TMGM vs FOREX.com

Does TMGM or FOREX.com Have Superior Pricing?

When it comes to choosing the best forex broker, pricing is a critical factor. Let’s explore the pricing details of TMGM and FOREX.com, focusing on different aspects such as Standard Account Spreads, RAW Account Spreads, RAW Account Commission Rates, Deposit & Withdrawal Fees, and Other Fees to Consider.

1. Standard Account Spreads

TMGM vs FOREX.com: Published Average Standard Account Spreads

When looking at Standard Account (or no commission) spreads, TMGM offers an average spread of 1.16 for the top 5 most traded forex pairs, while FOREX.com offers a wider average spread of 1.66. The industry average spread for the top 5 most traded pairs is 1.52. When we look at the “Top 5 Most Traded Average Spread,” TMGM has a competitive edge over FOREX.com too.

Here’s a table showing the spread for each forex pair and the industry average, with TMGM comparing favourably to the industry average for each major forex pair:

Our head of technology research, Ross Collins, tested standard accounts, and the results show that TMGM’s spreads are competitive and in line with the industry standards.[1]September 2023 Published And Tested Data

2. RAW Account Spreads

TMGM vs FOREX.com: Published Average Raw Account Spreads[2]Raw account spreads published on each broker's website (updated monthly) plus our own testing

TMGM’s average spread for the top 5 most traded forex pairs is 0.26. Unfortunately, FOREX.com’s data is not available for comparison. FOREX.com does, however, feature live spreads for its RAW pricing account, available on its website.

Here’s a table showing the TMGM’s spread for each forex pair against the industry average. As you can see, TMGM is very competitive across each major pair:

Ross Collins also tested Raw accounts, and TMGM scored 0.32 for EUR/USD, with a time at minimum spread of 97.83%. The higher the value, the better, as explained on the Zero Pip page.

Verdict: Based on the available data, TMGM appears to have superior Standard and Raw account spreads. The detailed comparison and testing results favour TMGM, making it a more cost-effective option for traders. Having limited published and testing spread data for FOREX.com does make it a slightly imperfect comparison, however.

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Which Broker Can You Trust More?

Trust is paramount in the world of forex trading. Let’s delve into the regulatory aspects of TMGM and FOREX.com to determine which broker you can trust more.

1. TMGM Markets Regulation

TMGM is regulated by several authorities, including the Australian Securities and Investments Commission (ASIC), the Vanuatu Financial Services Commission (VFSC), and the Financial Markets Authority (FMA) in New Zealand.

2. FOREX.com Regulation

FOREX.com is regulated by top-tier regulators such as the Financial Conduct Authority (FCA) in the United Kingdom, the Commodity Futures Trading Commission (CFTC) in the United States, and the Investment Industry Regulatory Organization of Canada (IIROC).

3. Trust Comparison

Based on the regulation information, FOREX.com seems to be more trustworthy due to its regulation by top-tier authorities. TMGM, although regulated by reputable bodies, doesn’t match the trust score of FOREX.com. We must mention, however, being regulated in less jurisdictions doesn’t make TMGM untrustworthy. It simply means TMGM doesn’t offer its trading services in as many regions as FOREX.com does.

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What Broker Offers Better Trading Platforms?

Trading platforms are the gateway to the financial markets. Let’s compare the trading platforms offered by TMGM and FOREX.com to find out which broker provides a superior trading experience.

1. MetaTrader 4 and MetaTrader 5

Both TMGM and FOREX.com offer MetaTrader 4 while only FOREX.com also offers MetaTrader 5, with TMGM still stating that MT5 is “coming soon” on the broker’s website. Offering MT5 with more features, advanced trading tools and the ability to trade a wider range of products, gives FOREX.com an edge over TMGM.

2. cTrader and TradingView

Neither broker offers cTrader, while FOREX.com does offer TradingView integration through its proprietary platform. This means that FOREX.com offers a superior charting experience with more tools for technical analysis.

3. Social Trading And Copy Trading

Both brokers offer a fairly basic social/copy trading offering with MetaTrader Signals and Expert Advisors (EAs) that come standard with the MetaTrader platforms.

4. Proprietary and Other Trading Platforms

FOREX.com offers a solid proprietary platform, which has a user-friendly mobile app, a more advanced (although not as smooth) desktop platform, Advanced Trading, while its Web trading platform has TradingView integration. TMGM, on the other hand, offers the IRESS platform, which is optimised to trade TMGM’s over 12,000 shares.

5. VPS and Other Trading Tools

Both brokers offer VPS, while FOREX.com also offers advanced trading tools such as Trading Central, Smart Signals and Performance Analytics to analyse the markets with, further enhancing the trading experience for its clients. FOREX.com also offers NinjaTrader for U.S. clients. TMGM, on the other hand, offers Trading Central as well as tools such as Market Sentiment and HUBx, which is a bespoke platform for fund managers.

Verdict: Overall, FOREX.com just edges out TMGM here given it offers both MetaTrader platforms and an excellent proprietary platform. TMGM scores points for share trading with access to the IRESS platform and a whopping 12,000 shares to trade. Other than that, both brokers offer limited social and copy trading tools.

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Other Trading Factors

Let’s explore other trading factors such as Minimum Deposit, Payment Methods, and Trading Products.

Minimum Deposit

To open an account, TMGM requires a minimum deposit of $100, while FOREX.com requires $50.

Trading Products

Both TMGM and FOREX.com offer a decent range of products, with FOREX.com offering a superior range of forex pairs and TMGM excelling in its shares CFD range. Apart from FX and shares, however, each broker’s product offering is fairly limited and not near industry leaders such as IG or CMC Markets.

Payment Methods

Both brokers offer various payment methods, including Credit/Debit Card, Bank Transfer, and e-Wallets.

Verdict: Overall, both brokers are fairly similarly matched in terms of other trading factors. FOREX.com has a better forex range whereas TMGM has a superior range of shares. Funding methods and minimum deposit methods, however, are similar for both brokers.

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What Account Types Are Available?

Choosing the right account type is crucial for traders. Let’s compare the trading accounts and base currencies offered by TMGM and FOREX.com.

1. Trading Accounts

TMGM offers Edge and Classic accounts, while FOREX.com offers a Standard or MT4 account (no commission) or STP Pro/DMA account or RAW Pricing (commission-based) account. Please note, FOREX.com’s RAW Pricing account is only available in the U.S. and Canada.

2. Base Currencies

TMGM offers slightly more flexibility with 6 base currencies, while FOREX.com offers 3.

Which Broker Has Superior Customer Support

TMGM offers superior customer support through excellent customer service knowledge, 24/7 support hours and the option of a dedicated account manager. FOREX.com, on the other hand, provides more limited customer support, with 24/5 support hours, no email support and good but not great customer service knowledge. This is why we scored TMGM an excellent 8/10 and FOREX.com an average 6/10 for customer support.

Our Take On Which Broker Is Best

In our analysis, FOREX.com excels in trading platforms, offering both MetaTrader platforms and its own excellent proprietary platform, while having a higher trust score. TMGM, meanwhile, has excellent customer support and a huge range of shares to trade on the IRESS platform. Both brokers have their own unique strengths.

Best For Beginner Traders: TMGM, with its user-friendly MT4 platform, competitive spreads and impressive education resources is best for beginner traders.

Best For Experienced Traders: FOREX.com, with its diverse platform offering, robust regulation and range of advanced trading tools, is best for experienced traders.

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