With 63 forex pairs, IC Markets has more FX pairs than TMGM’s 50 pairs but TMGM has more CFD shares (12,000+). Both brokers have MT4, no dealing desk and low spreads. See how the brokers compare in this IC Markets vs TMGM review.
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When you trade, two major brokerage costs you will pay are the spread cost and commission fees. Other fees you may come across include funding costs, currency conversion fees, and swap fees.
Comparison Of Each Broker’s Standard Account
A standard account comes with no commissions, making the spread the main trading fee to consider. Below, we have provided an average spread comparison module for the standard account of some of the top brokers available.
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Standard Account Spreads
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0.62 | 0.77 | 1.27 | 0.83 | 0.74 |
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1.00 | 1.11 | N/A | 1.32 | 1.09 |
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1.12 | 1.22 | 1.40 | 1.69 | 1.47 |
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1.13 | 1.01 | 1.71 | 1.66 | 1.12 |
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1.20 | 0.90 | 1.50 | 1.80 | 1.80 |
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1.20 | 1.40 | 1.50 | 1.60 | 1.50 |
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1.10 | 1.20 | 1.40 | 1.50 | 1.20 |
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1.10 | 1.30 | 1.30 | 1.30 | 1.30 |
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1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
View IC Markets ReviewVisit IC Markets
IC Markets spreads, sitting within the 0.6 – 0.65 pip range for the EUR/USD. This is slightly above the minimum spread of 0.6 pips on all major forex pairs which IC Markets and all good brokers offer for this type of account.
TMGM spreads are slightly higher spread and begin from 1.0 pips. While this does keep TMGM competitive with many brokers, the broker doesn’t fare well against the best brokers for this account.
Comparison Of Each Broker’s ECN-Style Account
A commission-based account, sometimes known as ECN/STP-style or ‘raw’ account, comes with both spreads and commission fees. However, these spreads will be much lower compared to the standard accounts since they are not widened.
The spreads module below captures the typical spreads of brokers’ commission accounts, including the IC Markets Raw Account. TMGM does not provide typical spreads for their ‘Edge’ account, which is why they are not in this table.
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ECN Broker Spreads
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0.14 | 0.25 | 0.02 | 0.27 | 0.17 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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0.47 | 0.50 | 0.12 | 0.40 | 0.22 |
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0.20 | 0.30 | 0.20 | 0.40 | 0.20 |
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0.30 | N/A | 0.30 | 0.50 | 0.40 |
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0.24 | N/A | 0.17 | 0.54 | 0.30 |
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0.30 | 0.70 | 0.20 | 0.50 | 0.40 |
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0.30 | 1.10 | 0.10 | 0.60 | 0.50 |
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0.77 | 1.41 | 0.44 | 1.13 | 1.23 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
The spreads on IC Markets’ Raw Account are extremely tight, with a typical range of 0 – 0.05 pips. Spreads are 0 pips in periods of high liquidity which occurs 95% of the time for the EUR/USD pair. You can expect to pay AUD 7 or USD in commission per standard lot (100k units) round-turn. In other base currencies, you will pay a commission of GBP 5.0, EUR 5.5, or SGD 9, or if your account currency is not listed, a commission of USD 6 is converted to your account currency at spot rates.
TMGM has a minimum spread of 0 pips, and the commission is very similar to IC Markets, at AUD 7 or USD round-turn.
When funding your new forex trading account, you need to take both the minimum deposit and available funding methods, into consideration.
There is no minimum deposit with either IC Markets account type, but to meet margin requirements, they recommend that you deposit $200 to meet margin requirements when opening trades.
The funding methods available will depend on the country you are trading from and there are no funding fees (unless you use an international bank transfer, in which case, fees may apply). IC Markets provides most of the standard deposit methods, like bank transfers and Visa and MasterCard credit and debit cards. You can also use eWallets like BPay, POLi, PayPal and Klarna, but note that funding methods will be slightly more restricted if you are trading from Europe.
TMGM’s minimum deposit is $100 in either AUD or USD and applies to both their standard and ‘Edge’ Account types. Like IC Markets though, TMGM has a recommended deposit, of $500. TMGM offers Visa/Mastercard and bank transfers, but the only other method is POLi.
For both types of trading accounts, the cheaper broker is IC Markets. With lower spreads and competitive commission, they are the winner in this category.
View IC Markets ReviewVisit IC Markets
The best way to stay safe while forex trading is to use a broker regulated in the country you are trading from. Therefore, we compare regulatory coverage for you.
IC Markets is regulated by two top-tier regulators and one third-tier regulator:
Traders in the UK will be with the broker’s Seychelles subsidiary regulated by the FSA. This is because CySEC regulation used for the EU no longer applied as a result of BREXIT. As a result traders from the UK will be able to trade Forex with leverage of 1:500. This is higher than available to Australian and EU traders who are limited to 1:30.
