Passive investors have risen rapidly over the last few years, and brokers have diversified their services to suit dynamic needs. Tickmill is a popular broker amongst professionals shifting to the investment world; their popular trading bots allow you to select any strategy and kickstart your trading journey.
Similarly, Tickmill is also popular for its low spreads and non-trading fees; the costs are significantly low compared to other brokers in the US. However, expert traders have often disliked their low range of currency pairs which prevents efficient diversification and puts them at a higher risk.
Moreover, some clients also found it difficult to receive a response during weekends, as customer service is unreachable during the latter halves of Friday, Saturday, and Sunday.
Tickmill has risen to a good reputation recently, and if you’re looking to sign up with a broker, they can be a good choice. But Wait! Don’t make an instant decision.
Let’s go through different aspects of Tickmill’s services to determine if they are the best broker for you. In the later sections, we shall discuss Tickmill’s licenses, offerings, trading platforms, fees, and everything you should know.
|Asia Forex Mentor Evaluation Criteria
A broker plays a crucial role in the success of any trader; we advise our students to monitor a broker through various lenses for better evaluation; however, after years in the industry, we know that beginners are often indecisive about service trade-offs and end up selecting the wrong brokers.
Asia Forex Mentor has gathered a team of forex experts who review numerous brokers in more than 70 aspects to evaluate their effectiveness in driving traders' profitability. We follow the complete procedure of signing up, analyzing securities, making the first trade, and withdrawing profits to give a holistic view to our readers.
After a thorough evaluation of Tickmill, we can rank it as a safe broker for your trading investments; Tickmills' trading bots are customer favorites, and their trading history can help you minimize risks and increase your returns. The trading costs are market competitive, and you won't have difficulty churning profits.
However, the market offerings were worrying for us; they have limited cryptocurrencies, stocks, and forex trading pairs. It can be difficult for investors to diversify their investments or protect against losses if the market faces some shocks. There is a lot more to know about Tickmill's offerings and let's start their detailed review.
What is Tickmill?
Tickmill was founded in 2015 and is owned by the Tickmill Group; they have multiple headquarters across various regions around the world. Each headquarter complies with the selective regulatory body that makes their services highly reliable.
Tickmill Group of companies has obtained licenses from leading brokers across the European regions; their licenses include FCA, Cysec, FSA Seychelles, and FSCA in South Africa.
Tickmill’s license credentials are among the strongest in their operating regions; FCA licenses are difficult to obtain, and most brokers tend to avoid them.
The FCA license speaks volumes about Tickmill’s credibility and suggests it to be a reliable hub for investors. Their licenses also come with huge compensation reserves that prevent Tickmill from entering risky markets and keep investors’ funds safe.
Tickmill allows you to trade up to 62 Forex currencies, stocks, indices, oils, metal commodities, bonds, and crypto; they have five different trading platforms to suit varying trading needs.
The Metatrader 4/5 can be used by expert traders to evaluate multiple securities simultaneously; the Tickmill mobile app allows research and trading on the go. They also offer a unique web trader and Metatrader for Mac.
Tickmill’s popularity amongst novice traders is mainly due to its educational platforms; Tickmill has an impressive collection of trading lectures and content that can help new traders start their journey.
We are excited to see brokers focusing on educating traders about the markets before luring them into making more trades.
Advantages and Disadvantages of Trading with Tickmill
Benefits of Trading with Tickmill
Tickmill has impressed us with its amazing educational resources, security, trading platforms, and technical tools. The most important factor in a broker’s analysis is their trading license; they describe a broker’s legitimacy and whether investors should trust them with their investment.
Tickmill has a license from the FCA, Cysec, FSA, and FSCA that makes them a highly credible hub for your investment; they also maintain a compensation fund based on regulatory requirements that can back traders if Tickmill defaults.
They have more than ten different types of resources for traders to learn; if you learn better from video, they have a detailed series of videos describing how to trade using technical indicators on Tickmill; similarly, they publish regular trading books that talk about changing market conditions, new trading concepts, and developing trader’s mindset.
They can come in handy for new traders who aren’t sure about market fluctuations. They also offer market signals, insights, technical analysis, and webinars for traders to learn about new market conditions.
