It should be easy to make deposits and withdrawals from TMGM. But, you also need to pay attention to the payment methods, estimated duration, and fees incurred.
TMGM which stands for Trademax Global Markets is a global forex broker based in Australia and was established in 2013. The company is regulated by the Australian Securities and Investment Commission (ASIC) which is a top-tier regulating body, thus making TMGM a legit and safe broker that traders can trust. Furthermore, it is also regulated by the Financial Markets Authority in New Zealand and the Vanuatu Financial Services Commission (VFSC).
After registering with this broker, traders will need to make a deposit to get started with trading. The minimum deposit is $100 while the process of opening an account does not take long. Once a trader begins to make substantial profits, they can request a withdrawal. Therefore, traders need to understand how the deposit and withdrawal processes work at TMGM as well as the options that are available. This article will be serving as a guide on how traders can deposit trading capital and withdraw their profits from TMGM.
How to Deposit at TMGM
As earlier stated, the minimum deposit at TMGM is $100. The brokerage account can be funded in either AUD, GBP, USD, NZD, or EUR. The significance of this is that depositing using a major currency means there will be no need for conversion. However, if the deposit is done in a minor currency that TMGM does not support, conversion will be done and the trader will be charged a currency conversion fee.
For the deposit process itself, there are no fees charged by TMGM when traders make their deposits which means the broker will not be deducting anything when traders fund their brokerage accounts. The costs they will only need to be concerned with are those likely to be charged by the third party they are using to send the money into their brokerage accounts.
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There are multiple options available to make deposits at TMGM and they include bank transfers, credit/debit cards, and electronic wallets. The processing time for the deposit options varies as it takes about 1-3 working days for bank transfers while it is instant for both credit/debit cards and electronic wallets.
Steps involved in making deposits at TMGM are as follows:
- Log in to your account and click on the Client area.
- Find 'Deposit' or 'Funding menu' and then your funding method.
- Provide the necessary information for the transaction.
- Review the transaction to check that the payment details are correct.
- Proceed to make a deposit as instructed.
How to Make Withdrawals from TMGM
Just like with deposits, there are also multiple options for withdrawals with bank transfers, credit/debit cards, and electronic wallets. It should be pointed out that withdrawal of funds can only be made to accounts registered in the trader's name.
Below are the steps involved in making withdrawals at TMGM:
- Access the Client area and look for Withdrawal.
- Choose your method for withdrawal and fill in the necessary information.
- Follow the on-screen prompts to complete your request for a withdrawal.
Withdrawing funds from TMGM is hardly instant and traders need to bear in mind that before withdrawals can be made, they will have to first close some of their trading positions. Usually, the process of withdrawal takes one day while the broker with no charge whatsoever from the broker's side.
Overall, the process of depositing and withdrawing at TMGM is quite straightforward. As long as the trader is aware of the necessary information, it will be quite easy to execute the process.
TMGM is a CFD trading provider who 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 both industry-leading platforms as well as their own proprietary cutting-edge platforms.
23 Comments
Alexander
Jan 25 2023
There are some cases that broker has slowed response to the withdraw. In my mind, it's not about how fast it is, it's about the process. Brokers usually always have limited time to process withdrawals. I find this very annoying. Because, as a floating rate trader, there are times when the withdrawal time is right, but the broker didn't process it right away. Because of this, the rate may be lowered and the trader suffers a loss because the rate.
example: If $1 = 1.07 EUR, we will make a withdrawal, but the process took 1 day so it will be $1 = 1.03 EUR until the money is credited to your bank account the next day. That means you lose 0.04 for every $1 you withdraw. If TMGM processes my withdrawal quickly, I think I will reconsider using TMGM's services.
Paul Mills
Jan 26 2023
Alexander: II don't know if TMGM has a fixed price. But if the broker offers a fixed rate, you can choose it instead of a variable rate. So with a fixed rate you can get (for example) $1 = €1. Every time you deposit or withdraw you will get that rate no matter what. But it has the disadvantage that you cannot get a higher rate if the market rate is high. You can read the advantages and disadvantage of fixed rate here :
But, if you insist to use floating rate and want to avoid the cases that you explain, you can see the schedule, which time that TMGM process the withdraw.
