Tickmill.com, a multi-asset, multi-regulated CFD broker, is owned and operated by the Tickmill group of companies. Tickmill UK Ltd, Tickmill Europe Ltd, and Tickmill Ltd are among the firms in the group. It has one other subsidiary located in Seychelles.
They currently operate in over 200 countries, have over 350,000 registered customers, and employs 150 people. According to Tickmill‘s website, it has completed over 273 million trades and has an annual, and monthly trading volume well above $123 billion.
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>Tickmill Regulation
The Seychelles Financial Services Authority is the primary regulator of Tickmill (FSA). Tickmill implements a competitive trading environment because the regulatory system is broker-friendly. Tickmill U.K. LTD is regulated by the Financial Conduct Authority (FCA). The Financial Services Compensation Scheme (FSCS) protects traders up to a maximum deposit value of 85,000 pounds.
Tickmill Europe LTD called the Cyprus Investment Firm, is registered with the Cyprus Securities and Exchange Commission (CySEC). It complies with the Financial Instruments Directive 2014/65/E.U., also known as MiFID II, and the E.U.’s fifth Anti-Money Laundering Regulation.
Although the Seychelles-based subsidiary provides an ideal trading environment, trader security is minimal. Nonetheless, Tickmill remains a well-respected brokerage where trader protection is prioritized, implying that the FSA-authorized subsidiary is a solid choice for most traders.
Tickmill launched two new bodies under two new regulators in September 2020: the South African Financial Sector Conduct Authority (FSCA) and the Financial Services Authority of Labuan Malaysia (LFSA).
It should be noted that, depending on the regulatory requirements imposed by the financial regulator, each body provides various investor protections. Tickmill UK Ltd, for example, offers segregated accounts with adverse balance insurance and access to the Financial Services Compensation Scheme as a regulatory provision for retail customers.
Tickmill Europe Ltd provides retail clients with segregated accounts with negative balance insurance and access to the Investor Compensation Fund.
>Tickmill Tradeable products
Tickmill is mainly a forex trader, as shown by the products it offers. Currency traders have increased exposure to their target market with the availability of 62 currency pairs. The 62 currency pairs give forex traders a diverse range of trading opportunities.
Those looking for proper cross-asset diversification may be disappointed; this broker’s asset portfolio consists of 9 index CFDs, 3 commodities, and 4 bond CFDs. The most obvious missing asset class is cryptocurrencies, but we hope that they will be added in the future to fill out this broker’s products.
Changes have been made to Tickmill’s tradeable products. Their clients will be pleased to hear that Tickmill is now offering stock trading to their clients. Tickmill has also added cryptocurrency trading to its clients in response to the cryptocurrencies taking over the markets.
>Tickmill Account types
You can choose between three different account types; Classic, Pro, and VIP. They also have a swap-free Islamic account and also a demo trading account.
The Classic account’s minimum deposit of $100 is the same as that of the Pro account, where forex and other tradeable assets are priced for a commission of $4 per lot, making the Pro account a better option.
When the account balance reaches $50,000, Tickmill upgrades the account to the VIP account. The primary advantage of the VIP account is a $2 commission reduction. For index CFDs, oil, or bonds, this broker does not charge a fee.
Tickmill offers maximum leverage of 1:500 on all accounts opened through the Seychelles-regulated body. On the fourth day of overnight positions, swap rates on exotic currency pairs in the Islamic account are imposed.
Average Standard Account Spreads on Majors
- EUR/USD: 0.0
- GBP/USD: 0.2
- USD/JPY: 0.1
- AUD/USD: 0.1
>Account opening
To open a new account, all that is needed is a simple online application. The interface is user-friendly and simple to master. If you want to sign up, you need to submit a copy of your I.D. as well as one proof of citizenship document to validate your identity.
Tickmill accepts traders from all over the world. However, there are a few exceptions. For instance, customers from the U.S. or Canada can’t open an account.
>Tickmill Commissions and fees
The Classic account uses the market maker formula, with a minimum spread of 1.6 pips, which is higher than the spreads provided by most other brokers. Tickmill’s make money from spreads. But don’t go away. The good news is Tickmill’s Pro, and VIP accounts use the NDD (Non-Dealing Desks) model, which dramatically reduces spreads for a commission of $4 and $2 per lot, respectively. The lowest average spread found for the EUR/USD pair was 0.2 pips, but Tickmill markets both accounts with a starting spread of zero pips.
Swap rates on overnight leveraged positions apply; thus, corporate activities such as dividend payments would have an effect on index CFD positions. Moreover, third-party payment processing fees may apply, but Tickmill’s zero-fee policy exists for deposits that exceed $5,000.
>Leverage
Tickmill offers leverage up to 1:500 for all its accounts. You can open greater positions and gain larger profits when you trade with a larger amount, which leverage allows you to do.
>Trading platforms
Tickmill is a MetaTrader-only broker that provides the normal, out-of-the-box trading experience for MT4 and MT5. Aside from Autochartist, there are no no add-ons to help Tickmill stand out among the best MetaTrader brokers. MetaTrader 5 (MT5) is now accessible with Tickmills new added trading platforms. Tickmill offers VPS hosting, which is helpful for algorithmic traders who use MT4 and MT5 trading platforms.
