TickMill Broker Review
TickMill Broker Review
Established:
2014
Location:
UK
Regulation:
FCA, FSA, CySEC
Review Summary
Founded in 2014, TickMill is a global online forex and CFD broker. It is regulated by several regulators globally, including the tier-1 UK’s Financial Conduct Authority (FCA). As such, it is considered a safe online broker. The broker is driven by innovation and unique experiences for traders.
Fees
Fees on TickMill vary depending on the account type. On the platform, there are three accounts, which are the Classic, Pro, and VIP accounts. For the VIP and Classic traders, the pricing is competitive with those offered by the best brokers in the industry.
Classic Account
With a Classic Account, there is no commission charged for trades. Instead, traders only pay the bid/ask spread. Average spreads using this account tend to be higher compared to using the other two account types.
Pro Account
With a Pro account, there is a per-trade commission added to lower prevailing spreads. With the low commission rate, a Pro account is ideal for most traders when compared to a Classic Account. The reason is that spreads are inherently lower, and there are 75 instruments that include 62 currency pairs accessible via this account.
VIP Account
The VIP Account is very similar to the Pro account. However, there is a difference. The VIP account has a minimum balance requirement of $50,000 to trigger the low commission of $1 per standard lot of 100K units or $2 per Round-Turn (RT). When it comes to the Pro account, the pricing is similar with an RT commission set at $4 per round-turn standard lot. With a Pro account, you need to make a minimum deposit of just $100.
The spread is around 0.13 pips for the Pro Account for the EUR/USD pair, while the all-in cost is around 0.53 pips when the RT commission equivalent of 0.4 pips is factored in. It is worth noting that TickMill records spread data during normal market conditions, during times of narrower spreads.
Active Trader Discounts
There are three tiers for active traders on TickMill. Rebates begin at $0.25 per standard lot for up to 1000 standard lots a month, to as much as $0.75 as tier-3 for those who trade over 3001 standard lots a month.
Regulation and Fund security
TickMill is regulated in numerous jurisdictions around the world. It is regulated by the UK’s FCA, which is a tier-1 regulator. It is also regulated by Seychelles’ FSA, which is a respected regulator around the world. Finally, the broker has a license for TickMill Europe, its European entity, from CySEC. Besides being highly regulated, TickMill has received awards from peers in the sector for its exceptional platform. For instance, it received Best CFD Broker Asia 2019 from the International Business Magazine, and the Best Forex CFD Provider 2019 from Online Personal Wealth Awards.
Account Types
TickMill supports three live account types in addition to a demo account. While there are many differences between the account types, the main difference is in the initial deposit requirement. Here is a breakdown of TickMill’s account types:
Demo Account
The Demo account is offered to all new traders and it will remain open unless the user does not log in for seven consecutive days.
Classic Account
This entry-level account requires a user to make a minimum deposit of $100. Like all TickMill accounts, it is offered as a swap-free Islamic account. Spreads begin at 1.6 pips with a maximum leverage of 1:500. Classic is the only account that uses wider spreads instead of charging a commission on trades.
Pro Account
The Pro Account is also offered as a swap-free Islamic option. Users need to make a minimum deposit amount of $100 to access this account that is designed for professional traders. It comes with tight spreads in exchange for a commission of $2 per side per standard lot (100K) traded. The commission charged and the structure used are industry-standard and in line with what other STP brokers charge clients for similar services.
VIP Account
A VIP Account is also offered with a swap-free Islamic option. It is designed for high-volume traders and it requires a $50,000 minimum deposit to set up. The commission is reduced to $1 per side per standard lot (100K) trades, which makes trading highly profitable. It is a great account for high-volume professional traders.
Investment Products/Trading instruments
On TickMill, traders have access to 85 tradable products, a large chunk of what is offered on TickMill is currency pairs. There are also about a dozen CFDs, bonds, and metals. Traders also have access to cryptocurrency trading via CFDs.
Trading Platforms
Traders using TickMill get access to the popular MT4 forex trading platform as well several other trading platforms. Here is a breakdown of all the platforms offered by TickMill to traders.
MT4
MT4 is one of the most widely recognized trading platforms in the world. It is a user-friendly platform that also happens to be highly customizable. MT4 features numerous sophisticated order management tools which control positions efficiently and quickly.
The MT4 platform is a favorite of traders in the forex world. It is easy to use and comes with various enhanced charting features, indicators, and support for MQL language. With MT4, users can easily program indicators and Expert Advisors that allow them to trade the Forex market 24/5 without any human intervention.
