This is a review of a Classic account opened with Tickmill UK Ltd, one of the entities operating under the Tickmill Group. We evaluated the terms and conditions of the account type and the usability of the MetaTrader 5 (MT5) trading platform – its desktop and mobile app versions.
Data was collected on November 17, 2022.
Tickmill managed to establish itself as one of the most popular brands in the trading industry since its foundation in 2014. The award-winning broker has garnered a reputation for its innovative trading solutions and wide range of supporting tools. The entities of Tickmill Group are all very transparent, have very competitive fees, and are licensed by some of the most trusted regulators in the industry.
Tickmill performed remarkably in all major categories as one of the global industry leaders. It is a trustworthy broker that offers a wide selection of CFDs, futures contracts, and options. Tickmill’s assortment of research and education materials is quite extensive and diverse, and it also incorporates multiple third-party tools. In addition, the broker offers several account types, catering to the needs of different types of traders.
There aren’t many major drawbacks to talk about except for some minor inconveniences, such as a lack of a proprietary platform for CFD trading.
Overall, we found Tickmill suitable for different kinds of traders – from small retail traders to large corporations and from newbies taking their first steps on the market to seasoned vets with extensive experience.
Tickmill boasts an impressive collection of educational and research materials, such as articles, market breakdowns, analyses, webinars, and seminars, illustrating the ever-changing market behavior. This multifaceted overview can be indispensable to traders with widely diverging styles – from the highly conservative rookie to the seasoned scalper.
Additionally, Tickmill UK Ltd offers futures and options trading solutions to those wanting to exploit complex trading opportunities. The futures account type is suitable for more skilled traders seeking to gauge market volatility as it changes over time.
|☑️ Regulations||CySEC (Cyprus), FCA UK (United Kingdom), FSA Seychelles (Seychelles), FSCA South Africa (South Africa), Labuan FSA (Libya)|
|🗺 Supported Languages|
Turkish, Korean, English, Filipino, Russian, Indonesian, Portuguese, Thai, Polish, Arabic, Italian, Spanish, Chinese, Vietnamese, Malaysian, German
|💰 Products||Options, Currencies, Stocks, Crypto, Bonds, Indices, Commodities, Futures|
|💵 Min Deposit||$100|
|💹 Max Leverage||1:500 (LFSA)|
|🖥 Trading Desk Type||No dealing desk|
|📊 Trading Platforms||MT5, MT4|
|💳 Deposit Options||Wire Transfer, Cryptocurrencies, Neteller, Webmoney, Skrill, Credit Card, PayPal, Trustly, Visa, Mastercard, SticPay|
|💳 Withdrawal Options||Wire Transfer, Neteller, Webmoney, Skrill, Credit Card, PayPal, Trustly, Visa, Mastercard, SticPay|
|🤴 Demo Account||Yes|
|🗓 Foundation Year||2014|
|🌎 Headquarters Country||United Kingdom|
Tickmill earned a high mark in the Trust category. Five entities operate under the Tickmill Group, most of which are licensed by first-tier and second-tier regulators. They comply with some of the strictest safety guidelines in the industry, ensuring a very high level of protection.
In our reviews, we examine the licenses and regulations of each entity operated by a broker. This allows us to compare each entity’s different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.
Here is what we found concerning the several entities comprising the Tickmill Group:
We have summarized the most essential aspects of Tickmill’s entities in terms of regulation and safety in the table below:
|Entity Features||Tickmill UK Ltd||Tickmill Europe Ltd||Tickmill South Africa (Pty) Ltd||Tickmill Asia Ltd||Tickmill Ltd|
|Country/Region||UK, London; Dubai, UAE||Cyprus, Limassol||South Africa, Cape Town||Malaysia, Labuan||Seychelles, Mahe|
|Regulation||FCA, DFSA||CySEC||FSCA||Labuan FSA||FSA|
|Negative Balance Protection||Yes||Yes||Yes||Yes||Yes|
|Compensation Scheme||Up to 85,000 GBP||Up to 20,000 EUR||No||No||No|
Not all regulators mandate adherence to the same safety guidelines, meaning that traders are likely to enjoy different degrees of protection depending on where their broker is being regulated. Generally speaking, offshore regulators tend to have more lax requirements, making it easier for brokers to obtain a license.
