TMGM, formerly TradeMax, is a forex and CFD brand run from Sydney. Australian clients deal with Trademax Australia Limited, licensed by ASIC since 2013, and the international site tmgm.com publishes the client documents of Trademax Global Limited, licensed in Vanuatu. The brand also names Trademax Global Markets (SE) Limited (Seychelles) and Trademax Global Markets (International) Pty Ltd (Mauritius). It does not say who owns the companies.
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| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Australian Securities and Investments Commission (ASIC) | AFSL 436416 | Trademax Australia Limited | Authorised Checked 7 Oct 2026 | Register entry for Trademax Australia Limited (opens in a new tab) 2 |
| Vanuatu Financial Services Commission (VFSC) | No reference | Trademax Global Limited | Authorised Checked 7 Oct 2026 | Register entry for Trademax Global Limited (opens in a new tab) 3 |
| Financial Services Authority Seychelles (FSA) | SD224 | Trademax Global Markets (SE) Limited | Authorised Checked 7 Oct 2026 | Register entry for Trademax Global Markets (SE) Limited (opens in a new tab) 4 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
TMGM’s Australian, Vanuatu and Seychelles licences match their regulators’ records; we could not check the Mauritius licence. Australian clients get ASIC’s retail protections: leverage limits, negative balance protection, client money held on trust and complaints to AFCA. International clients sign up under the Vanuatu company, whose agreement holds client money in segregated accounts but contains no negative balance protection, although the website advertises it, and whose disputes go to the Financial Commission. No compensation scheme covers any TMGM company. TMGM does not name its owners or managers, and we found no financial statements. In 2024 ASIC barred the Australian company from taking on new retail clients for a month over its onboarding questionnaire, and TMGM is on Malaysia’s investor alert list. Its website calls the Vanuatu, Seychelles and Mauritius regulators leading regulators and presents professional indemnity insurance as cover for customers.
The Australian PDS holds client money on trust with an authorised deposit-taking institution and does not use it for hedging, and the Vanuatu agreement holds client money on trust in pooled segregated accounts, although it may be invested. We found no terms for the Seychelles and Mauritius companies.
The three licences we could check are current, with no suspension or restriction shown. ASIC’s 2024 stop orders on the Australian company were lifted in June 2024.
The Australian complaints policy promises acknowledgement within one business day and a written response within 30 calendar days, and the Vanuatu policy a resolution within 30 business days.
The help centre gives the withdrawal minimum of USD 100, review within 24 hours, payment on business days and the conditions, and the funding page lists methods and says TMGM charges no fees, apart from intermediary bank charges on wires.
The Vanuatu client agreement and the Australian client agreement, PDS and FSG can be read on TMGM’s websites without an account.
Reduced the enforcement dimension by 10 points (moderate severity, 2.4 years before the review).
Reduced the enforcement dimension by 1 points (low severity, 4.8 years before the review, counted at half weight).
Not met No investor compensation scheme covers clients of the Australian, Vanuatu, Seychelles or Mauritius companies. The Financial Commission’s fund only pays its own awards, up to EUR 20,000 per complaint, if a member fails to pay, and the professional indemnity insurance covers claims against the company.
Not met We found no financial statements or capital disclosures published by TMGM for any of its companies.
Not met We found no directors or senior managers named on TMGM’s websites or in its documents. The Seychelles FSA lists one securities dealer representative for the Seychelles company, Li Song Yu, without a management role.
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Whether the firm’s licences exist, are current and cover what it offers.
Client-facing entities appear on the regulator’s register 1234
We matched Trademax Australia Limited in ASIC’s licensee data, Trademax Global Limited on the VFSC’s list of financial dealers and Trademax Global Markets (SE) Limited on the Seychelles FSA’s list. We could not check the Mauritius company’s FSC licence.
Permissions cover the services offered 234
ASIC authorises the Australian company to issue, deal in and make a market in derivatives and foreign exchange contracts for retail clients, the VFSC lists the Vanuatu company as a financial dealer in classes A to C, and the FSA lists the Seychelles company as a securities dealer. We could not see the Mauritius company’s permissions on a register.
Clients can tell which regulated entity serves them 178
The footer names the four companies with their licences and addresses, the Australian site names the Australian company, and the international legal documents page publishes the Vanuatu company’s documents. The site does not say which clients the Seychelles and Mauritius companies serve.
