We found that Tickmill has a choice of 2 accounts and 1 forex trading platform with MetaTrader 4. Interestingly, while they have over 60 currency pairs, the range of markets is limited with 2 metals, 4 bonds, 14 indices but no crypto or shares.
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Tickmill Summary
We think Tickmill will appeal for traders in the UK in particular. In the UK, the Tickmill has incredibly low commissions along with good spreads when using their RAW account. Interestingly a Futures trading account is also available along with the largest choice of trading platforms of any broker we have seen.
Sadly, these features are not available outside the UK. In other countries, Tickmill is relatively generic, with standard commission cost with their Raw account, wide spreads on Classic account, no Futures account and just the MT4 and MT5 trading platforms.
Tickmill offers competitive spreads across a range of 62 currency pairs, stock indices, oil, metals, and bonds. The Classic Account offers slightly higher average spreads on the range of currency pairs. Typical spread data from the Pro Account and VIP Account shows an offering of 0.10 pips on the EUR/USD pair.
The following table compares the average spreads across a range of commission-based account types, including the Pro Account and VIP Account from Tickmill.
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Commission Spreads
|
|||||
|---|---|---|---|---|---|
|
0.10 | 0.10 | 0.90 | 0.40 | 0.50 |
|
0.02 | 0.17 | 0.50 | 0.27 | 0.30 |
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0.10 | 0.20 | 0.50 | 0.30 | 0.50 |
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0.10 | 0.20 | 0.60 | 0.40 | 1.00 |
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0.20 | 0.20 | 0.50 | 0.40 | N/A |
|
0.17 | 0.30 | N/A | 0.54 | 0.68 |
|
0.20 | 0.40 | 0.60 | 0.50 | 0.70 |
|
0.10 | 0.50 | 1.10 | 0.60 | 0.80 |
|
n/a | 0.50 | 0.70 | 0.60 | 0.40 |
Avg. spreads are taken from each broker's website and updated monthly. Last update on 09/01/2024
Non-Commission Spreads
The following table displays average spreads from non-commission accounts with the Classic Account from Tickmill and others.
Tickmill Account Types
Tickmill offers you the choice of three account types for trading forex and CFDs using a no dealing desk model with ECN style pricing. These include the Pro Account, the Classic Account, and the VIP Account. Each of these account types will suit a different level of trading experience.
Pro Account
You can get started with a Pro Account with a minimum deposit of $100. The Pro Account offers low spreads from 0.0 pips EURUSD and charges commission fees of $2.00 per side ($4 round-turn) per lot. This account offers the best pricing for retail traders, as it has ECN pricing.
This Account is the most popular among traders because of the low commission rate and tight spreads.
Classic Account
The Classic Account is the same as the Standard account that many brokers offer. This means you will not pay commission fees. To open a classic account, you will require a minimum deposit of $100. Spreads start from 1.6 pips. The Classic Account is more suitable for beginner traders with little experience.
VIP Account
There is no minimum deposit required for the VIP Account, however, you will require a minimum account balance of $50,000 to trade. This makes this trading account more suitable for experienced traders. Spreads start from 0.0 pips, and the commission fees are only $1.00 per side.
Tickmill also offers Islamic Accounts for traders of the Muslim faith. You can select from a Pro Account, Classic Account, or VIP Account and convert it to an Islamic Account. Trading conditions remain the same as with the other trading accounts, along with compliance with Sharia law.
Leverage
What Is Leverage?
Price movements in the forex market can be small. Leverage is a tool that allows you to access borrowed equity to trade with higher without investing an exorbitant amount of using your own funds. For example, trading with 1:100 leverage will allow you to trade up to $100,000 with only $1,000 in your account. Remember that this invokes a high risk as price movements can turn unfavourably in certain trading environments.
What Determines Leverage?
The maximum leverage that a CFD broker can offer depends on what the regulator of the country you are trading from will permit. Tickmill uses the following regulators: FCA, CySEC for clients in the UK and Europe, FSCA for clients in South Africa, LFSA for Malaysia clients and FSA for clients in other regions.
