Thoughts on TradeMax Global Markets ("TMGM")

Broker Discussion Forex Brokers
1

Hi all,
I am thinking to use the subject broker.

Pros:
1- ASIC regulated.
2- Very low spreads.
3-Very low commissions
4-Islamic Accounts
5-MT4

Cons:
1- International accounts are regulated & covered by Vanuatu Financial Services Commission.

This is my biggest concern, I don’t trust offshore regulations. Although the broker is regulated by ASIC, but my account is not protected by such regulations.

I would like to know your thoughts/experiences with this broker and similar broker cases.

2

Well, I’d look into the precise relationship with the main ASIC-regulated entity and the entity holding int’l accounts. If its affiliated or subsidiary relationship, chances are you are getting some extra “backstopping” protection from the ASIC-regg’d entity. So it’s still likely better than pure offshore.

1 Like
3

Thanks for the feedback, good tip.