Is TMGM a Scam? | TMGM Safety and Reliability

Pros

Cons

  • Over 8 years of trading experience
  • Regulated by top-tier ASIC
  • Negative balance protection
  • A trading volume of $150 billion
  • Not listed on the stock exchange markets
  • No client protection

Introduction

Trademax Global Markets or TMGM is an Australian Forex and CFD broker that’s founded in 2013. It has over 15,000 trading instruments and over 150 billion dollars as a trading volume. TMGM is also regulated by tier 1 authority, ASIC. TMGM is also available in over 150 countries around the world and offers competitive spreads and a variety of methods for depositing and withdrawal. TMGM is one of the best choices if you’re familiar with the MetaTrader platforms like the MetaTrader 4.

Is TMGM Regulated?

The TMGM broker is regulated by many financial authorities in different countries like:

  • ASIC: the Australian Securities and Investments Commission
  • FMA: the Financial Markets Authority in New Zealand
  • VFSC: Vanuatu Financial Services Commission

On the other hand, TMGM is not regulated by the top-tier FCA, the Financial Conduct Authority which is a very trusted regulator.

Is TMGM a Scam?

TMGM has had a long tracking record since 2013. It also has over 130 billion USD of traded funds and passed through different financial crises up till now. On the other hand, it’s not listed on the stock exchange markets.

Client Protection

Unfortunately, TMGM does not provide any client protection under its regulators.

 

TMGM Legal Entities Table

Country

Protection amount

Regulator

Broker’s Legal Entity

Australia

No Protection

ASIC

Trademax Australia Limited, trading as TMGM,

New Zealand

No Protection

FMA

Trademax Global Markets (NZ) Limited

Other Countries

No Protection

VFSC

Trademax Global Limited, trading as TMGM,

Negative Balance Protection

TMGM provides negative balance protection to prevent unusual events in your account and keep your balance never negative.

Two-step Verification

Unfortunately, TMGM lacks the two-step verification method while logging in.

FAQs

  1. Does TMGM allow bot trading?
  • Yes, through Expert Advisors (EAs).
  1. Where is my money held?
  • Your funds are held securely in the Tier 1 bank, National Australia Bank. your money is kept in segregated accounts separate from the company’s own funds.
  1. When trading forex, will you lose more than your initial deposit?
  • The MetaTrader 4 platform is set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and does not guarantee that your account will not enter into a negative equity situation. You should keep a balanced amount in your account above your required margin.
  1. Does TMGM accept payments from third parties?
  • Payments should be from an account that holds the same name as yours.

 



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