Type of Accounts and Offering
Customers can choose from a wide selection of financial instruments at TMGM, including forex pairs, indices, shares, cryptocurrencies, and commodities. The Edge account and the Classic account are the two primary account types offered by the business. These two accounts primarily differ in how the commission is applied. On the Classic account, all fees are added as markup to the spread, whereas the commission on the Edge account is a standard fee based on the volume traded. Both accounts allow customers to trade using cutting-edge trading platforms and provide a wide variety of financial instruments.
For those who want to trade shares using the sophisticated IRESS platform, TMGM offers a third account type in addition to the Edge and Classic accounts. Although a $5,000 minimum deposit is required for this account, users can access the advanced features of the IRESS platform. Since the Edge account is the one that TMGM advertises the most, we will concentrate on it for this comparison.
Cost of Trading
When making an investment in the financial markets, the cost of trading must be taken into account. Other unreported charges, in addition to the commission paid for each transaction, may raise the overall cost of trading. The profitability of a trade can be significantly impacted by these fees, including spreads and swap fees. Swap charges are fees imposed on positions held overnight, while spreads are the difference between a security’s bid and ask price.
Although they can be difficult for traders to comprehend and are frequently opaque, these fees must be taken into account when making trading decisions. Traders must comprehend how these hidden costs operate and how to lessen their effects if they are to reduce their impact. Utilizing brokers with reasonable fees, looking for opportunities to lower spreads, and carefully managing positions held overnight to reduce swap fees are some examples of how to do this. Traders can increase their profitability and enhance their overall trading performance by being aware of and minimizing the hidden costs associated with trading.
Please find below a comparison of TMGM Edge Account’s cost of trading with other brokers:
In comparison to other brokers on the market, TMGM offers a very attractive spread. This is a crucial factor for traders to take into account since the spread is the distinction between a security’s bid and ask prices. It may significantly affect how profitable a trade is. Because they are not paying as much of a premium to enter and exit positions, traders can make more money on their trades when the spread is lower. In addition to providing a competitive spread, TMGM has fair swap charges. By providing swap charges that are fairly valued, TMGM enables traders to reduce overall trading expenses and increase their profitability. Overall, TMGM is a good option for traders looking to reduce trading expenses thanks to its competitive spread and fair swap charges.
