Overview
Tickmill is a well-established forex and CFD broker that has made a name for itself in the online trading industry since its founding in 2014. The broker operates under several regulatory bodies, including the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA). These regulatory frameworks ensure that Tickmill adheres to high standards of transparency, financial security, and operational integrity.
Tickmill’s main appeal is its competitive pricing structure, which includes low spreads and transparent commission rates. The broker offers a variety of account types, including commission-based accounts for more experienced traders who prefer tighter spreads. Additionally, Tickmill provides access to powerful trading platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), offering a robust and reliable trading experience.
However, as with any broker, there are both positives and limitations to consider. While Tickmill excels in areas like cost efficiency and regulation, it may not be the best choice for traders seeking a broad range of tradable instruments or additional trading features like social trading.
Warning About Forex Trading
Before diving into the specifics of Tickmill, it’s important to note that forex trading is inherently risky. The forex market is volatile, with the potential for significant fluctuations in currency prices. Leverage, which is a common feature in forex trading, can amplify both profits and losses. A trader can easily lose more than their initial investment if market movements go against their position.
Therefore, it is crucial for traders to practice caution and adopt proper risk management techniques. Many brokers, including Tickmill, offer demo accounts for users to practice in a risk-free environment. This allows new traders to familiarize themselves with the platform and its tools before trading with real money.
It’s also advisable to only trade with capital you can afford to lose and to continuously educate yourself about the markets to improve your trading skills. Traders should consider starting with a small deposit and gradually increase their exposure as they gain experience.
Pros and Cons
Pros:
- Low Spreads: Tickmill offers some of the lowest spreads in the forex industry, starting as low as 0.0 pips on select accounts, making it appealing for cost-conscious traders.
- Regulated Broker: Tickmill is regulated by top-tier authorities like the FCA and CySEC, ensuring compliance with stringent industry standards.
- Fast Execution: The broker provides fast execution speeds, ensuring that trades are processed quickly, which is crucial for high-frequency traders.
- Educational Resources: Tickmill offers a variety of educational materials, including webinars, eBooks, and video tutorials, helping both beginners and advanced traders enhance their trading knowledge.
- Multiple Account Types: Traders can choose from various account types, including the Standard Account, Pro Account, and VIP Account, tailored to different trading preferences and volumes.
- MT4 and MT5 Platforms: Tickmill supports the industry-standard platforms MetaTrader 4 and MetaTrader 5, offering advanced charting tools, indicators, and automated trading capabilities.
- Global Availability: Tickmill serves clients from many countries, providing access to the forex market in various regions.
Cons:
- Limited Asset Range: While Tickmill offers a solid selection of forex pairs, its range of other assets (such as cryptocurrencies, stocks, and commodities) is somewhat limited compared to other major brokers.
- No US Clients: Tickmill does not accept clients from the United States, which excludes a large potential market.
- Inactivity Fees: Tickmill charges an inactivity fee if there is no trading activity for a specified period, which may deter less active traders.
- No Social or Copy Trading: Unlike some competitors, Tickmill does not offer social trading features, which could be a disadvantage for traders who want to copy or follow experienced traders.
- Limited Research Tools: Although Tickmill offers basic market analysis tools, it may not provide the depth of research and analysis that other brokers, like IG or Saxo Bank, do.
Pros Explained
Low Spreads
Tickmill is particularly attractive to traders due to its low spreads, especially on Pro and VIP accounts. Spreads can start as low as 0.0 pips for select pairs, significantly reducing the overall cost of trading. This is ideal for scalpers and day traders who rely on tight spreads to execute profitable trades.
Regulated Broker
Tickmill is regulated by multiple financial authorities, including the FCA, CySEC, and FSA, adding an extra layer of security and trust for traders. Regulatory oversight ensures that Tickmill complies with stringent operational standards and that client funds are protected.
Fast Execution
Tickmill’s execution speeds are among the fastest in the industry. This is crucial for traders who rely on quick execution to take advantage of short-term price movements. Whether you’re a scalper or swing trader, the broker’s low latency and high-speed order processing help improve overall trade efficiency.
