For an investor to be successful, they need to collaborate only with the best broker out there. Still, the choice might be difficult because there are too many platforms out there. Tickmill, for example, has grown quite a lot – but should you invest in it? This Tickmill review will clue you in.
Who Is Tickmill For?
If you are looking for a low-fee broker, then Tickmill might be a good choice for you. It is a great option for investors planning to trade Forex and CFD, but do not want to waste too much money on various fees. Add their educational materials in the mix, and beginner investors on a budget might also reap the benefits.
Things We Like
We liked the fact that Tickmill has some conveniently low Forex fees. This means that even if you are trading a lot, you won’t be wasting too much money on extra fees. That money will go straight to your wallet.
We also liked that it’s very easy to open an account. It takes only about a couple of minutes to fill the form, and you will receive your verification within a day. Once that happens, you’ll be able to start trading.
The fact that there aren’t any deposit and withdrawal fees is also something that we enjoyed in the app. This makes it the perfect choice for traders on a budget and professionals who want to make the most of their money.
Things We Don’t Like
We did not particularly like the outdated design of the trading platforms. Sure, they are easy to navigate as they only have just the standard features. However, if you are looking for more, this platform may not have everything you need.
We also didn’t like the fact that even though you can trade Forex and CFDs from the United States, you cannot open an account from there. There are no specific regulations that allow you to use Tickmill in that area. The newsfeed is also quite basic, and while the information is easy to digest, it’s nothing you can’t find anywhere else.
Pros / Cons
- Low forex trading fees
- Fast and easy account opening
- Free deposit and withdrawal
- Only forex and CFDs
- Trading platforms with outdated design
- Basic news feeds
Safety and Regulation
Finding as much as you possibly can about a broker is essential when you wish to make profitable trades. Here is some information that we gathered for you on Tickmill.
Who Is Tickmill?
Founded in South Africa, Tickmill is a Forex broker that was built by traders, for the use of traders. The broker may have been founded in 2014, but the people behind it have gathered this experience since the 80s. This is one of the reasons why Tickmill managed to see such growth in a relatively short amount of time.
The broker went over an average of 215 million trades, with the average trading volume per month going as high as $123 billion. About 150 members of the staff are employed all over the world, looking over more than 263 thousand accounts.
Is Tickmill Regulated?
Tickmill is regulated in the UK by the FCA, in Cyprus by CySEC, South Africa by the FSCA, in Malaysia by the LFSA, and in Seychelles by the Financial Services Authority of Seychelles. All of these financial authorities are top tier, offering you negative balance protection, which means that you won’t have to worry about anything happening to the money in your account.
Is Tickmill Safe?
Considering the regulations that it has, the Financial Services Authority of Seychelles is seen as an average risk – which means it’s no riskier than a bank. Plus, you have both negative balance protection and investor protection. This will keep your money safe in the event that something happens to the platforms.
Countries It Accepts Clients From
Tickmill accepts clients from every corner of the world. Even Islamic individuals can trade, by opening an Islamic account. However, a few countries are limited – principally as a result of different regulations. This includes the United States and Canada, but also countries such as North Korea, Iran, or Iraq.
Considering the popularity of the platform, Tickmill received several awards over time. It was deemed the Best Forex CFD Provider in 2019 by Online Personal Wealth Awards, and it was also labeled as the Best CFD Broker in Asia by International Business Magazine.
Range of Offerings and Products
Different Tickmill accounts may offer different products, depending on the regulations that they are functioning under. With that in mind, Tickmill offers you more than 225 financial instruments to work with, and you may choose them based on your preferences. With that in mind, here are some of the products you may trade with:
- 2 Commodity Pairs
- 4 Bonds CFDs
- 14 Stock Index CFDs
- 56 Currency Pairs
You also have the option of changing the leverage levels, which is very convenient. This way, you’ll only risk just as much as you are willing to. You might want to be careful about trading with CFD and Forex, though, as the leverage levels are often very high.
Tickmill works on a MetaTrader platform that may be customized and also has a straightforward fee report. You can access your account via mobile, desktop, or web browser. The only drawback is that the web and desktop variants are not as well-designed as the mobile version, and none of them offer any price alerts.
Tickmill has several types of accounts, all with their own pricing sets, minimum deposits, and special features. You can go for a classic account, a Pro account, or a VIP account. Aside from this, you may also choose whether you want a personal, corporate, or Islamic account, depending on your trading needs.
Opening an account is fairly straightforward, and the main part of it will only take a couple of minutes (i.e., filling out the application). From that point on, all you have to do is wait for your account to be verified. This process should finalize within a day.
There are several deposit methods that you may use, none of which require you to pay a deposit fee. You can go for the classic bank transfer and debit/credit card, but you may also fund your account using electronic wallets. These wallets include but are not limited to Skrill, Neteller, PayPal, Sofort, and China Union Pay.
You may choose to make the payment in USD, EUR, PLN, and GBP. It is advised that you use the same funds you have in your bank account, if possible, as you won’t have to pay any conversion fees this way.
While there may be no deposit fee on Tickmill, you do have a minimum deposit of $100 that you’ll have to respect. This applies to the Classic and Pro accounts. The VIP account technically has no deposit fee, but you’ll have to keep a minimum account balance of $50,000. This is not the case with the Classic and the Pro accounts.
Similar to the deposit, you won’t have to pay any withdrawal fees with Tickmill. The same methods used on deposits apply to withdrawals as well – the only thing that changes is the time when the money gets in your account. Debit and credit cards may arrive within the same day, but bank transfers may take a bit more time.
Tickmill also offers a demo account for you to try out before you make any actual investment. This account allows you to do virtual trading, with no actual risk to your own money. The demo account is also a good opportunity for you to determine whether Tickmill is a compatible broker for your needs or not.
Promotion campaigns are occasionally held on Tickmill, taking the form of a contest. Users might want to keep an eye on the news feed. With that in mind, there are no login or deposit bonuses that we are aware of.
Client Support and Education
In terms of education, Tickmill is quite a good choice. It has several educational courses that you may access live, weekly webinars that you may watch (and more of them posted on YouTube), and eBooks that you may read to increase your knowledge. You have the ability to learn quite a lot, making Tickmill a great choice for beginners.
The only drawback when it comes to Tickmill education is that all the educational material is bundled together with the market research. This can make it quite difficult for you to find the information that you need through the mountain of mixed research.
There is also a silver lining here, and it takes the form of client support. You can contact them through all the classic means: live chat, telephone, and email. Phone support is the quickest to answer, as it takes about 5-10 minutes at most to get a response. Live chat is great as well, as you get your answer in 20 minutes at most. Email may take hours or days, so it’s mostly recommended when the query is not urgent.
Verdict – Overall Rating
Tickmill is a great option if you are looking for a low-cost Forex broker. It’s safe, protected, and with both beginner and advanced investors in mind. While it may be limited to just CFDs and Forex, it still offers a high number of benefits.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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