Billy Den
Jan 26 2023
Paul Mills : How safe will my money be if I deposit at TMGM. I mean, I understand if brokers have time to process my money including my deposit or withdrawal and even if the money will arrive late in a few days because wire transfer or wire transfer takes time. So, I am Ok with that, and I will not protest at all. But what worries me is my money at TMGM. As long as my money is safe, and brokers don't use my money for their own interest. I will probably trade with TMGM. There is no excuse for the safety of the trader's money, right?
Juan
Jan 26 2023
Billy Den: TMGM is regulated by ASIC (Australia) and FSP (New Zealand) which means this broker has very strict regulation as the regulatory bodies also protect traders very well. Based on the TMGM website, all deposits by the seller are secured by a separate customer account store. So the broker cannot use your funds, they can only transfer your funds if you request a withdrawal. And your funds won't mix with the broker's wallet. So don't be afraid of your money in TMGM.
Agus Arianto
Jan 26 2023
Dude, I'm an Indonesian trader. Normally, in my country, the local brokers or offshore brokers always determine that we use dollars to trade forex. And meanwhile, the TMGM broker can be funded in AUD, GBP, USD, NZD or EUR. Okay, the brokers in here also can be funded by Rupiah Indonesian. But I see the funds that can be used is also a currency that have in trading such as AUD, GBP, and EUR. So, does trading always use USD or other currency pairs provided by TMGM? I am curious because it will be interesting if we can use something other than USD to trade and will it be more profitable?
Ethan Jr
Jan 26 2023
Agus Arianto: No, as far as I know, all I know for Forex trading is that you always use USD as it is the most widely used currency in international trading and also in Forex. And forex traders come not only from certain countries but also from all over the world. And because of that, the standard currency that uses is USD.
So, if TMGM accepts funds other than USD, it means you can deposit in AUD for example, but then it will be converted to USD. It's like the Indonesian brokers that you said before; they accept your local currency but then convert it to USD.
Siesta
Feb 11 2023
Previously I was very foreign to this TMGM broker. From all your explanations, I feel that this application is very detailed in explaining the conditions for withdrawing funds. Although I don't know about the products offered by the TMGM broker, I think the deposit and withdrawal service at this broker is quite good and very detailed. The funding method offered is also good, diamond and free of charge again.
The minimum deposit at this broker is 100 USD and you will get free deposit and withdrawal fees as well. Wow, I have never found a broker that provides free deposit and withdrawal services. Usually it's free in the deposit section, while there is a fee for withdrawals. This means that TMGM is a broker that offers low funding costs. but there is something that makes me curious because I have never heard of this broker. How can I be sure that this broker is safe to use in trading and as a place to store our funds? Maybe someone in the know can help explain...
Diego
Feb 11 2023
Siesta: Ok guys, let me explain. Although I am also not a user of this broker, I have studied this TMGM broker several times. If you ask whether this broker is safe or not? I feel safe, okay? TMGM is overseen by two of the world's leading financial jurisdictions.
Of all the regulators who oversee the TMGM broker, I think this broker is a good and safe broker for trading, moreover, TMGM also offers trading with free deposit and withdrawal fees.
Bernard
Feb 11 2023
In my experience, I tried trading in several different brokers, Only TMGM offers deposit and withdrawal free of charge to traders, really good and very low cost of funding here. Apart from that, I also like the withdrawal system offered by TMGM, because the processing time for funds is not too long and only takes one day. During my study of several brokers, it is not uncommon for brokers to offer long withdrawals of up to 7 days or more. fast withdrawals at TMGM are processed making traders feel safer with their money.
Usually I make withdrawals using the international bank transfer method because I am more comfortable with this method. At this TMGM broker, is there a fee if you want to withdraw funds using the international bank transfer method? Please if anyone can explain...
Ketlyn
Feb 11 2023
Bernard: In accordance with the explanation of this article and the direct explanation on the website, TMMG does not charge any fees for deposits and withdrawals even though the method used for withdrawals is via international bank wire, however, keep in mind that the minimum deposit and withdrawal made is $100. However, sending and correspondent banks may charge fees according to their fee structure, such as:
In my opinion, of the many brokers that I have met on the internet, only the TMGM broker offers free deposits and withdrawals for all of its methods. So for you novice traders, this broker can be an option when choosing a trading broker.
