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Tickmill Review
Tickmill was founded in 2014 and has quickly established a reputation as a serious, stable broker for traders of all levels.
While Tickmill’s Classic Account is less competitive than some of the other brokers in the industry, skilled traders might be interested in signing up for a Pro or VIP account. For traders with experience using MT4 or MT5, the Tickmill provides a range of advanced and technical tools, including the Autochartist, an Advanced Trader Toolkit, and dedicated VPS hosting.
A strong educational background and market knowledge are necessary for an experienced trader wishing to trade currencies. Professional and experienced traders will appreciate the range of FOREX pairs available to trade on the platform.
Is Tickmill A Properly Licensed And Regulated Broker?
As a result of its approvals from the Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Sector Conduct Authority of South Africa (FSCA), the Financial Services Authority of Labuan, Malaysia, and Seychelles, Tickmill is licensed to offer financial services in those jurisdictions. Here is a list of Tickmill’s registrations:- Tickmill UK Ltd is authorized and regulated by the Financial Conduct Authority and is a fully registered company in London, UK.
- Tickmill Europe Ltd is regulated and authorized by the Cyprus Securities and Exchange Commission (CySEC) in Limassol, Cyprus.
- Tickmill Asia Ltd is licensed by the Labuan Financial Services Authority in Labuan, Malaysia.
- Tickmill South Africa (Pty) Ltd is licensed as a financial services provider by the Financial Sector Conduct Authority (FSCA) in Cape Town, South Africa.
- Tickmill Ltd Seychelles is a company authorized by the Financial Services Authority of Seychelles and its wholly-owned subsidiary Procard Global Ltd, UK.
What Are The Fees And The Commissions?
Trading Fees
The Classic Account has no trading costs but spreads between the buy and sell prices can be large. The Pro and VIP accounts offer a tight spread in exchange for a commission per trade. The tighter the spreads, the higher the trading commissions. Higher balances allow you to trade with lower commissions.
The VIP account has lower trading costs than the other two accounts Tickmill offers, which puts it within reach of professional investors. However, in order to open a VIP account, traders must have a minimum account balance of 50,000 USD. The Pro Account has much lower trading costs and requires only a 100 USD deposit.
Commission rates at Tickmill are among the lowest in the industry. The commissions for most other brokers are higher than $7(round turn) per lot traded. The only account with higher trading costs is Tickmill’s commission-free Classic Account, which has an average trading cost of $9 per lot traded.
Swap Fees
Tickmill offers swap instruments for clients who want to open positions overnight. When using swaps, traders pay interest on the currency that is sold and receive interest on the currency that is bought. Swap rates are influenced by the interest rates of the countries involved in the currency pair, whether a trader is going long or short, and the current market conditions. Tickmill provides an easy-to-use calculator to determine swap costs.
Non-Trading Fees
Tickmill does not charge any fees for deposits or withdrawals, nor does it charge inactivity fees on non depositing accounts. The brokerage industry charges such fees to most of its clients.
What type of accounts do they offer?
Tickmill offers three FOREX&CFD account types tailored to fit the needs of beginning and experienced traders. These accounts offer a variety of asset classes and trading styles, while also accommodating different levels of risk tolerance and full- or part-time trading schedules.
Classic Account
Commissions are not charged on this entry-level account, which requires a 100 minimum deposit and whose spreads start at 1.6 pips on the EUR/USD, which is wider than other similar brokers.
Pro Account
Professional traders should note that this account requires a USD 100 deposit and is suitable for entry-level trading. Tight fixed spreads, starting at 0.00 pips are available for a commission of USD 4 per round turn transaction in exchange for the additional protection of stop-out levels set to zero.
VIP Account
For high-volume traders, this account has excellent trading conditions, with a 50,000 USD deposit, a reduced commission of 2 USD per round turn, and a 0.0 pip spread (EUR/USD). This makes this account one of the lowest-cost trading platforms in the industry.