Criteria and their weighting are explained in the methodology.
Whether you can find out who owns and runs the firm.
Criteria and their weighting are explained in the methodology.
What protects client money if something goes wrong.
Client money segregation is disclosed 714
The Australian PDS holds client money on trust with an authorised deposit-taking institution and does not use it for hedging, and the Vanuatu agreement holds client money on trust in pooled segregated accounts, although it may be invested. We found no terms for the Seychelles and Mauritius companies.
Retail clients have negative balance protection 71415
Australian retail clients have negative balance protection under the PDS. The Vanuatu agreement, which covers international clients, has no such protection and charges interest on debit balances, although the website tells clients they are protected by negative balance protection.
An investor compensation scheme applies 7141617
No investor compensation scheme covers clients of the Australian, Vanuatu, Seychelles or Mauritius companies. The Financial Commission’s fund only pays its own awards, up to EUR 20,000 per complaint, if a member fails to pay, and the professional indemnity insurance covers claims against the company.
Criteria and their weighting are explained in the methodology.
Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 11 points.
ASIC stop orders bar Trademax Australia from taking on retail CFD clients over its onboarding questionnaire 5
23 May 2024. Reduced the enforcement dimension by 10 points (moderate severity, 2.4 years before the review).
Listed on the Securities Commission Malaysia Investor Alert List 20
1 Jan 2022. Reduced the enforcement dimension by 1 points (low severity, 4.8 years before the review, counted at half weight).
Criteria and their weighting are explained in the methodology.
How the firm handles complaints, and what independent records show.
Independent complaint outcomes show no adverse pattern 21
TMGM has no UK company, so there are no Financial Ombudsman Service decisions, and we did not find published decisions of other dispute bodies.
Complaint data is disclosed 23
We found no complaint statistics published by TMGM. AFCA publishes complaint figures for its members, but its data site refuses automated requests, so we could not check the Australian company.
Criteria and their weighting are explained in the methodology.
Whether costs, execution and risks are disclosed before you sign up.
Costs are disclosed before account opening 714151825
TMGM publishes spreads, commissions and funding fees, and the Australian PDS sets out swaps, conversion and account maintenance fees. For the Vanuatu company we found no swap rates, no conversion charge and no amount for the monthly account maintenance fee its agreement refers to.
An order execution policy is published 717262728
The agreements and FSG say the companies act as principal and counterparty, the execution policy sets out the execution factors and the liquidity provider aggregation, and the hedging counterparty policies explain that TMGM does not hedge all client trades and may hold net positions. A conflict of interest policy is published.
Leverage and margin terms are disclosed 7141525
The Australian PDS gives ASIC’s retail leverage limits and the 50% close-out level, and the international site gives leverage of up to 1:1000 and a 20% stop-out, but no margin call level for the Vanuatu company, whose agreement lets TMGM change these levels at any time, and nothing for the Seychelles and Mauritius companies.
Criteria and their weighting are explained in the methodology.
Whether public claims hold up and the firm communicates openly.
Marketing claims are accurate and attributable 67111517
TMGM calls the Vanuatu, Seychelles and Mauritius regulators leading and top-tier regulators, presents its professional indemnity insurance as cover of up to AUD 10 million for customers while its financial services guide says it covers claims against the company, and advertises negative balance protection that the Vanuatu agreement does not provide. Its awards are attributed to named organisers.
An address and working contact channels are published 124730
TMGM publishes addresses, an email and a telephone number; the Australian address matches ASIC’s data and the Seychelles address the FSA’s list. The Vanuatu company is given three addresses: Kumul Highway in the footer, Bayview House in its agreement and the Stade Building on the contact page.
Criteria and their weighting are explained in the methodology.
What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
Real office at the stated address, not a ghost address
Office of the assessed entity
Staffed and operating
Criteria and their weighting are explained in the methodology.
What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
Company identity
Regulatory claims
Office visit
Account opening
Platform usability
Costs and disclosures
Customer support
Deposits and withdrawals
Trading functions
Complaints process
Criteria and their weighting are explained in the methodology.
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Australian Securities and Investments Commission (ASIC) · Reference AFSL 436416 2
General advice; issuing, dealing in and making a market in derivatives and foreign exchange contracts for retail and wholesale clients; custodial services
Licence start date 21 May 2013.
