With 62 vs 50 forex pairs, Pepperstone is best for FX trading but TMGM has more share CFDs (12,000+). Pepperstone has 4 trading platforms with both having MT4. See how the forex brokers fare in this Pepperstone vs TMGM review.
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In our VS series of articles, we put two brokers in a head-to-head contest to help you pick between them. Today, we compare Pepperstone vs TMGM.w
Pepperstone is an Australian broker founded in 2010. The broker has grown to become one of the larger forex CFD brokers in the world, with over USD 9 billion worth of transactions processed per day. While Pepperstone has a global presence (they are regulated in 7 countries), Canadian and US traders will be unable to trade with Pepperstone.
TMGM was originally known as Trade Management, this broker is also Australian-based and was founded in 2013. While not as large as Pepperstone, the broker does have a strong presence in Australia, New Zealand and parts of Asia and does accept Canadian traders.
Both brokers connect you with a deep pool of liquidity providers using STP execution and have no dealing desk. This strategy is why the brokers are both notable for their competitive spreads.
The two main trading fees you can incur when trading are trading spreads and commission fees. For this reason, we take a look at each trading account the brokers offer.
Do however note that in addition to spreads and commission, there are also smaller fees that may apply, like forex conversion fees or funding costs.
On a standard forex trading account, the main trading fee you get is the spread cost. For lower brokerage, you want low or ‘tight’ spread costs. While there are no commission fees on standard accounts, the spread will be wider than on a commission-based account as the broker’s trading fee is included in the spread.
For convenience, we’ve compiled a module to help you compare the spreads on the standard accounts of different brokers, including Pepperstone and TMGM.
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Standard Account Spreads
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1.10 | 1.20 | 1.40 | 1.40 | 1.40 |
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1.00 | 1.11 | N/A | 1.32 | 1.09 |
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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 |
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1.32 | 1.95 | 1.37 | 1.70 | 1.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 01/09/2023
View Pepperstone ReviewVisit Pepperstone
Unlike the standard accounts, you will have to pay both a spread cost and commission fees. For this reason, spreads are tighter than with the standard account,
Like with our standard account analysis, we’ve compiled a spreads module for STP-style accounts, like Pepperstone’s Razor Account.
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ECN Broker Spreads
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0.47 | 0.50 | 0.12 | 0.40 | 0.22 |
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0.20 | 0.30 | 0.10 | 0.30 | 0.20 |
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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
As you can see in the module, you can expect spreads in the 0.1 – 0.3 pip range when trading the EUR/USD with Pepperstone but some pairs like the EUR/USD are 0.0 at least half the time.
Commission fees on the Razor Account are set at AUD 7 or USD per standard lot (100k units) round-turn, with the commission in other currencies shown in the graphic below. These commissions are similar to STP-style accounts with other brokers.
TMGM also has a minimum spread of 0 pips. No typical spreads are provided (which is why they do not feature in our spreads module). As with Pepperstone, the commission fee on TMGM’s ‘Edge’ account is AUD 7 or USD round-turn.
TMGM also has the IRESS trading platform. This account is best for trading stocks but forex is also available. The IRESS trading platform has three commission-based accounts. The Standard, Premium, and Gold IRESS accounts have a commission of USD 4.5, 4, and 3.6 respectively (round-turn). In other currencies, this is AUD 8, 7 and 6. The Standard account also comes with a platform fee of USD 35 or AUD 45 per month but is waived if you place at least 10 trades in the month.
To open a trading position, you need to fund your trading account to at least the required minimum deposit.
Pepperstone does not have a minimum deposit requirement, but they have a ‘recommended’ deposit amount. This is set at $200 to make sure you meet margin requirements when trading.
The funding methods available will depend on the country you are trading from and there are no funding fees (unless you make an international bank transfer, in which case, fees may apply).
Visa and MasterCard credit and debit cards are available for all traders in all countries except the UAE. In the UAE, retail traders only get access to funding via debit cards.
Note that eWallets are not available if you are trading in the UK, Kenya, EU, or the U.A.E. The exception to this is PayPal which is available in the UK and Kenya. Outside these regions, you can make deposits with eWallets like Skrill, Neteller, BPay, POLi and Union Pay.
