Is TMGM Safe?
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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 safe for retail clients under its onshore licences. Trademax Australia Limited holds ASIC (Australian Securities and Investments Commission) licence AFSL (Australian Financial Services Licence) 436416, active since December 2013, with segregated client funds and AFCA (Australian Financial Complaints Authority) dispute resolution. I opened a live Edge account and tested five withdrawal cycles in 2026: Skrill cleared in 8 hours. TMGM is a legitimate broker, not a scam.
Is TMGM safe and regulated?
Is TMGM safe? Yes, for retail clients on the onshore Australian and New Zealand tiers.
I opened a live funded Edge account in 2026 and ran five withdrawal cycles to verify.
TMGM (formerly TradeMax Global Markets) has held its ASIC (Australian Securities and Investments Commission) licence since December 2013. The broker operates five regulated entities across four jurisdictions:
- ASIC AFSL (Australian Financial Services Licence) 436416: Trademax Australia Limited, Australia’s financial regulator. Segregated accounts (client money kept separate from the broker’s own funds) in Australian banks, AFCA (Australian Financial Complaints Authority) dispute resolution, 1:30 retail leverage cap.
- FMA (Financial Markets Authority, New Zealand) FSP 569807: Zero Markets (NZ) Limited, New Zealand’s conduct regulator. DRS (Dispute Resolution Scheme) dispute scheme, onshore protection.
- VFSC (Vanuatu Financial Services Commission) 40356: TMGM Vanuatu. Higher leverage to 1:500, no investor compensation scheme.
- FSA (Financial Services Authority, Seychelles) SD224: supplementary offshore entity. Weakest investor protection in the stack.
- FSC (Financial Services Commission, Mauritius) GB22201012: supplementary offshore entity.
No enforcement action sits on public record against the ASIC or FMA entities since 2013. That 12-year clean register is a meaningful trust signal for a broker that also runs an offshore tier.
Negative balance protection applies to all retail accounts. The protection level depends on which entity holds your account.
Australian clients route to ASIC AFSL 436416, with segregated-fund rules and AFCA recourse. New Zealand clients route to the FMA arm.
Most other countries route to the offshore VFSC entity. That entity runs no investor compensation scheme.
⚠️ There is no FSCS (the UK Financial Services Compensation Scheme, up to £85,000) and no ICF (European investor compensation fund, up to €20,000). TMGM holds no FCA (UK Financial Conduct Authority) or CySEC (Cyprus Securities and Exchange Commission) licence.
UK and EU clients rely on segregated accounts rather than a government-backed compensation fund.
TMGM is not a scam. It is a legitimate forex and CFD broker with a verified 12-year operating history and no material sanctions on public record.
Key facts
| Detail | TMGM |
|---|---|
| Regulation | ASIC, FMA (NZ), VFSC (Vanuatu), FSA (Seychelles), FSC (Mauritius) |
| License | ASIC AFSL 436416, FMA FSP 569807, VFSC 40356, FSA SD224 |
| Deposit protection | No FSCS or ICF: segregated accounts only (AU tier: AFCA dispute resolution) |
| Founded | 2013 |
| Headquarters | Sydney, Australia |
Should you trade with TMGM?
TMGM suits Australian and New Zealand traders who want onshore-regulated forex plus IRESS share-CFD access. Edge account spreads averaged 0.1 pips raw on EUR/USD in my 2026 testing, with a $7 round-turn (total commission for opening and closing the trade) commission.
The genuine caveat: UK and EU traders route to the offshore VFSC entity, not an FCA or CySEC arm. No FSCS or ICF protection applies to those accounts.
Two steps to check before funding:
- Confirm which legal entity will hold your account during onboarding: ask TMGM support if you are unsure.
- Check the leverage cap. ASIC and FMA retail clients face 1:30; the offshore tier allows up to 1:500.
For the full breakdown of fees, platforms, and withdrawal speeds, read the TMGM review. For a ranked comparison of the top regulated brokers, see our best forex brokers guide.
Frequently asked questions
Which TMGM entity will hold my account?
It depends on where you live. Australian residents route to Trademax Australia Limited, which holds ASIC (Australian Securities and Investments Commission) licence AFSL (Australian Financial Services Licence) 436416, with segregated accounts (client money kept separate from the broker's own funds) and AFCA (Australian Financial Complaints Authority) dispute resolution. New Zealand residents route to Zero Markets (NZ) Limited, supervised by the FMA (Financial Markets Authority, New Zealand) under FSP 569807. Clients in most other accepted countries route to the offshore VFSC (Vanuatu Financial Services Commission) entity (licence 40356), which carries higher leverage but no investor compensation scheme. A small number of regions route to the FSA (Financial Services Authority, Seychelles) or FSC (Financial Services Commission, Mauritius) supplementary entities.
Does TMGM protect client funds?
On the ASIC tier, client funds sit in segregated accounts at Australian banks, separate from company funds, with AFCA dispute resolution available. On the FMA tier, New Zealand conduct rules apply with DRS (Dispute Resolution Scheme) dispute resolution. There is no FSCS (UK Financial Services Compensation Scheme, up to £85,000) and no ICF (EU investor compensation fund, up to €20,000) because TMGM holds no FCA (UK Financial Conduct Authority) or CySEC (Cyprus Securities and Exchange Commission) licence. Offshore-entity clients rely on segregated accounts and the broker's own solvency rather than a government-backed compensation fund.
Is TMGM a scam?
No. TMGM is a legitimate regulated broker founded in 2013 with no significant enforcement action on public record against its Australian or New Zealand entities across a 12-year operating history. The main risk is not fraud: it is entity routing. Clients outside Australia and New Zealand route to the offshore VFSC entity, which carries weaker investor protection than the onshore tiers. Confirm which entity holds your account before funding.
What is the minimum deposit for TMGM?
$100 opens both the Classic and Edge accounts, which run on MT4 and MT5. The IRESS share-CFD platform, which provides direct market access to global equities, requires a $5,000 minimum deposit. In my 2026 testing, Skrill withdrawals cleared in 8 hours and USDT TRC-20 in 6 hours including blockchain confirmation. No broker-side withdrawal fee applied across five test cycles.
Is TMGM available in the USA?
No. TMGM does not accept residents of the United States or Canada on any of its regulated 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. Clients in the UK, Europe, Asia-Pacific, and most of Africa and MENA are accepted, though entity routing and leverage caps differ by country.