TM Forex Review 2026
The full TM Forex write-up for Nigeria traders: the kitchen inspection, the ingredient costs, the bill, and our straight verdict.
Regulation in Nigeria
| Regulator | FSA FSA, Seychelles Financial Services Authority (FSA) |
| Licence Number | SD037 |
| Regulated Entity | TM Forex Group Ltd |
| Max Leverage (Forex) | 1:500 |
| Minimum Deposit | $50 |
| EUR/USD Spread | From 0.8 pips |
| Instruments | 200+ |
| Platforms | MT4, MT5 |
| Copy Trading | ✗ |
| Real Stocks | ✗ |
| Inactivity fee | No inactivity fee |
Verdict
Cooks under FSA (licence SD037). Cover charge $50. In Nigeria, forex leverage is capped at 1:500.
About TM Forex
TM Forex opened its doors in 2013 out of a kitchen in Victoria, Seychelles. Its menu runs to 200 tradeable instruments, forex pairs alongside CFDs on stocks, indices and commodities. It holds licences across several jurisdictions, with the head licence carried by TM Forex Group Ltd under FSA.
In Nigeria, TM Forex serves as TM Forex Group Ltd, cleared by FSA under licence number SD037. Under FSA house rules, Nigeria traders are poured no more than 1:500 leverage on forex pairs.
Trading Platforms
Pros
- FSA regulated, licence SD037
- 200+ instruments to trade
- Negative balance protection in Nigeria
- Platforms: MT4, MT5
- Established in 2013, over a decade in the market
Cons
- No inactivity fee
- 76% of retail clients burn their fingers
- CFDs only, you trade the price, you never own the dish
- No real stock ownership
Frequently Asked Questions
Is TM Forex regulated?
Yes. TM Forex is authorised by FSA, issued to the entity TM Forex Group Ltd, an authorisation you can look up for yourself on the official FSA public register.
What is the minimum deposit for TM Forex in Nigeria?
The cover charge is $50, the smallest amount Nigeria traders need to open a live account with TM Forex under FSA rules.
What leverage does TM Forex offer in Nigeria?
In Nigeria, FSA rules cap TM Forex at 1:500 on forex pairs. A larger pour is sometimes available through offshore-regulated entities, with thinner protection to match.
Is TM Forex safe to trade with?
The kitchen passes inspection: TM Forex cooks under FSA. A tier-1 regulator insists on segregated client money, negative balance protection and independent audits, while lighter offshore regimes offer weaker cover and often no compensation scheme. That does not make trading risk-free, so check which entity holds your account and what protections actually apply before you deposit.
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