Review Transparency

Regulation & Safety

Regulation is a crucial factor when choosing a forex broker. Tickmill is regulated by two Tier-1 regulators, the Financial Conduct Authority (FCA) and the Cyprus Securities and Exchange Commission (CySEC). This signifies a high level of oversight and adherence to strict financial regulations, fostering trust and security for traders.

Negative Balance Protection

Tickmill implements negative balance protection, safeguarding traders from losses exceeding their account balance. This feature provides peace of mind, particularly for beginners or those venturing into higher-risk strategies.

Account Types

Tickmill offers a variety of account types to cater to different trading styles and risk appetites. The primary options include:

• Classic Account: This standard account offers commission-free trading with slightly wider spreads. It’s suitable for beginners or those prioritizing lower upfront costs.
• Pro Account: This account type features tighter spreads but incorporates a commission fee per trade. It caters to high-volume traders seeking lower overall trading costs.
• VIP Account: Designed for the most active traders, the VIP account boasts the tightest spreads and minimal commissions.

In my experience, the Pro account offered the best balance between cost-effectiveness and execution speed. However, the optimal choice depends on your individual trading volume and strategy.

Fees and Pricing: Understanding the Costs

Transparency in fees is essential. Tickmill’s fee structure is straightforward. Here’s a breakdown:

• Commissions: Applicable only to Pro and VIP accounts, commissions are charged per trade and vary depending on the instrument being traded.
• Spreads: This is the difference between the bid and ask price, representing the broker’s revenue. Tickmill boasts competitive spreads across various currency pairs.

Spreads

Spreads are a dynamic element, fluctuating based on market conditions. My experience revealed generally tight spreads on major currency pairs, particularly during regular trading sessions. During periods of high volatility or news releases, spreads might widen slightly. However, compared to other brokers, Tickmill’s spreads remain competitive.

Commission per Trade and per Lot

As mentioned earlier, commissions are only applicable to Pro and VIP accounts. The commission structure is transparent and varies depending on the traded instrument. Generally, commissions are relatively low, contributing to the overall cost-effectiveness of these account types.

Leverage & Margin

Leverage allows traders to amplify their potential gains (and losses). Tickmill offers varying leverage levels depending on the instrument and regulatory environment. Leverage can be manually adjusted within the platform, enabling traders to manage risk effectively.

It’s crucial to remember that higher leverage magnifies both profits and losses. Always prioritize responsible risk management practices.

Trades Execution Way

Tickmill operates as an ECN (Electronic Communication Network) broker. This model directly connects traders with other market participants, promoting transparent execution and minimizing broker intervention.

Slippage

Slippage refers to the difference between the expected and actual execution price of a trade. During my time trading with Tickmill, slippage instances were minimal and primarily occurred during periods of high volatility. Overall, order execution was smooth and reliable.

Swap Rates

Swap rates are fees charged for holding positions overnight. Tickmill offers competitive swap rates, and some accounts even offer swap-free options for Islamic traders.

Margin Call & Stop Out Levels

The stop-out level is the point at which your broker automatically closes your open positions to prevent your account from falling into negative territory. Tickmill offers a standard stop-out level with clear margin call notifications beforehand, allowing traders to take corrective action.

Trading Platforms

Tickmill provides access to the industry-standard MetaTrader 4 (MT4) platform. MT4 is a robust and user-friendly platform offering a wide range of features, including:

• Advanced charting capabilities with various technical indicators
• Automated trading through Expert Advisors (EAs)
• Backtesting strategies on historical data
• A user-friendly interface suitable for both beginners and experienced traders

While MT4 is a powerful platform, some users might find its interface dated compared to newer platforms.

Deposit & Withdrawal

Tickmill offers a variety of convenient deposit and withdrawal methods, including:

• Credit/debit cards
• Bank transfers
• E-wallets (Skrill, Neteller)

Deposits are typically processed instantly, while withdrawals may take 1-3 business days depending on the chosen method. Importantly, Tickmill prides itself on no hidden fees for deposits or withdrawals.

Minimum Deposit

Tickmill boasts a low minimum deposit requirement, making it accessible to traders with varying initial investment capital. This allows new traders to test the platform and hone their skills before committing larger sums.

Customer Support

Customer support is a vital aspect of any forex broker. Tickmill offers multilingual customer support via live chat, email, and phone. My experience with their support team was positive; they were responsive, knowledgeable, and addressed my inquiries promptly.

Educational Resources

Tickmill provides a comprehensive library of educational resources, including:

• Webinars and seminars conducted by industry experts
• Trading guides and articles covering various forex and CFD topics
• Video tutorials on platform functionalities

These resources can be valuable for beginners seeking to enhance their trading knowledge and skills.

In addition to the educational resources mentioned above, Tickmill offers a daily market analysis section with insights from experienced traders. This can be a helpful tool for staying informed about current market trends and making informed trading decisions.

Bonus Offers

Tickmill occasionally offers bonus promotions for new or existing clients. It’s advisable to check their website for any ongoing promotions that could further enhance your trading experience.

Rebates & Cashback: Earning Rewards

Tickmill offers a rebate program that rewards traders with a portion of the commission fees generated on their trades. This program incentivizes active trading and can potentially offset some trading costs.

Tickmill Vs Top Brokers

Based on my comprehensive evaluation, Tickmill emerges as a reliable and competitive forex and CFD broker. Their focus on tight spreads, ECN execution, and a user-friendly platform makes them a compelling choice for traders of all experience levels. The availability of educational resources and responsive customer support further strengthens their position. While the limited platform options might be a consideration for some, Tickmill’s overall strengths outweigh this drawback.

FAQs

Are there any restrictions on switching between account types at Tickmill?

It’s not readily apparent from their FAQs if restrictions exist on switching account types. It’s best to contact Tickmill directly to inquire about their policy on changing account types.

How does Tickmill handle order execution during periods of high volatility?

Tickmill claims “no requotes” on their website, which suggests they aim to fulfill orders at requested prices even during volatility. However, during high volatility, slippage (difference between expected and actual execution price) can occur.

Does Tickmill offer any guaranteed stop-loss execution (GSLO) for added protection against slippage?

Their FAQs don’t mention GSLO. It’s advisable to contact their support to see if they offer this feature.

Does Tickmill offer any extended customer support hours during major news events or volatile market conditions?

The FAQs don’t mention extended support hours. It’s possible they adjust support based on market conditions.

Does Tickmill allow scalping and algorithmic trading strategies?

Yes, Tickmill allow scalping, hedging, arbitrage, EAs (Expert Advisors), and algorithms on their platform.