Written by ForexBrokers.com
In this head to head comparison of TMGM vs FXOpen, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
When comparing online brokers TMGM and FXOpen, both companies were founded a decade apart, with FXOpen starting in 2003 and TMGM launching in 2013. Neither of these brokers are publicly traded or function as banks. On the regulatory front, TMGM and FXOpen each hold two Tier-1 licenses, which are highly trusted according to ForexBrokers.com. However, neither holds any Tier-2 licenses.
The ForexBrokers.com Trust Score gives TMGM a rating of 83, placing it in the trusted category, while FXOpen scores 76, marking it as presenting an average risk to investors. These scores suggest that TMGM is viewed as a more reliable option than FXOpen, despite both having the same number of top-tier licenses. For those seeking a trusted online trading partner, these scores and regulatory standings provide crucial insights.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Year Founded | 2013 | 2003 |
| Publicly Traded (Listed) | No | No |
| Bank | No | No |
| Tier-1 Licenses | 2 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 2 | 0 |
When comparing TMGM to FXOpen in terms of commissions and fees, both brokers offer competitive options, but with slight differences. TMGM provides a structured approach with its two main account types: the spread-only Classic account and the commission-based Edge account. The Edge account presents an attractive option for avid forex traders, charging a small commission of $3.50 per side and offering low spreads. This account type is also suitable for Islamic finance customers seeking Sharia-compliant options. Despite its offerings, one downside for TMGM is the lack of available average spread data for EUR/USD, which is important for evaluating overall trading costs effectively.
FXOpen, like TMGM, does not offer average spread data, which makes it difficult to perform a detailed comparison of trading costs. While FXOpen and TMGM both garnered a 4-star rating for their commissions and fees, the rankings by ForexBrokers.com differ, reflecting nuanced strengths. TMGM holds a higher ranking at #36 out of 62 brokers, indicating a slightly more favorable perception in this category compared to FXOpen's ranking at #45.
These rankings and ratings suggest both brokers are viable options, but TMGM may have a slight edge in reputation for commissions and fees, making it potentially more appealing for traders focused on competitive costs. Ultimately, choosing between TMGM and FXOpen may depend on individual preferences regarding account types and specific trading needs.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $100 | $100 |
| Average Spread EUR/USD - Standard | N/A | N/A |
| All-in Cost EUR/USD - Active | N/A | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | No | No |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | Yes | Yes |
| Visa/Mastercard (Credit/Debit) | Yes | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
For traders exploring the range of investments between TMGM and FXOpen, TMGM stands out with a broader selection. TMGM provides access to 12,000 tradeable symbols and 62 forex pairs, while FXOpen offers just 87 symbols with 25 forex pairs. Both brokers support forex trading through CFDs or spot contracts, and they share the limitation of not providing direct access to U.S. or international exchange-traded securities. Additionally, neither platform allows for the purchase of actual cryptocurrencies, though they do offer trading in cryptocurrency derivatives.
Considering user amenities, both TMGM and FXOpen feature copy trading options to mimic successful strategies. However, TMGM's more extensive range of investments earns it a higher rating of 4.5 stars compared to FXOpen's 3 stars. This difference is further highlighted by TMGM's #17 ranking in the Range of Investments category by ForexBrokers.com, compared to FXOpen's #61 ranking. These distinctions could be pivotal for investors prioritizing a broad investment portfolio.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 12000 | 87 |
| Forex Pairs (Total) | 62 | 25 |
| U.S. Stock Trading (Non CFD) | No | No |
| Int'l Stock Trading (Non CFD) | No | No |
| Social Trading / Copy Trading | Yes | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
When it comes to trading platforms and tools, both TMGM and FXOpen offer similar features that cater to traders of all levels. Both brokers provide free virtual demo accounts, enabling traders to practice their strategies without any financial risk. They also offer well-known trading platforms such as MetaTrader 4 and MetaTrader 5, which are available for both Windows-based desktop download and web-based trading. While neither TMGM nor FXOpen provides a proprietary platform, they support the popular copy trading feature, allowing traders to mirror the strategies of others. A key differences lies in FXOpen's offer of ZuluTrade for social trading, which TMGM does not provide.
Charting tools are another important aspect where both TMGM and FXOpen shine by offering 15 drawing tools each for detailed analysis and the convenience to trade directly from a stock chart. The brokers maintain a competitive edge by providing seven customizable columns for watch lists. This helps traders personalize their trading environment. Although both TMGM and FXOpen earn four-star ratings for their trading platforms and tools, there is a slight difference in their rankings by ForexBrokers.com, with TMGM ranked at #48 and FXOpen at #53 out of 62 brokers. This shows a slight edge for TMGM in the competitive landscape of online brokerage services.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | No | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | Yes |
| MetaTrader 4 (MT4) | Yes | Yes |
| MetaTrader 5 (MT5) | Yes | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 30 | 30 |
| Charting - Drawing Tools (Total) | 15 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 7 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both TMGM and FXOpen offer mobile trading applications that are compatible with iPhone and Android devices, making it easy for traders to stay connected on the go. When it comes to features, both apps provide vital trading tools such as stock or forex price alerts and the ability to create watchlists with real-time quotes. Users of either app can enjoy 30 technical studies for chart analysis and have access to various time frames including daily, weekly, and intraday views. Drawing trendlines on charts is possible with both apps, though only TMGM auto-saves these drawings for future reference.