Educational Resources
Tickmill provides educational resources that cater to both beginners and experienced traders. The broker offers access to webinars, video tutorials, eBooks, and articles on topics such as technical analysis, trading psychology, and market strategies. These resources help traders refine their strategies and deepen their understanding of forex trading.
Multiple Account Types
Tickmill offers a variety of account types, such as the Standard, Pro, and VIP accounts. These accounts are designed to meet the needs of different traders, whether they are beginners looking for straightforward trading conditions or professionals who require tight spreads and low commissions.
MT4 and MT5 Platforms
Tickmill supports both MetaTrader 4 and MetaTrader 5, two of the most widely used platforms in the forex industry. These platforms offer robust charting tools, technical indicators, and automated trading capabilities. The flexibility and familiarity of these platforms make them appealing to traders of all experience levels.
Cons Explained
Limited Asset Range
Tickmill primarily focuses on forex and a limited selection of CFDs, such as indices, commodities, and treasuries. However, it does not offer a wide variety of other asset classes, such as stocks or cryptocurrencies, which might limit traders looking for more diversity in their portfolios. This is a downside for those seeking to diversify their investments or explore different asset classes.
No US Clients
Due to regulatory restrictions, Tickmill is not available to clients from the United States. This excludes a large portion of the global market, which could be a significant downside for US-based traders looking for a reliable forex broker with competitive spreads.
Inactivity Fees
Tickmill charges inactivity fees for accounts that remain dormant for a specified period. While the inactivity fee structure is clearly outlined, it can be a deterrent for casual traders who do not trade frequently but want to keep their accounts open.
No Social or Copy Trading
Tickmill does not provide social trading features or copy trading, which are increasingly popular among traders. Social trading allows less experienced traders to follow and replicate the strategies of successful traders, while copy trading enables automatic mirroring of another trader’s positions. Without these features, Tickmill may not appeal to traders who value these social aspects of trading.
Limited Research Tools
Tickmill offers some basic market analysis tools, including an economic calendar, news updates, and price alerts. However, these tools may not be as comprehensive as the research offerings provided by larger brokers like IG or Saxo Bank. Traders who rely heavily on in-depth market research may find Tickmill’s offerings lacking.
Introduction
Tickmill has carved out a solid reputation as a low-cost broker that is highly favored by professional traders and those looking for competitive spreads. With fast execution speeds, strong regulatory oversight, and a robust trading platform, it caters to the needs of both beginners and experienced traders. However, it has some limitations, including its limited selection of tradable assets and lack of social trading features. In this review, we’ll delve deeper into these aspects and help you determine whether Tickmill is the right broker for you.
Usability
Website and Platform Navigation
Tickmill’s website is intuitive and easy to navigate. Users can quickly access information on account types, pricing, platform downloads, and educational resources. The design is clean and simple, which reduces the chances of overwhelming new traders. Account opening and verification processes are streamlined, making it easy to get started with trading on Tickmill.
Account Opening Process
Opening an account with Tickmill is a straightforward process. After filling out a registration form, traders must submit identification documents to verify their identity. The verification process can take a few business days, after which you can fund your account and start trading.
Trade Experience
Desktop Experience
Tickmill supports both MetaTrader 4 and MetaTrader 5, which are popular platforms for forex traders. These platforms offer advanced charting tools, technical indicators, and customizable layouts, allowing traders to analyze markets and execute trades with ease. The desktop experience is smooth, with minimal lag and quick execution times, especially on higher-tier accounts.
Mobile Experience
Tickmill’s mobile platforms mirror the desktop versions of MT4 and MT5, providing full access to market analysis tools, account management, and trade execution. While the mobile experience is functional and easy to use, it might lack some of the more advanced features available on the desktop version.
