Our IC Markets vs Tickmill review found each forex broker has 60+ currency pairs (i.e. EUR/USA). IC Markets offers 230 CFDs, including stocks and crypto, while Tickmill only offers 13 CFDs but, like IC Markets, has indices, gold and silver and bonds. Find out which is best for you.
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Our comprehensive comparison covers the 10 most crucial trading factors. Here are five notable differences between IC Markets and Tickmill:
For this broker review, we compared the average spreads on common forex pairs across a range of brokers. The spreads for the ECN-style accounts are shown in the table below. Both IC Markets and Tickmill offer an average spread of 0.10 pips on the commonly traded EUR/USD currency pair. Across the board, IC Markets have slightly more competitive average spreads than Tickmill.
Both IC Markets and Tickmill can achieve spreads as low as 0.0 pips and pricing similar to ECN-style brokers because of the no dealing desk execution with multiple liquidity providers.
Commission-Free Spreads
The table below summarises the average spreads on standard pricing accounts from various brokers. Average spreads for IC Markets are around 1.0 pips, while Tickmill offers 1.6 pips.
Verdict
IC Markets is the lowest spread forex broker with an average of 0.10 pips on the most commonly traded currency pair (EUR/USD). IC Markets achieve this level of competitive pricing due to direct access to over 50 liquidity providers, no dealing desk execution, leading ECN technology, and high-volume trading. Although Tickmill also offers competitive spreads with some forex pairs, IC Markets outperforms Tickmill across the board of currency pairs.
IC Markets ReviewVisit IC Markets
IC Markets allows you to trade on the MetaTrader 4, MetaTrader 5, and cTrader trading platforms. Tickmill only offers the MetaTrader 4 trading platform. All these trading platforms are available on desktop (PC or Mac) and mobile trading devices (iOS or Android). The trading apps come with a range of features for easy-to-use functionality.
| Trading Platform | IC Markets | Tickmill |
|---|---|---|
| MetaTrader 4 | Yes | Yes |
| MetaTrader 5 | Yes | Yes |
| cTrader | Yes | No |
| TradingView | Yes | No |
| Copy Trading | Yes | Yes |
| Proprietary Platform | Yes | Yes |
MetaTrader 4
MetaTrader 4 is the first and most popular trading platform developed by MetaQuotes Software. MetaTrader 4 is ideal for traders of any level of experience, from beginner to intermediate to experienced scalping traders. Fit with a customisable interface and sophisticated order management functionality, MetaTrader 4 offers over 50 fundamental and technical indicators with fast order execution on a range of CFDs. This trading platform provides access to a range of Expert Advisors, allowing you to use algorithmic and automatic trading functionality.
The MetaTrader 4 trading platform remains the most popular trading platform because of the customisable charting, trading automation facilities, and easy-to-use interface. Both IC Markets and Tickmill provide the MetaTrader 4 trading platform.
MetaTrader WebTrader
MetaTrader WebTrader is an extension to the trading app that allows you to access and trade online directly through your modern web browser. WebTrader is equipped with the same functionality and features as the MetaTrader trading platform but requires no downloads or installations. WebTrader has enhanced security using trade history and encrypted data transmission.
MetaTrader 5
MetaTrader 5 is the new multi-asset platform from MetaQuotes Software. The MetaTrader 5 version comes with a built-in market for trading robots for algo trading and provides access to the MQL5 community. MetaTrader 5 maximises trade execution speeds using forex VPS. This upgraded trading platform is equipped with more indicators, timeframes, and order types, as well as enhanced charting features and backtesting for EAs than the previous MetaTrader 4. MetaTrader 5 also allows you to trade share CFDs along with forex currencies, commodities, and cryptocurrencies. Only IC Markets offers MetaTrader 5. Currently, you cannot access this trading platform with Tickmill.
cTrader
cTrader is a widely used trading platform and a close competitor to MetaTrader. With a personalised interface and charting options, cTrader is an easy-to-use trading platform. If you prefer to trade with cTrader, you can access algorithmic trading systems with the system liquidity pools, as well as back-testing facilities based on past market data. cTrader is a popular trading platform because of the enhanced modification options, advanced order placement features, and compatibility with desktop and mobile trading devices or apps. You can trade with cTrader through IC Markets but not with Tickmill.