Retail investor accounts (for clients in the UK and Europe):
FCA and CySEC regulations are tighter than most regulators in other countries require. However, if you are in the UK or Europe, you may be eligible for a Professional account which will allow you to access leverage in line with Tickmill clients in other regions.
Professional investor accounts (UK and Europe clients) and Retail investors accounts (outside the UK and Europe):
Tickmill only allows you to trade using the most popular trading platform: MetaTrader 4. Despite the minimal selection of trading platforms, MetaTrader 4 is the most commonly used system and provides a range of features to help you trade the financial markets.
MetaTrader 4 is the first and most popular trading platform developed by MetaQuotes Software. MetaTrader 4 is user-friendly, customisable, and designed to let you trade with ease on desktop or mobile trading (including iOS and Android). This platform is the favourite among many forex traders around the world because of its sophisticated level of trading analysis tools, customisable interface, charting functionality, and access to Expert Advisors through the accompanied MetaTrader marketplace.
Along with the advanced trading conditions from Tickmill, you can enjoy many features from using the MetaTrader 4 trading platform:
MetaTrader 4 WebTrader
The MetaTrader 4 WebTrader platform allows you to access the markets online directly through your web browser. The WebTrader trading platform through Tickmill makes trading more accessible as the MetaTrader system is available directly in your browser. Equipped with all the same functions as the original, the WebTrader version has enhanced security with data encryption. However, the trade execution time is a little more lagged.
The MetaTrader 4 WebTrader trading platform offers:
If you prefer to copy the trades of other successful traders, then Myfxbook is available within your MetaTrader 4 trading account.
Myfxbook works by providing you with tools to find and follow other traders in their social network. You can then use filters that will allow you to replicate their trades within the conditions you set. Social trading is popular for those that don’t have the experience or time to invest in trading themselves, instead, you can leave the work to other traders.
Tickmill clients can access the third-party technical analysis tool Autochartist. This is one of the most comprehensive forex trading tools that can add some value to your trading. Autochartist uses advanced technology to analyse past market trends and identify real-time trading opportunities across a wide selection of CFD instruments.
Some of the best tools included in the Autochartist market analysis pack include:
Autochartist is offered free of charge to all Tickmill live account holders. This tool is offered as an MT4 plugin as well as a standalone web application.
Tickmill has a trust score of 59, according to the broker’s regulation, reputation, and reviews.
Tickmill has regulation in several countries including:
Tickmill Asia applies for clients in Malaysia, all clients outside Tickmill subsidiaries that have FCA, CySEC, LFSA and FSCA regulation will have FSA regulation. While Tickmill policies for FSA will be in line with other regulators, you need to remember that FSA is an offshore regulator. So if you have any complaints, you may not have the protection you need to settle disputes in case of scams.
If you are Australian or from Dubai, then you may note that Tickmill does not have ASIC or DFSA regulation. We don’t advise using regulators outside your country. So Tickmill may not be a suitable broker for your situation.
| Tickmill Safety | Regulator |
|---|---|
| Tier-1 | CySEC FCA |
| Tier-2 | DFSA |
| Tier-3 | FSA-S LFSA FSCA |
Risk Management Features
If an account falls below a zero balance, Tickmill will cover the debt by providing Negative Balance Protection. This means that Tickmill will cover any losses below a zero balance on your account in the event of trading losses or excessive slippage. The forex broker also uses a risk department to monitor traders’ risk appetite and may notify the client of excessive risk-taking or even reduce the leverage.
Tickmill provides a degree of risk management to improving trading conditions. The range of educational resources and research-based features helps you to improve your trading ability on a demo account before testing your skills with a live account. These tools are a form of risk management as they ensure you understand the nature of trading before getting started.
Furthermore, Tickmill allows the maximum leverage depending on the relevant regulatory entity. For retail clients trading forex, leverage is capped at 1:30 whereas professional clients can access leverage up to 1:500. Tickmill also provides a simple and transparent calculation of the required margin for clients to visualise the risk of trades.
Tickmill has been in the industry since 2014, with headquarters in London, UK. Their popularity seems low, having only 49,500 monthly hits on Google.
Tickmill has a score of 3.8 out of 5 on TrustPilot from 492 reviews as of this writing.
