Can TradeMax be trusted or is it another scam brokerage?

Articles cover both technical and fundamental analysis, published before the open to help traders orient themselves for the day. Fundamental stories cover the key economic events coming up while technical coverage helps traders identify important levels in the market to watch for. We judged the quality and volume of research materials to be above average for the industry.

The only positive thing that can be said about the brokerage is that it is regulated by the ASIC. However, there have been a lot of cases when the regulated broker was a scam. It must be well understood by the foreigner customers that the broker has obligations towards Australian traders only. If you live outside Australia, you cannot do anything if you will end up being a victim of TradeMax scam. The broker might have a good service for the residents of Australia and scam traders from other countries, as the reviews suggested. However, even if you are a resident of Australia, you cannot get good service from TradeMax simply because the service and features of the broker are pretty bad.

They can access an account or go for a demo account to practise trading before making real investments. This helps them have accounts that offer virtual funds to invest in and know the market investments. TMGM has the best facility offered for the traders that they can use to invest in the market and have a smooth trading experience.

This broker supports standard withdrawal methods like credit cards, wire transfers, PayPal, and a few other online payment processors. Unlike a CySEC or other European license that would give a broker access to a broader economic zone, this broker only has the authority to offer services to Australian residents. ASIC mandates that the broker hold a minimum of $1 million in tangible assets to fulfill client roboforex review withdrawal requests, along with requirements for segregated client accounts. Finally, live news coverage and analysis is available within the MetaTrader platform from sources such as Credit Suisse and Citibank. News is available on the MetaTrader desktop and mobile platforms. TMGM offers the convenience of providing assistance via popular chat platforms such as Whatsapp and Facebook messenger.

Withdrawal requests submitted before 4 pm Sydney time are processed on the same business day. Those submitted after 4 pm are usually processed within the next business day. The company does not provide information on any awards or recognitions that have been received.

So that mean the commission fee would under negotiation or could be affected your invested capital, but it not the case that the broker company has the right to hold you entire fund back. If you’ve invested with an Australian broker from another country, you don’t have the same protections as residential traders do. The broker can claim that you weren’t supposed to have signed up in the first place, causing you major problems.

In depth TradeMax review you should read before opening an account

While the broker does have an ASIC license, their services shouldn’t be available to residents of other countries. If you’re investing from somewhere else, something isn’t quite right. The broker isn’t very transparent on fees, with terms stating that they reserve the right to charge administration charges as they see fit. Our TradeMax review couldn’t find anything lacking from their selection of assets. They have over 100 currency pairs to choose from and a wide variety of CFDs in the core categories.

is trademax regulated

Additionally, TMGM introduces Fibonacci and Fundamental analysis, plus effective ways to employ them in trading. Also, there is a TradeMax Global Limited entity that falls under the laws of Vanuatu, an delta scalping offshore zone. While generally, we do not recommend trading with offshore brokers due to lack of requirements, since TradeMax holding an additional reputable license it is considered safe to trade.

Trader Workstation, TWS, is a trading platform designed by the popular Interactive Brokers. Frequent investments of large volume with a range of financial products. Algorithmically managed investment portfolios, segregated client funds, and Social Copy trading. When searching for brokers to conduct your trading activities with, the first and most important step should always be to learn about their certification. This will tell you whether they are regulated by a central authority or if TradeMax is an offshore and/or unregulated entity. The first step to protecting yourself from fraudulent parties online is to do thorough due diligence on the companies and entities that you are planning to send the funds to.

What you need to keep an eye on are trading fees and non-trading fees. We ranked TMGM’s fee levels as low, average or high based on how they compare to those of all reviewed brokers. TradeMax offers a range of educational tools such as a detailed list of FAQs, a Knowledge Database, and additional information regarding its platforms and how they work.

According to the website the broker needs up to three business days to process the withdrawal, good brokers usually take one business day for confirming the withdrawal request. TradeMax withdrawal fee is free for the residents of Australia but costs 25 AUD for foreign customers. The broker charges foreign clients for depositing their funds as well, the fee is 10 AUD or 25 AUD depending on the payment method. TradeMax FX brokerage is an Australia-based company that started operating on the Forex market in 2013. The broker has over six years of experience and a license from the Australian Securities and Investments Commission . This undoubtedly gives TradeMax legitimacy and makes it a trustworthy broker in the eyes of many traders.

When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located. At BrokerChooser, we consider clarity and transparency as core values. BrokerChooser is free to use for everyone, but earns a commission from some of its partners with no additional cost to you . Not only can you filter the news feeds for a specific asset, but you are also shown a sentiment score for that asset. For example, if all the articles are bullish/positive, then a 100% positive score is given. TMGM provides trading ideasthrough Trading Central, a third-party research provider.

They advertise spreads starting 0.0 pips and minimum deposit being $100 only. The company further claims that TMGM provides 12,000 plus trading instruments and that speed of execution is less than 30ms. This is definitely a remarkable thing but only if it is actually true that their speed of execution is this fast. Standard accounts provides commission-free trading, but FX pairs for Pro cost about USD $6 per lot round trip. While transactions do not cost a penny, Mastercard and Visa transactions may cost 3%, and withdrawals to overseas banks or other currencies than New Zealand dollars may be subject to a $20 withdrawal fee. Additionally, Rockfort Markets also charge an inactivity fee of 20 NZD per month for inactive accounts for over 6 months and with a balance below $100.