Regulation and Security
Tickmill is regulated by top-tier financial authorities, including the FCA and CySEC. These regulators impose strict guidelines that ensure the broker adheres to high standards of operational transparency, customer protection, and financial reporting. Tickmill also uses advanced encryption technology to protect clients’ personal and financial information, ensuring a secure trading environment.
Range of Offerings
Tickmill offers a variety of forex pairs, including major, minor, and exotic pairs. The broker also provides CFDs on commodities, indices, and government bonds. However, it has a more limited selection of other assets, such as stocks and cryptocurrencies. This makes Tickmill more
focused on forex trading rather than offering a broad spectrum of investment opportunities across various asset classes like stocks, ETFs, or cryptocurrencies. Traders looking for more variety in their portfolios may find Tickmill’s offerings insufficient for their needs.
Order Types
Tickmill offers a wide range of order types to help traders manage their positions effectively. These include:
- Market Orders: A standard order type that executes at the best available market price.
- Limit Orders: These orders are set to execute when the price hits a specified level, which allows traders to enter positions at preferred prices.
- Stop Orders: A stop order triggers once the price hits a specified threshold, which is particularly useful for limiting potential losses or securing profits.
- Trailing Stop Orders: This order type automatically adjusts the stop level in favor of the trade as the market moves in the trader’s favor. It’s helpful for locking in profits in a trending market.
These order types give traders the flexibility to execute various strategies and manage their risks effectively.
Trading Technologies
Tickmill uses advanced trading technologies to ensure fast execution speeds and a reliable trading environment. The broker operates under low latency conditions, which is ideal for scalpers and high-frequency traders who need to act quickly on market movements. Additionally, Tickmill offers access to one-click trading on the MetaTrader platforms, allowing for rapid execution of trades.
The broker also offers a web trading platform for those who prefer not to download any software, providing flexibility in how traders access their accounts. However, advanced charting and analytical tools are still most robust on MT4 and MT5.
Costs and Fees
Tickmill provides a transparent fee structure, with competitive spreads starting at 0.0 pips for Pro and VIP account holders. For the Standard Account, the spreads are a bit higher but still competitive compared to industry standards. The commissions for Pro and VIP accounts are low, with competitive rates based on traded volume, allowing active traders to benefit from lower overall costs.
While deposits are free of charge, withdrawals may incur fees depending on the method used. For instance, bank transfers may carry additional costs, but e-wallet withdrawals are often free. Traders should also be aware of inactivity fees, which are charged if an account remains dormant for a certain period. These fees are disclosed on Tickmill’s website and vary depending on the account type.
Account and Research Amenities
Tickmill offers a range of tools for market analysis, although its offerings may not be as comprehensive as those from larger brokers. Traders can access economic calendars, live market news, and a limited selection of market analysis reports. While these tools are useful, they are basic compared to the in-depth research provided by competitors such as IG or Saxo Bank.
Additionally, Tickmill offers trading calculators, which can help traders estimate potential profits or losses, margin requirements, and more. These are useful tools for managing risk, but again, they may be too simplistic for more advanced traders.
Portfolio Analysis
Tickmill’s portfolio analysis tools are fairly basic. The platform allows users to track their trades and performance, but there are limited features for advanced portfolio analysis. Traders looking for detailed reports on trade performance or more granular data on risk management might find Tickmill lacking in this area.
For more comprehensive portfolio management, traders might need to use third-party tools or platforms, which may not be as seamless as those provided by brokers with more robust portfolio tracking and reporting systems.
Education
Tickmill offers a good selection of educational materials aimed at improving the trading skills of both new and experienced traders. The broker offers:
- Webinars: These cover a wide range of topics, from technical analysis to risk management strategies. Webinars are hosted by experienced traders and are available to all account holders.
- eBooks: A variety of free eBooks are available on the website, which can help beginners understand basic trading concepts and learn more about advanced strategies.
- Video Tutorials: Tickmill provides a collection of video tutorials that demonstrate how to use the MetaTrader platforms effectively, as well as offer trading tips and strategies.
While these educational tools are solid, Tickmill could benefit from a more structured learning path, like some of its competitors, which offer a more comprehensive training program for beginners.
