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TMGM in India — review, licence and costs
Score (6 of 6 axes scored)
ranked against full-basis brokers
- Reviews25%50
- Round-turn cost20%90
- Safety20%0
- Payouts15%80
- Track record10%65
- Platforms10%no data
Numbered by weight: axis 1 counts for most.
Key facts (6 facts)
- Onboarding entity
- Trademax Global Ltd
- Founded
- 2013
- Retail leverage
- 1000IN
- Round turn
- 7 USDIN
- Currencies
- USD, AUD, NZD and others; no INR-denominated account, so rupee deposits convert.
- Swap-free account
- yes
"group" marks a figure the broker publishes for the group rather than for this country. It is shown because the broker states it, and it is not ranked, averaged or used to sort.
Licence check
Open an account with TMGMThe broker's own website. Not a partner link — we earn nothing from it.
Who actually onboards you
- Entity that onboards India residents
- Trademax Global Ltd
- Local standing
- Offshore (Vanuatu VFSC); RBI/SEBI permit only INR-paired exchange derivatives, so leveraged CFDs with an overseas broker fall in a legal grey area.
- Licence as the register states it
- Trademax Global Ltd holds Vanuatu VFSC licence No. 40356; no Indian SEBI authorisation.
- Leverage for this entity
- Up to 1:1000 on forex via the Vanuatu entity; not capped by an Indian regulator (but activity may breach FEMA/RBI rules).
- The firm behind it
- Founded 2013, HQ Sydney; multi-asset CFD broker present in 150+ countries.
- What we hold against it
- WikiFX WikiScore ~8.58; India-specific caution is regulatory/legal grey area under RBI-SEBI plus general withdrawal-complaint history.
Leverage by entity
The licence belongs to the firm; a leverage figure belongs to one entity. Only the entity that onboards Indian residents enters the score.
Scale from 1:10 to 1:3000, logarithmic.
Client protection
- Local entity onboards youOffshore (Vanuatu VFSC); RBI/SEBI permit only INR-paired exchange derivatives, so leveraged CFDs with an overseas broker fall in a legal grey area.
- Regulator warning on filenone found
— means the broker does not state it in any source we captured. It is not read as “no protection” and it is not scored.
Price against India market median(priced from 65 of 90)
Medians run over the 65 of 90 brokers that publish a price for India, never over the whole base. A spread without its commission is not a price and is not counted.
Accounts
Account types the broker names for this country: Classic (commission-free), Edge (raw-spread + commission), IRESS, min deposit USD 100 (IRESS USD 5, 000). The figures below are the broker's own and do not differ by account in any source we captured.
Swap-free account terms
Terms read from the account page on 01.10.2026. The cap on open positions is not published.
Where TMGM sits in the India base(90 brokers)
Round-turn cost, USD (65 of 90 priced)
Median 7 USD · range 2-18 · this broker 7 USD · 25 of 90 brokers do not publish it
Minimum deposit, USD (16 of 90 priced)
Median 15 USD · range 0-1000 · this broker 100 USD · 74 of 90 brokers do not publish it
Retail leverage (49 of 90 with a India figure)
Median 1:500 · range 20-5000 · this broker 1:1000 · 41 of 90 brokers do not publish it
Withdrawal time published (90 brokers)
Payouts
Identical for every row: Deposit, h 24 · Fee, USD 0 · Min, USD 50.
Deposit and withdrawal methods (7 methods · 0 local rails)
Cards (Visa/Mastercard/UnionPay), Skrill, Neteller, FasaPay, bank wire and USDT/USDC crypto;
- Cards
- Skrill
- Neteller
- FasaPay
- Bank wire
- USDT
- USDC crypto
- Account currency
- USD, AUD, NZD and others; no INR-denominated account, so rupee deposits convert.
- Fee declared
- 7 of 7 methods
- Withdrawal back to
- the funding method
Where it does not serve(24 countries)
From the client agreement, clause 2.3. A country missing from a translated page is not read as “served”.
Platforms and markets(4 platforms)
- MT4
- MT5
- IRESS
- TMGM mobile app
Identical for every row: Min spread 1 · Leverage 1000 IN.