Vanuatu Financial Services Commission (VFSC) 3
Financial dealers licence, classes A, B and C
Licence dated 22 December 2022. The list gives company number 40356, which TMGM calls its registration number.
Financial Services Authority Seychelles (FSA) · Reference SD224 4
Securities dealer
Listed by the FSA as a securities dealer with trade name TMGM; the licence number is TMGM’s own (the register shows none).
Financial Services Commission, Mauritius (FSC) · Reference GB22201012 6
Investment dealer (full service dealer, excluding underwriting) and global business licence, as stated by TMGM
Stated by TMGM. The FSC Mauritius website and register put automated requests through a bot check, so we did not read them.
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
On 23 May 2024 ASIC made two interim stop orders preventing Trademax Australia Limited from opening trading accounts or dealing in CFDs or margin FX with retail investors. ASIC found that it relied on a poorly designed questionnaire that did not adequately ask about clients’ financial situation, risk tolerance and objectives, prompted applicants to review their answers so that they would fit the target market, and allowed two attempts every 24 hours indefinitely, so its distribution was not shown to be consistent with its target market determinations. Existing clients could still close positions. The orders were extended on 13 June 2024 and lifted from 25 June 2024.
The Securities Commission Malaysia’s Investor Alert List includes two entries for “TMGM” (www.tmgm.com, Malaysian Facebook and Telegram pages, several TMGM web addresses and the TMGM apps) for carrying on unlicensed capital market activities of dealing in securities. The list records both entries under the year 2022 without a specific date; we use 1 January 2022. Both were still on the list when we checked on 7 October 2026.
Firms can respond to their profile and to any finding. No response has been published for TMGM. How firms can respond.
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 7 Oct 2026 | Trust score 70 out of 100 Sound | 1.2 | Current |
No corrections have been made to this profile.
The footer names four companies trading as TMGM: Trademax Australia Limited (ASIC, AFSL 436416, Level 28, One International Tower, 100 Barangaroo Avenue, Sydney), Trademax Global Limited (Vanuatu Financial Services Commission, registration number 40356, registered at 1276, Kumul Highway, Port Vila), Trademax Global Markets (SE) Limited (Seychelles FSA, licence SD224, Office No 13, Providence Estate ABIS Centre, Mahe) and Trademax Global Markets (International) Pty Ltd (FSC Mauritius, licence GB22201012, 33 Edith Cavell Street, c/o IQ EQ Fund Services (Mauritius) Ltd, Port Louis). The home page advertises leverage of up to 1:1000, a USD 100 minimum deposit and “100% Segregated Client Funds”. Every page carries a general risk warning that clients may lose more than their initial deposit, without a share of losing accounts, and says the services are not intended for residents of the United States, Malaysia and Thailand. The EU and New Zealand versions show the same footer.
Lists AFSL 436416 held by Trademax Australia Limited (ABN 76162331311), Barangaroo NSW, from 21 May 2013, authorising general advice, issuing, dealing in and making a market in derivatives and foreign exchange contracts for retail and wholesale clients, a custodial service, and operating one named managed investment scheme.
Lists Trademax Global Limited (company 40356) as holding an active financial dealers licence in classes A, B and C, dated 22 December 2022.
Lists Trademax Global Markets (SE) Limited among licensed securities dealers at Office No 13, Providence Estates Abis Centre, Mahe, trade name TMGM, with the email support@tmgm.com and the website www.tmgm.com, and Li Song Yu as a securities dealer representative accredited with it. The register does not show licence numbers.
Media release of 23 May 2024. ASIC made two interim stop orders preventing Trademax Australia Limited from opening trading accounts or dealing in CFDs or margin FX with retail investors, because it had not taken reasonable steps to keep its distribution consistent with its target market determinations: it relied on a poorly designed questionnaire that did not adequately ask about clients’ financial situation, risk tolerance and objectives, prompted applicants to review their answers so that they would meet the target market, and allowed two attempts every 24 hours indefinitely. Existing clients could still close positions. Editor’s notes record that the orders were extended on 13 June 2024 and lifted from 25 June 2024.
