Our team compared FP Markets and TMGM so you can decide which Forex broker is for you. To do this, we explored the spreads, accounts, trading platforms and regulations for each broker.
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The summary of the key differences between FP Markets and TMGM include FP Markets generally offering lower spreads across all forex pairs making it the cheaper broker. FP Markets offers a wider choice of trading platforms including cTrader.
TMGM offers a wider range of account types, including Standard, Edge, Classic, and Blade accounts. FP Markets is the more trusted broker as the older of the two and with greater regulation. TMGM stands out for its user-friendly interface and 24/7 customer service.
FP Markets offers no-commission spreads, with the frequently traded EUR/USD forex pair having spreads as low as 1.2 pips. TMGM provides ECN execution services with a minimum lot size of 0.01.
| Standard Account | FP Markets Spreads | TMGM Spreads | Industry Spreads |
|---|---|---|---|
| Overall Average | 1.38 | 1.36 | 1.6 |
| EUR/USD | 1.2 | 1 | 1.2 |
| USD/JPY | 1.5 | 1.09 | 1.4 |
| GBP/USD | 1.4 | 1.32 | 1.6 |
| AUD/USD | 1.3 | 1.11 | 1.5 |
| USD/CAD | 1.4 | 1.28 | 1.8 |
| EUR/GBP | 1.2 | 1.9 | 1.5 |
| EUR/JPY | 1.4 | 1.5 | 1.9 |
| AUD/JPY | 1.6 | 1.7 | 2.1 |
Looking at the data, TMGM consistently offers lower spreads across all forex pairs compared to FP Markets. For instance, the spread for EUR/USD is 1.2 for FP Markets, while it’s 1.0 for TMGM. This trend continues across all pairs, making TMGM the more cost-effective option regarding spreads.
However, it’s worth noting that FP Markets’s spreads are not far off and are still competitive compared to the industry average. While both FP Markets and TMGM offer competitive spreads, TMGM edges out as the cheaper option. However, it’s always important to consider other factors such as trading environment, trustworthiness, and customer service when choosing a forex broker.
Try the TMGM vs FP Markets fee calculator below based on the most popular forex pairs and base currencies.
Other Fees
Both brokers have some additional fees, such as inactivity fees. These are relatively similar between the two brokers.
Verdict
Based on the comparison, TMGM has a slight edge in terms of trading costs, primarily due to its lower spreads and commission rates.
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Both FP Markets and TMGM provide MetaTrader 4 and MetaTrader 5 and no other platform.
| Trading Platform | FP Markets | TMGM |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes | No |
| TradingView | Yes | No |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
MetaTrader 4 and 5
Both brokers offer the popular MetaTrader 4 and 5 platforms, known for their advanced charting features and automated trading capabilities. You can see the best MT4 brokers that strongly feature FP Markets.
cTrader and TradingView
Neither broker offers cTrader or TradingView. These platforms are known for their intuitive interface and sophisticated charting tools.
Social And Copy Trading
Both brokers offer social and copy trading, which allows traders to follow and copy the trades of experienced traders. Neither are considered specialists in this area (unlike eToro) and don’t feature strongly on the best copy trading platform page.
Verdict
Both brokers offer a good range of trading platforms.
FP Markets offers two main types of accounts: Standard and Raw. TMGM, on the other hand, offers a more diverse range of account types, including Standard, Edge, Classic, and Blade accounts. This gives TMGM a slight edge, providing more options for different trading styles and preferences.
FP Markets provides two primary types of forex accounts with different pricing structures.
TMGM provides various trading accounts that cater to traders of all experience levels, offering the necessary features and functionalities. TMGM offers trading accounts for investors and day traders.
The Classic account has no commission fee, but you should know that the spreads may be higher than other account types. Edge accounts have a $7 commission fee and offer tighter spreads than other accounts. Regardless of your account type, you will enjoy ECN execution with a minimum lot size of 0.01.
| FP Markets | TMGM | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | Yes | Yes |
| Spread Betting (UK) | No | No |
Verdict
TMGM wins this category due to its wider range of account types.
