Tickmill Review

Tickmill is a CFD and Forex broker with favorable forex and non-trading commissions for traders.

Opening an account with Tickmill is very easy, there are no deposit or withdrawal fees. 

However, there are some drawbacks in the form of an outdated platform, and the news feed could be more structured.

Main advantages and disadvantages of Tickmill

Advantages:

• Low commission for forex trading
• No withdrawal fees
• No inactivity fee 
• Easy and fast account opening in 1 day
• In addition, clients are provided with insurance in case of loss
• You can use the demo account to practice
• Educational resources are of very high quality

Disadvantages:

• Asset selection is limited to forex, CFD and few cryptocurrencies.
• Also the slightly outdated design of the Metatrader platforms leaves room for updates. 
• Investor protection is only provided in certain countries and organizations.

 

Account opening

The Tickmill platform has a convenient and very fast account opening process. The minimum deposit is low, fully digital and is $100.

A minimum balance of $50,000 is required to open a VIP account.

Tickmill accepts clients from all over the world, except for citizens of the USA, Japan and Canada.

Try Tickmill, as there is n0 no-action fee and account opening is fast.

Clients of Tickmill Ltd Seychelles are given leverage up to 1:500; on the other hand, clients of Tickmill UK Ltd and Tickmill Europe Ltd can count on 1:30 leverage only.

The exception is for professional traders who may use 1:500 leverage.

Professional traders must meet the following requirements:

• average frequency of transactions – 10 transactions per quarter for 4 quarters
• work experience – at least 1 year in a suitable financial position
• portfolio from 500 000 EUR

The client can open a corporate account or an Islamic account without swaps.

Types of accounts:

Demo account, where you can practice your trades.

PRO – the minimum deposit is $100, the spread is narrow, there is a commission.

Classic – the minimum deposit is $100, spread is wide, but there is no commission.

VIP – the minimum account balance is $50,000, spread is narrow, there is a commission.

 

Account opening on the Tickmill platform is very simple and does not take much time. The account is opened in a few minutes.

To use the demo account, simply sign up for a Google or Facebook account.

To use a real account, you must upload your ID and proof of residency to complete the KYC.

 

Withdrawals and deposits.

• No withdrawal fees.
• No deposit fee.
• No inactivity fee.
• It does not take much time to deposit or withdraw.

EURUSD – $2 per lot per trade plus 0.1 point spread (“Pro” account).

GBPUSD – $2 per lot per trade plus 0.3 point spread average (Pro account).

S&P 500 CFD – fees included in the 0.39 pips spread

 

Base Account Currencies – There are 5 base account currencies available: EUR, GBP, USD, PLN, CHF, which is a small selection compared to other brokers.

The more base currencies available, the better, as you can save on currency conversions.

Also a practical way to save on currency conversions is to open a multi-currency bank account with a digital bank. International transfers are usually inexpensive or free, and the account opens fairly quickly.

Deposits can be made by: bank transfer, credit/debit card, and e-wallet. The availability of each type of deposit depends on your country of residence.

Electronic wallets available: Neteller, Skrill, Rapid by Skrill, Paysafecard, Paypal, Sofort, Dotpay.

A bank transfer takes a few days, and card payments are instant. 

You can only use funding sources registered in your name to fund your account.

 

Trading platforms 

Tickmill is based on MetaTrader4 and MetaTrader5.

Advantages:

• Intuitive interface
• Web platform offers clear and transparent portfolio and commission reports.
• The MetaTrader web platform is available in 41 languages, the mobile platform is available in 22 languages.
• The workspace, charts are highly customizable
• The desktop platform has price alerts, but it has an outdated design.
• The mobile platform has a great interface and easy search and price alerts.

Disadvantages:

• There are no price alerts on the web platform and no way to customize them.
• The search functions are very average on the web platform.
• The workspace customization feature is not comprehensive enough.
• One step login on web, mobile and desktop platforms.

Available order types: Market, Stop Loss, Limit, Trailing Stop.

 

Tickmill Platform Products

CFD products:

Selection of CFD products: 62 currency pairs; CFDs on stock indices -23, stocks – 97, ETFs – , commodities – 7, bonds – 4, cryptocurrencies – 4.

Thus, the choice of products is limited to Forex, CFDs and cryptocurrencies; real stocks and ETFs are not available to traders on this platform.

Caution should be exercised when trading Forex and CFDs, as large leverage is initially provided.

However, this broker has the big advantage that leverage can be changed independently, which increases both profits and losses of the parties, thereby reducing risk.

 

Tools for analysis

The “Autochartist” trading tool is a good trading tool, it recognizes the charts and gives you trading ideas related to them but on the other hand it has a few drawbacks: the charting needs improvement and it would be good to make the news feed more structured. 

The web platform has good charts, trading ideas and basic data that are easy to use and very important for traders.

Charting on the platform is simple and straightforward, and you can use a colony of 31 technical indicators and analyst recommendations.

Charts are automatically saved after they are built.

 

Trade ideas

The Tickmill platform experts regularly publish short reviews of events in the market, analyzing them, with charts. If you wish, you can contact the authors of the posts and ask questions.

Fundamental data is a great tool for traders that can be used in many different ways, exploring the specific reasons for asset movements. Since Tickmill is primarily a forex trader, the platform focuses on covering macroeconomic events. The platform has a good economic calendar.

 

Customer service

The level of customer support is good, answers are fast and up to date, provided via email, chat and phone. 

However, customer support is only available on weekdays, during business hours – 24/5

 

Training

The training on the Tickmill platform is of a very high quality and varied.

You can learn using demo accounts, quality training videos, webinars, tutorial articles, and an excellent glossary.

 

Regulation and customer protection.

Tickmill was founded in 2014, is based in the UK and regulated by FCA (Financial Conduct Authority), CySEC (Cyprus Securities and Exchange Commission), FSCA (Financial Sector Supervisory Authority of South Africa) and LFSA (Labuan Malaysia Financial Services Authority).

Protection against negative balance – Yes.

The company does not hold a banking license and is not listed on any stock exchange.

The amount of investor protection varies by organization and country, for example United Kingdom, EU, South America, Middle East, the amount of protection is 85,000 euros (FCA)

Europe and other countries 20,000 euros (CySEC)

African, many European and Asian countries do not have investor protection.

 

Bottom line

Tickmill has been a global forex and CFD broker since 2014.

The positives include low forex and non-trading commissions, easy account opening, demo account availability, multiple base account currencies, excellent educational resources.

On the other hand the number of assets to trade is limited to Forex and CFDs and cryptocurrencies (only 4).  Tradeable Symbols (Total): 725

Also, the slightly outdated design of the Metatrader platforms leaves room for updates. 

Investor protection is only provided in certain countries and organizations.

The Tickmill platform is great for beginner traders because of its excellent educational content and demo account, as well as those who are familiar with Metatrader platforms and interested in CFDs.

 

Disclaimer: Due to leverage, CFDs include a significant risk of rapidly losing money. Trading CFDs with this supplier results in losses for 81.40% of accounts held by regular investors. You should think about whether you are familiar with CFDs’ workings and whether you can afford to take the chance of losing your money.