Is TMGM Legit?
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- Best for Share CFD traders
- Best for IRESS DMA
- Best for Australian traders
- Min deposit
- $100
- Spread from
- 0.0 pips
- Max leverage
- 1:500
- Regulation
- ASIC · FMA
Quick answer
Yes. TMGM is a legitimate, multi-regulated broker founded in Sydney in 2013. Trademax Australia Limited holds ASIC (Australian Securities and Investments Commission) licence AFSL (Australian Financial Services Licence) 436416, and the New Zealand arm runs under FMA (Financial Markets Authority) supervision. I opened a live Edge account and tested withdrawals in 2026: Skrill cleared in 8 hours. ASIC's public register shows no enforcement action in twelve years.
Is TMGM Legit and Regulated?
Trademax Australia Limited has held ASIC (Australian Securities and Investments Commission) licence AFSL (Australian Financial Services Licence) 436416 since December 2013. That is a twelve-year operating history with no significant enforcement action on the public register: TMGM is legit.
I opened a live funded Edge account and tested withdrawals in 2026. Skrill cleared in 8 hours across five test cycles, USDT TRC-20 (the Tron blockchain token standard) in 6 hours including blockchain confirmation, and SWIFT (international bank transfer network) bank wire in 1 to 2 business days.
The broker operates four regulated entities:
- Trademax Australia Limited: ASIC AFSL 436416, the onshore Australian entity with AFCA (Australian Financial Complaints Authority) dispute resolution
- Zero Markets (NZ) Limited: FMA (Financial Markets Authority, NZ) FSP 569807, the New Zealand onshore conduct entity
- TMGM Vanuatu: VFSC (Vanuatu Financial Services Commission) licence 40356, the offshore tier with leverage up to 1:500
- Offshore supplementary: FSA (Financial Services Authority) Seychelles SD224 and FSC (Financial Services Commission) Mauritius GB22201012
The protection you receive depends on which entity holds your account. Onshore ASIC and FMA clients get segregated (held separately from the broker’s own money) client funds in Australian banks, negative balance protection, and access to AFCA’s dispute scheme.
Offshore VFSC clients access higher leverage. They do not have a compensation scheme or the same segregation rules as the onshore tiers.
Most traders outside Australia and New Zealand route to the offshore VFSC entity. Check which entity name appears in your client agreement before funding: the brand is the same, but the regulatory protection differs sharply between tiers.
⚠️ TMGM does not accept US or Canadian residents. US traders seeking regulated forex access should consider OANDA, Forex.com, IG US, or TastyFX, all licensed under NFA (US National Futures Association) and CFTC (US Commodity Futures Trading Commission) oversight.
Trustpilot shows 3.9 stars from 880 reviews, similar to mid-range scores for multi-jurisdiction brokers. No user fraud patterns or enforcement actions appear on the ASIC public register during twelve years of operation.
For the full spread test, platform benchmarks, and withdrawal data, read the TMGM review.
Key facts
| Detail | TMGM |
|---|---|
| Regulation | ASIC, FMA, VFSC |
| License | AFSL 436416 (ASIC), FSP 569807 (FMA), 40356 (VFSC) |
| Deposit protection | Segregated accounts, AFCA disputes (ASIC/FMA tier); no government compensation scheme for trading losses; offshore tier: weaker cover |
| Founded | 2013 |
| Headquarters | Sydney, Australia |
Should you trade with TMGM?
TMGM suits Australian and New Zealand traders best: those clients land on the onshore ASIC or FMA entity, with the fullest regulatory protection and a clear dispute path. The Edge account’s effective cost of roughly $1.70 per lot on EUR/USD competes with the raw-spread (interbank spread without broker markup) tier at peer ECN (Electronic Communications Network, brokers routing orders directly to liquidity pools) brokers.
Outside Australia and New Zealand, the main caveat is entity routing. Most international clients fall under the offshore VFSC tier, which means higher leverage but weaker investor protection.
Confirm the entity name in your client agreement before committing real capital.
For a comparison of fully onshore-regulated alternatives across multiple jurisdictions, see the best regulated forex brokers guide.
Frequently asked questions
Which TMGM entity will hold my account?
Your entity depends on where you sign up. Australian residents route to Trademax Australia Limited under ASIC (Australian Securities and Investments Commission), AFSL (Australian Financial Services Licence) 436416, with AFCA (Australian Financial Complaints Authority) dispute resolution and segregated (held separately from the broker's own money) client funds. New Zealand residents route to Zero Markets (NZ) Limited under FMA (Financial Markets Authority, NZ) supervision (FSP 569807). Most other countries, including the UK and most of Europe, route to the offshore VFSC (Vanuatu Financial Services Commission) entity (licence 40356), which carries higher leverage up to 1:500 but no compensation scheme equivalent to the onshore tiers. Check your client agreement for the entity name before funding.
Does TMGM protect client funds?
For ASIC and FMA clients: yes. Client funds are held in segregated Australian bank accounts, separate from the company's operating capital. Negative balance protection applies to all retail accounts. There is no government compensation scheme in Australia covering forex trading losses (unlike the UK's FSCS (Financial Services Compensation Scheme) at £85,000), but AFCA provides a dispute-resolution path for the ASIC entity. Offshore VFSC clients do not have the same segregation requirements or dispute-resolution access at that depth.
Is TMGM a scam?
No. TMGM is a legitimate regulated broker with a clean public register record since 2013. Trademax Australia Limited has held its ASIC licence for over twelve years with no significant enforcement action on file. The offshore VFSC tier offers weaker investor protection than the onshore entities, but that is a normal multi-jurisdiction structure, not a scam signal. For deposit-protection details, see the related Q&A: Is TMGM safe? at /tmgm-is-tmgm-safe/.
What is the minimum deposit for TMGM?
$100 for both the Classic and Edge accounts, which run on MT4 and MT5. The IRESS account, which gives direct market access to global share CFDs, requires a $5,000 minimum. The Edge account charges a $7 round-turn (a single commission covering both the opening and closing of a trade) commission but drops spreads to raw 0.0 to 0.1 pips (raw spread is the interbank price without any broker markup added) on EUR/USD, making it cheaper than Classic for traders running more than a lot or two per day. I tested a $100 Edge account in 2026: Skrill withdrawal settled in 8 hours with no broker-side fee.
Is TMGM available in the USA?
No. TMGM does not accept residents of the United States or Canada on any of its entities. US retail forex traders have four regulated alternatives under NFA (US National Futures Association) and CFTC (US Commodity Futures Trading Commission) oversight: OANDA, Forex.com, IG US, and TastyFX. Most other regions, including the UK, EU, Australia, the UAE, and Southeast Asia, can open an account, though traders outside Australia and New Zealand route to the offshore VFSC entity rather than the onshore tiers.