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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Our full comparison covers the 10 most important trading factors. Here are five noticeable differences between Pepperstone and TMGM:
Pepperstone is an Australian broker founded in 2010. The broker has grown to become one of the largest 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. Try the Pepperstone vs TMGM fee calculator below based on the most popular forex pairs and base currencies.
Pepperstone Spreads
| Pepperstone | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active |
EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | 0.10 | 0.10 | 0.70 | 0.10 | 0.60 | 0.50 | 1.00 | 0.40 | N/A | N/A |
| BrokerChooser | 0.10 | 0.30 | 0.20 | 0.20 | 0.30 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.87 | 0.77 |
| CompareForexBrokers | 0.19 | 0.36 | 0.41 | 0.19 | 0.61 | 0.40 | 1.10 | 0.70 | N/A | N/A |
| Pepperstone | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | 1.20 | N/A | N/A | N/A | N/A |
| Consensus | 0.30 | 0.44 | 0.57 | 0.37 | 0.65 | 0.70 | 1.05 | 0.55 | 0.87 | 0.77 |
TMGM Spreads
| TMGM | EUR/USD | USD/JPY | GBP/USD | AUD/USD | USD/CAD | EUR/GBP | EUR/JPY | AUD/JPY | All-in Cost EUR/USD - Active |
EUR/USD Standard Account |
|---|---|---|---|---|---|---|---|---|---|---|
| MyFxBook | 0.00 | 0.00 | 0.30 | 0.10 | 0.00 | 0.30 | 0.40 | 0.40 | N/A | N/A |
| BrokerChooser | 0.10 | 0.20 | 0.30 | 0.10 | 0.30 | N/A | N/A | N/A | N/A | N/A |
| ForexBrokers.com | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.76 | 0.96 |
| CompareForexBrokers | 0.15 | 0.33 | 0.35 | 0.15 | 0.43 | N/A | 0.40 | 0.54 | N/A | N/A |
| TMGM | 0.00 | 0.20 | 0.30 | 0.10 | 0.20 | 0.00 | 0.00 | 0.00 | N/A | N/A |
| Consensus | 0.06 | 0.18 | 0.31 | 0.11 | 0.23 | 0.15 | 0.27 | 0.31 | 0.76 | 0.96 |
The graph below shows the consensus data with TMGM having lower spreads in all major currency pairs.
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.
Does Pepperstone or TMGM have lower brokerage fees?
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 note that in addition to spreads and commission, there are also smaller fees that may apply, like forex conversion fees or funding costs.
Standard Accounts Compared
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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|---|---|---|---|---|---|
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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 | 1.20 | 1.30 | 1.30 | 1.30 |
|
1.20 | 1.80 | 1.90 | 1.90 | 1.60 |
|
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 04/01/2024
View Pepperstone ReviewVisit Pepperstone
Commission-based account comparison
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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|---|---|---|---|---|---|
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0.40 | 0.60 | 0.10 | 0.40 | 0.20 |
|
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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 04/01/2024
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.
Verdict
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
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 and TMGM both offer distinct account types and features tailored to different trading needs. Pepperstone provides a wide range of 62 forex pairs and over 1,000 share CFDs, catering to diverse trading preferences. They also boast a robust regulatory framework, being overseen by 5 top-tier and 2 third-tier regulators. Their trading platforms are diverse, with 4 options, including the popular MT4, ensuring traders have the tools they need.
On the other hand, TMGM offers 50 forex pairs and a staggering 12,000+ share CFDs, indicating a strong focus on share trading. They are regulated by 2 top-tier and 1 third-tier regulator, ensuring a level of trustworthiness. TMGM’s platform offerings are more limited, primarily focusing on MT4 and IRESS, with MT5 advertised as ‘coming soon’.
Both brokers have their strengths, with Pepperstone excelling in forex trading and regulatory coverage and TMGM shining in share CFD offerings.
Verdict
Based on the diverse forex pairs and robust regulatory framework, Pepperstone offers the best account types for traders looking for variety and security.
Having delved deep into the trading platforms of both Pepperstone and TMGM and after cross-referencing with our own extensive testing, it’s clear that both brokers have their unique strengths. Pepperstone, for instance, stands out with its MT4 platform, which is renowned for its user-friendly interface and advanced charting tools. Our testing also highlighted Pepperstone’s prowess in automation, with tools like Capitalise.ai setting it apart.
Verdict
Based on the comprehensive trading platforms and our own testing results, Pepperstone offers the best overall trading experience.
