TMGM
FULL REVIEW 2026
Overview
TMGM (TradeMax Global Markets) is a Sydney-based forex and CFD broker founded in 2013, regulated by ASIC in Australia with additional entities under the VFSC (Vanuatu) and, per several sources, New Zealand's FMA. It runs full MT4 and MT5 alongside an IRESS institutional stock platform, covering 12,000+ instruments.
The two accounts that matter for our members: Classic ($100 minimum, spread-only from ~1.0 pip, no commission) and Edge ($100 minimum, raw spreads from 0.0 pips with roughly $7 per lot round-turn commission). That Edge structure is the same shape as IC Markets Raw — which is why TMGM slots naturally into our broker list.
Leverage depends on which entity onboards you: 1:30 for retail clients under ASIC/FMA, up to 1:500–1:1000 through the offshore entity. Trustpilot sits at 3.4/5 from 999 reviews — the lowest of the brokers we list. Not available to US residents.
Trading Costs on Our Instruments
On the Edge account, EUR/USD regularly quotes near 0.0–0.1 pips plus commission during active sessions — directly comparable to IC Markets Raw. The Classic account trades commission-free at ~1.0 pip spreads, which suits smaller accounts that prefer all-in pricing. All eight of our FVG instruments (EURUSD, GBPUSD, USDJPY, XAUUSD, EURJPY, GBPJPY, US30, US500) are available on MT4/MT5.
Watch-outs: an inactivity fee (reported ~$30/month after 6 months idle) and swap costs on multi-day holds — relevant if you hold positions through weekends. A swap-free variant exists on Classic and Edge with per-instrument financing fees instead.
Key Information
The firm
Cost of a trade
Leverage is shown as the retail cap set by the named regulator. A different group entity may offer more offshore, and a wholesale client may legitimately be offered more again.
Pros & Cons
| What works | |
|---|---|
| ✓ | Full MT4 + MT5 — every one of our 8 instruments available |
| ✓ | Edge account: raw spreads from 0.0 + ~$7/lot RT — IC Markets-class pricing |
| ✓ | ASIC top-tier regulation, segregated funds, insurance cover |
| ✓ | $100 entry — half of IC Markets' minimum |
| ✓ | No restrictions on EAs, scalping or hedging; weekend holding allowed |
| What to watch | |
|---|---|
| ✗ | Not available to US residents |
| ✗ | Inactivity fee after 6 months idle |
| ✗ | Retail leverage capped at 1:30 under ASIC/FMA entities |
| ✗ | Smaller Trustpilot base than IC Markets or XM |
TMGM is a genuine alternative to IC Markets for our members: same raw-plus-commission structure on Edge, full MT5, top-tier ASIC regulation, and a lower $100 entry. Execution of our signals is identical to any other MT5 broker — you place every trade yourself at your own size.
Choose it over IC Markets if the lower minimum matters or you want the Classic all-in pricing option; stick with IC Markets if you want the larger track record and community. Either way the signal workflow is unchanged.
All 10 Brokers Compared
Every broker we review, side by side. Spread and commission are shown separately because a headline “0.0 pips” means nothing on its own — the commission beside it is what you actually pay. Figures are the raw or ECN account where one exists, checked August 2026.
| Broker | Platforms | Min dep | EUR/USD spread | Commission | Max leverage | Regulator | US | EU |
|---|---|---|---|---|---|---|---|---|
 IC MarketsAustralia · est 2007 | MT4MT5cTTV | $200 | 0.0 pips | $7 RT | 1:30 retail ASIC · 1:500 offshore | ASIC | No | Yes |
 PepperstoneAustralia · est 2010 | MT4MT5cTTV | $0 ▲ | 0.0 pips | $7 RT ($6 cT) | 1:30 retail ASIC · 1:500 offshore | FCA · ASIC · CySEC | No | Yes |
 FP MarketsAustralia · est 2005 | MT4MT5cTTV | $100 | 0.0 pips | $6 RT ▲ | 1:30 retail ASIC · 1:500 offshore | ASIC · CySEC | No | Yes |
 EightcapAustralia · est 2009 | MT4MT5cTTV | $100 | 0.0 pips | $7 RT | 1:30 retail ASIC · 1:500 offshore | ASIC | No | Check |
| TMGM Australia · est 2013 · ● HERE | MT4MT5cTTV | $100 | 0.0 pips | $7 RT | 1:30 retail ASIC · 1:500 offshore | ASIC | No | Check |
 VantageAustralia · est 2009 | MT4MT5cTTV | $50 | 0.0 pips | $6 RT ▲ | 1:30 retail ASIC · 1:500 offshore | ASIC | No | Yes |
 XMCyprus · est 2009 | MT4MT5cTTV | $5 | 0.6 pips | None | 1:30 retail CySEC · 1:1000 offshore | CySEC · ASIC | No | Yes |
 IGUnited Kingdom · est 1974 | MT4MT5cTTV | ~$0 | 0.6–0.9 pips | None | 1:30 retail FCA | FCA + 7 more ▲ | FX only | Yes |
 Interactive BrokersUnited States · est 1978 | MT4MT5cTTV | $0 | institutional | per notional | 1:50 retail US | SEC · FINRA + 4 ▲ | No | Yes |
 eToroIsrael / UK · est 2007 | MT4MT5cTTV | ~$50 | 1.0+ pips | None | 1:30 retail CySEC | FCA · CySEC · ASIC | No CFDs | Yes |
LEVERAGE NOTE: ASIC caps retail CFD leverage at 30:1 on major FX pairs, 20:1 on minor pairs, gold and major indices, and 10:1 on other commodities (Product Intervention Order, in force since 29 March 2021). CySEC and the FCA apply the same 30:1 major-pair cap. Higher figures shown here are offered by these brokers’ offshore entities, which sit outside those regimes and outside the investor-protection schemes that come with them. Check which entity is opening your account before you rely on any leverage figure.
Platforms: a lit chip means the platform is offered. ▲ marks the best figure in that column — on cost, lower is better, and spread and commission must be read together. Maximum leverage is the tier-1 regulated figure — offshore entities of the same brand often advertise more, with weaker protection. “Check” means availability depends on your country of residence and the entity that onboards you, so confirm before funding. Costs move with market conditions; the figure on your own account is the only real one.
READY TO TRADE WITH TMGM?
Full MT5. Raw pricing on Edge. $100 to start.