FP Markets is an ECN broker known for its advanced IRESS platform, which offers a wide range of sophisticated charting tools. The platform caters to advanced traders seeking more than just the basics. Similarly, TMGM is also an ECN broker known for its user-friendly interface and wide range of trading instruments, which helps traders diversify their portfolios.
Both brokers offer trading tools like economic calendars and market analysis. As shown below, FP Markets has a faster execution speed when it comes to Limit Order speed but is slower than TMGM for market order trades.
| Broker | Limit Order Speed | Market Order Speed |
|---|---|---|
| FP Markets | 149 ms | 344 ms |
| TMGM | 219 ms | 262 ms |
Verdict
Based on our own testing, TMGM offers a slightly better overall trading experience due to its user-friendly interface and 24/7 customer service.
FP Markets and TMGM are not far apart, with trust scores of 60 and 53, respectively. These scores were garnered from three different criteria: regulation, reputation, and reviews.
FP Markets Trust Score
TMGM Trust Score
Regulation
FP Markets is regulated by two Tier 1 and three Tier 3 financial authorities, while TMGM is overseen by two Tier 1 and two Tier 3 regulators.
| FP Markets | TMGM | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) | ASIC (Australia) FMA (New Zealand) |
| Tier 2 Regulation | ||
| Tier 3 Regulation | FSA-S (Seychelles) FSC-M (Mauritius) FSCA (South Africa) | VFSC FSC-M (Mauritius) |
Reputation
FP Markets is the older broker founded in 2005 vs 2013 for TMGM. Both forex brokers were founded in Australia.
FP Markets has a fair search volume of 27,100 monthly hits, while TMGM has an even lower search volume of 12,100.
Reviews
The broker FP Markets also has a higher Trustpilot score of 4.9 based on 5,478 compared to 4.3 based on 719 reviews for TMGM.
Verdict
FP Markets has a higher trust score is 60 compared to 53 for TMGM due to the broker being older, having superior regulation and better reviews.
FP Markets provides a comprehensive selection of over 12,000 Share CFDs and 4+ Cryptocurrency CFDs. TMGM, on the other hand, offers 12,000+ Share CFDs and a slightly higher range of 12+ Cryptocurrency CFDs. Both brokers offer a variety of forex pairs, commodities, and indices, but FP Markets has a slight edge in the sheer number of options available.
| Product Type | FP Markets | TMGM |
|---|---|---|
| Forex CFDs | 63 | 61 |
| Shares CFDs | 12,986+ | 12,000+ |
| Cryptos CFDs | 4+ | 12+ |
| Commodities CFDs | 4 Metals, 4 Energies, 5 Softs | 3 Metals, 2 Energies |
| Indices CFDs | 19 | 12 |
| Bonds/Treasuries CFD | 2 | No |
| Major Pairs Leverage | 30:1 | 30:1 |
| Minor Pairs Leverage | 20:1 | 20:1 |
| Pro Max Leverage | 500:1 | 500:1 |
| Retail Max Leverage | 30:1 | 30:1 (Major), 200:1 (NZ) |
Verdict
Based on the available data and our own testing, FP Markets offers a more comprehensive range of CFDs and markets, making it the better choice for traders looking for variety and depth in their trading options.
FP Markets offers educational materials for traders of all skill levels. They’ve got you covered from beginner resources to intermediate guides and even some expert-level content. They provide market research, analysis, webinars, eBooks, and a glossary to help you stay ahead.
TMGM offers a decent range of educational resources, but it falls short in some areas. They offer beginner to expert resources including eBooks, but lack in-house market analysis and webinars, which may be a deal-breaker for some.
Verdict
Based on our testing, FP Markets offers the best educational resources, with a score of 7.5, providing a more comprehensive educational experience for traders.
Both FP Markets and TMGM offer live chat, email support, and phone support, with TMGM having a slight edge due to its 24/7 customer service availability.
FP Markets’ multilingual live chat service supports over 12 languages, effectively clearing any language barrier and improving the overall customer support experience.