While neither TMGM nor FXOpen syncs watchlist symbols across devices, both platforms have managed to impress users. Each received a solid 4-star rating for their mobile trading apps. However, among 62 brokers, TMGM is ranked slightly higher at position #47 on ForexBrokers.com compared to FXOpen, which holds the #54 spot. This slight edge may be attributed to TMGM's feature that auto-saves chart drawings, which adds a bit more convenience for the mobile trader.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | No | No |
| Mobile Charting - Indicators / Studies | 30 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research offerings, both TMGM and FXOpen provide daily market commentary and access to forex news from prestigious sources like Bloomberg and Reuters, keeping traders informed with the latest global developments. However, TMGM stands out with its inclusion of Trading Central tools for in-depth technical analysis, alongside a sentiment-based trading tool that reveals position ratios. In contrast, FXOpen lacks these feature-rich tools, potentially limiting its research capabilities.
Both brokers offer a comprehensive economic calendar to track global events, but TMGM further enriches its research suite by incorporating tools from Acuity Trading, such as Signal Centre, which goes beyond FXOpen's offerings. In terms of ratings, TMGM achieves a 3.5-star score for research, ranking 53rd among 62 brokers reviewed by ForexBrokers.com, whereas FXOpen lags slightly with a 3-star rating, placing it at 62nd in the same category. This reflects TMGM's broader array of research tools and higher market research proficiency compared to FXOpen.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | Yes | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners in the world of online trading, both TMGM and FXOpen fall short in offering an extensive range of materials. Neither broker provides a substantial collection of educational articles, videos, or archived webinars focused on forex or CFDs, with each lacking a minimum of ten such resources. Additionally, neither of the platforms holds regular educational webinars nor do they cater to beginners with a suite of beginner-oriented video tutorials. However, TMGM does provide a searchable archive of previously recorded client webinars, a feature not offered by FXOpen, which could be beneficial for traders seeking some level of self-paced learning.
Both TMGM and FXOpen supply an investor dictionary that helps to clarify at least 50 investing terms, which could be useful for traders developing their foundational knowledge. Despite their similarities, TMGM edges ahead slightly with an educational rating of 3.5 stars compared to FXOpen's 3 stars. In the ForexBrokers.com rankings, TMGM is positioned at #54 while FXOpen is ranked at #58 out of 62 brokers in the education category. This slight difference may influence beginners who are comparing the educational support provided by each broker, though neither stands out as a strong choice for comprehensive beginner education.
| Feature |
TMGM
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | No | No |
| Client Webinars | No | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | No | No |
| Videos - Advanced Trading Videos | No | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that TMGM is better than FXOpen. TMGM finished with an overall rank of #37, while FXOpen finished with an overall rank of #54.
TMGM stands out for its impressive education toolset, though it still trails behind the best brokers in most categories. TMGM offers a small range of markets via the MetaTrader 4 (MT4) platform. While primarily a MetaTrader broker, it also offers the more exclusive IRESS platform – though the platform-specific requirements will limit who can use it.
| Feature |
TMGM
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FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 83 | 76 |
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TMGM and FXOpen do not offer the ability to buy actual delivered cryptocurrency, but both provide the option to trade cryptocurrency derivatives.
When comparing online brokers TMGM and FXOpen regarding funding options, TMGM supports PayPal, Skrill, Visa/Mastercard, and bank wires for deposits and withdrawals, while FXOpen offers the same services except for PayPal, with neither broker offering ACH or SEPA transfers.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | TMGM | FXOpen | |
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| Trust Score | 83 | 76 | |
| Winner | check_circle | ||
| Review | TMGM Review |
| Broker Screenshots | TMGM | FXOpen | |
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| Regulation | TMGM | FXOpen | |
|---|---|---|---|
| Trust Score | 83 | 76 | |
| Year Founded | 2013 | 2003 | |
| Publicly Traded (Listed) | No | No | |
| Bank | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 2 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 2 | 0 |
| Tier-1 Licenses (Highly Trusted) | TMGM | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | No | |
| Hong Kong (SFC Authorised) | No | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | No | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | No | Yes | |
| USA (CFTC Authorized) | No | No | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | TMGM | FXOpen | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | TMGM | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 12000 | 87 | |
| Forex Pairs (Total) | 62 | 25 | |
| U.S. Stock Trading (Non CFD) | No | No | |
| Int'l Stock Trading (Non CFD) | No | No | |
| Social Trading / Copy Trading | Yes | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | TMGM | FXOpen | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | N/A | N/A | |
| All-in Cost EUR/USD - Active | N/A | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | Yes | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | Yes |
| Funding | TMGM | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $100 | $100 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | Yes | Yes | |
| Visa/Mastercard (Credit/Debit) | Yes | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | No |
| Trading Platforms | TMGM | FXOpen | |
|---|---|---|---|
| Proprietary Platform | No | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | Yes | |
| MetaTrader 4 (MT4) | Yes | Yes | |
| MetaTrader 5 (MT5) | Yes | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | TMGM | FXOpen | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 7 | 7 | |
| Charting - Indicators / Studies (Total) | 30 | 30 | |
| Charting - Drawing Tools (Total) | 15 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | TMGM | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | No | No | |
| Mobile Charting - Indicators / Studies | 30 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | TMGM | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | TMGM | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | No | No | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | No | No | |
| Videos - Advanced Trading Videos | No | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | TMGM | FXOpen | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| Review | TMGM Review |
| Overall | TMGM | FXOpen | |
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| Trust Score | 83 | 76 | |
| Winner | check_circle | ||
| Review | TMGM Review |
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