Verdict
IC Markets is the clear winner over Tickmill due to the diversity of trading platforms available. Although Tickmill offers the most widely used trading platform MetaTrader 4, the broker does not offer MetaTrader 5 or cTrader as IC Markets does.
IC Markets also offers a range of advanced tools that you can integrate with your chosen trading platform. These include:
IC Markets Account Types
There are three main account types you can open with IC Markets, including the Standard Account, Raw Spread Account, and cTrader Raw Account.
Standard Account
The Standard Account from IC Markets is a commission-free account with a standard pricing model. This account type is ideal for beginner forex traders because trading costs are easier to calculate. You can trade with a Standard Account on the MetaTrader 4 and MetaTrader 5 trading platforms. This account has wider spreads than the Raw Spread Account, starting from 1.0 pips.
Raw Spread Account
The Raw Spread Account has IC Market’s lowest spreads starting from 0.0 pips on the EUR/USD currency pair, and commission fees of only $3.50 per lot. The Raw Spread Account is also available on the MetaTrader 4 trading platform and allows you to use the MQL4 programming language. The Raw Spread Account is the most popular choice from IC Markets because of the lower overall trading costs compared to the Standard Account.
cTrader Raw Account
The cTrader Raw Account is available on the cTrader trading platform using the C# programming language. With this account type, you can access low ECN broker spreads on a variety of forex pairs and trade with commission fees of only $3.00 per lot.
Tickmill Account Types
Three account types are available with Tickmill. These include the Pro Account, Classic Account, and VIP Account.
Pro Account
The Pro Account uses ECN-style pricing to offer retail trading spreads from 0.0 pips on the EUR/USD currency pair. Commission charges for the broker are only $2.00 per lot, making the Pro Account a popular choice among Tickmill clients.
Classic Account
The Tickmill Classic Account is the same as a standard account that many brokers offer. This account type is commission-free as costs are part of the spread, which starts from 1.6 pips. A standard or classic account is best suited for beginners with little experience in forex trading, as no commissions mean a simpler fee structure.
VIP Account
The VIP Account is available to traders with a trading account equity balance of $50,000 or greater. With this account type, you receive a discount on commissions with fees starting from $1.00.
Islamic Accounts
Both IC Markets and Tickmill offer the option to convert the standard or ECN account types into an Islamic Account for traders of the Muslim faith. The Islamic Account offers the same features, spreads and commission charges as the corresponding account types. However, there are no charges for swaps in compliance with Sharia law.
| IC Markets | Tickmill | |
|---|---|---|
| Standard Account | Yes | Yes |
| Raw Account | Yes | Yes |
| Swap Free Account | Yes | Yes |
| Active Traders | Yes | No |
| Spread Betting (UK) | No | No |
Verdict
The account types offered by both IC Markets and Tickmill will suit a range of traders with different levels of experience. Although the commission structure of Tickmill is appealing, the wider spreads make the overall trading cost relatively high. IC Markets has a more competitive pricing model with tighter spreads and low commission fees. With fast trade execution speed and low trading costs, the Raw Spread Account from IC Markets outperforms the other account types.
When it comes to trading, the experience and ease of use are paramount. We’ve spent countless hours testing both IC Markets and Tickmill and here’s what we’ve found:
Verdict: IC Markets edges out Tickmill in terms of overall trading experience and ease of use.
IC Markets Trust Score
Tickmill Trust Score
IC Markets has a licence with three main regulators.
With two Tier 1 and one Tier 2 regulation bodies, IC Markets is considered a safe and trustworthy forex broker.
Tickmill Global Regulation
Tickmill has a licence with five main regulators.