Our goal is to give traders access to the worlds forex markets faster and easier

The company LinkedIn page lists the number of employees as , reflecting a small to mid-sized brokerage firm. We judged that TMGM is a fairly stable broker, but not on the same level as publicly traded industry leaders with decades of history. Easy and convenient funding of account can be performed by multiple secure methods with zero transaction fee and includes BankWire transfers, Cards payments, PayPal, UnionPay, POLi and fasapay. The account base currency is a choice of the trader, so it means all your transactions to and from the trading account will be performed with the chosen currency making it an easier process. While trading Forex you are able to use leverage, which allows you to profit from the fluctuations in rates through multiplied trading size, compared to your initial balance.

is trademax regulated

A vital support service should be available all five days a week for solving financial services complaints. Also, accessibility or contact channels should not be limited to email, live chats, and financial services complaints. Creating an account with a new broker regulated by any leading financial authorities in global markets ensures protection if the trader has grievances or issues with the broker firm. However, read more about the FXCM review platform to know about its services and features. Nevertheless, New Zealand has different rules and regulations relating to forex trading and buying or selling foreign currencies. For foreign currencies exchange, beginner traders and advanced traders trading forex for the first time in New Zealand must do their homework in advance.

What is TMGM Trademax?

Apart from the usual trading commissions applied on most trades, TradeMax Markets offers a competitive fee structure with the lowest spreads. Summing up the review of TradeMax, we can say that the broker is not legit and one cannot be sure that he will not end up being scammed. Although the broker has regulations it does not mean much for the traders who are residents of countries other than Australia. While the broker might be operating with the full legitimacy in its country, as reviews suggest it scams foreign customers. TradeMax scam outside Australia is not the only concern we have about the brokerage.

After you download the MT4 mobile trading platform, you have to access the TradeMaxGlobal-Live3 server. Yes TMGM doesn’t have its own self-developed trading platform, it offers two third-party platforms,MetaTrader 4 and IRESS. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don’t have to pay a conversion fee. This catch-all benchmark fee includes spreads, commissions and financing costs for all brokers.

We check these factors and others so you know what to expect when trading with this broker. While a broad range of markets are available, some instruments such as bonds and exchange traded funds are not available. Below is a sampling of instruments across the various asset classes. The MetaTrader 4 mobile app also provides a broad range of order types including pending and stop-orders. However, trailing stop loss orders are only available from desktop.

TMGM Classic Account

The product section is all about the TradeMax account types and the details of the accounts. Accounts are generally one of the most important components of the broker and have significant importance for the trader. Usually, brokers offer several types of accounts in order to give the customer freedom of choice. This is a very good practice so that the customer can choose what is best suitable for him or her. TMGM @ Trademax have a good management to handled all the clients or traders problem and very friendly.

This represents a helpful aid to quickly evaluate a trading instrument’s investment risk. Considered the industry standard, both the MT4 and MT5 platforms are ideal for algorithmic and discretionary traders. Their flexibility enables investors to trade with TMGM seamlessly from any internet-enabled device. TradeMax Global Markets supports the MetaTrader 4 and MetaTrader 5 platforms. Users are also given access to the proprietary trading platform, iRESS.

Although leverage is a great opportunity to increase funds, traders should be aware that the risks are also higher. Traders have access to more than 100 CFD instruments when opening a live account with this broker. Customers have access to multiple liquidity providers prime xtb which ensure ultra-fast execution, high stability, and deep liquidity. The company is headquartered in Sydney, New South Wales, Australia. It does not offer its services to residents in the United States and some other countries due to restricted jurisdictions.

What does the broker offer

When trading with a Forex company that is regulated in the countries its services are offered, it automatically protects customers as the company is bound to adhere to certain rules and regulations. CFD trading involves the speculation of prices on global financial markets which may include currencies, shares, commodities, and indices. The foreign exchange market, also known as FX or forex, is the most liquid in the world.

Can you open an account?

This enables brokers to provide the finest possible services to traders. Traders must follow a simple procedure to open an account with TMGM’s trading platform. The account opening is likewise simple, as the TMGM review has already indicated that the broker has numerous authorities, such as Australian securities, to handle secure investing. Another TMGM trading account is a traditional account, which comes with a lot of great tools to help you trade. The TMGM review has gone over every part of the trading account in order to help traders understand what benefits they may expect.

ASIC’s role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. ASIC’s authority and scope were determined by the Australian Securities and Investments Commission Act, 2001. Access the Raw Zero Account to receive raw price spreads & liquidity.

TradeMax opinions

A Demo account allows traders to trade in a simulated, risk-free trading environment with virtual money, at no profits or losses. TradeMax offers the popular Metatrader4 trading platform, as well as the Pulse Trader platform. Both of these platforms are reliable and offer several tools and benefits.

One Click Trading allows traders to execute orders with a single click and no secondary confirmation. This saves time and is especially useful for short term traders. In our trust category, we place most importance on how a broker is regulated. So let’s take a look at how the different entities of TMGM across the globe are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust. Any opinions, news, research, predictions, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice.

Narrower spreads allow you to enter and exit the market at a lower cost, which is especially important for active traders. Minimum deposits when opening an account start is $100 however higher amounts may be needed to execute a trade. This is because you will still need to meet margin requirements. The Classic account does not charge a commission, however, you’ll experience higher spreads. Comparatively, Edge accounts require a $7 commission fee with tighter spreads.

Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. After 1 week I dont have money in bank , and also I dont have money in broker. In this broker – I deposit by Credit Card deposit , after one day they Cancel to me this deposit , with remarks, about no regulation allow. On that time price never goes higher from 53.30, but I amazed how can closed my trade on 55.43. TMGM is your reliable CFD provider, and the Official Online Trading Platform of the Australian Open. The TMGM Rewards program is another unique client perk – allowing traders to earn points on every trade, redeemable for a host of rewards.

Leave a Reply

Your email address will not be published. Required fields are marked *