offers Islamic accounts and a Swap-free account. Finally, it has an external auditing process.
TMGM is an ECN broker
TMGM offers an industry-standard package with competitive spreads and fast execution speeds. Its services include over 15,000 trading instruments, including 60 currency pairs, indices, and commodities. It also offers access to stocks through the New York Stock Exchange (NYSE), the Australian Securities Exchange, and the Hong Kong Stock Exchange.
TMGM’s head office is located in Sydney, Australia, with additional offices in Taiwan and Vanuatu. The company has a solid reputation in the forex world, and is regulated by the Australian Securities and Investment Commission. Moreover, it is also regulated by the Vanuatu Financial Services Commission.
TMGM offers trading on thousands of financial instruments and offers several platforms, including MetaTrader 4, MetaTrader 5, HubX, and Iress. It also offers low fees and deep liquidity. The minimum deposit is $100, and it offers a free demo account. Whether you’re a new investor or an experienced one, TMGM is an ECN broker that meets your needs.
TMGM has two types of trading accounts, called classic and edge. The classic account has a minimum deposit of $100, and the edge account has a low minimum deposit of $100. The edge account offers low-spreads and no dealing desk, while the classic account charges a flat $7 commission per round turn. This is ideal for traders seeking the tightest spreads.
TMGM also offers award-winning research and content from in-house analysts. These are important tools for getting ideas. For example, you can read articles about key support and resistance levels or check out a recent economic release. Moreover, TMGM offers high-quality research materials from third-party sources. Traders can also access a trading platform called Trading Central, which can visually display top financial instruments.
In addition to providing a range of trading platforms, TMGM also offers several intuitive trading tools. The trading platforms available include MT4, MT5, IRESS, and HubX, which give traders the option to trade different financial instruments. They are available in desktop, web, and mobile versions.
TMGM is an Australian broker that offers a user-friendly interface and regulated by the Australian Securities and Investments Commission. Its customer funds are held in tier-1 banks, including National Australia Bank, which is one of the four largest banks in the country. High net-worth clients can request that their funds be held in separate trust accounts, and they can access their account balance at any time.
It offers a demo account
The Trademax Global Markets (TMGM) broker offers a demo account that is designed to help you learn about trading before you actually make a real money deposit. The demo account is available to all new clients and does not cost a dime. It is also available to people from New Zealand and Vanuatu.
The demo account is a virtual trading environment in which virtual currencies are used instead of real ones. The demo account is typically funded with a small margin and you cannot withdraw any profits. The margin is automatically set when the account is opened. You cannot deposit money into the demo account and you cannot increase the margin if it reaches zero.
The demo account can be used to test the trading capabilities of a TMGM broker. All you need to do is sign up and request a demo account. There are no identity verification documents required. In order to open a demo account, go to the TMGM website and select the demo account tab. From there, choose the leverage level you want to use (from one pip to one thousand pip). You can also set the currency of the account and choose the amount of the initial deposit. You will then be given a virtual balance, which will be topped up by TMGM customer support if you lose money.
If you are new to trading, you can try out different strategies with a demo account before making a real money deposit. With a demo account, you can learn more about the forex market and how to use trading tools without risking your own money. By practicing different strategies, you can get an idea of what works and what doesn’t.
Besides a demo account, a TMGM broker offers a blog that provides in-depth market commentary. This blog includes both fundamental and technical analysis. It is available on any computer with a web browser. The blog includes a range of charts, and allows you to enter and close individual positions. You can also view trading history and monitor charts.
It offers a Swap free Islamic account
TMGM offers a Swap free account for clients who are based in Islamic countries. Traders can open a Swap free account with a minimum deposit of $100. The trading platform supports the MT4 and MT5 platforms. A Swap free account also allows traders to open an account with a minimum lot size of 0.01 lot.
TMGM accepts a number of payment methods, including credit and debit cards and RMB Direct Pay. You can also make withdrawals via Neteller, Skrill, UnionPay and Fasapay. Withdrawals are processed within one business day. The withdrawal of funds via bank wire is processed within one business day, which is faster than the industry average. Withdrawals made using other methods may take between three to five business days to become available. TMGM offers two main account types – spread only and spread plus commission.
TMGM offers Islamic accounts that are Sharia-compliant. These accounts are swap free and suitable for Muslim traders. Swap free accounts are available for clients who cannot pay interest on their trading funds. Traders can also use demo trading accounts to practice trading online using virtual funds. They are frequently used to test new trading strategies and automated trading robots.
TMGM also offers an account for clients who are not able to pay interest. This account is suitable for both MT4 and MT5 platforms. Swap free accounts do not incur swap charges or interest on overnight positions. However, TMGM does charge a small financing fee on certain instruments. This fee is charged per lot, and will be converted into USD.
It has an external auditing procedure
As a registered Australian financial adviser, TMGM is bound by strict customer protection rules. To this end, they have an external auditing procedure which aims to ensure compliance with the laws. Furthermore, client funds are held in segregated trust accounts and are not leveraged beyond 1:30. These requirements provide a measure of security to customers, as well as an additional layer of reliability.
TMGM is regulated by two government bodies, including the Australian Securities and Investments Commission (ASIC). Its subsidiaries in New Zealand and Vanuatu are regulated by the Vanuatu Financial Services Commission. Furthermore, the Australian Securities and Investments Commission (ASC) is a leading financial regulator. You can find more information about the licensing status of TMGM and the regulations that apply to it by visiting the ASIC website.
An external auditing procedure ensures that financial records are accurate and complete. This process is governed by an audit engagement letter which details the objectives, scope, procedures, fees, and other terms. The audited financial statements must meet specific standards, as required by statute. It must also be independent and systematic.
Traders need a trusted intermediary to ensure smooth trading. For this reason, many active traders rely on broker reviews to get an overview of Forex brokers. Such reviews provide an in-depth picture of a forex broker’s services and trading platforms. The TMGM review details its services, as well as its trading platforms.
External auditing procedures include a random selection of analytical examination samples. They aim to understand customer activity better and identify indicators of discipline. Using this information, the external auditor will be able to provide an opinion on any deviations from the company’s financial statements. This opinion is then reported in the audit report.
TMGM broker has a competitive commission rate on trades. Moreover, the company does not charge any account fees or withdrawal fees. They also offer two types of accounts, Classic and Edge. However, accounts may be subject to account maintenance fees if the balance falls below $100 or the account has been inactive for over six months.