We have listed the most important safety policies to look for in a broker below:
All of the subsidiaries of the Tickmill Group ensure segregation of client funds and negative balance protection. Not all of them have compensation schemes, but this should not be a major concern to traders since the prospects of a financial institution such as Tickmill going bankrupt are indeed very slim.
The one thing traders should carefully consider when choosing between Tickmill’s five entities is how much market exposure they would like to have. Only highly experienced CFD traders should go for the 1:500 maximum leverage afforded by Tickmill’s overseas entities.
In our tests for the Trust category, we also cover factors relating to stability and transparency. Here, we focus on how long the broker has been in business, how big the company is, and how transparent it is in terms of readily available information.
The measure of a broker’s transparency is its frankness with regard to trading risk. It is a well-known fact that more than 70% of retail traders lose money, which is why all brokers must display warning notices on their websites. Tickmill can be commended for placing its notice at the top of the main page, while many other brokers would rather bury such discouraging information at the bottom.
There are many other examples of Tickmill’s accountability to its clients. For instance, the accounts overview page cautions traders against the risk of significant spread discrepancies during market opens and closes. This is a well-known risk that nevertheless is very seldom cautioned against by other brokers.
The company was founded 9 years ago and employs over 200 people. Tickmill received multiple awards like “Best Forex Spreads” and “Best Forex Trading Experience” and has been involved in various causes and initiatives.
In summary, our findings indicate that Tickmill can be regarded as having a very good level of trust and stability due to the following factors:
Tickmill scored highly in the Fees category. The broker offers spreads and swaps that are low-to-medium compared to the broader industry. Its commissions are also quite low. Additionally, swap-free trading is available via Tickmill’s Islamic accounts. There are no significant non-trading fees, making Tickmill’s service quite affordable.
Tickmill has three main retail account types – Pro, Classic, and VIP – as well as one Futures account available with the broker’s UK entity. The Pro and VIP accounts offer a combination of raw spreads and fixed round turn commissions, whereas the Classic account affords a mixture of commission-free trading and floating spreads. Overall, Tickmill’s trading costs are better than the industry average.
We tested Tickmill’s spreads during the most actively traded times – the London open at 8 AM GMT and just after the U.S. open at 2:45 PM GMT. The test was conducted on November 17, 2022.
|Instrument||Live Spread AM||Live Spread PM|
|EURUSD||1.6 pips||1.6 pips|
|GBPJPY||3.8 pips||3.5 pips|
|Gold (XAUUSD)||18 pips||25 pips|
|Crude Oil||0.05 pips||0.05 pips|
|Dow Jones 30||3.1 basis points||1.9 basis points|
|Germany 40||0.9 basis points||0.9 basis points|
The recorded spreads on a Classic Tickmill account are low-to-medium compared to the broader industry. Its competitiveness is further bolstered by the fact that there are no commissions. It should also be pointed out that despite some minor exceptions, there were no major discrepancies in the spreads recorded between the AM and PM sessions. This is demonstrative of Tickmill’s steady liquidity supply, which, in turn, diminishes the risk of negative slippage.
The only exception to this was the Dow Jones 30. This can be explained by the fact that U.S. markets remain closed during the European open, which is why it is normal for sizable spread imbalances to be observed on such instruments at such times.
A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.
The values listed below are for one full contract (100,000 units) of the base currency.
|Instrument||Swap Long||Swap Short|
|EURUSD||Charge of $8.3||Credit of $5.64|
|GBPJPY||Credit of $12||Charge of $15.7|
Tickmill’s recorded swap rates are also low-to-medium compared to the rest of the industry.
The broker’s Pro account has a fixed commission of 2 currency units per side per lot. If your account’s base currency is, for instance, USD, you will be charged $2 for opening a trade worth 100,000 units of the underlying. You will also be charged $2 for closing the same position later. In other words, there is a 4 currency units round turn commission per traded lot on a Pro account type. This rate is lower than the industry average.