Says TMGM is “Regulated by Four of The Leading Financial Regulatory Bodies”: ASIC (AFSL 436416), the Vanuatu Financial Services Commission (No. 40356), the Seychelles FSA (SD224) and the FSC Mauritius, which it says has issued Trademax Global Markets (International) Pty Ltd an Investment Dealer (Full Service Dealer, excluding Underwriting) licence and a Global Business Licence, GB22201012. It says client funds are held, under its licence obligation, in an Australian authorised deposit-taking institution, National Australia Bank, and that TMGM provides professional indemnity insurance “for customers while protecting the financial security of customers”, with up to AUD 10 million of cover. It says Trademax Global Limited is a member of the Financial Commission.
Agreement with Trademax Global Limited (company 40356, authorised and regulated by the VFSC), last updated on 14 November 2024 and linked from the international legal documents page. The company acts as principal and is the counterparty to every trade. Client money is held on trust in pooled segregated accounts with an institution in or outside Vanuatu, may be invested, and the company keeps the interest. There is no negative balance protection clause: clients pay interest on debit balances and 20% a year on overdue amounts, and negative balances may be set off against other accounts. The company may change margin, margin call and stop-out levels at any time and need not make margin calls; it may withhold withdrawals in listed cases. A monthly account maintenance fee may be charged after 12 months of inactivity, at a rate the agreement leaves to the website. It may be amended by written notice, and a client who objects within 14 days may have to close the account. Disputes are dealt with in Vanuatu and may be referred to the VFSC. The contact address on the last page is No. 10, 3rd Floor, Bayview House, Lini Highway, Port Vila.
The Australian site’s disclaimer names Trademax Australia Limited (ABN 76 162 331 311, AFSL 436416) with its registered address at Level 28, One International Tower, 100 Barangaroo Avenue, Sydney, and advertises leverage of up to 1:30. The page repeats that client funds are held at National Australia Bank and describes professional indemnity insurance of up to AUD 10 million for customers. tmgm.com.au redirected us to the international site; the /en-au/ pages load directly.
Active Australian public company (ACN 162 331 311), ABN active from 30 July 2014, based in NSW 2000. Registered business names: TMGM.TradeMax (from 26 October 2023) and TSP Global Clearing (from 21 July 2016).
The global LEI index records Trademax Global Limited (Vanuatu, 40356, LEI 5493004WIVR6JNK3YQ71, created on 9 May 2019, previously named Trademax Captial Limited, at c/o Paul de Montgolfier et Associes Limited, Govant Building, Kumul Highway, Port Vila), with a parent that has no LEI; Trademax Australia Limited (ACN 162 331 311, LEI 549300Z3YPBO8KGIW057, created on 11 February 2013); and Trademax Global Markets (International) Pty Ltd (Mauritius, C195323, LEI 213800CE5PG6UD6YBO72, created on 14 March 2023, at Telfair The Trademark (Lot 56), Moka). The Australian and Mauritius companies report no consolidating parent.
Says TMGM is regulated by four leading financial jurisdictions (ASIC, VFSC, FSA Seychelles and FSC Mauritius) and “operates under the oversight of top-tier regulators”, that client funds are held in tier-1 banks such as NAB in segregated accounts, and that a USD 10 million civil liability insurance programme covers errors, omissions, negligence, fraud and other risks. Its history says Trademax obtained AFSL 436416 in 2013, acquired the IT company LifeByte in 2016 and formed Trademax Equities in 2017. Awards are shown with the names of their organisers (Wiki Finance Expo Bangkok, IFINEXPO Hong Kong, WikiFX, Forex Sports Awards).
Explains, with examples, how hedged positions can still be stopped out when spreads widen. Defines “TMGM Group” as Trademax Australia Limited, Trademax Global Limited, Trademax Global Markets (International) Pty Ltd and their associated entities.
Links the Australian company’s financial services guide, product disclosure statement, client agreement, target market determinations, best execution, conflicts of interest, hedging counterparty, complaints, privacy and risk documents, all readable without an account.
Trademax Australia issues margin FX contracts and CFDs as principal. Under ASIC’s product intervention order, retail leverage is limited to 30:1 on major currency pairs and less on other products, positions are closed when equity falls below 50% of initial margin, and retail clients have negative balance protection. Client money is held in pooled trust accounts with an authorised deposit-taking institution, may be invested under the client money rules, and is not used for hedging. Fees include swaps, conversions at wider spreads than shown on the platform, card and wire fees, and a USD 30 monthly account maintenance fee when the balance is under 500 and there has been no trading for six months.