Allan W
Feb 13 2023
I actually don't really understand anything related to deposits at forex brokers, because I've never tried it. I've never tried trading with a real account because I'm hesitant to try a deposit.
I only tried one broker, namely OctaFX, to try the demo account, but I'm not afraid to try real trading, OK? That's why I always like to read articles related to trading, especially market provider brokers.
well, actually this is the first time I get to know the TMGM broker, so there are things that still make me confused. Can I make a deposit through a third party? For example, my friend/relative wants to make a deposit for me, is that possible?...
If anyone knows, please help explain, guys...
Queen
Feb 13 2023
Allan W: Wow, it turns out that I've never tried trading, so it's only natural that I don't understand deposits. As far as I know, all brokers don't seem to recommend deposits using accounts from third parties. So it's better to use an account in your name only, to avoid deposit problems and avoid a fraud too...
Deposit your account easily and securely through TMGM's various payment options. Your funds are placed safely in Australia's Best Bank
TMGM also strongly discourages using someone else's payment account to fund your trading account because you may have problems with withdrawals — and we cannot guarantee successful processing if this is the case.
This TMGM cannot accept any deposits from anyone other than the account holder.
Oh yes, be careful when choosing a deposit method with a broker, because not all of the deposit methods offered are available in your country.
Reynarl
Feb 13 2023
Although I have studied several brokers that provide trading such as Pepperstone, FBS, and FXTM, I have never heard of a TMGM broker. He said this broker is quite popular in Australia and also as far as I know the TMGM broker has several offices based in Australia, such as in Melbourne and Sydney. That's all I know about TMGM.
Yes, but after reading this article, I have come to know quite a bit about the TMGM broker, specifically with regard to deposits and withdrawals. In my opinion, this broker is quite good with the funding process, because it is quite easy and instant, only about 1-3 days with a minimum deposit of $ 100.
Before I find out more about this broker, I want to know a few things about deposits and withdrawals at this broker. If you want to make deposits and withdrawals at TMGM broker, what is the recommended minimum amount? is there a maximum limit? Please explain guys...
Patrick
Feb 13 2023
Reynarl: Hi dude, your question is very good. Indeed, as far as I know, every broker provides minimum and maximum limits for deposits and withdrawals, although there are some that do not provide limits. This means you are free to make any deposit, and it is usually very suitable for beginners with limited funds.
As explained in the article that the minimum Deposit and withdrawal required at TMGM broker is USD $100 (or currency equivalent) for all account types.
For maximum limits, it seems that the TMGM broker does not provide maximum limits for both deposits and withdrawals. however The recommended minimum amount is equivalent to $500 USD, but you may fund only with $100 in currencies: EUR, GBP, USD, AUD, NZD, CAD.
Immanuel
Feb 13 2023
Patrick: Apart from that, this broker also provides 12 different deposit methods, namely the Visa method, debit/credit card, Revolut, Wise, Bank Transfer, Neteller, Skrill, Union pay, Instant RMB, Phasepay. and yeah, I think all the deposit methods are instant, it only takes a day at most.
And yes, the most profitable thing for traders is that there are no deposit fees for all ed methods. If you are still charged a fee, it means that it is an intermediary fee from a third party such as a bank, etc. Oh yes, it should be noted that not all currency options for funding are available in every method. For example, Phasepay can only deposit in USD currency and Instant RMB in CNY currency.
So you have to be more careful in choosing a deposit method. If possible, the currency that matches your country so that it is not affected can be converted.
Honey
Feb 13 2023
I really like brokers that provide deposits and withdrawals and which are free of fees because for me, a novice trader needs a low cost method of funding trades. and TMGm has prepared this facility.
although in fact many brokers offer free trading, and TMGM has quite a lot of competition if you only rely on the advantage of low fees in deposits and withdrawals.
however, when measured in terms of the speed of funding processing, in my opinion the TMGM broker is already superior to other brokers. the longest process is Bank Transfer, which is 1-3 working days, while other methods are instant.
For Withdrwarl it is also quite instant in the process, namely only 1 working day in processing. The broker does not charge any fees/commissions on deposits/withdrawals, however, you may incur fees from the bank involved in the bank transfer. Please note that for e-wallets, there may be a fee for withdrawal, if you haven't traded yet.