Tickmill’s VIP account offers even more favorable conditions. Its round turn commission equals 2 currency units per traded lot.
The broker does not have a maintenance fee for inactive accounts. Additionally, deposits and withdrawals are not charged. Both factors make Tickmill’s service even more affordable.
Tickmill’s spreads and swaps are generally below the industry average. The same applies to its fixed commissions on the Pro and VIP account types. Tickmill also doesn’t have any significant non-trading charges. All of this makes Tickmill’s fees quite competitive.
Tickmill earned an above-average mark in the Platforms category. While futures and options traders can choose between several leading platforms, such as the renowned Agena, CFD traders are limited to a choice between MetaTrader 4 (MT4) and its successor (MT5). The broker does have its own mobile app, but the lack of a proprietary desktop platform prevented it from scoring higher.
Even though MT5 has more features and tools than its predecessor, its rugged layout is not ideal for conducting sophisticated technical analyses. It does have some essential attributes, such as one-click trading and fast order execution, but it lacks the sleek design of newer platforms.
With regards to the MT5 mobile app, it retains most of the features available on the desktop version though its usability is limited because it has to be run on small-screen devices. Nevertheless, its greatest advantage is that it affords traders access to their accounts on the go. Tickmill also has its own mobile app. It has a risk warning and biometric login, underpinning Tickmill’s safety and reliability.
One of the advantages of MT5 is its practicality. It is not overly complex, which is why even newbie traders can find their way around the platform fairly quickly, as all the essential features are usually no more than several clicks away. The charts are positioned in the middle of the screen, account info can be found at the bottom, the watch lists and other trading options are positioned on the left, and the settings menu can be found on the above panel.
The chart is probably the most important component of every platform. It affords traders an outlook into price action behavior, which is crucial for making informed trading decisions. That is why the chart’s flexibility is so important.
We have listed the most important features of MT5’s desktop version below:
Listed below is a breakdown of the order types available on MT5:
Another thing that makes Tickmill stand out is its stop orders and limit orders policy on its Pro accounts. The broker allows its clients to place stop and limit orders near the market price. Traders can thus exercise greater control over their positions and limit the potential losses.
As mentioned above, the primary purpose of the mobile app is to afford traders quick and easy access to their accounts while on the go. The app is used to monitor the market and, if necessary, to make changes to any open trades threatened by recent developments.
Beyond serving its primary function, MT5’s mobile app cannot be used for much else. Its low-resolution charts have a very limited scope making it difficult to study the underlying market sentiment. They get cramped fairly easily with each added indicator, which is why it is difficult to conduct probing technical analyses. On the flip side, the app has a very minimalistic structure, making it easy to navigate.
The following is a breakdown of the key components of the mobile app’s charts:
Here is a rundown of the order types available for execution through the mobile app:
Tickmill scored highly in the Instruments category. The broker offers hundreds of CFDs from every major asset class, thus affording its clients a great degree of flexibility. Retail traders can also choose between several high-risk instruments like cryptocurrencies and low-risk securities like bonds. Tickmill’s UK entity also accommodates futures and options trading.
There is a reasonable number of CFD shares, an average amount of FX pairs and commodities, and an above-average number of indices compared to the broader industry. Traders with varying levels of risk aversion can use Tickmill’s extensive collection of instruments to diversify their positions and implement different trading strategies.
Contracts for difference (CFDs) are derivatives used to speculate on the price of the underlying without physical delivery. For example, a long position on gold would generate a profit as the price rises or incur a loss as it falls. This is achieved without having to purchase actual bars of gold. One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.