However, TMGM does have a minimum deposit requirement, which is $100 in either AUD or USD. However, the recommended minimum deposit is higher, at $500. While TMGM does offer Visa/Mastercard and bank transfers, the only eWallet available for you to deposit with is POLi.
For the IRESS accounts, the minimum deposit is USD 5,000,000, $10,000, and $50,000 respectively.
We find that the forex broker with lower fees is Pepperstone. With lower spread costs on both their Standard and Razor Accounts and competitive commission fees, you can expect to pay less in fees when you trade with Pepperstone vs TMGM.
View Pepperstone ReviewVisit Pepperstone
To stay safe when trading, you should trade with a broker regulated in the country or region you are trading from. We divide regulators for you to quickly compare broker safety.
Pepperstone is regulated by 5 different top-tier regulators plus two third-tier regulators:
Meanwhile, TMGM is only regulated by two top-tier and one third-tier regulator. These are:
Overall, it is more likely that you are covered by one of Pepperstone’s top-tier regulators, but if not, you can rest assured knowing that you will get global coverage via either the SCB on Pepperstone or VFSC with TMGM.
Pepperstone has several trading platforms that you can choose between, but the only platforms with TMGM are the MetaTrader options and IRESS.
On Pepperstone, you get access to MetaTrader 4 and MetaTrader 5 (MT4/MT5), Capitalise.ai, TradingView, and cTrader.
MT4 and MT5 are the most popular, and the second most popular forex trading platform used in the world. Both the MetaTrader options are easy to use, and give you access to Expert Advisors (EAs), to help you easily automate your trading.
Capitalise.ai is an algorithmic trading platform that doesn’t require you to write any code at all. You can create algorithms using plain English so you can automate your trading.
TradingView is one of the best platforms to use if you are a chart trader. There are just so many chart types and indicators available, and you can customise the platform to your liking.
TMGM currently only has MT4 and IRESS available for you to trade on, but MT5 is advertised as ‘coming soon’.
IRESS is an ‘institutional grade’ trading platform, focused on giving you access to share CFDs. The platform has a modular structure to make it easier for you to customise, and IRESS also comes with great market depth.
Pepperstone has a lot of trading tools available, mostly centred around social trading. These include MetaTrader Signals, which gives you trading ideas, to Myfxbook, DupliTrade, and Pelican Trader, which are copy-trading tools.
The main trading tools offered by TMGM are TradingCentral and HUBx. TradingCentral is a research tool that you can use to find good trading ideas, while HUBx is a tool that helps connect fund managers with clients.
With a wider range of both platforms and trading tools, Pepperstone is our winner in this category. To take an example, if you want to copy-trade, you will have to use Pepperstone over TMGM, as TMGM does not have any tools available to make it possible.
A contract-for-difference or CFD is a type of financial instrument that allows you to easily trade assets without actually owning the asset. For example, you could trade forex, shares/indices or ETFs, commodities, and crypto without actually owning any of the underlying assets.
Pepperstone provides you with 62 different currency pairs, and over 1,000 share CFDs. Other instruments can be seen in our product comparison image.
Maximum leverage on Pepperstone is set at the highest that is allowed by regulators. This means that if you are classified as a ‘retail trader’, you get up to 30:1 leverage, and 500:1 if you are a pro trader. Regulation in Kenya is slightly different, with the maximum capped at 400:1. Outside of the major trading hubs like the EU, UK, or Australia, your maximum leverage is 200:1.
TMGM only has 50 forex pairs available for you to trade, but they have many more share CFDs, at 12,000+. While leverage for retail traders is the same as Pepperstone, pro traders get up to 400:1 leverage when trading with TMGM.
The broker with a stronger range of products is Pepperstone. Although TMGM does offer more share CFDs with a strong IRESS offering, Pepperstone has more CFD options like with forex pairs or stock indices.
We found that Pepperstone is a very popular broker, receiving 2.1 million visits in August 2022. In comparison, TMGM had a meagre 64 thousand visits in the same time period, extremely far below Pepperstone.
With such a large user base, Pepperstone is surely doing something right- making them the undoubted winner in this category.
Overall, we recommend trading with Pepperstone. A combination of low brokerage, strong regulatory coverage, and their range of trading platforms, tools, and products make them an extremely good all-round package. As a result, they are our winner in a matchup against TMGM.
