Trade Global Market is an ECN CFD broker established in 2015. It is not regulated and all orders are executed Over the Counter (OTC). The main advantages this broker wants to achieve are fast execution of trades and security. Many legal documents are carefully written for every part of the broker business to compensate for the lack of regulation. We will evaluate the effects of this effort through their services.
TGM offers 5 different account types ranked by deposit levels. All are called ECN which implies orders are electronically executed through the platform Over the Counter. The accounts vary in leverage, commission, bonus allowance and minimum requirements. Traders should know that scalping or Exper Advisors are not allowed regardless of the account type. The MT4 platform is the only one offered on all account types. All the conditions are neatly presented in a table on the TGM web site.
The only platform available is MT4, even though MT5 is mentioned on the broker’s website. The MT4 is available for Windows, iOS and Android devices. MT4 Web Trader is also available for those that use Mac or do not want to install. We have to note that this is the first time our antivirus program detected a threat during the MT4 client installation. The execution times were all below 200ms level, on average 180ms which is a good lag for an ECN broker.
The leverage offered depends on the account type. For the Basic ECN Account, the leverage is the highest offered and it is 1:500. Classic ECN Account provides 1:400 maximum leverage but with a higher minimum deposit. The maximum allowed leverage for the Advanced ECN account is 1:100. It is good to see that accounts with smaller deposits get higher leverage as they need it most.
TGM broker has scaled the trading sizes with the account types, or better to say account fund sizes. So if you decide to go with, for example, Classic ECN Account with a $1000 minimum deposit, you will not be able to trade smaller sizes than 0.1 lot. Traders that implement stricter Money Management will certainly dislike Trade Global Market influence on how much traders can risk.
In addition to variable spreads, there are also commissions charged. For the basic account, there is a $9 commission. For the Advanced ECN Account, the commission falls to $4 per lot traded. These charges are not reflected in the demo account. Overnight charges are not described on the web site but from the MT4 platform, we could see positive and negative swaps that are not unusually high. Please read more on the demo account for more info related to the validity of this information form the MT4 platform.
TGM claims to offer Forex, metals as well as Indicies for trading. There is no information on what they offer. They do not have communication channels that seem to work. There is a serious issue with the list on the demo account since it does not provide feedback from the Trade Global Markets. More on this in the Demo Account section.
As described from the account types page, the spreads are minimal and start from 0 pips. This is the only information on the spreads we could find about this broker. The MT4 information is not valid as we found out.
The minimum deposit stated is $100. For that amount, traders should get 1:500 leverage.
Deposit Methods & Costs
Deposit methods are not clearly mentioned except that the bank wire method is the safest. This is not correct. The safest method should be using the Credit/Debit cards from Visa or MasterCard as they have the user protection policy. The bank wire method does not necessarily have this protection and depends on the bank. This is another false information that visitors of TGM should know.
Withdrawal Methods & Costs
Interestingly, the withdrawal page is non-existent on the TGM web site menu. It is like this was never the option. For anyone that wants to invest with a broker, this is a red flag.
Withdrawal Processing & Wait Time
Any information about withdrawals is not present and this is a serious issue.
Bonuses & Promotions
There is conflicting information about the bonuses. Anyways, from the Promotions page, there are two types of bonuses you can apply to the loyalty program “30% Bonus” that will add on top of the minimum $300 deposit. The maximum deposit for this bonus is $1050. Traders need to realize at least 18 lots of trading volume for the release of the bonus. The second type of bonus is a 100% bonus on any deposit and the conditions are not clear. Our impression is that the information is poorly constructed and leaves serious signs of fraud.
Educational & Trading Tools
Some basic information on trading is present under the education section of the TGM site. Beginner traders will find nothing useful for their trading, more likely some interesting facts about the markets. Interestingly, educational packages are also sold. The prices for these online courses are extreme for the 22 days duration. Not even the most prestigious proprietary funds have these rates for training. Another sign of manipulation and fraud.
The only method of communication with the TGM is via email as the phone lines do no work. The email we have sent still did not receive a reply.
We have received a virus warning after installation. After a long delay on the server, we were surprised by the fact that this was not the Trade Global Market demo server. Actually, we have received a welcome message from Shift Forex – a completely different broker, with all the assets and trading conditions not relevant to the TGM.
There is no information about this anywhere on the site or the documents provided.
TGM put a lot of effort to write legal documents but for the reasons above we believe this another false information and more a manipulation asset. The broker location is masked by similarly named institutions. The registration number is also false and does not exist. For the reasons mentioned within this review, this is a definitive stamp that Trade Global Markets is to be avoided.