Under extensive regulation, Tickmill is also considered a safe and reliable forex broker. Traders outside FCA, CySEC, LFSA, and FSCA will trade under FSA regulation, and as such, this should be taken into consideration as an offshore regulator. Furthermore, if you are trading from Australia or Dubai, Tickmill does not have ASIC or DFSA regulations.
| IC Markets | Tickmill | |
|---|---|---|
| Tier 1 Regulation | ASIC (Australia) CYSEC (Cyprus) | CYSEC (Cyprus) FCA (UK) |
| Tier 2 Regulation | DFSA (Dubai) | |
| Tier 3 Regulation | FSA-S (Seychelles) SCB (Bahamas) | FSA-S (Seychelles) LFSA FSCA (South Africa) |
Verdict
The choice of broker will depend on the country you are trading from. Trading with an offshore regulator can sometimes impose challenges regarding communication, protection, or policy adherence. Although Tickmill has several more regulatory entities, IC Markets have higher tier regulation in more popular countries.
Forex
The forex market is the world’s largest and most popular financial market because of the price action volatility and 24/5 availability for trading. As the most liquid market with over $5 trillion traded daily, the forex market allows you to simultaneously buy and sell currencies such as USD, EUR, GBP, CHF, JPY, and NZD for profit.
Indices
Indices allow you to trade a group of stocks as an amassed average. An index will track the average value of a group of stocks, allowing you to speculate on the changing average price across sectors, industries, or even countries. Similarly, trading oil can allow you to speculate on the average pricing of oil across several exchanges.
Commodities
Commodities include agriculture, precious metals, and energy. These assets are often considered safe-haven assets, as they are relatively uniform across the globe during market volatility.
Stocks
Trading stocks is only available on the MetaTrader 5 trading platform, meaning you can only access stocks with IC Markets but not with Tickmill. Trading stocks as CFDs means you are not owning the underlying assets but merely speculating on the price movements.
Bonds
Bonds are agreements for over-the-counter exchanges between borrowers and lenders. These bonds are futures (cash) contracts and have no central exchange.
Cryptocurrencies
Cryptocurrencies are a form of digital currency that is becoming more popular as regularly traded financial assets. The cryptocurrency market is popular because of its high volatility nature of the market and large price movements. It is important to note that trading cryptocurrency CFDs is high risk; therefore, the allowable leverage is usually less than other financial products.
Futures
Futures are contracts that allow you to speculate on the direction of financial assets, providing you with the opportunity to buy or sell at a predetermined price and time.
Verdict
IC Markets offers a far greater variety of financial products to trade as CFDs than Tickmill. If you are only looking to trade the common forex pairs, either broker would suit you. However, diversification is an important factor to consider, and if you want to expand your investing scope with more complex instruments, IC Markets has a wider range of tradeable instruments than Tickmill.
Both brokers provide a range of useful tools and resources for clients, some of which are available to download, and others require account registration.
IC Markets features:
Tickmill features:
Verdict: There are more resources offered by IC Markets.
IC Markets has a local support office based in Sydney, Australia. The customer service area can be contacted 24/5 and usually responds within 15 minutes. Complex issues may be resolved in a day through email, Skype, and phone. IC Markets also provides a live chat feature and a dedicated education centre for more information on general trading issues.
Tickmill has a head office in London, UK. The client support number is available Monday to Friday during the hours of 7:00 and 16:00 GMT. The response time is typically within 24 hours of the inquiry through the client support number or email. The broker also provides an inquiry submission section on the website and a live chat tool.
Verdict
IC Markets has more availability for contact than Tickmill, and given the nature of forex trading, communication with the broker is vital.
IC Markets Funding
IC Markets has a range of options for account deposits and withdrawals, including:
There are no deposit or withdrawal fees charged by IC Markets. Most transfer methods will complete transactions either instantly or within days. It is important to note that the withdrawal method must be the same as the deposit method.
Tickmill Funding
There are no costs associated with deposits or withdrawals with a Tickmill account because of the Zero Fees policy. If you use a wire transfer and deposit more than $5,000, Tickmill will refund any fees up to $100. The range of funding methods includes:
Tickmill does not explicitly charge inactivity fees but reserves the right to charge such fees if the broker believes an account is not being actively used.