We have listed the available instruments by asset class below:
Tickmill offers a well-balanced assortment of high-risk and low-risk instruments of different kinds. Traders wanting to leverage their account balances and ride price swings can opt for Tickmill’s several hundred CFDs, whereas traders wanting to gauge changes in the underlying volatility levels can take advantage of the available futures and options. These complex instruments are ideal for experienced traders seeking to maximize profits and restrict potential losses.
|EURUSD | GBPJPY | USDCAD | EURCHF | EURNOK | NZDSGD | USDTRY||Gold | Silver | Crude Oil | Brent Oil | Copper | Natural Gas|
|Apple | Tesla | Alibaba | Citigroup, General Electric | Wells Fargo | Visa||US30 | S&P500 | DE40 | STOXX50 | CHINA50|
|Bitcoin | Litecoin | Ethereum | Cardano||EURBUND | EURBOBL | EURBUXL | EURSCHA|
|Crude Oil | Eurodollar | E-Mini S&P 500 | Gold 100 oz | US 10-Yr Note||Micro E-Mini S&P 500 | Micro E-Mini Nasdaq|
Tickmill earned an above-average score in the Customer Support category. The website contains a dedicated FAQ section that includes answers to most general queries. Support is available via phone, live chat, and email in 17 different languages. You can get in touch with Tickmill’s support team during office hours.
The FAQ section of the website is helpful to traders having general questions about Tickmill’s service or the nature of trading. Each entry contains detailed explanations supported by practical examples. For more specific queries, you can contact the support team during office hours – Monday to Friday from 7 am to 4 pm GMT.
When we test a broker’s customer support team, we evaluate the agents’ knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.
We conducted our test on November 17th via the live chat option available at the bottom-right corner of the main page. Before you can submit your question, you have to select a language you’d like to communicate in and see whether an agent speaking it is currently available, which we found particularly useful.
Once our question was submitted, an agent connected within a couple of minutes. Though his answers were not overly detailed, they were helpful and well-informed.
Later, we were contacted by a different agent over the phone. He was polite, with a good command of the English language, and very exhaustive in his answers.
Tickmill earned an outstanding mark in the Deposit and Withdrawal category. It does not charge any handling fees, though third-party banking fees may sometimes apply. All transactions are processed fairly quickly.
|Method||Currencies||Min. Deposit||Fee||Processing Time||Estimated Arrival Time|
|Bank Transfer||USD, EUR, GBP, PLN, CHF||100||$0||Within 1 business day||2-7 business days|
|Visa/MasterCard||USD, EUR, GBP, PLN||100||$0||Instant||Instant|
|Skrill||USD, EUR, GBP, PLN||100||$0||Instant||Instant|
|Neteller||USD, EUR, GBP, PLN, CHF||100||$0||Instant||Instant|
|Rapid||EUR, PLN, GBP, USD||100||$0||Instant||Instant|
|PayPal||USD, EUR, GBP, PLN, CHF||100||$0||Instant||Instant|
|STICPAY||EUR, GBP, USD||100||$0||Instant||Instant|
|Method||Currencies||Min. Withdrawal||Fee||Processing Time||Estimated Arrival Time|
|Bank Transfer||USD, EUR, GBP, PLN, CHF||25||$0||Within 1 business day||2-7 business days|
|Visa/MasterCard||USD, EUR, GBP, PLN||25||$0||Within 1 business day||Up to 8 business days|
|Skrill||USD, EUR, GBP, PLN||25||$0||Within 1 business day||Instant|
|Neteller||USD, EUR, GBP, PLN, CHF||25||$0||Within 1 business day||Instant|
|Dotpay||PLN||25||$0||Within 1 business day||Within 1 business day|
|Sofort||EUR, GBP||25||$0||Within 1 business day||Not specified|
|Rapid||EUR, PLN, GBP, USD||25||$0||Within 1 business day||Not specified|
|PayPal||USD, EUR, GBP, PLN, CHF||25||$0||Within 1 business day||Not specified|
|STICPAY||EUR, GBP, USD||25||$0||Within 1 business day||Not specified|
Many payment methods are available, and most transactions are processed very quickly. Furthermore, Tickmill will cover any banking fees for deposits via wire transfer above $5,000.