Other Account Types
Futures Accounts
The Futures Account provides clients with access to five regulated futures exchanges: the Chicago Board of Trade (CBOT), the Chicago Mercantile Exchange (CME), COMEX, the New York Mercantile Exchange (NYMEX), and EUREX. Commissions are low, at $1.30 per standard contract and $0.85 per micro contract; the minimum deposit is $1,000.
Professional Account
A professional client is an experienced, sophisticated trader with a high level of knowledge about financial markets. Professional clients are offered special trading conditions that permit the use of higher leverage and lower margin rates than are available to retail clients. A professional client’s leverage cannot exceed 500:1.
To be a professional client, you must meet the following requirements:
- You have traded at a frequency of 10 trades per quarter on the relevant market over the previous four quarters.
- The value of your financial instrument portfolio, including cash deposits and financial instruments, is in excess of 500,000 EUR.
- You should have worked in the financial sector for at least one year in a professional position, which required an understanding of leveraged products such as CFDs.
Demo Account
Demo accounts enable prospective traders to test their skills in real-time. The trader can apply the indicators they have chosen while learning how to use the MT4 platform during trading hours. If a demo account has not been accessed for seven consecutive days, it will be deleted.
Islamic Accounts
As a Muslim-friendly forex broker, Tickmill has no interest charges on overnight positions held by clients with Islamic accounts. The account is swap-free, which means it is not affected by rollover or swap fees.
What Assets Can You Trade?
Despite a smaller range of financial instruments than many other brokers, Tickmill offers futures and options trading via MT5.
- FOREX – Tickmill offers 62+ currency pairs for trading, and traders have access to several major and minor currency crosses, as well as exotics. Leverage on forex trades is up to 30:1.
- Indices – Tickmill offers trading on 16 indices, a limited number compared to other similar brokers, though it does offer some of the most popular indices such as the AUS200, UK100, US30, and US500. Tickmill offers leverages up to 20:1 on its index CFDs, and up to 100:1 for professionals. It also offers Index Futures contracts.
- Metals – Tickmill offers two metals, gold, and silver; other firms offer more, usually between five and ten. The maximum leverage available on metals is 1:20, but Tickmill allows maximum leverage of up to 1:500 for gold and up to 1:125 for silver by professional clients.
- Options and Futures – Tickmill delivers up to 62 contracts in futures and options, satisfying the needs of most traders. Leverage is limited to 1:20, but intraday and overnight margins are subject to change by the Exchange when they deem appropriate. Tickmill’s margin requirements are subject to change due to “market conditions.”
- Cryptocurrencies – Tickmill offers only three cryptocurrencies for trading, including Bitcoin, Ethereum, and Litecoin. Professional clients who meet the eligibility criteria can trade these cryptos with leverage of up to 2:1.
What Are The Supported Trading Platforms?
MetaTrader 4
MetaQuotes Software Corp has developed MetaTrader 4 (MT4), a widely acclaimed platform for online trading. Recognized for its intuitive interface and user-friendly environment, MT4 offers essential tools and resources for successful trading. It also features fast execution speeds, an extensive range of technical indicators and charting tools, and customizability options.
The MT4 includes a variety of features, including:
- A library of more than 50 indicators and tools that make the analysis process faster and easier.
- A variety of analytical tools, available in nine-time frames, is available for each financial instrument.
- Algorithmic trading allows any trading strategy to be automated via Expert Advisors.
- Alerts can be customized to the user’s preferences.
- You get unlimited access to MetaTrader Market and MQL4 Community.
MetaTrader 5
MT5, developed in 2010, is the successor of MT4, and is more powerful and faster than its predecessor. For example, it can back-test automated trading algorithms more effectively than MT4. It also features a built-in news feed, market depth indicator, economic calendar, and trades that can be made on the charts. MT5 provides a number of additional features, including:
- Technical indicators and market depth.
- 6 pending order types are available, including Buy Stop Limit and Sell Stop Limit.
- The strategy tester has been significantly upgraded in order to provide greater precision and allow for testing of Algorithmic Trading (AT) and Expert Advisors (EAs).