Verdict
The funding method you choose will depend on what is available and what suits you best. IC Markets and Tickmill both offer a competitive range of options when looking to fund your trading account. By covering all the popular methods, either broker would be a suitable choice. It is slightly cheaper to start with a Tickmill account than it is for IC Markets. However, the difference is negligible, and IC Markets offers a far greater range of funding methods than Tickmill.
The minimum deposit requirement for IC Markets is $0, and there is no minimum withdrawal amount.
For Tickmill, the minimum deposit requirement is $100, and a minimum of $25 is required for withdrawal from your account. To access the VIP Account with Tickmill, you need to have a minimum of $50,000 in your account to qualify.
Based on the comprehensive analysis and comparison of the two brokers, IC Markets is the winner because it consistently outperforms Tickmill in several key areas, including trading platforms, account types, and overall trading experience. The table below summarises the key information leading to this verdict:
| Criteria | IC Markets | Tickmill |
|---|---|---|
| Lowest Spreads And Fees | ✅ | ❌ |
| Better Trading Platform | ✅ | ❌ |
| Superior Accounts And Features | ✅ | ❌ |
| Best Trading Experience And Ease | ✅ | ❌ |
| Stronger Trust And Regulation | ✅ | ✅ |
| Top Product Range And CFD Markets | ✅ | ❌ |
| Superior Educational Resources | ✅ | ❌ |
| Superior Customer Service | ✅ | ❌ |
| Better Funding Options | ✅ | ✅ |
| Lower Minimum Deposit | ✅ | ❌ |
IC Markets is the ideal choice for beginner traders due to its user-friendly platforms, comprehensive educational resources, and competitive pricing.
For seasoned traders, IC Markets stands out with its advanced trading platforms, diverse product range, and superior trading conditions.
IC Markets generally offers more competitive pricing than Tickmill. On average, IC Markets boasts tighter spreads, especially during peak trading hours. For instance, their EUR/USD spread can go as low as 0.1 pips. If you’re keen on exploring brokers with the lowest commissions, you might want to check out this comprehensive guide on Lowest Commission Brokers.
Both Tickmill and IC Markets offer robust MetaTrader 4 platforms, but IC Markets edges out slightly due to its enhanced execution speeds and customisable features. This platform is a favourite among traders globally, and if you’re interested in diving deeper, here’s a list of the best MT4 brokers available.
When it comes to social or copy trading, IC Markets stands out. They provide traders with a platform that integrates seamlessly with various social trading tools. This feature allows even novice traders to mimic the strategies of seasoned professionals. For those keen on exploring more about social trading platforms, here’s a detailed review of the best social trading platforms.
Neither Tickmill nor IC Markets offer spread betting services. Spread betting is a unique form of trading that’s especially popular in the UK. If you’re interested in brokers that do provide this service, you can explore the best spread betting brokers in the UK.
In my opinion, IC Markets is the superior choice for Australian forex traders. Founded in Australia, IC Markets is ASIC-regulated, ensuring a high level of trust and security for traders. While Tickmill is a strong contender in the forex market, IC Markets’ deep roots in Australia and its commitment to local traders give it an edge. If you’re an Australian trader or someone interested in the Australian forex market, you might want to check out this list of Best Forex Brokers In Australia.
For UK traders, I believe Tickmill offers a slightly better trading experience. While both brokers are FCA regulated, ensuring top-notch security for traders, Tickmill’s presence and tailored services for the UK market make it stand out. IC Markets, although a global powerhouse, is originally from Australia. UK traders looking for a comprehensive trading platform might find this list of the Best Forex Brokers In UK quite useful.
Ask an Expert
What is the turnover of Tickmill?
Tickmill UK reported annual revenue of £6.18 million in 2022 which is a decline of 19.5 % from the £7.6 million in 2021.
Does Tickmill require KYC?
Yes they do.
Does IC Markets charge overnight fees?
Yes, IC Markets applies swaps when trading Forex, however you can apply for a swap-free account.