Pepperstone Trust Score
TMGM Trust Score
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 compare broker safety quickly.
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:
| TMGM | Pepperstone | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) FMA (New Zealand) |
ASIC (Australia) FCA (UK) BaFin (Germany) CYSEC (Cyprus) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | VFSC FSC-M (Mauritius) |
SCB (Bahamas) CMA (Kenya) |
Verdict
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.
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.
Verdict
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.
When it comes to educational resources, both Pepperstone and TMGM have made significant efforts to cater to traders of all levels. Here’s a breakdown of what each broker offers:
Pepperstone:
TMGM:
Verdict
Based on our team’s testing, Pepperstone scores slightly higher in educational resources, making it the preferable choice for traders seeking comprehensive educational content.
In the world of forex trading, having a reliable customer service team can make all the difference. Both Pepperstone and TMGM understand this and have invested in providing top-notch customer support to their traders. From our own testing, it’s evident that both brokers have made significant strides in this department.
Pepperstone boasts a dedicated support team that’s available 24/5, ensuring that traders can get assistance whenever they need it. They offer multiple channels of communication, including live chat, email, and phone support. TMGM, on the other hand, also provides a robust customer service experience with a team that’s responsive and knowledgeable.
| Feature | Pepperstone | TMGM |
|---|---|---|
| Support Availability | 24/5 | 24/5 |
| Live Chat | Available | Available |
| Email Support | Available | Available |
| Phone Support | Available | Available |
| Knowledge Base | Comprehensive | Comprehensive |
| Response Time | Quick | Quick |
Both brokers have shown a commitment to ensuring that their traders have the support they need. However, the nuances in their offerings can make a difference depending on individual trader preferences.
Verdict
While both brokers offer commendable customer service, based on our team’s scores and testing, Pepperstone slightly edges out TMGM in terms of overall customer support experience.
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.
Pepperstone has a lower minimum deposit of $0 compared to IC Markets, which requires traders at least $100. They vary in their recommended deposits as well, as we show in the table below:
| Minimum Deposit | Recommended Deposit | |
| Pepperstone | $0 | $200 |
| TMGM | $100 | $500 |
Verdict
Pepperstone wins this category with its $0 minimum deposit feature. That said, their recommended deposit matches IC Markets’ actual minimum requirement, so that’s something to think about.
Pepperstone is the winner because it consistently outperforms TMGM across multiple key areas that traders value the most. The table below summarises the key information leading to this verdict:
| Criteria | Pepperstone | TMGM |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ❌ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ❌ |
| Better Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ✅ | ❌ |
For those just starting out in the trading world, Pepperstone offers a more comprehensive and user-friendly experience, making it the ideal choice for beginner traders.
For seasoned traders looking for advanced tools, diverse trading pairs, and superior platform options, Pepperstone remains the top choice, catering to their sophisticated needs.
Pepperstone generally offers lower costs compared to TMGM. Traders often prefer Pepperstone due to its competitive spreads and reduced commission fees. For a detailed breakdown of spread data, you can refer to our comprehensive lowest spread comparison.
Both TMGM and Pepperstone offer MetaTrader 4, but Pepperstone is often favoured for its enhanced MT4 features and tools. Their platform integration is seamless, and traders can benefit from a range of additional plugins. For more insights on the best MT4 brokers, check out our MT4 broker comparison.
Pepperstone stands out when it comes to offering social or copy trading options. They provide traders with a platform that integrates with various social trading tools, allowing them to follow and replicate the strategies of experienced traders. For a deeper dive into the world of social trading, explore our guide on the best forex social trading platforms.
Neither TMGM nor Pepperstone offer spread betting to their clients. Spread betting is a unique form of trading popular in the UK and some other regions. If you’re keen on exploring brokers that provide spread betting, our best spread betting broker guide offers comprehensive insights.
In my opinion, Pepperstone is the superior choice for Australian Forex traders. Founded in Australia and regulated by ASIC, Pepperstone has a strong local presence and understands the unique needs of Aussie traders. TMGM, while also offering services in Australia, is not originally founded there. For a broader perspective on the best brokers in the region, you can refer to our Australian forex brokers comparison.
From my viewpoint, Pepperstone again takes the lead for UK Forex traders. While both brokers offer services in the UK, Pepperstone’s FCA regulation gives it an edge in terms of trustworthiness and compliance. TMGM, on the other hand, doesn’t have the same level of local regulatory oversight. For those in the UK looking for a comprehensive trading experience, our best UK forex brokers guide provides a detailed overview.
