TMGM vs FXOpen 2024

Trust Score is a data-driven rating system that provides an at-a-glance rating of a broker’s overall trust by tracking 60+ brokers and over 100 regulatory jurisdictions across the globe. To make things clearer for everyday traders, we’ve created a five-tier system for regulators and Trust Score rating labels. Learn more about Trust Score, and check out our country guides to see the most trusted brokers in your country of residence.

TMGM has a Trust Score of 83, giving it a "Trusted" Trust Score Label.

FXOpen has a Trust Score of 76, giving it a "Average Risk" Trust Score Label.

TMGM is a trusted forex broker with multiple regulatory licenses and a well-rounded offering. TMGM doesn't offer any proprietary platforms, but traders gain access to MetaTrader 4 for desktop and mobile (albeit without any notable add-ons or plug-ins). Where TMGM really shines is its forex trader education; the broker's TMGM Academy won the 2023 Annual Award for #1 Educational Course at our sister site, ForexBrokers.com.

Founded in 2003, FXOpen is a trusted broker that is regulated in multiple Tier-1 regulatory jurisdictions, boosting its overall Trust Score. FXOpen offers the full MetaTrader suite (both MT4and MT5) alongside the TickTrader platform, though the broker's MetaTrader offering is relatively unimpressive. With an extremely small number of tradeable markets and a limited selection of educational materials, FXOpen simply can't compete with the best forex brokers.

Tier-1 is reserved for the strictest, most stringent regulatory jurisdictions in the world. Tier-1 regulators impose additional capital requirements and require a tougher initial screening process. TMGM holds regulatory licenses in the following Tier-1 jurisdictions: Australia (ASIC Authorised) and New Zealand (FMA Authorised). FXOpen, on the other hand, is licensed in these Tier-1 regulatory jurisdictions: United Kingdom (U.K.) (FCA Authorised). Neither have Canada (CIRO Authorised), Hong Kong (SFC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), Singapore (MAS Authorised), Switzerland (FINMA Authorised) and USA (CFTC Authorized)

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, TMGM is none, while FXOpen is Cyprus (CySEC Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), South Africa (FSCA Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised). When comparing tier-3 licenses TMGM is Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised), while FXOpen is none.. Neither have Bahamas (SCB Authorised), Belize (FSC Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised) and Cayman Islands (CIMA Authorised).

Whether your broker develops its own proprietary platforms or provides access to popular third-party platforms, you should make sure you can use your preferred type of trading platform. In our testing, we found that TMGM offers a Desktop Platform (Windows), whereas FXOpen supports a Desktop Platform (Windows) and ZuluTrade. Neither have Proprietary Platform, cTrader and DupliTrade

Both TMGM and FXOpen offer the whole MetaTrader suite, which consists of both MetaTrader 4 and MetaTrader 5. If you’re new to MetaTrader 4 here’s our educational guide on how to use MT4.

TMGM requires a minimum deposit of $100, while FXOpen requires a minimum deposit of $100. It's also important to ensure your broker accepts the funding options and deposit methods that work best for you. In our research, we've found that TMGM supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit), PayPal (Deposit/Withdraw) and Skrill (Deposit/Withdraw) for funding and deposit methods, whereas FXOpen supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw)

When choosing a forex broker, it’s important to consider each broker’s available investment products and tradeable asset classes. We’ve researched each broker’s individual offering of investments to help you pick the right broker for what you want to trade. During our testing, we found that TMGM delivers a more diverse selection of investment options than FXOpen, offering tradeable asset classes and investment types such as Forex Trading (Spot or CFDs), Social Trading / Copy Trading, Metals, Energies and U.S. Stocks (CFD). Neither have Spread Betting and Agriculturals.

We also keep track of each broker’s total number of tradeable symbols; TMGM offers 12000, and FXOpen offers a total of 87 tradeable symbols.

Crypto trading has become popular among forex traders across a range of international jurisdictions. As a result, many forex brokers now offer crypto products to their clients; most crypto assets are offered either as an underlying physical asset (such as when you own actual bitcoin assets, for example) or as a derivative product like a CFD. If you are looking to trade physical cryptocurrencies, you’ll find that neither TMGM nor FXOpen allow you to trade physical cryptocurrencies.

Market research plays a huge role in any forex trader’s ability to conduct analysis within the global forex market. We test each broker’s research offering to help you decide which broker is right for your technical or fundamental analysis needs. TMGM delivers the following research tools: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources), Trading Central (Recognia) and Social Trading / Copy Trading. FXOpen, on the other hand, provides the tools listed here: Daily Market Commentary, Stock Charts, Forex News (Top-Tier Sources) and Social Trading / Copy Trading. Neither have Autochartist

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