Tickmill scored highly in the Account Types category. The broker offers three main retail accounts plus one futures account type, available only with the UK entity. Two of the CFD accounts offer raw spreads and fixed commissions, whereas the standard account affords commission-free trading and floating spreads. Swap-free trading is also available via Tickmill’s Islamic accounts.
The broker’s generally low minimum deposit requirements and competitive fees make its account types suitable for all kinds of traders, from newbie retail traders with little experience to seasoned professionals with huge balances and sophisticated strategies.
Your account type should reflect your trading style, goals, and means. For instance, if you want to use scalping or intraday trading strategies, which usually involve getting in and out of trades frequently, consider opening an account without any fixed commissions. Conversely, day and position traders tend to place fewer trades that run for longer and are, therefore, likely to be more concerned with their spread rates.
|Account Type||Pro Account||Classic Account||VIP Account|
|Spreads From||0.0 pips||1.6 pips||0.0 pips|
|Commission||2 currency units per side per lot||$0||1 currency units per side per lot|
|All Strategies Available||Yes||Yes||Yes|
|Min. Trade Size||0.01 lots||0.01 lots||0.01 lots|
|Base Currency||USD, EUR, GBP, PLN, CHF||USD, EUR, GBP, PLN, CHF||USD, EUR, GBP, PLN, CHF|
The Classic and Pro accounts are both affordable, with a minimum deposit requirement of 100 of the underlying base currency. The Classic account has no commissions and floating spreads starting from 1.6 pips. It’s suitable for high-frequency traders who tend to execute multiple small-sized positions within a short period of time. In comparison, the Pro account is a better fit for high-volume traders who are not as active but tend to place much larger orders.
The VIP account type is an upgraded version of the Pro account with lower commissions, though traders should keep a minimum balance of at least 50,000 of the underlying base currency. The use of all types of strategies is permitted on all three.
The leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of the leverage. Essentially, the broker lends the trader money so that the latter can open bigger-sized positions. The leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.
We have summed up the process of opening an account with Tickmill below:
Demo accounts serve a twofold purpose. Firstly, traders use them to hone their skills and test the functioning of their strategies as the underlying market bias is continually changing. Demo accounts are thus indispensable since they allow traders to tweak the parameters of their strategies in a safe environment. Secondly, demo accounts allow them to familiarize themselves with the broker’s services before funding a real account. Traders can test the spreads and quality of order execution without the risk of losing money.
The Tickmill Group operates on a global scale and has offices in London, Dubai, Cyprus, and South Africa, as well as several regional offices. This extensive presence enables it to cater to clients from diverse regions ensuring they receive dedicated support.
Tickmill doesn’t accept clients from Afghanistan, Albania, American Samoa, Bahamas, Barbados, Belgium, Botswana, Burma (Myanmar), Cambodia, Canada, Cuba, Democratic Republic of the Congo, Equatorial Guinea, Iran, Iraq, Jamaica, Japan, Kenya, Liberia, Mauritius, Netherlands Antilles, Nicaragua, North Korea, Pakistan, Panama, Puerto Rico, Sierra Leone, Somalia, Sudan, SyriDFa, Uganda, Western Sahara, Yemen, Zimbabwe.
Tickmill scored very highly in the Research category. It has hundreds of webinars in multiple languages, probing articles on a wide range of topics, professional market analyses, and an extensive collection of other supporting tools and third-party materials.
The broker’s research content is quite comprehensive and suitable for traders with different skill levels. It affords a 360-degree overview of currently unfolding trading opportunities underpinned by the day’s prevailing financial, economic, and political developments.
We have broken down Tickmill’s research content by type:
Tickmill earned a very high mark in the Education category. It has an extensive collection of different types of content, including a dedicated glossary, multiple videos, an infographics section, and several ebooks. The broker also conducts regular seminars and webinars in multiple languages.
The cornerstone of Tickmill’s educational content is its glossary, which contains hundreds of entries explaining essential trading concepts and terms. There are also nearly 90 video tutorials delving even deeper – from the ABCs of trading to more complex topics, such as the psychology of trading. The broker also has 16 videos explaining the intricacies of MT4 and MT5.