Customer Service
Tickmill offers multiple ways to contact its customer support team, including live chat, email, and phone support. The customer service team is responsive and typically resolves queries quickly, but wait times can increase during peak trading hours or after market events.
For traders seeking immediate assistance, live chat is the quickest way to get in touch with the support team. Email responses are generally swift, although complex inquiries may take longer to resolve. The absence of 24/7 customer support may be a limitation for traders in different time zones.
Transparency
Tickmill is transparent about its pricing, spreads, and commission rates, and offers clear information on the fees associated with its services. Traders can easily access detailed information on trading conditions, including spreads, commissions, and other charges, directly from the Tickmill website. This level of transparency is important for building trust with clients and ensuring they fully understand the costs associated with their trading activities.
Despite this, Tickmill’s research and educational materials could benefit from more transparency about the methodologies used in market analysis. While basic market news and updates are provided, deeper insights and more thorough research are not as readily available.
Available Account Types
Tickmill offers several account types to cater to different traders:
- Standard Account: This account is ideal for beginners and casual traders. It has no commissions but offers wider spreads compared to Pro and VIP accounts.
- Pro Account: This account is designed for active traders who prefer low spreads and can handle commissions based on volume. It is suitable for more experienced traders.
- VIP Account: This account offers the lowest spreads (starting from 0.0 pips) and the most competitive commission rates, ideal for professional traders who trade high volumes.
The variety of account types gives traders the flexibility to choose an account that best suits their trading strategy and volume.
The Bottom Line
Tickmill is a reliable and cost-effective forex broker that excels in providing competitive pricing, fast execution, and a solid selection of educational resources. It is particularly well-suited for active traders and professionals who need tight spreads and efficient trade execution. However, its limited asset range and lack of social trading features may not appeal to traders looking for broader investment options or more social interaction in their trading activities.
Tickmill’s regulation in several key jurisdictions and its transparency with pricing make it a trustworthy choice for forex traders. Nevertheless, it may not be the best fit for beginners who need more comprehensive research or portfolio analysis tools, and those seeking a wide variety of tradable instruments may want to explore other options.
Compare with Similar Forex Brokers
When comparing Tickmill to other well-known forex brokers like IG, Saxo Bank, or OANDA, it becomes clear that while Tickmill excels in low-cost trading and fast execution, it falls short in terms of research tools and available assets. Brokers like IG offer a broader selection of assets, including cryptocurrencies and stocks, along with more comprehensive research and educational materials. Saxo Bank also provides a more extensive range of trading instruments and portfolio analysis tools.
If social trading or copy trading is important to you, platforms like eToro may be a better fit. eToro offers a community-driven platform where traders can copy successful strategies, a feature not available with Tickmill.
How to Open an Account
Opening an account with Tickmill is straightforward. Follow these steps:
- Visit the Tickmill Website: Go to the broker’s homepage and click on the “Open Account” button.
- Complete the Registration Form: Provide personal information such as your name, address, and contact details.
- Submit Verification Documents: Upload identification documents like a passport or driver’s license for identity verification.
- Fund Your Account: Choose from various deposit methods such as credit/debit cards, bank transfers, or e-wallets.
- Start Trading: Once your account is verified, you can start trading on Tickmill’s platforms.
Frequently Asked Questions
1. Is Tickmill regulated?
Yes, Tickmill is regulated by the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA).
2. Can I trade cryptocurrencies with Tickmill?
No, Tickmill does not offer cryptocurrency trading. It mainly focuses on forex and CFDs on commodities and indices.
3. What platforms does Tickmill support?
Tickmill supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), both of which are widely used in the forex industry.
4. Are there inactivity fees?
Yes, Tickmill charges an inactivity fee if you do not trade for a period of time. These fees are outlined on the broker’s website.
5. Does Tickmill offer social trading?
No, Tickmill does not offer social or copy trading features. If you’re looking for these features, other brokers like eToro may be a better fit.
