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Trade Global Market (TGM) Review - is it scam or safe?

Trade Global Market (TGM) Review - is tradeglobalmarket.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Trade Global Market (TGM)
Trade Global Market (TGM) is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Min. trade size  Max. leverage Spread*
Basic  $100  0.01 1:1000 from 0 pips
Classic  $1 000 0.01 1:1000 from 0 pips
Premium  $5 000 0.01 1:400 from 0 pips
Pro  $10 000 0.01 1:100 from 0 pips
ECN  $25 000 0.01 1:100 from 0 pips

*As announced on the broker's website. 

 

Forex brokerage Trade Global Market (TGM) provides its clients with a choice of 5 account types. It says to offer trading in over 50 currency pairs and multiple CFDs on the popular MT4 platform with low market spreads and non-dealing desk (NDD) execution. Unfortunately, we could not verify any of this claims, as the broker does not allow free testing service. Yet, our most serious issue with TGM is the lack of financial regulation.

 

 

Trade Global Market Advantages

 

MT4 (allegedly) available

Trade Global Market claims to support the MetaTrader4 (MT4), a fully-equipped trading terminal that provides all the tools and resources needed to analyze the market, execute transactions, and create and use automated trading bots called Expert Advisors (EAs).

 

Besides, this piece of software is available as a standalone desktop application, web version and mobile apps.

 


>>Find a better MT4 broker<<

 

 

High leverage ratios, reasonable deposit

Other possible benefits of trading with TGM include the reasonable initial deposit the broker requires ($100), and the high leverage levels it allegedly provides, reaching 1:1000 on the most basic accounts.

 

While we typically view the availability of high leverage ratios as an advantage, be warned that these involve greater risk of losses. So, make sure you understand the principles of margin trading and use proper risk management strategy before using leverage higher than 1:100.

 

 

Trade Global Market Disadvantages

 

No financial regulation

Judging by the languages supported by the broker’s website, it obviously targets European investors. This, of course, requires a legit license issued by an EU financial regulator, and Trade Global Market does not hold such.

 

The broker provides contact numbers with British phone code, but says to be owned and operated by Trade Global Market LLC, a company based in Georgia. We checked both the registers of the National Bank of Georgia and the UK’s Financial Conduct Authority, but found no records of any such company.

 

Regulation is the single most important factor for the safety of any investment and the fact that TGM does not have a license significantly lowers its credibility. With no regulatory oversight we can’t be certain about the company behind the operation will act in good faith and whether it will fulfill its obligation towards clients.

 

No demo accounts

For those of you who are new to trading, demo accounts are basically “paper money trading”. Most forex brokers provide them, as way to introduce clients to their service, without the need for an investment, as well as to show that they are transparent with their pricing. TGM is not one of them, which is another red flag regarding this brokerage.

 

Unfavorable clauses in the Client Agreement

We always take a look at the legal documents presented by forex brokerages under review, as sometimes there are pretty nasty clauses written in small print. In the case of Trade Global Market, we found out that anyone who signs its Client Agreement, agrees that the broker can interrupt their services without allowing any payouts at any time. Or at least this is what we understood.

 

 

Click on the image to zoom in.

 

In TGM’s client agreement we also read that the broker is a counterparty to all executed trades on their platform, or a Market Maker, which creates huge potential of conflict of interest.

 

 

Conclusion

 

Trade Global Market (TGM) is a shady forex provider that operates without a legit license and is not transparent about its services. This inclines us to suspect that potential clients of this broker may be open to substantial risk. This simply means, they are likely to be a scam.

 

Unfortunately, Forex trading, as any other lucrative business sphere, is full of fraudsters seeking to swindle naive traders on every turn. This is why regulation is so crucial in the wild west of forex. That is why we encourage our readers to only deal with properly licensed brokers. For example, those authorized by the Financial Conduct Authority in the UK or by ASIC in Australia.

 

 

>> Wanna trade with a FCA-licensed broker? <<

 

 

To sum up our recap of Trade Global Market (TGM):

 

Pros Cons
Claims to support the MT4 No financial regulation
High leverage, reasonable initial deposit No demo accounts
  Unfavorable clauses in the Client Agreement
  Acts as a Marker Maker

 

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Traders` reviews for Trade Global Market (TGM)

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