Tickmill is a broker firm that offers clients CFDs (Contracts for Difference) for trades in cryptocurrency, forex, stock indices, bonds and precious metals. Its base is in Seychelles, with two agencies regulate it, the FCA (Financial Conduct Authority) and FSA (Seychelles Financial Services Authority), and it has a global client base.
Who is behind Tickmill?
The company has its retail business connecting to Armada Markets. Founded in August 2014 by the current shareholders of the company, it started with retail broker services.
The company started CFD trade, IB (Introducing Broker) program and VIP accounts from 2015.
What trading does it offer?
TickMill is an ECN (Electronic Communication Network) and NDD (No Dealing Desk) broker. They give trade services in various financial items, and they are active in the Middle East, Africa and Asia.
You can begin to trade on the platform with minimum deposits of $25. This is not bad, considering that it comes from a FCA-licensed broker. You can also trade in the following commodities on the platform aside from forex (64 currency pairs) – stock indices, precious metals, cryptocurrencies and bonds.
Trading platforms on the site
Similar to many forex brokers, the main platform that the site supports is MT4, which is available for Windows and Mac PCs, as well as iOS and Android devices, and web versions.
Most investors prefer using MT4 as a fore trading platform, due to its interface being user-friendly, its advanced charting package, the highly developed back-test environment, a variety of technical indicators, and the support for EAs (Expert Advisers).
You can get VPS service with them as well, and this allows traders to install the EA applications that they want and run them permanently without needing their PCs to stay on.
TickMill also provides MyFXBook services, which provide clients with innovative trade choices, all through the AutoTrade platform, a copy-trading platform.
Copy trading platforms
This is a form of trade allowing for traders within financial markets to copy positions from a selected investor. This usually happens within the situation of social trading networks.
This is different from mirror trades, which allows traders to copy specified strategies, as well as other traders’ funds to their own account. The trader that is copying the position can retain the power to disconnect any copied trades and manage them as a new position.
All this leads to the development of a new variety of investment portfolio, one that experts from the industry term people-based portfolios.
A point to note: Variable vs. fixed spreads
There are two kinds of spreads in the forex market scene – floating/variable spreads, and fixed. For the case of fixed spreads, these give the trader more assurance when trading because their rates do not change as much and they tend to have wider pips than variable spreads.
Fixed spreads give about two or three pips, while variable spreads can vary from zero pips to whatever the broker and market conditions dictate.
In recent times, the popularity of variable spreads is increasing, due to the high rates of returns they offer when favorable major events occur. However, the forex trade platforms now put caps on variable spreads to minimize losses for traders.
Account types present on the site
1. The site offers users two basic account types, all which use MetaTrader 4 platform, while giving market execution that has speeds of 0.3 seconds. There is also an advantage of 1:500, variable spreads, and micro-tradable lots.
The classic account is commission-free
The Pro ECN account has small commission fees and tight spreads compared to the classic account. It also charges $2 per side per 100K or 1 standard lot, and the amount added to the lower prevailing spreads that have a usual spread of 0.2 pips for EUR/USD.
2. There are VIP accounts as well, and this caters to clients with account balances greater than $50,000. It offers lower commission fees and custom approaches as well. The charges can be up to $1.6 per side for each lot, while the spreads are likely lower than the PRO account. This makes this account option beneficial for very active traders, since the deposit requirements are higher.
3. You can get Personal Multi-account Manager (PAMM) accounts; while the MAM accounts give professional money managers the opportunity to trade on behalf of their clients, in addition to execute blocking trades on multiple accounts through a master account. The minimum deposit on MAM accounts is $5,000.
4. Islamic accounts comply with Sharia law, and are available to clients that do not want to earn interest on their money for religious reasons.
Deposit and withdrawal options
There are no fees for withdrawals and deposits. All deposits that begin from $5,000 go through procedures of bank wire transfer, and they are additional to the company’s Zero Fees Policy. The company also takes care of your transaction fees for up to $100 or equivalent amounts (if using different currency) through their support team.
Depending on the country you live in, you can explore several deposit and withdrawal options:
Barclays Bank (Bank transfer) – there is no commission on deposits, and it covers four currencies: the EUR, USD, GBP and PLN. The minimum deposit is 25 and withdrawal is 10.
Skrill – four currencies are on the site, same as the ones in the bank transfer option. The conditions are similar to bank transfers though the deposit processing time is instant in most cases.
MasterCard and Visa – the same as Skrill option.
Neteller – same conditions as above.
UnionPay – only available for Seychelles clients, and FSA regulates it. The currency on the platform is the Yuan. Minimum deposit is 150 CNY while the withdrawal minimum is 50 CNY. There is instant processing of deposits.
FasaPay – this is only available for Seychelles clients, and the FSA regulates it. It accepts USD and IDR (Rupees), while the minimum deposit is $25 or 25,000 IRP. The withdrawal minimum is $10 or 10,000 IRP. Processing time for deposits is between one and two hours.
DotPay – the currency is the PLN (Polish Zloty). Deposit minimum is 100 PLN while withdrawal amount is 50 PLN.
NganLuong.vn – like the previous two options, it is only available for Seychelles clients. The currency is the VND (Vietnamese Dong), deposits being at least 500,000 VND and withdrawals being at least 200,000 VND.
For all these methods, the processing of transactions is fast, regardless of whether it is deposits or withdrawals.
The platform does not accept payments made through third parties, while for withdrawal payments they will always use the payment method you used for depositing money.
Commission and bonuses
Maximum advantage rates are 1:500. This might be high, relative to other brokers that the FCA regulates.
Has FCA regulation
It comes with an ECN trading environment, in addition to competitive pricing structures
Has low initial deposit and high leverage levels (compared to other sites)
MT4 platform is available
Has low commission rates in both VIP and PRO accounts
It allows for agency execution
It has few trading platforms and options to explore
The research part is light on content
The VIP accounts on the platform require a minimum of $50,000 for the trader to get deep discounts. This is comparable to other platforms in the Forex sector, which may charge slightly more or less. However, Tickmill goes further and offers discounts to all VIP holders that have active accounts.
The PRO account seems like the VIP account, the only difference being in costs of commission, but it remains a good choice. The classic account may not offer you much in terms of competitive pricing, so the PRO account is better in this case.