- Trading functions, alerts, and notifications are accessed from multiple devices, including mobile ones.
- Scalping highly liquid CFDs using a trading robot provides traders with opportunities to improve their precision in the foreign exchange market.
- Exchange trading is permitted.
- Forex Signals and Copy Trading.
Mobile Trading Apps
MetaTrader4 (MT4) and Metatrader 5 (MT5) are available on IOS, Android, and Windows mobile phones and tablets. These apps allow the phones or tablets to connect to the same live brokerage account used by the software programs, enabling synchronized and mobile trading.
What Sets Tickmill Apart From Other Brokers?
Tickmill offers a number of tools to help traders succeed, including Autochartist, Myfxbook, Pelican Trading, a VPS service, and an advanced trading toolkit. Autochartist is a free charting software for all registered users; other third-party plugins such as Myfxbook and PelicanTrading are optional but allow one-click trading and track trading history on the Tickmill platform.
AutoChartist
AutoChartist is an analytics tool that integrates with MetaTrader 4 to provide traders with volatility alerts. Since the program is designed to be used inside the trading view, it’s easy to use, even for traders who have never used Autochartist before. Users should not be concerned about training videos: a number of videos are readily available online and can be easily accessed. As one of the most popular analytic tools on the market, it’s common for users to encounter tutorial videos when learning how to use the program. Tickmill clients can access AutoChartist without charge on all live and demo accounts.
MyFxBook
Tickmill offers a third-party trading tool called Myfxbook AutoTrade, which is available at an extra cost. This cross-broker social trading platform allows traders to copy trades from other brokers without installing additional software. Myfxbook is one of the most popular social trading platforms currently available.
Pelican Trading
Pelican Auto Trader, like Myfxbook Auto Trade, is an all-in-one mobile auto-copying application that allows traders to follow and copy trades from other successful traders. Pelican Auto Trader has a user-friendly interface that provides a platform to learn from and chat with other traders and mentors. Users can also track and analyze the performance of other traders. This platform is ideal for beginners starting out in the trading space. To find out about the costs of using Pelican, traders can contact the company directly.
VPS Service
BeeksFX, one of the largest Forex VPS providers, is offering discounted VPS services to Tickmill clients at preferred rates. In addition to low latency networks, BeeksFX offers clients expert advisors and other resources. BeeksFX offers the following benefits for Tickmill’s clients:
- There is a 20% discount on all packages.
- Easy set-up, live chat, and email support around the clock.
- VPS servers are next to the Tickmill trading platform, reducing latency.
- 100% uptime guarantee.
Advanced Trader Toolkit
Tickmill’s Advanced Trader Toolkit allows clients to trade with advanced trading technologies, including advanced trading tools, customizable news and information, and trade analysis. It includes a variety of security features, including alarms, messaging systems, and tracking of live data.
The package contains tools geared toward experienced traders fine-tuning their strategies. The following tools are included:
- Trade Terminal – Powerful professional trading features and order controls that are not available in MT4 or MT5.
- Connect – An aggregator for personalized news and a searchable database of economic events.
- Mini Terminal – It is possible to execute trades while maintaining a specific context within a specific trading chart in MT4.
- Correlation Matrix and Correlation Trader – The Correlation Trader is a tool that allows traders to determine patterns and correlations between pairs of financial instruments. It works with any symbol in the trader’s platform, allowing comparisons of multiple asset classes against the forex market. Detailed examination of the correlation between any two instruments is possible with this tool.
- Sentiment Trader – Affords traders the opportunity to understand the market sentiment, including how the markets have moved in real-time and over time, thus bestowing them with insights into how they should react.
TradingView
Tickmill also posts trading ideas on their TradingView Pro account, where a team of professional analysts mark up charts. Although Tickmill customers are likely not to take advantage of these trading opportunities, they make a great resource for new traders to learn technical analysis.