We always advise our students to learn the basics before putting their investment at stake; technical tools play an important role in analyzing a security’s movement. Tickmill is a good choice if you follow the same principle.
They have detailed trading tools that can help you assess security in multiple dimensions before entering a trade; they also offer an exclusive Tickmill community, where you can receive and share the latest news, insights, and updates about the investment markets.
Tickmill has also earned recent popularity due to Pelican Trading, an exclusive social trading app that allows you to follow trading bots or expert trading strategies. It is handy for new traders looking to set their steps in the trading world.
You can also use Pelican trading to ask 1-1 questions with an expert and get their insights about your trading strategies. We loved the network-building feature in Tickmill’s mobile app; it lets you connect with like-minded traders and learn from others’ experiences.
Tickmill Pros and Cons
- Pelican trading helps passive traders
- Technical tools allow a comprehensive analysis
- $30 Welcome bonus with other cashback.
- Easy digital sign-up
- Spreads may rise unexpectedly for some pairs
- Withdrawal can be complex for some regions
Analysis of the Main Features of Tickmill
2.8 Overall Rating
2.7 Execution of Orders
2.8 Investment Instruments
2.9 Withdrawal Speed
3.0 Customer Support
2.6 Variety of Instruments
2.6 Trading Platform
Tickmill Customer Reviews
Customer reviews have undeniable importance in the trading world; existing customers have a real-time understanding of a broker’s services, reliability, and support in dynamic market conditions.
We appreciate Tickmill’s approach towards customer reviews; they have responded to the criticism and have helped traders overcome their problems with the broker.
Tickmill’s customers have shown trust in their services and feel accomplished as a part of their trading ecosystem. They have lately received positive reviews and maintain over 75% positive ratings on TrustPilot.
Existing traders appreciate Tickmill’s low trading costs and reliable market insights; they suggest the low costs have helped them make profits with low-margin trades.
Regular customers also appreciate the customer service response of Tickmill; they have regarded the customer reps as ‘experienced, knowledgeable, and supportive.
Tickmill’s customer services help traders with technical queries and platform problems; they understand the trading atmosphere and provide quick advice.
In the sea of positive reviews, Tickmill has also received negative feedback about its withdrawal policy. A customer review mentioned that his withdrawal was delayed as his withdrawal application was filed from a different email than the one he had signed up for.
Although we don’t mind an additional security check for fund safety, investors don’t like facing such problems in their withdrawals.
Tickmill Spreads, Fees, and Commissions
Tickmill’s remarkable cost structure helps traders keep most of their profits. The spreads start from 0 pips per lot and stay under one pip for major currency pairs. The USDGBP pair has a minimum spread of 0 pips, typically trading at 0.3 pips.
Similarly, the USDJPY pair has a typical spread of 0.1 pip, while the EURUSD pair is typically traded with a pip of 0.1 pip. T
The rates are market beaters, and most brokers offer rates significantly higher than Tickmill. For instance, RoboForex has a typical spread of 1.3 spreads for EURUSD pairs and 1.6 pips for GBPUSD pairs.
Tickmill’s other non-popular pair spreads may be at par with other brokers. We believe the low spreads offer a great opportunity for regular traders to maximize their returns with low costs.
Tickmill also charges swap fees for overnight trades; the swap fees vary based on market timings and may differ regularly. Hence, you must keep a close eye on the variations to avoid losing money rapidly.
Unlike other brokers, Tickmill doesn’t offer a cent or low deposit account; their minimum deposit is $100 for any account type. The classic account has spread starting from 1.6 pips but doesn’t charge a commission.
How Tickmill Fees Compare to other Brokers
|CFD Commission Fees
Tickmill’s services and offerings were impressive to us; however, we believe they can expand their retail investor accounts to suit more traders.
They offer four account types with a minimum deposit of $100.
- Pro accounts: a pro account is designed for professional traders looking to trade readily in global markets; the account comes with a 0.0 pip minimum spread, but a 0.002% commission is charged per trade.
It gives you access to all five trading platforms and can trade up to 62 different assets and securities. The minimum lot size is 0.01, and you can avail of a max leverage of 1:500.
- VIP account: it is designed for high capital investors who maintain a minimum balance of $50000 in their wallets; it comes with 0.0 minimum pip, but a 0.001% commission is charged on each side.
