If you trade gold, TMGM deserves a serious look. In independent testing its commission-free gold spread came in at about half the industry average, and its forex pricing is competitive too. TMGM is an Australian broker founded in 2013 and licensed by ASIC. But most clients outside Australia are served by offshore entities, the product range is narrow, and in 2024 ASIC briefly stopped it from onboarding new retail clients. Here is the full picture.
What we like
- Gold spread around half the industry average on Classic
- Competitive forex costs on both accounts
- ASIC licence in Australia
- No deposit or withdrawal fees from TMGM
- 24/7 live chat in many languages
What to watch
- Most global clients join offshore entities
- ASIC stop order in 2024 (lifted after a month)
- Small product range compared with big brokers
- High overnight swaps on gold and indices
- MetaTrader is the only desktop option
TMGM at a glance
2013 in Sydney, Australia · 600+ staff
ASIC (Australia), FSC (Mauritius), VFSC (Vanuatu), FSA (Seychelles)
Classic, Edge · Cent account in parts of South-East Asia
$100 (Cent $15 where offered)
Edge $3.50 per side ($7 round turn) on forex
About $18 per lot on Classic, all-in
1:30 under ASIC · up to 1:1000 offshore
MT4, MT5, TMGM app with TradingView charts
A few hundred CFDs: forex, metals, energies, indices, shares, crypto
US, UK, Hong Kong, Singapore, Japan and others
Why gold traders notice TMGM
Gold is the most popular instrument in our community, and it is where brokers differ most. A few cents of spread sounds trivial until you remember one lot of gold is 100 ounces, so every cent is a dollar per lot.
In FXEmpire’s March 2026 test, TMGM’s gold spread averaged 18 cents on the commission-free Classic account. The industry average for that type of account was 33 cents. On the Edge account it was 11 cents plus $5 commission.
18 cents × 100 oz, no commission
11 cents × 100 oz + $5 commission
To put that in context, the same test style measured about $32 on FxPro Standard and about $38 on XM Standard. For someone who trades two lots of gold a day, the difference between $18 and $38 a lot is around $800 a month. Spreads move, and a single test isn’t a guarantee, but this is a meaningful gap. Our gold contract specs lesson shows how to check gold costs on any broker yourself.
TMGM’s overnight swaps are on the high side. On the day FXEmpire checked, holding one lot of gold long cost about $80 a night. If you hold gold trades for days, the swap can cost more than the spread you saved. TMGM is cheapest for gold trades opened and closed the same day.
Forex costs
On EUR/USD the picture is good too. FXEmpire measured 0.9 pips on Classic and 0.0 pips on Edge, which charges $7 per lot round turn. For one standard lot:
0.9 pips × $10, no commission
0.0 pips + $7.00 commission
Edge puts TMGM level with Vantage Raw ECN as one of the cheapest options on our list for EUR/USD. Classic is unusually tight for a commission-free account. With the same $100 minimum on both, Edge is the better choice for forex. For gold, the two are close, so choose whichever pricing style you prefer.
Regulation and the 2024 stop order
| Entity | Regulator | Max leverage |
|---|---|---|
| Trademax Australia Ltd | ASIC, Australia (AFSL 436416) | 1:30 |
| Trademax Global Markets (International) Pty Ltd | FSC, Mauritius | Up to 1:1000 |
| Trademax Global Ltd | VFSC, Vanuatu (40356) | Up to 1:1000 |
| Trademax Global Markets (SE) Ltd | FSA, Seychelles (SD224) | Up to 1:1000 |
TMGM has one top-tier licence, ASIC. It has no UK or EU licence, so it doesn’t serve those regions. Traders in Asia, Africa, the Middle East and Latin America are onboarded by one of the three offshore entities. TMGM is also a member of The Financial Commission, an independent dispute body that offers compensation of up to €20,000 per eligible complaint, and it advertises professional indemnity insurance. Those help, but they aren’t the same as a government compensation scheme.
We don’t see this as a reason to avoid TMGM. The problem was fixed within a month, and it concerned how clients were screened, not client money. But it is a fair reminder that a licence is a starting point, not a guarantee. Check which entity your account is with, and verify it in our licence checker.
