Tickmill Review: A Reasonable Trading Solution

Tickmill Review

It is true that technology has brought about many changes in different industries and this also applies to trading. You no longer need to physically go to the market as the market can come right into your home via the internet, but there is one thing that has remained consistent; you still need a broker to buy and sell the instrument of your choice. It doesn’t matter which asset you decide to trade, the services of a broker are a must. But, finding a trustworthy and reliable broker is more important than ever because the number of scams is on the rise. Obviously, you would rather be safe than sorry, which means finding a reasonable solution. This is exactly what you get with TickMill.

Founded in 2014, TickMill is a no-dealing desk (NDD) and electronic communication network (ECN) broker that offers its clients the option to trade diverse financial trading instruments. You will be able to trade Contract for Difference (CFDs) for more than 62 currency pairs, 15 stock indices, precious metals, WTI, bonds and also cryptocurrency. The brokerage is actually the registered business name of the company TickMill UK Limited. This company is licensed and regulated by the Financial Conduct Authority (FCA).

There is no doubt that the FCA is one of the most reputable and renowned financial global watchdogs. Brokers that are regulated by the FCA are required to keep their client funds in segregated accounts, which means they are separate from the operating funds of the company. It is also a requirement for brokers to maintain net tangible assets that amount to at least EUR 730,000, which serves as proof of their financial stability. In addition, UK brokers are also required to follow the rules on leverage outlined by ESMA, along with provision of negative balance protection, trading incentives and more.

Most importantly, brokers that are regulated by the FCA are also covered by the Financial Services Compensation Scheme (FSCS). If the broker becomes insolvent, a maximum compensation of GBP 50,000 is paid to every client. Hence, the fact that TickMill is regulated by the FCA is certainly a plus. But, this is not all. The broker has its base in Seychelles where it is regulated by the Seychelles Financial Services Authority (FSA). The brokerage began by offering retail broker services, but by 2015, it had started IB (Introducing Broker) program, CFD trade as well as VIP accounts.

Trading Platform

Like many other forex brokers, the primary trading platform that TickMill has offered to its customers is none other than MetaTrader 4 (MT4), which is available for Mac and Windows PCs, web versions and also Android and iOS devices. The MT4 is a popular choice of traders because its interface is quite user-friendly, it has a highly developed back-testing environment, an advanced charting package, a wide array of technical indicators and also the support of Expert Advisors (EAs). The broker also VPS service, which allows traders to install EA applications they prefer and they can run them without having to turn on their PCs.

MyFXBook services is another feature you get with TickMill that provides you with innovative trade choices via a copy trading platform called AutoTrade. Copy trading is a very interesting feature because it gives you the option of copying positions from other investors in the market.

Account Types and Options

There are two basic account types that you will come across on TickMill. Both use the MT4 trading platform and their market execution speeds are around 0.3 seconds. You can also benefit from variable spreads, leverage of 1:500 and micro-tradable lots. The classic account that you can open is commission free. There is a Pro ECN account that carries a small commission and offers tight spreads, as opposed to the classic account.

TickMill also provides the option of VIP accounts, which are aimed at traders who are willing to invest more than $50,000. You will find custom approaches in this account and the commission fee is even lower. The spreads are considerably lower than what you would get in the PRO account and the charges are around $1.6 per side for every lot. This makes it an excellent account option for active traders because it has high deposit requirements. TickMill also offers Personal Multi-account manager (PAMM) accounts as the MAM accounts provide a great opportunity to professional money managers to trade on behalf of their clients. The minimum deposit requirement for the MAM accounts is $5,000.

Another good thing about the broker is that it gives its clients the option of opening Islamic accounts that comply with Sharia law. These are provided for clients that don’t wish to earn interest on their money because of religious reasons.

Deposit and Withdrawal Options

One of the best things about TickMill is that it doesn’t charge any fee for deposits or withdrawals. When you wish to start trading via TickMill, you just need to deposit a sum of $100. This is regarded as an attractive offer, considering the fact that it comes from a broker regulated by the FCA. Deposits that start at $5,000 have to be made through bank transfer. The broker also deals with transaction fee of up to $100 via their support team. There are several deposit options that traders will come across when they decide to use TickMill and you can use one as per your convenience.

As mentioned above, bank wire transfer can be used. You can also go with debit and credit cards, including both MasterCard and Visa. E-wallets are also available, including Skrill and Neteller, and you can opt for one as per your preference. No matter which method you use, the processing time is very quick. One thing to remember is that you should use the same option for withdrawing money as for depositing. Also, TickMill does not accept payments from third parties.

Conclusion

TickMill is a reputable forex and CFD broker that has attractive trading conditions and strong regulation. With great spreads and the MT4 platform, it is a good place to start your trading journey.

Author: Melanie Young

Leave a Reply

Your email address will not be published. Required fields are marked *