Erling Halland
Mar 24 2023
"As earlier stated, the minimum deposit at TMGM is $100. The brokerage account can be funded in either AUD, GBP, USD, NZD, or EUR. The significance of this is that depositing using a major currency means there will be no need for conversion."
So let me get this straight, if you deposit using a major currency pair that involves the US dollar, you won't have to worry about currency conversion rates and exchanging it for US dollars, right? That's pretty cool! It means I can trade EUR/USD with EUR currency and not have to worry about converting it. But I wonder how the trades will play out using the EUR currency. This is definitely something that piques my interest and makes me curious to try trading with TMGM!
Muse
May 26 2023
@Erling Halland: You got it, my friend! If you deposit using a major currency like EUR, GBP, AUD, USD, or NZD, you're in luck! You won't have to hassle with currency conversion when trading those major pairs. So, if you're into trading EUR/USD, you can fund your account with EUR, and your trades will be carried out seamlessly using that currency. It's pretty convenient and saves you from dealing with exchange rates. It's definitely an attractive feature that TMGM offers, and it's worth exploring if you're interested in trading with them. So go ahead and give it a shot, and may your trades be profitable!
Leon
Jun 16 2023
Hey there! I was just reading about TMGM and their minimum deposit requirement of $100, which sounds pretty reasonable. I noticed that they offer multiple currency options for funding your brokerage account, including AUD, GBP, USD, NZD, and EUR. That's quite a diverse range to choose from! It got me thinking about the withdrawal process. When it's time to withdraw funds from TMGM, do they give you the flexibility to choose any of those currencies, or is there a specific currency that they offer for withdrawals? I'm curious because it would be convenient if I could easily withdraw my funds in the same currency that I initially deposited. It would save me the hassle and additional costs of currency conversion. Plus, I also noticed that if you deposit using a minor currency that TMGM doesn't support, they charge a currency conversion fee. So, knowing the available withdrawal currencies would help me plan my trading activities better. Thanks a bunch for your help!
Thiery
Jun 18 2023
@Leon: Hey, great question! When it comes to withdrawing funds from TMGM, they typically provide the flexibility to choose the currency in which you want to receive your funds. So, if you initially deposited in a specific currency like AUD, GBP, USD, NZD, or EUR, you can usually withdraw in the same currency. This can definitely save you from the hassle and costs of currency conversion.
However, it's worth noting that the availability of withdrawal currencies may depend on the specific payment methods you used for depositing. Some payment methods may have limitations or restrictions on the currencies they support for withdrawals. So, it's always a good idea to check TMGM's withdrawal options and consult their customer support team to ensure you have the most accurate and up-to-date information regarding available withdrawal currencies.
Santos
Nov 20 2023
As mentioned in the article, the processing time for deposit options varies; bank transfers typically take 1-3 working days, while credit/debit card and electronic wallet transactions are instant. Personally, I've never used a credit or debit card for withdrawals. From my understanding, especially with credit cards, it seems challenging to have funds returned directly. Unlike debit cards, which often allow withdrawals at ATMs or banks, credit cards may not facilitate direct withdrawals. So, how can one access the funds received in a broker through a credit card?
Kenny
Nov 23 2023
When withdrawing funds from a broker using a credit card, it's crucial to acknowledge that the procedure can differ according to the broker's policies. Typically, brokers tend to prioritize returning funds to the initial deposit source. However, as you rightly pointed out, credit cards may not facilitate direct withdrawals like debit cards. From my understanding, the process involves your credit card becoming overpaid upon receiving the funds, allowing for subsequent withdrawal at an ATM. It's worth noting that credit cards can indeed be used to withdraw money from ATMs, although this action usually incurs associated charges. In simplified terms, the steps involve withdrawing from your account, the credit card registering an overpayment status, enabling withdrawal at an ATM, and subsequently restoring the credit status to zero.
Ryan
Mar 27 2024
It is mentioned that TMGM offers various deposit methods, including bank transfers, credit/debit cards, and electronic wallets. The processing duration for these options differs; bank transfers take approximately 1-3 working days, whereas credit/debit cards and electronic wallets provide instant processing.
Could you please explain why credit/debit cards and e-wallets consistently offer instant processing times? I'm concerned about their safety, particularly regarding e-wallets, and this seems to be a common feature not only with TMGM but also with other brokers.