FP Marketsvs
TMGMForex Broker Comparison
Two regulated brokers face off over price and platform choices. The clash tests cost efficiency against instrument breadth.
Find out which broker best suits your trader profile.
Choose if…
Choose FP Markets if you want investor compensation protection and a broad platform mix.
Choose if…
Choose TMGM if you need 12,000+ instruments and DMA access via IRESS.
Which broker wins for each type of trader, based on costs, safety, platforms, and editorial scoring.
Both brokers offer spreads from 0.00 pips.
| Editorial score | 4.5/ 5 | 4.0/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 4.6 / 5▲ | 4.3 / 5 |
Pros
True ECN pricing from 0.0 pips + $6 round-turn commission
Supports MT4, MT5, and cTrader, all three major platforms
IRESS platform for direct-access share CFD trading
Strong ASIC and CySEC regulation
Client funds held in segregated accounts
A closer look at the specific criteria each broker meets or misses within each scoring category.
| Criteria | FP Markets | TMGM |
|---|---|---|
| Trust & Regulation | ||
| Top-tier regulator (FCA, ASIC, CFTC, etc.) | Pass | Pass |
| Segregated client funds | Pass | Pass |
| Negative balance protection | Pass | Pass |
| Compensation scheme (e.g. FSCS) | Pass | Fail |
| Fees & Spreads | ||
| Raw/ECN spreads available | Pass | Pass |
| No deposit fee | Pass | Pass |
| No inactivity fee | Pass | Pass |
| Transparent pricing page | Pass | Pass |
| Platforms & Tools | ||
| MT4/MT5 available | Pass | Pass |
| Proprietary platform | Fail | Fail |
| Mobile app | Pass | Pass |
| Advanced charting tools | Pass | Pass |
| Customer Support | ||
| 24/5 live chat | Pass | Pass |
| Phone support | Pass | Pass |
| Multilingual support | Pass | Pass |
FP Markets rates 4.5/5 versus 4/5 for TMGM. FP Markets edges ahead on our composite score, though both brokers meet a reasonable standard for most traders.
Both FP Markets and TMGM start from 0 pips, making them equivalent on this metric. Compare commissions and account types to evaluate total trading costs.
Both FP Markets and TMGM require a minimum deposit of $100 to open a live trading account.
Both FP Markets and TMGM hold licences from top-tier regulators, indicating a high standard of regulatory oversight. Check each broker's specific regulatory bodies to confirm coverage in your jurisdiction.
For beginners, both brokers provide negative balance protection. Also compare demo account availability and educational resources on each broker's site before deciding.
FP Markets lists maximum leverage of 500:1, while TMGM lists up to 500:1. Available leverage depends on your jurisdiction. EU retail clients under ESMA rules are capped at 1:30 on major forex pairs.
FP Markets charges $6 per lot, lower than TMGM's $7 per lot. Lower commissions benefit active traders who execute many trades per day.
FP Markets supports cTrader, IRESS, MetaTrader 5, TradingView, MetaTrader 4, while TMGM supports IRESS, MetaTrader 5, MetaTrader 4. Both provide IRESS and MetaTrader 5 and MetaTrader 4. FP Markets has exclusive access to cTrader and TradingView.
FP Markets wins for safety with investor compensation scheme coverage and strong ASIC and CySEC regulation.
FP Markets delivers true ECN pricing with low $6/lot commissions and multiple platforms.
FP Markets is better suited for scalpers: lower commission ($6/lot).
FP Markets offers MT4, MT5, cTrader, TradingView, and IRESS.
FP Markets is better for beginners due to investor compensation and transparent costs.
TMGM offers more instruments, including DMA equities.
Fees & Spreads 30% weight | 4.5 / 5▲ | 4.3 / 5 |
|---|
Platforms & Tools 20% weight | 4.4 / 5▲ | 4.2 / 5 |
|---|
Customer Support 10% weight | 4.3 / 5▲ | 4.1 / 5 |
|---|
| Founded | 2005 | 2013 |
|---|
| Headquarters | Sydney, Australia | Melbourne, Australia |
|---|
| Min Deposit | $100 | $100 |
|---|
| Spreads From | 0 pips | 0 pips |
|---|
| Commission / lot | $6/lot▼ lower | $7/lot |
|---|
| 0.6 pips▼ lower | 0.7 pips |
| Max Leverage | 500:1 | 500:1 |
|---|
| Inactivity Fee | None | None |
|---|
| Deposit Fee | Free | Free |
|---|
| Deposit methods | Bank transferCredit cardDebit cardSkrillNetellerPOLiPayPal | Bank transferCredit cardDebit cardCrypto |
|---|
| Withdrawal methods | Bank transferCredit cardSkrillNetellerPOLi | Bank transferCredit cardCrypto |
|---|
| Withdrawal Fee | Free | Free |
|---|
| Regulators | ASIC CySEC | ASIC VFSC |
|---|
| Platforms | cTrader IRESS MetaTrader 5 TradingView MetaTrader 4 | IRESS MetaTrader 5 MetaTrader 4 |
|---|
| Active bonuses |
|---|
Negative balance protection
Investor compensation scheme coverage
Raw spread account available
No deposit fees
No inactivity fee
MetaTrader 4 and MetaTrader 5 supported
Mobile trading app available
Advanced charting tools included
Transparent pricing with clear cost disclosure
24/5 live chat support
Phone support available
Multilingual customer support
Pros
10,000+ instruments including real equities via IRESS DMA
ASIC regulated, Tier 1 Australian investor protections
ECN Edge account: raw spreads from 0.0 pips at $7 commission
Strong multilingual support for Asian clients
Client funds held in segregated accounts
Negative balance protection
Cons
IRESS platform has a monthly fee for lower-volume traders
Customer support primarily oriented toward Australian trading hours
Not available to US residents
No proprietary platform
Cons
$100 minimum deposit on standard accounts
Less brand recognition than IC Markets or Pepperstone in Australia
IRESS DMA platform requires separate setup
No investor compensation scheme
No proprietary platform
Two regulated brokers face off over price and platform choices. The clash tests cost efficiency against instrument breadth.
FP Markets edges TMGM overall thanks to its investor compensation scheme coverage, lower $6/lot commission, and broader platform lineup.
No deposit fees
No inactivity fee
MetaTrader 4 and MetaTrader 5 supported
Mobile trading app available
Advanced charting tools included
Transparent pricing with clear cost disclosure
24/5 live chat support
Phone support available
Dig deeper into each broker’s features, fees, and regulation.
Score 4.5 / 5
Score 4 / 5
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