The minimum deposit requirement at Tickmill is $100. To open an account with Tickmill, you will require a minimum deposit of $100. To access a VIP Account, your balance will need to be $50,000 to open your position.
Tickmill accepts 4 different deposit currencies EUR, GBP, USD and PLN. Deposits made in unsupported currencies will be converted incurring a conversion fee to the previously mentioned currencies.
Tickmill has a Zero Fees Policy for deposits and withdrawals. This means there are no costs from the brokers’ end for using when transferring funds. If your wire transfer and your deposit are greater than $5000, Tickmill will refund any fees up to $100 if you can provide a bank statement.
Tickmill offers a range of deposit and withdrawal methods, and there is a minimum withdrawal requirement of $25. Fund transfer will be instant or up to 1 working day:
Tickmill doesn’t have any official inactivity fees however Tickmill may apply charges if they believe you are not actively using your account.
A range of trading instruments including forex, stocks indices and oil, precious metals, and bonds are available.
Tickmill does lack some diversity in the CFDs on offer. For example, you cannot trade popular CFDs such as cryptocurrencies, Stocks, ETFs or soft commodities (such as crops and livestock) through Tickmill. This can limit your ability to spread your risk through investment diversity.
Forex
The forex market is the most popular financial market because of its volatile price movements and 24/5 availability for trading. When trading forex, you are simultaneously buying and selling currencies for profit. Tickmill offers you access to over 60 currency pairs, allowing you to trade popular currencies such as USD, EUR, and GBP. Spreads start from 0.0 pips, and the average trade execution speed is 0.20 seconds.
At Tickmill, trading minor and exotic forex pairs are also available with no requotes and an ultra-fast execution speed of 20ms.
Stock Indices And Oil
Stock indices allow you to track a group of stocks to buy and sell them as an aggregate, rather than picking single stocks. Where stocks show the performance of a company, stock indices are useful to determine the economic health of sectors, industries, or countries. Tickmill offers 14 stock indices with no commission fees.
Trading WTI oil serves a similar purpose. Variations of oil are available to trade as an amassed average across sectors. Speculating on the price of oil enables you to trade on highs or lows, as you would any other asset.
Trading oil serves a similar purpose. Variations of oil are available to trade as an amassed average across sectors. Speculating on the price of oil enables you to trade on highs or lows, as you would any other asset.
Precious Metals
Gold and silver metal commodities against the USD are available through Tickmill. These trading instruments are relatively uniform across the world and are typically safer assets during periods of market uncertainty. With the MetaTrader 4 trading platform, you can trade gold and silver from 0.0 pips spreads, no commissions, and an average trade execution speed of 0.20 seconds. Much like the forex market, you can trade precious metals 24/5.
The Tickmill range of precious metals is small. Other popular metals such as copper, palladium, platinum are not available.
Bonds
Tickmill offers 4 types of government bonds (also known as treasury CFDs) which are agreements between borrowers and lenders that you can trade over the counter. These bonds are futures (cash) contracts. Tickmill provides access to German bonds from 0.0 pips spread and no commissions.
Hours Of Support
Tickmill provides extensive trading services and customer support with the head office in London, United Kingdom. You can contact the CFD broker through the client support number or office number from 7:00 to 16:00 GMT Monday to Friday. Tickmill also provides a support email with a response time within 24 hours on business days. A LiveChat is also available through their website tickmill.com, one can choose from 14 different languages.
Tickmill provides a range of educational resources to help you improve your trading experience with Tickmill. some of these tools are available for download and some require registration. These tools can help you improve your trading strategies.
Education tools include:
With a choice of a Classic account which is commission-free and ECN pricing accounts all of which allow hedging, scalping and EAs, Tickmill is a suitable forex broker for traders of all levels of experience. The $2 commission per lot to open your position is some of the best in the market. However, Tickmill has a few weaknesses. The broker only offers the MetaTrader 4 trading platform, which many consider the gold standard for trading platforms however it would be nice to have another trading platform to choose from. Tickmill also limits the range of CFDs you can choose from. Overall, Tickmill is one of the better brokers, but Pepperstone and IC Markets exceeded their score in our reviews. See our Pepperstone vs Tickmill comparison for more information.
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