Massive Complaints Against TMGM Revealed: Can You Still Trust TMGM?

Forex trading is considered one of the most profitable businesses in the markets. It is hard for investors to make money without the assistance of forex brokers. For many years, TMGM has been considered a reputable broker that was welcomed by many traders. However, recently we received a lot of complaints against this broker. the concern has been raised due to the reliability of this broker. We wonder if this broker is still trustworthy.

About WikiFX Comparison Tool

To figure out if we can still trust this broker, using the WikiFX Comparison tool may be a great way. WikiFX Comparison Tool helps you compare different brokers through 6 dimensions, (Rating, Basic Info, Benchmark, Account Info, Relevant Info, Relevant Exposure) to analyze them at the same time. It will comprehensively show the similarities and differences between two or more brokers. In this way, the advantages and disadvantages of these brokers can be shown to you more intuitively, helping traders conveniently select suitable brokers.

WikiFX Comparison Tool: TMGM VS IC MARKETS

TMGM and IC MARKETS are two brokers that are very similar in terms of size, service offerings, and years of operation. Both brokers created remarkable achievements and played important roles in the industry. To get a fuller picture of whether TMGM is reliable, it seems a good choice to compare it with IC MARKETS. So which one should you choose？ Let's use the WikiFX Comparison Tool to get the details of these two.

WikiFX Rating: TMGM VS IC MARKETS

As a reputable broker, IC MARKETS has a decent score of 8.92/10, while TMGM has a score of 7.76/10, which is not bad. But it is obvious which one is slightly better in this case.

Besides, when it comes to TMGM, we find out that the number of complaints received by WikiFX has reached 19 within 3 months and the VFSC license claimed by this broker is an offshore regulation. In contrast, IC MARKETS does not have problems regarding complaints and regulatory issues.

Basic Info: TMGM VS IC MARKETS

IC supports both MT4 and MT5 trading platforms, yet TMGM only supports MT4. The MT5 is currently the most popular forex trading platform along with the MT4 on the market. While MT4 primarily focused on forex trading, MetaTrader 5 broadened its horizons. Its not limited to forex; Instead, it is available to trading stocks, futures, and commodities all within a single platform. This versatility allows traders to diversify their portfolios with ease. Another difference between MT4 and MT5 is that MT5 offers a wider range of timeframes and an extensive selection of technical indicators and graphical objects. While MT4 boasts of 9 timeframes and 30 inbuilt indicators, MT5 comes with 21 timeframes and 38 inbuilt indicators. Also, MT5 has 44 graphical objects, while MT4 only has 31.

Both platforms offer various types of order execution, including execution on request, execution by market, and instant execution. However, MT5 steps it up by including exchange execution, which can be crucial for traders dealing with exchange-traded assets.

In addition, MT5 introduces different types of pending orders, including buy/sell stop limit orders. These additional order types offer more flexibility in executing trades on the platform.

Benchmark: TMGM VS IC MARKETS

Regarding the investing environment, IC MARKETS are also better than TMGM, which has been rated “AAA”, while TMGM got “AA”. In addition, IC MARKETS has a better transaction speed than TMGM, which means you will have a better trading experience with IC MARKETS compared to trading with TMGM.

Account Information: TMGM VS IC MARKETS

In this section, TMGM and IC MARKETS are neck and neck. TMGM provides clients with an Edge account and Classic account, while IC MARKETS offers Standard, Raw Spread, and cTrader accounts. The maximum leverage for trading with TMGM‘s Edge account is 1:500, while for trading with IC MARKETS’s Standard account is 1:1000. High leverage can amplify the benefits as well as losses. We advise traders, especially inexperienced traders and newbies, to be aware of potential risks.

On-Site Inspection

To help you fully understand the brokers, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses. Traders can get an immersive experience of the broker's premises from the comfort of their own homes.

On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.

WikiFX did make an on-site inspection of both brokers and successfully found their office.

In addition, IC MARKETS participated as an exhibitor at both the Wiki Finance EXPO HONG KONG 2022 and Wiki Finance EXPO Sydney 2023. During both EXPOs, IC MARKETS was active in the interaction with the participants and received positive feedback from many parties.

Conclusion

WikiFX Rating System is updated in real-time, ensuring investors have access to the latest, most accurate, and comprehensive broker information.

The WikiFX score of a broker can be increased or decreased if the broker is constantly running the business in a good or bad direction. Before deciding to invest with any broker, it's crucial to stay updated with the latest information on WikiFX and conduct your due diligence. Market conditions and broker reputations can change, so make sure to make informed decisions to avoid potential regrets in your trading journey.

Through the WikiFX Comparison feature, we can see that IC MARKETS outperforms TMGM in many aspects. Especially the feedback from the traders. We believe you already have your answer to choose between these two brokers.

WikiFX is working to gather evidence on the TMGM complaints, and there will be more exposure articles about the broker in the future. Please Stay tuned.