The maximum leverage for a VIP account is 1:500 with a minimum lot size of 0.01. You can access all trading tools and features with a VIP account or select an investment strategy to manage your capital.
- The classic account: is designed for everyday traders looking to find early success in the trading world. Although it has a minimum deposit of $100, its services are designed to suit your earlier steps.
Traders aren’t charged a commission for their trades but have to pay spreads starting from 1.6 pips. You can use the pelican trading with the classic account to use copy trading features; all other trading platforms are also available.
Selecting the right trading account is a perplexing task, but it must be done right to avoid any problems in the future. We always advise investors to have a comprehensive analysis before signing up for an account.
Tickmill Pro account can be connected to a multi-manager that lets two different users control account transactions; it is helpful for trading teams working on a project.
Similarly, you can sign up for a swap-free account from your classic account; it is an Islamic account that complies with the sharia law. The swap fees aren’t charged from the account but can lead to higher administrative expenses.
Further, investors can start their trading journey with a free demo account; it allows them to use real-time trading platforms and get comfortable with market fluctuations.
How To Open Your Account?
Tickmill has a relatively simple sign-up procedure for its retail investor accounts; the details required may vary based on your regional legislation. For instance, the Seychelles financial services authority requires different KYC documents than other leading bodies; therefore, you may be required to present additional document requirements than mentioned here.
You can start the account sign-up procedure by heading to their official website and clicking the ‘create account button at the top right.
It will take you to the main form, where you can sign up to start the application. The form will require your active email, name, and phone number to set up a registration account.
Next, you will be presented with another form requiring your details, such as country of residence, communication language, account type, etc.
Once you’ve filled in the details, the application will be sent to Tickmill’s server, and usually, they will provide your login credentials within 24-48 hours. Unlike similar brokers, their application process is digital that is straightforward for most users.
Tick Mills offers three different methods: wire transfer, e-wallet, and cryptocurrency. You can use the credentials to log into any of Tickmill’s platforms; you’d be required to make the minimum deposit based on your account type.
Once you have completed the deposit, you can start trading with Tickmill Uk ltd. Overall, the process was similar to other brokers, but we don’t think Tickmill should change it for undue complexities.
What Can You Trade on Tickmill
Tickmill has several asset classes, but most offer a limited scope. For instance, they offer forex trading pairs in up to 62 currencies, but other leading brokers may offer pairs as high as 200.
Other brokers also allow CFDs on forex pairs, so investors get additional diversification opportunities. Roboforex, a competitor, offers about 12000 CFDs for investors.
Other than Forex, Tickmill lets investors trade in stock indices, oil, precious metals, cryptocurrencies, and other similar assets. However, like forex trading, the other asset classes also have a limited range, and users can only trade about ten different cryptocurrencies.
A low range is often risky as an investor’s portfolio is distributed in a narrow range, and accounts lose money if market conditions change.
Nonetheless, investors can limit their risks by using insights, experts’ ideas, and educational resources offered by Tickmill; their resources can assist traders in making a profit from a rising or falling market.
You can use either of the trading platforms to trade in Tickmill’s asset classes; however, the technical and fundamental analysis can only be done through desktop-based platforms.
Tickmill Customer Support
Retail clients need a good customer support system to avoid losses due to technical glitches; therefore, we advise traders to evaluate customer service independently before signing up.
Tickmill customer support has received praise from their existing customers, and we can infer a great experience with them. You can connect with Tickmill through live chat, email, phone, or social channels. Usually, the fastest method to connect with the forex broker is by phone, but you may need to write an email for important actions.
Social channels are good for knowing the starting steps, such as bank transfers, account types, etc.
Similarly, live chat is better for resolving queries about trading platforms or technical glitches. Usually, the time taken for an email response is between 24-48 working hours; the email service is inactive during non-weekdays, and clients may face a delayed response.
The phone and live chat services are usually open based on the agent’s availability. You can connect with them to resolve your queries and find solutions for technical glitches.
They can provide workable answers to confusing questions. Overall, we were impressed by their customer support; they have proven knowledge about the trading application and ecosystem.
Tickmill has also introduced an exclusive way to connect new traders with forex experts; Tickmill trader’s club allows users to communicate with a community of novice and expert traders.