Platforms and tools
- MT4 and MT5 — the main platforms, with expert advisors and custom indicators.
- TMGM app — TradingView-powered charts for trading and monitoring on the move.
- Free VPS — for clients with at least $3,000 deposited who trade seven lots a month, useful for anyone running EAs around the clock.
- HUBx — a tool for money managers placing orders across many accounts at once.
There is no cTrader and no standalone TradingView integration on desktop, so if MetaTrader isn’t for you, TMGM won’t suit you.
TMGM runs on MT4 and MT5, so it works with Telegram Trade Linker. Each of our signals has one entry, one stop loss and one take profit, and TTL places them automatically. Because most of our signals are gold, TMGM’s gold pricing makes it one of the most cost-effective places to follow them. Check how TMGM names gold on your account before going live.
Markets: enough, not more
TMGM offers a few hundred CFDs covering forex, gold and silver, energies, indices, crypto and a selection of US, Australian and Hong Kong shares. Mini gold contracts quoted in grams are an unusual extra. For a forex and gold trader that’s plenty. For someone who wants thousands of share CFDs, FxPro has a much bigger range.
Deposits, withdrawals and fees
TMGM charges nothing to deposit or withdraw. Cards, e-wallets such as Skrill and Neteller, crypto and many local methods are supported, and most deposits are instant. Withdrawals typically take one to two business days for e-wallets and crypto, and up to four for bank wire.
Reports on inactivity fees differ. FXEmpire lists a $30 monthly fee after twelve months without activity, while other reviewers report none. Check the current terms for your entity, and if you plan a long break, simply withdraw your balance.
Who TMGM suits — and who it doesn’t
A good fit if you…
- trade gold intraday and want the lowest spread
- trade forex on MT4 or MT5 and care about cost
- copy our gold signals with TTL
- live in Australia and want ASIC rules
- run EAs and can qualify for the free VPS
Look elsewhere if you…
- hold gold or index trades for days or weeks
- live in the UK, EU or another restricted country
- want a top-tier regulator but would join offshore
- want a wide range of shares, ETFs or other markets
- want cTrader or strong beginner education
How we scored TMGM
4.7
4.2
4.1
3.8
3.4
3.3
Overall: 4.2 / 5. On cost, especially gold, TMGM is among the best on our list. It loses points for relying on offshore entities, the 2024 ASIC action, high swaps and a narrow product range.
The bottom line
TMGM is a specialist’s broker. For a trader who mainly trades gold and major forex pairs on MetaTrader and closes most trades the same day, it’s hard to beat on price. That describes a lot of our community.
Go in with open eyes. You will most likely be with an offshore entity, so start small and test a withdrawal early. If you swing trade gold, compare swaps before you commit. And as always, ignore the 1:1000 leverage and size from your stop loss.
Frequently asked questions
Is TMGM regulated?
Yes. TMGM’s Australian entity is regulated by ASIC. Its international clients are served by entities regulated in Mauritius, Vanuatu and Seychelles, which have lighter rules. TMGM is also a member of The Financial Commission.
What is the minimum deposit at TMGM?
$100 for the Classic and Edge accounts. A Cent account with a $15 minimum is offered in some South-East Asian countries.
Is TMGM good for gold trading?
For short-term gold trading, yes. In FXEmpire’s March 2026 test its Classic gold spread averaged 18 cents against an industry average of 33. Overnight swaps on gold are high, though, so it’s less attractive for holding gold for days.
What happened with ASIC and TMGM in 2024?
On 23 May 2024 ASIC issued interim stop orders against Trademax Australia over a poorly designed client onboarding questionnaire. TMGM improved its process and the orders were lifted from 25 June 2024.
Does TMGM work with MT4, MT5 and signal copiers?
Yes. TMGM supports MT4 and MT5, so Telegram Trade Linker can copy signals into your account automatically.
Does TMGM charge an inactivity fee?
Sources differ. FXEmpire reports $30 a month after twelve months of inactivity, while other reviewers report none. Check TMGM’s current terms for your entity.
CFDs and leveraged forex carry a high risk of losing money quickly, and most retail accounts lose money. This review is for information only and is not financial advice. Our scores are not affected by any affiliate relationship. Broker conditions change, so confirm current terms on TMGM’s website before you deposit.