For TMGM, languages available include English, Spanish, Chinese, French, Vietnamese, Thai, Italian, Arabic, Filipino, Indonesian, and Portuguese.
Verdict
TMGM wins this category due to its 24/7 customer service.
FP Markets provides a slightly wider range of base currencies, which can be crucial for traders who deal in multiple currencies. TMGM, on the other hand, keeps it simple but effective with their funding methods.
| Payment Options | FP Markets | TMGM |
|---|---|---|
| Base Currencies | ✅ | ✅ |
| Visa/MasterCard | ✅ | ✅ |
| Wire Transfer | ✅ | ✅ |
| PayPal | ✅ | ❌ |
| Neteller | ✅ | ✅ |
| Skrill | ✅ | ✅ |
| Rapid Pay EUR/GBP | ❌ | ❌ |
| POLi / bPay AU/NZ | ✅ | ✅ |
| Klarna | ❌ | ❌ |
| Other methods | ✅ | ✅ |
Verdict
FP Markets offers a slightly better range of funding options, including PayPal, which could be a deciding factor for some traders.
Both FP Markets and TMGM have a $100 minimum deposit requirement. This minimum applies globally across major currencies via several payment methods.
First, here are the details for FP Markets:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Paypal | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Skrill | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
Next are the requirements set by TMGM:
| GBP | USD | EUR | AUD | |
|---|---|---|---|---|
| Credit Card / Debit Card | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Bank Wire | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Wise | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
| Neteller | £100 Minimum Deposit | $100 Minimum Deposit | €100 Minimum Deposit | $100 |
Verdict
Both brokers provide a similar minimum deposit requirement and flexible payment options. Thus, we believe what would have more weight are the other factors each broker has to offer.
FP Markets is the winner as it offers a well-rounded trading experience with lower spreads and fees, a solid trading platform, and superior educational resources. The table below summarises the key information leading to this verdict.
| Criteria | FP Markets | TMGM |
|---|---|---|
| Lowest Spreads And Fees | ❌ | ✅ |
| Better Trading Platforms | ✅ | ✅ |
| Superior Accounts And Features | ❌ | ✅ |
| Best Trading Experience | ❌ | ✅ |
| Stronger Trust And Regulation | ✅ | ❌ |
| CFD Product Range & Financial Markets | ✅ | ❌ |
| Superior Educational Resources | ✅ | ❌ |
| Better Customer Service | ❌ | ✅ |
| More Funding Options | ✅ | ❌ |
| Lower Minimum Deposit | ✅ | ✅ |
For beginner traders, FP Markets is the better choice due to its comprehensive educational resources.
For experienced traders, FP Markets is superior due to the lower trading fees and superior trading platform.
FP Markets has lower trading costs. The broker offers competitive spreads starting as low as 0.0 pips. This makes it a cost-effective option for traders looking to minimise expenses. For more information on low-cost trading, you can visit this page for our Lowest Commission Brokers.
When it comes to MetaTrader 4, FP Markets is the superior choice. The broker provides a seamless experience with advanced charting tools and indicators. If you’re interested in MT4 trading, check out this list of best MT4 brokers.
Neither FP Markets nor TMGM specialises in social or copy trading. However, there are other brokers that offer these features. If you’re interested in social trading, you can explore this guide on the best copy trading platforms.
Neither FP Markets nor TMGM offer spread betting services. If you’re specifically interested in spread betting, you may want to consider other brokers. For more details, you can check out this guide on the best spread betting brokers.
In my opinion, FP Markets is the superior choice for Australian Forex traders. The broker is ASIC-regulated and founded in Australia, providing a sense of trust and local expertise. They offer a wide range of trading instruments and platforms. For more information, you can visit this Best Forex Brokers In Australia guide.
For UK traders, I would recommend TMGM. Although not founded in the UK, TMGM is FCA-regulated, which adds a layer of security for UK-based traders. They offer a variety of trading platforms and a wide range of financial instruments. For more insights, you can check out this guide on the Best Forex Brokers In UK.
No commission account spread propiety testing data and published wesbite spread information, centralised on our Standard Account Spreads page.
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