Tickmill is a MetaTrader-only broker, so both the MT4 and MT5 apps are available on iOS and Android and can be downloaded from the Apple App Store and Google Play Store.
Tickmill’s CQG Mobile trader app provides advanced functionality for $25 a month as a stand-alone subscription.
>Deposits and Withdrawals
Tickmill accepts bank transfers, credit/debit cards, Skrill, Neteller, Sticpay, Fasapay, Unionpay, QIWI, and WebMoney. The deposit and withdrawal minimums are $100 and $25, respectively. Processing times can vary from instant to several business days. Although this broker waives the majority of fees, third-party fees are common. Tickmill can pay up to $100 in charges for wire deposits above $5,000. Not all options are open to all traders, and deposits will be returned to the same deposit processor.
>Bonuses and Promotions
Tickmill currently has four bonus and marketing promotions running. Every live account is eligible for the Trader of the Month promotion, so there is no need to sign up. The winner receives $1,000, although it is uncertain if this is a cash prize or a non-withdrawable deposit into the trading account. A reward of either $200 or $500 (depending on the accuracy of the guess) is deposited into the trading account of the winner of the NFP Machine contest held each month during NFP week. New trading accounts may be given a $30 deposit (currently not available in SA) that cannot be withdrawn, but any profits earned are kept by the traders.
An annual four-month referral contest, known at Tickmill as the I.B. contest (Introducing Broker), is also held. The winner will receive either a full travel package to London, New York and Singapore or one of more than $10,000 (equivalent) in prizes.
>Customer service
Customer service is available round the clock, seven days a week. Traders can contact Tickmill via email, webform, phone, or live chat. The most basic questions are answered in the FAQ section. At a well-run brokerage, assistance from the customer service team is rarely needed, but if an alarm sounds, it is reassuring to know that one is on hand to help.
>Education and Research
The Tickmill blog is comprised of eleven analysts who provide traders with analysis and market commentary. It is divided into four sections: Market Insight, Fundamental Analysis, Technical Analysis, and Articles.
During our Tickmill analysis, we found this offering to be particularly refreshing, especially given how many brokers completely disregard education. Inside Tickmill’s retail brokerage division, the blog is the most valuable asset. Multiple updates during the trading day, combined with a robust mix of written material, charts, and videos, make for an outstanding service.
Autochartist complements the insights provided by Tickmill’s analysts. It automatically scans markets for predefined trends, alerting traders to possible upcoming opportunities. Three calculators are available to help manual traders calculate margin specifications and pip values. Manual traders are given various analytics to help them monitor their portfolios or validate their current strategies.
New traders are educated through a mix of multilingual webinars, workshops, eBooks, video tutorials, and infographics. Weekly webinars covering a wide variety of subjects are offered. Tickmill also holds workshops around the world to introduce forex trading to current and future clients.
There is a vast video tutorial library with content in English, Spanish, German, Arabic, and Russian.
>Special features
Tickmill developed an MT4 plugin that allows for one-click trading; although this feature is already available on the platform, it is an upgrade. VPS hosting is offered in collaboration with BeeksFX for a 20% discount on all packages. Most automated trading solutions benefit from having consistent access to trade servers through a VPS.
Tickmill encourages social trading through Myfxbook, but any profit is offset by the 1.2 pips spread mark-up imposed on traders on top of the pricing it charges in the Pro account. If you are a Multi-Account Manager (MAM), you can have access to the MT4 multi-trader platform, allowing you to handle entry-level portfolios.
>IB affiliate contest
An annual four-month referral contest, known at Tickmill as the I.B. contest (Introducing Broker), is also held. The winner will receive either a full travel package to London, New York and Singapore or one of more than $10,000 (equivalent) in prizes.
>Tickmill South Africa
Tickmill is available for South African traders and is actively involved with the South African community. To provide meaningful forex education to traders around the world, Tickmill South Africa started a global educational tour with the first stop in Johannesburg. Moreover, in September 2020, Tickmill announced its regulation with the South African Financial Sector Conduct Authority (FSCA).
>Our verdict
Tickmill is a well-regulated brokerage with a good reputation in the industry, but a study of the services available shows that institutional clients benefit more from Tickmill Prime than retail traders.
Aside from the forex market, the asset range is noticeably limited. The MT4 trading platform is only available in its most basic form but they have added the MT5 platform for their clients who would like to upgrade to the MT5 trading platform. Tickmill’s Spreads in the Classic account are not very competitive, while the Pro account offers a competitive pricing environment and hence is a superior choice for the same deposit size.
Tickmill’s most important asset is its eleven-person research unit, which provides traders with excellent financial market coverage.
Although this broker cares about its traders’ education, it should prioritize quality over quantity. Myfxbook’s social trading comes with an unacceptably high spread mark-up.
If there is a lot of untapped potential at Tickmill, management should figure out how to tap into it in order to draw new traders and keep current ones.
Although other brokerages may provide better service in the current market, traders should keep Tickmill on their radar because this broker could be a contender for any trader looking for new opportunities.
>Conclusion
Tickmill is a low-cost forex and CFD broker that is controlled by several authorities around the world, including the top-tier FCA.
The low forex fees were a plus for us. Account creation is easy, and there are numerous free deposit/withdrawal options.
>Broker FAQ
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