Fineco Bank vs TMGM Comparison
Comparing forex brokers side by side is no easy task. For our 2022 annual forex broker review, we spent hundreds of hours assessing 39 forex and CFD brokerages to find the best forex broker. Let's compare Fineco Bank vs TMGM.
Can I trust Fineco Bank?
Fineco Bank has a trust score of 92, giving it a "Highly Trusted" trust label. Here's what each trust score label means:
- "Highly Trusted" (90-99) - These brokers are considered the most trustworthy firms in the industry. Simply put, we would not hesitate to open and fund an account with a Highly Trusted broker.
- "Trusted" (80-89) - These brokers are reliable and trustworthy. "Trusted" firms are a solid choice, and may simply hold fewer regulatory licences or feature different corporate structures than those brokers that have earned our top Trust Score rating.
- "Average Risk" (70-79) - Average Risk brokers are firms we generally consider to be safe, but that may warrant a closer inspection before you open and fund a live trading account. At the least, we always encourage traders to check the regulatory licenses for Average Risk firms to verify that they are regulated in their own country of residence.
- "High Risk" (60-69) - High-risk firms should be scrutinized and carefully reviewed before opening an account. These forex brokers are – in most cases – operating without credible regulatory licensing, and likely have a history of legal or financial issues. Before considering an account with a high-risk firm, we recommend checking our country guides for your country of residence to see if a more trusted broker is available.
- "Do Not Trust" (<59) - We do not recommend opening an account of any kind with a broker that earns a “Do Not Trust” rating.
Can I trust TMGM?
TMGM has a trust score of 79, giving it a "Average Risk" trust label.
Is Fineco Bank a good broker?
FinecoBank is a trusted brand catering to forex and CFD traders, and listed on the Italian Stock Exchange. Operating out of the U.K. and Italy, traders aren't permitted to open online accounts with Fineco unless they are a resident of the U.K. or Italy (or are applying as EU residents – at an actual Fineco branch office).
Is TMGM a good broker?
TMGM is predominantly a MetaTrader broker, offering an excellent array of educational material – albeit with fewer symbols than what's available on its IRESS platform offering. Overall, TMGM has a well-rounded offering yet lags behind the best brokers in key categories.
What tier-1 jurisdictions is each broker regulated in?
Tier-1 regulators go above and beyond by requiring additional capital requirements, checking in on brokers more frequently, and putting brokers through a tougher screening process. Fineco Bank is FCA Authorised (U.K.), while TMGM is ASIC Authorised (Australia) and FMA Authorised (New Zealand)., neither have IIROC Authorised (Canada), SFC Authorised (Hong Kong), CBI Authorised (Ireland), FSA Authorised (Japan), MAS Authorised (Singapore), FINMA Authorised (Switzerland) and CFTC Registered (USA)
What tier-2 jurisdictions is each broker regulated in? What about tier-3?
Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, unfortunately, neither Fineco Bank nor TMGM are CBRC Authorised (China), CySEC Authorised (Cyprus), SEBI Authorised (India), ISA Authorised (Israel), CBR Authorised (Russia), FSCA Authorised (South Africa), SEC Authorised (Thailand) and DFSA / Central Bank Authorised (UAE)., neither have DFSA / Central Bank Authorised (UAE). When comparing tier-3 licenses Fineco Bank is none, while TMGM is VFSC Authorised (Vanuatu)., neither have SCB Authorised (Bahamas), IFSC Authorised (Belize), BMA Authorised (Bermuda), FSC Authorised (British Virgin Islands), CIMA Authorised (Cayman Islands) and FSC Authorised (Mauritius).
Which broker offers more trading platforms?
Both Fineco Bank and TMGM offer a Proprietary Platform and Desktop Platform (Windows)., neither have cTrader, DupliTrade and ZuluTrade
Does Fineco Bank offer MetaTrader? Does TMGM offer MetaTrader?
For MetaTrader Fineco Bank provides neither of these, while TMGM provides MetaTrader 4 (MT4). If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers., neither have MetaTrader 5 (MT5)
How do Fineco Bank and TMGM differ in terms of minimum deposit? What about average spreads and funding options?
Fineco Bank requires a minimum deposit of $0, while TMGM requires a minimum deposit of $100. From our testing we found Fineco Bank offers spreads of N/A, while TMGM offers spreads of 0.96 (July 2021). Fineco Bank supports Bank Wire (Deposit/Withdraw) for popular funding options, where TMGM supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw)., neither have PayPal (Deposit/Withdraw)
Which brokers offers more tradeable asset classes, Fineco Bank or TMGM?
Fineco Bank offers a more diverse selection of investment options than TMGM allowing you to trade Forex Trading (Spot or CFDs), Metals, Energies, ETF and U.S. Stocks (CFD)., neither have Spread Betting and Agriculturals Looking at total tradeable symbols, Fineco Bank has 126, compared to 12000 from TMGM.
Can I trade cryptocurrency with Fineco Bank or TMGM?
Crypto trading is popular with forex traders. Most crypto assets are offered either as the underlying physical asset or as a CFD or other derivative — including spot forex contracts. In terms of trading physical cryptocurrency neither Fineco Bank nor TMGM allow you to trade physical cryptocurrencies.
Who offers more research tools, Fineco Bank or TMGM?
In terms of research and research tools Fineco Bank gives traders the following tools: Stock Charts and Forex News (Top-Tier Sources). In comparison TMGM has the tools listed here: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading., neither have Autochartist