TMGM are also regulated by two top and one second-tier regulator. These are:
TMGM unlike IC Markets will accept clients from Canada. Clients outside Australia and New Zealand will join the broker’s Vanuatu subsidiary. This subsidiary along with the broker’s New Zealand entity has leverage up to 1:500.
While both brokers have the same number of regulatory licences, IC Markets is covered by CySEC. As a result, we recommend trading with IC Markets over TMGM if you are trading from Europe.
IC Markets and TMGM both offer three platforms for you to choose between when trading, overlapping on MetaTrader.
You can trade via the MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader platforms if you choose to use IC Markets.
MT4 and MT5 are the most popular forex trading platforms in the world. While MT4 is the classic trading platform, MT5 also gives you access to decentralised markets like stocks. Both platforms give you access to a library of thousands of Expert Advisors (EAs), which can perform almost any function you might require when trading.
cTrader is an alternative to MT4 or MT5. It offers ‘depth-of-market’ for better pricing visibility, and also is said to have faster execution speeds so is popular with scalpers. On IC Markets, using the cTrader Raw Spread account also gives you a small discount on commission.
TMGM advertises having both MetaTrader platforms plus IRESS, however, note that MT5 is currently not available for you to trade on but is coming soon.
IC Markets’ trading tools include social-trading tools and analytical tools.
For copy trading, IC Markets has partnered with Myfxbook and ZuluTrade, allowing you to copy their trades of highly successful and/or professional traders with the click of a button. IC Markets also provides you with MetaTrader 4 Advanced Trading Tools, a set of 20 different widgets which can perform functions ranging from trading on market sentiment, to simply providing you with a mini terminal should you require it.
TMGM’s two main trading tools are TradingCentral and HUBx. You can use TradingCentral as a great way to research new ideas, while HUBx is used more for fund managers to connect with clients.
IC Markets has a stronger offering of platforms and tools. Beginners benefit from the availability of copy-trading tools, and advanced traders can take advantage of access to cTrader.
A contract-for-difference or CFD is a derivative that allows you to trade assets like forex, shares/ETFs, or even crypto, without actually owning it. As a result, it is a highly popular way to trade these asset classes.
You can trade 61 forex pairs on IC Markets, plus a strong range of other products. These include over 25 index CFDs and 18 cryptocurrencies like Bitcoin or Ethereum. Leverage on these CFDs is capped at 30:1 if you are a retail trader, but pro traders and those under VFSC regulation get up to 500:1 leverage when trading CFDs.
TMGM has fewer currency pairs and other CFDs, with just 50 forex pairs available. However, you do get over 12,000 share CFDs to trade. Maximum leverage for retail traders is also 30:1, but if you are a pro trader, you will only get up to 400:1 leverage.
IC Markets is our winner for products. TMGM has more share CFDs, but IC Markets offer more of almost all other types of instruments for you to trade, giving them the win in this category.
We go off TrustPilot reviews to assess whether users prefer IC Markets or TMGM.
IC Markets scores extremely highly, at 4.9/5 stars from a staggering 24 thousand user reviews. Traders are very happy with all facets of IC Markets’ offerings, and this is perhaps what has made IC Markets such a top broker choice since they were founded.
TMGM reviews are also very positive, but fall fractionally behind IC Markets, at 4.8 stars. However, a caveat is that only 680 users have reviewed TMGM, a much smaller sample size in comparison to IC Markets.
Although very close, the winner for this category needs to be IC Markets. A near flawless score with over 24 thousand backers makes IC Markets truly deserving of its position as one of the top brokers in the world.
IC Markets is our winner in this VS match-up against TMGM. With cheaper trading costs, a strong suite of platforms and tools available, plus a wide variety of products for you to trade, IC Markets is a great broker to use. Over 24 thousand users have already sung the praises of IC Markets- so they are our top forex broker pick.
IC Markets and TMGM are both top Australian-based forex brokers that are worthy of consideration when looking for a broker to trade with. This IC Markets vs TMGM comparison looks at the key features of each broker to help you find the right broker.
IC Markets was founded in 2007 in Sydney and has grown to become one of the largest brokers in the world by transaction volume. With over 18.9 billion transactions processed per day and 180.000 clients, IC Markets is one of the giants of the online brokerage industry.
TMGM was also founded in Australia in 2013 and originally called ‘Trade Management’. This broker has a more Australia and New Zealand-centric focus but accepts clients from across the globe.
Both brokers use a no-dealing desk STP trading execution model. This means the brokers connect you to a pool of liquidity providers who compete with each other to bring you the best spreads.
