IC Markets vs TMGM Forex Broker Comparison
A head-to-head comparison of IC Markets and TMGM across regulation, trading costs, platforms, and editorial scoring.
Score 4.7 / 5
4 bonusesTrue ECN routing with raw 0.0 pip spreads on majors plus commission, deep liquidity, and the cleanest MT4 / MT5 / cTrader stack we test.
VS
ASIC-regulated Australian broker with 10,000+ instruments including DMA equities, well-positioned for Asian traders who want Australian regulatory standards alongside a broad asset range.
Our Verdict
IC Markets winsClear Winner
IC Markets comes out ahead with an editorial score of 4.7/5 compared to TMGM's 4/5.
IC Markets
4.7/5
TMGM
4/5
Verdict by Trader Profile
Which broker wins for each type of trader, based on costs, safety, platforms, and editorial scoring.
Best for low cost trading
It's a tie
Both equally suited
Both brokers offer spreads from 0 pips.
Best for safety & regulation
Recommended
IC Markets has a stronger safety profile: top-tier regulation, compensation scheme, segregated funds, negative balance protection.
Best for platform choice
Recommended
IC Markets offers more exclusive platform options: TradingView, cTrader.
Best for beginners
Recommended
IC Markets edges out TMGM with a higher editorial score (4.7/5 vs 4/5), indicating a stronger overall experience for new traders.
IC Markets vs TMGM: Side-by-Side Forex Broker Comparison
Score
= highlighted score shows which broker leads in that category| Editorial score | 4.7/ 5 | 4.0/ 5 |
|---|---|---|
| Score Breakdown | ||
Trust & Regulation 40% weight | 4.6 / 5▲ | 4.3 / 5 |
Fees & Spreads 30% weight | 5.0 / 5▲ | 4.3 / 5 |
Platforms & Tools 20% weight | 4.6 / 5▲ | 4.2 / 5 |
Customer Support 10% weight | 4.5 / 5▲ | 4.1 / 5 |
| Founded | 2007 | 2013 |
| Headquarters | Sydney, Australia | Melbourne, Australia |
| Min deposit | $200 | $100 |
| Spreads from | 0 pips | 0 pips |
| Commission / lot | $7/lot | $7/lot |
| Max leverage | 500:1 | 500:1 |
| Withdrawal fee | Free | Free |
| Regulators | FSCA ASIC CySEC | ASIC VFSC |
| Platforms | MetaTrader 4 TradingView MetaTrader 5 cTrader | MetaTrader 4 MetaTrader 5 IRESS |
| Active bonuses | ||
| Visit broker | Visit IC Markets | Visit TMGM |
IC Markets vs TMGM Forex Broker Pros & Cons
Pros
True ECN routing with raw 0.0 pip spreads
All three major platforms (MT4, MT5, cTrader)
Deep liquidity from 25+ tier-1 sources
Regulated by top-tier authorities (FCA, ASIC, CySEC)
Client funds held in segregated accounts
Negative balance protection
Investor compensation scheme coverage
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
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
Cons
Not available to US residents
Higher minimum deposit than IG/OANDA
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
IC Markets vs TMGM: Detailed Category Breakdown
A closer look at the specific criteria each broker meets or misses within each scoring category.
1
IC Markets
criteria win
0
TMGM
criteria wins
Highlighted rows show where the two brokers differ
| Criteria | IC 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 |
IC Markets vs TMGM: Frequently Asked Questions
Based on our independent editorial scoring, IC Markets ranks higher with a score of 4.7/5 vs 4/5 for TMGM. The best choice still depends on your individual trading needs; IC Markets and TMGM may each suit different trader profiles.
Both IC Markets and TMGM offer spreads starting from 0 pips, making them equivalent on this metric. Consider commissions and account types when evaluating total trading costs.
TMGM has a lower minimum deposit of $100, while IC Markets requires at least $200. This makes TMGM more accessible for traders with limited starting capital.
Both IC Markets and TMGM hold licences from top-tier regulators, indicating a high standard of regulatory oversight. Both are considered safe. Check each broker's specific regulatory bodies to confirm coverage in your jurisdiction.
For beginners: TMGM has a lower minimum deposit ($100), lowering the barrier to entry; both brokers offer negative balance protection. Also weigh up educational resources and customer support quality before deciding.
IC Markets offers maximum leverage of 500:1, while TMGM offers up to 500:1. Available leverage varies by account type, instrument, and jurisdiction. Higher leverage amplifies both potential profits and losses. Always use appropriate risk management.
Both IC Markets and TMGM charge the same commission of $7 per lot on applicable accounts.
IC Markets supports MetaTrader 4, TradingView, MetaTrader 5, cTrader and TMGM offers MetaTrader 4, MetaTrader 5, IRESS; both support MetaTrader 4, MetaTrader 5; IC Markets exclusively offers TradingView, cTrader; TMGM exclusively offers IRESS.
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Score 4 / 5
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