Reviews(1 platform · 25% of the score)
| Snapshot | Rating | Reviews |
|---|---|---|
| 02.10.2026 | 4.0 | 908 |
Share of reviewers in India: — The platform does not publish it.
Pros and cons(4 for and 4 against, each tied to a figure on this page)
- Withdrawal in 24 h, one of 74 of 90 brokers here that publish a time
- Swap-free account available
- Round-turn cost 90 of 100, its strongest of 6 scored axes
- 4 platforms: MT4, MT5, IRESS, TMGM mobile app
- No India authorisation on file: the entity that onboards you is licensed elsewhere
- Min deposit 100 USD, over the India median 15
- The published 1:1000 comes from the group's offshore entity, not from the India one
- Safety 0 of 100, its weakest of 6 scored axes
Alternatives in India(6 of 90 scored in India)
- Round turn, USD
- 7IN
- Min deposit, USD
- 100IN
- Leverage
- 200IN
- Rank in this country
- #18
- Round turn, USD
- 7IN
- Min deposit, USD
- 100 groupIN
- Leverage
- 500IN
- Rank in this country
- #16
- Round turn, USD
- 7IN
- Min deposit, USD
- 100 groupIN
- Leverage
- 500IN
- Rank in this country
- #30
- Round turn, USD
- 6IN
- Min deposit, USD
- 100 groupIN
- Leverage
- 500IN
- Rank in this country
- #42
- Round turn, USD
- 6IN
- Min deposit, USD
- 100 groupIN
- Leverage
- 500IN
- Rank in this country
- #1
- Round turn, USD
- 4IN
- Rank in this country
- #4
Methodology(6 axes · formula v1.0)
Score = 2 + 3 × weighted mean of six axes scored 0–100. Range 2.0–5.0. An axis without data drops out and the remaining weights are renormalised; it is never scored zero or estimated. Group-wide figures never enter a India score. Full methodology
| Axis | Weight | What is measured | TMGM |
|---|---|---|---|
| Reviews | 25% | Rating, volume and recency on one public review platform | 50 |
| Round-turn cost | 20% | Round turn on 1 lot EURUSD: spread plus commission, against the country median | 90 |
| Safety | 20% | Local authorisation, the entity that onboards you, any regulator warning | 0 |
| Payouts | 15% | Published withdrawal time, fees and the methods available in the country | 80 |
| Track record | 10% | Years since the firm was founded, from its own filings | 65 |
| Platforms | 10% | Which trading platforms the broker confirms for this country | 50 |
FAQ
- Does TMGM accept residents of India?
- No. Offshore (Vanuatu VFSC); RBI/SEBI permit only INR-paired exchange derivatives, so leveraged CFDs with an overseas broker fall in a legal grey area. Onboarding entity: Trademax Global Ltd
- Is TMGM licensed to serve clients in India?
- Trademax Global Ltd holds Vanuatu VFSC licence No. 40356; no Indian SEBI authorisation. Checked on 09.07.2026.
- How much does one round turn cost at TMGM?
- About 7.0 USD per standard lot on EUR/USD. The median across brokers measured for India is 7.0 USD.
- What leverage does TMGM offer to retail clients in India?
- Up to 1:1000. Up to 1:1000 on forex via the Vanuatu entity; not capped by an Indian regulator (but activity may breach FEMA/RBI rules).
- Which trading platforms does TMGM support?
- MT4, MT5, IRESS, TMGM mobile app. Instruments: 12,000+ instruments: forex, share CFDs, precious metals, energies, indices and crypto CFDs.
- How can I withdraw money from TMGM in India?
- Cards (Visa/Mastercard/UnionPay), Skrill, Neteller, FasaPay, bank wire and USDT/USDC crypto; no verified INR local rail (UPI) at review.
- What account types does TMGM offer?
- Classic (commission-free), Edge (raw-spread + commission) and IRESS; min deposit USD 100 (IRESS USD 5,000).
- Does TMGM offer a swap-free (Islamic) account?
- Yes. TMGM offers a swap-free (Islamic) account to India residents.
Cost calculator (median of 65 priced of 90)
EURUSD round turns at the prices captured 01.10.2026. Shown in USD only: we do not publish a INR conversion because the exchange rate is not part of our data.