The EDGE account has spreads from 0.0 pips and a commission of USD 7 per round turn on forex and USD 5 on metals; the CLASSIC account has spreads from 1.0 pips and no commission. Both offer leverage of up to 1:1000 and a stop-out level of 20%, with a USD 100 minimum deposit, although an FAQ on the same page says TMGM does not require a minimum deposit. The page tells clients they are protected by features such as negative balance protection.
The Financial Commission, a private dispute resolution organisation, lists TMGM as an active member registered on 22 September 2022, with a compensation fund of EUR 20,000 per complaint. TMGM’s certificate names Trademax Global Limited as the member. The fund only pays Financial Commission awards a member fails to pay; it is not a compensation scheme.
Says Trademax Australia is a market maker and acts as principal in all transactions, and that its professional indemnity insurance meets the compensation arrangement requirements of the Corporations Act and covers claims made against the company in relation to professional services provided by its representatives and employees.
Lists the funding methods with processing times, minimum deposits and fees: no TMGM fee, with intermediary bank charges on international wires, which take about 1 to 4 business days. Says “Instant Deposits. Fast Withdrawals. No Fees.” and that funds are held in a tier-1 bank.
Withdrawals are requested in the client portal, reviewed within 24 hours and paid on business days, only to an account in the client’s own name and by the method used to deposit. The minimum is USD 100, and a withdrawal that would take the margin level below 150% is refused.
Includes two entries dated 2022 for “TMGM” for carrying on unlicensed capital market activities of dealing in securities: one for www.tmgm.com and a Facebook page, the other for www.tmgm.com, Facebook and Telegram pages, tmgm-asia.com, tmgmsea.com, tmgmasia.com, malaysia-tmgm.com and the TMGM apps on Google Play and the App Store.
On 7 October 2026 we searched ASIC’s media releases and licensee data, CySEC’s 1,173 board decisions, the FCA’s list and warnings, the CVM’s declaratory acts, KNF’s lists, the Reserve Bank of India’s alert list (19 November 2025), Bank Negara Malaysia’s and the Securities Commission Malaysia’s alert lists, the Japan FSA’s list of warned unregistered firms (25 September 2026), the FSCA’s regulatory actions report for 2025 to 2026 and Kenya’s CMA licensee lists for TMGM, TradeMax and the Trademax company names, and ran web searches for Consob and other actions. We found ASIC’s 2024 stop orders and the Malaysian entries, and nothing else.
Complaints go to customer support and then to the compliance department, and are to be resolved within 30 business days with written reasons. Unresolved complaints can be taken to the Financial Commission within 45 days of the incident.
Complaints can be made by telephone, email, letter or social media; they are acknowledged within one business day and answered in writing within 30 calendar days. Clients can escalate to the Australian Financial Complaints Authority, of which the company is a member (membership 32245).
Changes to the agreement take effect on 14 days’ written notice, with the updated agreement emailed to clients. Unresolved disputes can go to the Australian Financial Complaints Authority. It includes a negative balance protection section and says a monthly account maintenance fee may be charged after 12 months of inactivity, while the PDS uses six months.
The product schedule for clients under the VFSC licence lists fixed leverage of 1:1000 on forex pairs, with lower limits on gold and oil an hour before market close and around major economic data releases, and the swap method for each instrument.
Sets out the execution factors and says the company runs a no dealing desk model, aggregating executable prices streamed by its liquidity providers, whether it acts as agent or market maker. The liquidity providers are not named.
Says the company takes on market risk to execute client trades instantly, does not hedge all client transactions and so may hold a net position, hedges when exposure exceeds its limits, and sets criteria and limits for its hedging counterparties, which it does not name. A conflict of interest policy (November 2023) is published alongside it.
Prepared with reference to ASIC Regulatory Guide 227: the company does not hedge all client transactions, hedges when exposure exceeds its limits and assesses its hedging counterparties against minimum criteria.
Explains the risks of leveraged forex and CFDs and says the client is responsible for all losses in the account and should be prepared to lose all invested capital. It lists the types of cost (commissions, spreads, financing, account management fees) without amounts.
Gives support@tmgm.com, the telephone number +61 2 8036 8388 and 24/7 support, and lists group offices in Sydney (Level 28, One International Tower, Barangaroo), Melbourne, Adelaide (Level 10, 45 Pirie Street), Canberra and Port Vila (Stade Building, Avenue du Stade).
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