MT5
Besides the MT4 platform, traders can now access the upgraded MT5 platform. It offers all functionality of the MT4 platform including Copy Trading, Expert Advisor integration, Trading Robots, and more. MT5 comes with over 38 integrated indicators, 21 timeframes, and multiple customizable charts. Additionally, it comes with an in-built Economic Calendar.
WebTrader
WebTrade is a web-based platform offered by TickMill. It does not require traders to download any software to their devices. Instead, the entire trading platform is accessible via a web browser. Traders can access all the trading instruments offered by TickMill via the browser.
MetaTrader 4 for Mac Users
MT4 was initially built for Windows devices. As a result, it cannot run natively on Mac devices. To deal with this issue TickMill has created a comprehensive guide on how to use MT4 on Mac devices.
Webinar, seminars, educational material
eBooks
When it comes to educational material, TickMill has an excellent collection. One of the main education materials on TickMill is the downloadable collection of e-books. These e-books cover several areas including how to conduct technical analysis, a guide on trading costs, and more.
Webinars
Besides eBooks, there is an excellent collection of webinars on TickMill. The latest webinars are uploaded to the website. For those who wish to view webinars on past topics, they can visit the TickMill YouTube Channel. Webinars are a useful tool to gain insight into how the markets work, especially for beginners. These webinars are offered in English, Arabic, Italian, and German.
Seminars
Another resource that is offered by TickMill is seminars. Users are invited to attend seminars, which take place in various places around the world. During these seminars, various influential voices from around the world are invited to address the audience. There is usually a Q&A session at these seminars. During these sessions, attendees have the opportunity to ask burning questions regarding the trading world. These seminars are usually free to attend.
Video Tutorials
The video tutorials offered by TickMill are designed for absolute beginners in the trading world. These videos explain everything using simple-to-understand language with clear animations. The goal is to ensure that everyone, even those with no idea of how forex CFD trading works can gain a clear understanding of the sector.
Infographics
On top of great webinars and video tutorials, TickMill simplifies the process further with infographics. These are designed to give the clearest explanation of everything regarding the trading world. Both beginner and experienced traders will find these infographics quite useful.
Forex Glossary
Finally, the platform offers a comprehensive forex glossary that breaks down all complex terms used within the forex markets.
Customer Support
Customer support is offered in English, Russian, Indonesian, Chinese, Spanish, German, Polish, Italian, Portuguese, Vietnamese, Spanish, and many other languages. Support is offered from Monday to Friday from 7:00 – 16:00 GMT. The customer support team can also be contacted via the contact form on the platform. Additionally, users can send an email to support@tickmill.com. Emails will be responded to within 24 hours. Additionally, they can call customer support using one of the listed phone numbers.
Active Bonus and Promotions
There are several bonuses and promotions on TickMill. These are:
Welcome Bonus
New traders receive a $30 welcome bonus. Any profit a trader makes with this account is theirs to keep.
Trader of the Month
This is a monthly contest where the trader with the best results receives a $1000 reward.
Tickmill’s NFP machine
Every week, TickMill selects an instrument in the NFP. The task of traders is to guess its cost. The lucky one who gets the exact amount gets $500 in their trading account. If no one gets it right, the closest one will get an award of $200.
Get Paid to Trade!
With this promotion, traders get a rebate on their trading volume. The program has three tiers. In the first tier, traders who trade between 0-1000 lots will get $0.25 per standard lot traded.
In the second tier, those who trade 1001-3000 lots will receive $0.50 per standard lot traded.
In the third tier, those who trade 3001 and above earn $0.75 per standard lot traded.
How to open an account
Creating an account on TickMill is an easy process. Here are steps to follow:
Step 1: Register
Visit the TickMill Home Page and click on “Join Us”
Fill in the required registration fields with your personal data and trading expertise in the Client Area registration.
Step 2: Verify Your Profile
Login to the Client Area and upload the required documents to verify your profile. These are the proof of identity and proof of address documents.
Step 3: Create and Fund Your Account
Open a trading account and deposit funds using one of the secure payment options supported on the platform.
Step 4: Download a Platform
Once you have an account with funds in it, you can choose one of the trading platforms to download. This could be MT4 or MT5. You can then begin your trading journey.
Conclusion
TickMill has been around since 2014 and it is regulated by the UK’s FCA. That is a sign they are doing something right. The online broker offers its services to over 160,000 clients and is growing. Thus far, most reviews on this broker have been positive online. Its list of tradable instruments continues to grow, and it offers great fees and commissions for clients. For those looking for a respected, regulated, and reliable broker, TickMill would be a great option.