Tickmill has published over 700 educational webinars on its YouTube channel, representing the theoretical aspect of its educational content. The broker also periodically organizes seminars in different cities and countries, allowing attendees to get a sense of the general trading experience in practice. Tickmill thus strikes a fine balance between theory and practice. This balance is further enhanced by Tickmill’s 5 highly informative ebooks.
Tickmill is a highly reliable broker, and it’s one of the leaders in the OTC derivates industry. It was founded in 2014, and since then, the company has been awarded many times for its high-quality service. The broker offers CFDs, futures, and options, allowing its clients the freedom to exploit different trading opportunities. This flexibility is enhanced by the many in-house and third-party tools available to Tickmill’s clients.
The Tickmill Group is comprised of well-regulated entities entailing a high degree of protection. The fees are very competitive, and traders are treated to a wide selection of tradable instruments. The broker’s research and education materials are comprehensive and diverse.
There aren’t any major drawbacks to Tickmill’s service, except for some minor issues. For instance, CFD traders have to choose between MT4 and MT5, which are not the most seamless platforms. Also, customer support is available during office hours, and futures and options trading is only available to clients of Tickmill UK Ltd.
But overall, Tickmill offers very fair conditions to both small retail traders and big corporate clients, as well as inexperienced newbies and seasoned professionals.
|Headquarters Country||United Kingdom|
|Regulations||CySEC (Cyprus), FCA UK (United Kingdom), FSA Seychelles (Seychelles), FSCA South Africa (South Africa), Labuan FSA (Libya)|
|Number Of Employees||275|
|Trading Desk Type||No dealing desk|
|Trading Platforms||MT5, MT4|
Samoa, Bahamas, Barbados, Canada, Cuba, Equatorial Guinea, Jamaica, Kenya, North Korea, Liberia, Nicaragua, Iran, Iraq, Democratic Republic of the Congo, Afghanistan, United States, Albania, Somalia, Puerto Rico, Belgium, Yemen, Botswana, Uganda, Syria, Sierra Leone, Cambodia, Panama, Mauritius, Japan, Myanmar, Pakistan, Sudan, Zimbabwe
Turkish, Korean, English, Filipino, Russian, Indonesian, Portuguese, Thai, Polish, Arabic, Italian, Spanish, Chinese, Vietnamese, Malaysian, German
|Max Leverage||1:500 (LFSA)|
|Deposit Options||Wire Transfer, Cryptocurrencies, Neteller, Webmoney, Skrill, Credit Card, PayPal, Trustly, Visa, Mastercard, SticPay|
|Withdrawal Options||Wire Transfer, Neteller, Webmoney, Skrill, Credit Card, PayPal, Trustly, Visa, Mastercard, SticPay|
|Time to Withdrawal||4|
|Time to Open an Account||9|
Bitcoin, Cardano, Litecoin, Ripple, Stellar, Solana, EOS, Ethereum, Chainlink
Options, Currencies, Stocks, Crypto, Bonds, Indices, Commodities, Futures
|Guaranteed Stop Loss||No|
|Guaranteed Limit Orders||No|
|Guaranteed Fills / Liquidity||No|
|Trading From Chart||Yes|
Italian, Portuguese, Dutch, Chinese, Serbian, Arabic, Czech, Slovak, Swedish, Turkish, Thai, Korean, Vietnamese, Danish, Hungarian, English, French, Farsi, Spanish, Russian, German, Bulgarian, Malaysian, Estonian, Greek, Croatian, Latvian, Hebrew, Polish, Indonesian, Slovenian
|24 Hours Support||No|
|Support During Weekends||No|
|Daily Market Commentary||Yes|
|News (Top-Tier Sources)||Yes|
Having been a retail trader since 2013, Plamen has gained an in-depth understanding of the challenges that novice traders face today. His expertise is swing trading and day trading with a heavy emphasis on psychological and fundamental analysis. Plamen’s favourite trading instruments include FX majors and gold. He earned a Bachelor's degree in Economics and International Relations. Plamen's broad experience has equipped him with the expertise to recommend the best forex brokers.
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