These interactions help traders learn about the trading platforms and find a helping hand for their amateur steps. We appreciate the move by Tickmill to help young traders, but traders should also be cautious of paying any expert who may scam them.
Advantages and Disadvantages of Tickmill Customer Support
|3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles
Phone: +44 203 608 2100
Security for Investors
Withdrawal Options and Fees
Withdrawal policies vary for different regions, mainly because some regulatory bodies have complex legal requirements that must be fulfilled compared to others.
Tickmill’s withdrawal policy has been accused of redundancy lately; users have suggested their funds were withheld for minor differences in their name and dates. A user’s withdrawal wasn’t made because he mailed from a different email than he initially mentioned.
Besides a few lapses, we liked their withdrawal policies, which are better than most other brokers. Although most brokers complying with the AML policy would transfer the amount to and from the source account, Tickmill has revolutionized the policy to help traders.
You will only need to withdraw the deposited fund in your source account, while the rest can be withdrawn in a separate account. For instance, you will only need to return the $350 deposited to your source account. The remaining 650$ of your $1000 can be transferred to another account.
Users get three different methods to withdraw money: bank transfer, crypto wallets, or MasterCard/Visa transfer; each method requires a minimum withdrawal of $25, but Tickmill charges no withdrawal fee.
The timing will vary for each method; crypto transfers are the fastest, but they include multiple confirmations before the transfer proceeds. Similarly, the MasterCard/visa transfer is instant too.
Although Tickmill doesn’t charge a commission on your withdrawal, your payment intermediary may still charge a percentage for the transfer. We think Tickmill should include a few more transfer means to their withdrawal options to assist a wider audience; they should also follow Avatrade and other leading brokers by reducing the limit for withdrawal amount.
Tickmill Vs Other Brokers
Avatrade is amongst the most popular brokers in the US, but Tickmill’s latest growth has put them right behind Avatrade. Tickmill has about 250000 active users across its various platforms, but Avatrade is slightly ahead with 420k users.
Avatrade and Tickmill have similar licenses; Tickmill has obtained licenses from the FCA/FSA/FSCA, while AvaTrade also has multiple tier 1-2 trading licenses in its active regions; Avatrade gets the lead in reliability solely based on their long 15 years history.
The brokers have a close contest regarding fee charges, and we can’t suggest a clear winner. Avatrade offers pips starting from 0 for its professional accounts, and their commissions are about 0.003%.
Similarly, Tickmill also offers 0 pip trades for some forex pairs and their spreads for popular currency are significantly lower than the industry; they have a lower commission of 0.002%. Nonetheless, Avatrade is a better option for low-capital investors as they charge a lesser spread on the less popular currency.
If we look at their trading platforms, both brokers offer MT4/5, mobile trading apps, and copy trading features; therefore, we can’t find a significant difference in their offerings.
However, Tickmill also provides comprehensive technical tools for technical analysis that can help users with better research; they also have an exclusive trading club where traders can communicate with each other and discuss their insights.
So far, we can’t determine the best choice between the two brokers, but Avatrade has a clear edge in its range of asset classes. Avatrade offers up to 200 forex currency pairs, and you can use the platform for trading CFDs, unlike Tickmill.
Based on the comparison, our recommendation would go towards Avatrade due to its exceptional reliability, better asset classes, and good support system.
Roboforex is another popular broker in the European region, and their trading bots have been their unique selling point. Tickmill is a common alternative for Roboforex as they also have comprehensive trading and investment programs through pelican trading.
If we look at their trading license, Tickmill takes an edge against Roboforex; the former has obtained licenses from multiple tier 1 and 2 regulatory bodies, while Roboforex has only two trading licenses from FSA Belize and Cysec.
However, Roboforex has been operating for over two decades and has an established audience, so we can’t call them any less reliable.
Tickmill and Roboforex offer zero-pip trading; the commission charges for ECN accounts are lower for Tickmill compared to Roboforex. Roboforex charges about 0.0035%/each side, but Tickmill sets it significantly lower at 0.002%.
Nonetheless, Roboforex takes the lead in spreads on regular accounts; Although Tickmill has tight spreads on popular currencies, the spreads of less-popular currencies are significantly higher, making it impossible to profit.