One-click Trading
The One-Click-Trading Expert Advisors automatically enter trades, set stop losses and targets, and manage orders. They facilitate trading on MetaTrader 4, but they do not overly simplify the platform.
Does Tickmill Offer Education And Free Research Solutions?
Tickmill offers a selection of educational materials, webinars, and seminars to new traders that covers a variety of topics. The site also provides a blog detailing analysis of the currency markets and additional tools to aid traders, such as charting, spread, and customizability.
Tickmill offers educational resources for those interested in learning more about the Forex market. These sources include free downloadable e-books, video tutorials, infographics, and a Forex glossary.
The Tickmill research department maintains a blog providing regular coverage of both fundamental and technical analyses. The data is gathered by monitoring market-moving events outside of the mainstream news sources. These articles are continuously updated throughout the day. They are written in several formats, including charts, videos, and detailed articles.
The blog can be viewed by anyone, and Tickmill gives readers the opportunity to talk with authors about articles published on the site. This is an unusual selling point for a broker, as most prefer impersonal contact with clients.
How Efficient Is Customer Support?
Tickmill offers customer support in 17 different languages as well as through email, telephone, and live chat. The broker offers top-notch customer support, but it is only available from Monday to Friday during standard business hours. Tickmill has invested in training its customer service team to be able to answer questions immediately.
How To Sign Up For A Tickmill Trading Account?
Tickmill offers clients a fast and straightforward account opening process with quick verification for a low minimum deposit of $100. Tickmill offers a number of accounts that are suitable for both corporate and private traders. In this section, we will outline the four-step process for opening an individual account.
1.Create an account
2.To verify your identity, Tickmill will need to see two forms of identification from you:
- A photo ID (passport, driver’s license, or national ID card)
- A bank or utility statement with your full name and address dated in the last three months.
3.The third step is to select a trading account, preferred base currency, and leverage level.
4.You can download the trading platform and begin trading immediately.
Deposits And Withdrawals
Tickmill employs stringent procedures to ensure that all Anti-Money Laundering rules and regulations are followed, and therefore, in compliance with the law, withdrawals are returned to the deposit source.
You can trade Forex on Tickmill with a range of deposit and withdrawal options, which are available commission-free: Visa/Mastercard, Bank Transfers, Neteller/Skrill, Dotpay, Paysafecard, Sofort, Rapid by Skrill, Paypal.
Tickmill charges no fees and will reimburse third-party fees up to 100 USD on deposits over 5,000 USD.
Is Tickmill The Right Broker For You?
Tickmill is a well-respected brokerage, and it offers institutional clients well-regulated trading systems. A review of the services offered suggests that Tickmill Prime is better for institutional clients than Tickmill’s retail traders.
For those interested in more than trading the Forex market, there are limited assets to choose from. Most traders rely on a basic version of the MT4 platform. Many also use MT5. For deposits that are made with a Classic account, spreads are not competitive. However, the Pro account provides competitive pricing, which makes it a more attractive option than the Classic option.
Tickmill employs eleven financial researchers, who provide traders with round-the-clock coverage of financial news. Although this brokerage firm cares about its traders’ education, it should put a greater priority on ensuring that the training is more thorough and of higher quality. Due to the cost of maintaining a social trading account, traders who use Myfxbook report that spreads are significantly higher than on their broker’s platform.
THE NEXT GENERATION OF TRADING TOOLS
- TradingView - great resource for new traders to learn technical analysis
- MetaTrader 4/5 – The world’s most popular trading platforms.
- AutoChartist - scanning markets and identifying trading opportunities based on support and resistance levels
- Advanced Trader Toolkit - trading tools, customizable news and information, and trade analysis
- VPS - servers are next to the Tickmill trading platform, reducing latency. 100% uptime guarantee.
Pros
- Wide range of FOREX assets
- Tight spreads
- Well regulated
- Fast and free withdrawals
- Autochartist, MyFxBook, TradeStation
Cons
- Limited base currencies
- No FAQs
Tickmill - An Industry-acclaimed Broker
