There are two kinds of TMGM account types, the TMGM Edge and Classic. Which one has the best conditions?

It is widely known that brokers tend to offer several different account types. These accounts usually have various specifications to cater to more traders. Some brokers might offer up to 10 different account types. While having options is good, it might be confusing for first-time traders. The thing is, account types in brokers can be simplified into two categories: the standard account and the low-spread account.

A good example of this is TMGM broker. The broker has only two real account types, making it easier for traders to choose. Those are Classic (the standard account) and Edge (the low-spread account).

tmgm account type

Before getting deeper into TMGM account types, let's get to know this broker better. In general, TMGM is a well-known CFD brokerage with cutting-edge technology. In addition, thr broker offers a wide range of markets that include forex, indices, shares, precious metals, energies, and cryptocurrencies.

🌐 Website
www.tmgm.com
Leverage
1:500
💼 Regulation
💲 Min Deposit
$100
Year Established
2013

VPS
Skrill
Wire transfer
Neteller
FasaPay

The company was founded in 2013 and is owned and operated by Trademax Global Markets, with its headquarters locates in Australia and New Zealand. Even though Australia is not the main focus of the trading industry, the online broker is well known in the continent as it offers high leverage, low fees, and tight spread. The business currently operates in over 150 countries with $195 billion trading volume, making it one of the top ten forex brokers in the world.

As a financial services provider that is based in Australia, TMGM is also regulated by ASIC under license number 436416, FSP (New Zealand) under license no. 569807, and Vanuatu Financial Services Commission (40356).

Over the years, TMGM has expanded its assets to cover additional assets. The trading brokerage does not fall short in offering its clients a wide range of trading instruments. Today, clients can trade with 50 currency pairs, 15+ global indices, 12,000+ global stocks, 3 metals, 2 energies, and cryptocurrency.

There are 2 types of trading accounts, Edge and Classic. All accounts offer identical features such as automated trading, mobile trading, EA supports, and fixed spread with a minimum deposit of $100.

TMGM provides its clients who have registered live accounts with not one, but 2 high-quality trading platforms to choose from, namely MetaTrader 4 and MetaTrader 5. The MetaTrader 4 platform gives clients 1-click trading solutions and includes customizations for market depth analysis. While MetaTrader 5 is similar to MT4, the platform has a few more advanced options and several underlying efficiency upgrades, including additional timeframes, a larger variety of tools, and depth of market (DOM) pricing.

To register, scan one of the QR codes below:

qr code tmgm

Accepted payment methods with TMGM include wire transfer, Skrill, Neteller, Fasapay, AliPay, UnionPay, Tether (USDT), and Credit/debit cards. Clients can have a wide variety of deposit options in 5 different currencies such as AUD, USD, EUR, GBP, or NZD. Despite there is a $20-30 bank processing fee if you use bank withdrawals outside Australia, however, all withdrawals are processed in 24 hours and there are no fees to be charged.

The firm is active on YouTube, Facebook, Twitter, Instagram, and LinkedIn regularly posting news, tutorials, and career opportunities, such as internships. Brand ambassador, Gianluigi Buffon, regularly hosts online webinars which are free to register for.

TMGM also offers a training feature called TMGM Academy. The academy is a three-stage education course that guides novice traders through the basics of trading to more advanced strategies such as moving averages and Fibonacci extensions.

The broker is known to run trading competitions, which usually run for three months. The leader board is updated daily and the trader ranking highest at the end of the three months will be rewarded from a pool of up to $148,500. You can find full rules and terms and conditions on the website.

The easiest way to contact TMGM is through their email and live chat support although it's only available 24/5 found on the contact page of their website. In addition, to increase accessible customer experience, the firm provides website languages in Chinese, English, French, Indonesian, Italian, Portuguese, Spanish, Thai, and Vietnamese.

Overall, TMGM may be the right broker for you as it provides not only Forex and CFD trading but also crypto to retail and professional traders. Catering to traders from around the world, the client portal opens up a range of global opportunities via its user-friendly interface.

 

1. TMGM Classic Account

The first TMGM account type is called the Classic account. Technically, this is the standard account of TMGM. To trade in this account, you need to prepare a minimum deposit of $100. There won't be any extra charge for the deposit transaction from TMGM.

Two trading platforms are available in this account: MT4 and MT5. Both are well-known trading platforms with a lot of benefits. Meanwhile, the spread starts from 1.0 pips with no commission fee. In addition to that, traders can enjoy high leverage up to 1:500.

The TMGM Classic account uses ECN execution to give traders direct market access. Muslim traders do not need to worry because TMGM Classic also offers a swap-free option in this account. In addition, traders are allowed to use hedging, scalping, and Expert advisors (EA) for automatic trading, giving traders more flexibility in their trading strategy. In general, this account is suitable for all kinds of traders, including first-timers.

 

2. TMGM Edge Account

The second TMGM account is called Edge. This is a low-spread account that is perfect for traders looking for the best pricing to maximize their strategies.

The minimum deposit is only $100, similar to TMGM Classic account. The main difference is the spread which starts from 0.01 pips. However, one thing to remember is that a low-spread account always comes with a commission fee. In this case, the TMGM Edge account charges a commission fee of $7 per round turn. Traders can enjoy leverage of up to 1:500 when trading in this account.

Like the Classic account, the Edge account also uses ECN. Expert Advisors, hedging, and scalping are all allowed, and muslim are supported with Islamic account features.

 

Consider These When Choosing an Account

First-time traders might find it hard to choose the best trading account. To simplify it, traders can use these two factors to pick the right trading account that works for them:

 

The Strategy

Strategy is a very important matter when choosing the right account. There are a lot of strategies that require special conditions from the trading account. For example, if the trader is using a scalping strategy, they should look for low spread, low commission fees, and other scalping-friendly terms in the broker. These factors will directly affect the trader's results. On the other hand, if their strategy calls for high leverage, it's best to find an account with a good amount of maximum leverage.

 

Trading Cost

It is crucial for traders to make sure the trading cost is in accordance with their capability. Things to look for are the minimum deposit, deposit fees, spreads, commission fees, and swap rates. The key is to make sure traders can pay for the trading costs. Professional traders might be capable of paying high trading costs. On the other hand, new traders might prefer something affordable.

 

Which TMGM Account is the Best?

The TMGM Classic account offers many flexible options. This account doesn't have the lowest spread but does not have commission fees. This makes this account good for new traders or any other trader who prefer to open big positions. On the other hand, the TMGM Edge account focuses on providing low spread. This account is good for short-term traders or scalpers who like to open small but frequent positions. For the full comparison, check out the table below:

Features Classic Edge
💻Platforms MT4, MT5 MT4, MT5
💲Minimum Deposit $100 $100
🔢Spread 1.0 pips 0.01 pips
💸Commission $7 (round turn)
⚖Leverage 1:500 1:500
🔁Hedging ✔️ ✔️
⏩Scalping ✔️ ✔️
🕋Islamic Account ✔️ ✔️

 


TMGM is a CFD trading provider that aspires to be the leader and innovator in the industry. The broker has several head offices in Australia and aims to connect clients to the widest range of markets through industry-leading platforms and their own proprietary, cutting-edge platforms.