Roboforex has better trading platforms than Tickmill; users have often called Tickmill’s mobile trading platform obsolete and limited; however, Roboforex uses MT4/5 mobile trading apps that have diverse options to suit the varying needs of every trader.
However, the main difference between the two brokers is their range of assets; Tickmill’s asset choices were disappointing for us, and they don’t allow effective diversification to minimize risks. Roboforex, on the contrary, has access to more than 50 global markets where you can trade CFDs, oils, and precious metals alongside other common offerings such as Forex.
Roboforex also gets a lead by offering multiple account types with cheaper minimum deposit requirements. You can get a forex account for as low as $10 with Roboforex; however, unlike other forex companies, Tickmill requires a minimum deposit of $100 which is more than new investors would like to start with.
In our viewpoint, Tickmill’s main standout feature is their Uk financial conduct authority license, but with Roboforex’s reputation, we don’t think investors should doubt their legitimacy.
Alpari and Tickmill are significantly different brokers; while Tickmill focuses more on professional traders, Alpari has its services spread evenly for various trading segments.
Alpari started in 2009 and has amassed an audience of more than 2 million; it is based in SVG and operates with an FCA SVG license. Comparatively, Tickmill has a fraction of the user base, but its extended licenses overpower Alpari’s SVG license.
Alpari offers diverse account types for everyday traders; They have an ECN account for expert traders and also provide cent accounts to assist new traders in starting their trading journey. They also offer swap-free and corporate accounts.
Tickmill doesn’t have similar diversity in their account types, but they still provide an Islamic and multi-manager account.
Alpari and Tcikmill have similar trading costs, but we feel Alpari’s long-run costs will be higher for everyday traders. The spreads for Tickmill’s popular pairs are market beaters, and you would rarely find a typical spread of 0.1 pip for USD JPY pair with any other broker.
Tickmill also has a lead in terms of their technical tools and client toolkits; their pelican trading has been a customer favorite, and it allows traders to copy expert trading strategies or follow AI bots; Although Alpari offers trading strategies and investment programs, they haven’t produced the best results for their clients.
Our recommendation for everyday traders will be Tickmill; its advanced trading platforms and tools will help them practice their trading strategies and excel in the investment world. A Tickmill account also comes with an additional $30 bonus that can give you a headstart in your investment world.
How Tickmill Trading Options Compare against other Brokers
Conclusion: Tickmill Review
Tickmill has been a popular choice amongst passive traders; their unique platforms and low spreads help traders generate consistent profitability. Tickmill has an attractive cost structure for forex trading, but clients may face high spreads if they choose to trade in less popular pairs.
The trading platforms are easy-to-use, and Tickmill has uploaded separate tutorials to assist you in using their features. Overall, we can rely on Tickmill’s services and recommend it to new and expert traders. Its amazing features are unique and exclusive, which gives its traders an edge against other brokers.
However, Tickmill hasn’t catered its services to low capital investors; their minimum lot size is 0.01, while other brokers offer micro lots that can be traded with minimal investments.
Tickmill’s customer support is reliable; they are prompt in their response, and any user can confidently seek their help to solve their trading account problems. However, you may find difficulty in reaching them during weekends or public holidays.
We ensured our review covered Tickmill from multiple dimensions and provided a holistic view of their services; if you’ve decided to opt for their services, you should hurry up, as they’re offering a $30 welcome discount.
Tickmill Review FAQs
Is Tickmill a trusted broker?
Tickmill has received positive reviews from its users and maintained a 75% positive rating on TrustPilot; the PR team interacts with the reviewers and helps them overcome any difficulty. We couldn’t find any negative reports about fraud or scams.
The company has several tier 1 and 2 licenses and maintains compensation funds as per regulatory requirements; hence, investors shouldn’t worry about losing their investment with Tickmill.
What is the minimum deposit in Tickmill?
Unlike other brokers, Tickmill doesn’t offer cent accounts, and their minimum deposit requirements are higher than most brokers. You’d need a deposit of $100 to sign up for pro and VIP accounts.
Does Tickmill charge a commission?
Like other brokers, Tickmill has commissioned and spread accounts; the classic account has no commission, but it charges spreads starting from 1.6 pips. The commission rate for pro and VIP accounts is 0.002% and 0.001%, respectively, but their pip spreads start from 0 pips.