Tickmill Review: A Global App For Trading CFD’s & Forex

July 28, 2020
Brokers
" class="img-responsive wp-image-731235 wp-post-image" alt="" />
At Yore Oyster, we strive to help you make wise financial decisions. We're committed to giving you the most relevant, actionable advice anywhere.

Tickmill is a global broker and trading application that offers a lot of options in trading CFDs and foreign currency. The application operates in 200 countries, offers 4 base currencies and is regulated by 3 regulatory authorities including the UK’s Financial Conduct Authority. The application charges no commissions and has some great research tools to guide you and train you to trade profitably. Moreover, it offers different types of accounts for different investors depending on their investment volume and horizon. This makes it a great platform to trade CFDs and Forex because it is regulated, global and helpful. Click the link below to sign up now.

We analyzed hundreds of data points relevant to the costs, benefits and features of trading with Tickmill and scored our findings on a 10-point scale across 10 distinct categories.
Fees 10
Signup Process 10
Minimum Deposit 10
Ease of Use 9
Deposit & Withdrawal Options 10
Customer Support 8
Asset Classes 7
Referral Program 0
Demo Account & Educational Resources 9
Safety & Regulation 10
Total 83

Introduction

Tickmill is a global foreign exchange (Forex) and Contract For Difference (CFD) broker, that was founded in 2014. The trading platform comes under the regulation and jurisdiction of the Financial Conduct Authority (FCA) of the UK, Cyprus Securities and Exchange Commission (CYSEC) and the Financial Services Authority of Seychelles. Tickmill is available in over 200 countries being a totally global online platform, offering basically the option to trade CFDs and forex on their platform.

Word of Caution

Dealing in CFD’s is very risky because you are trying to predict the price of an underlying asset. About 73% of consumers lose money when they invest in CFDs. Hence, you should try and only invest in CFD’s when you have good knowledge of how CFD’s work. Now let’s have a quick look at some pros and cons of using Tickmill.

Tickmill Pros & Cons

There are quite a few pros and cons associated with Tickmill. Here are a few pros:

Pros

  • Low trading and non-trading fees
  • One of the lowest forex commissions associated with trading on broker applications
  • Numerous options for deposit and withdrawal without any charges.

Cons

  • Limited to assets such as forex and CFD’s and popular type of assets such as real stocks, cryptocurrencies, ETFs and bonds are not available
  • No referral program for individual users

Now let’s take a look at some account categories that you can choose at Tickmill.

Tickmill Account Memberships

There are 3 main types of account memberships on Tickmill namely, Pro, Classic and VIP. The Pro and Classic accounts are more or less similar with slight differences in the fee structure. Here’s an overview of what each membership includes.

Tickmill Pro Account

  • Consists of a minimum deposit of $100
  • The pricing has a tight spread and it is based on nominal commissions
  • You’ll be charged a commission of $2 for every $100,000 you trade

Tickmill Classic Account

  • Consists of a minimum deposit of $100
  • The pricing has wide spreads but there are no commissions

Tickmill VIP Account

  • Requires a $50,000 minimum account balance
  • The pricing has a tight spread and it is based on nominal commissions
  • You’ll be charged a commission of $1 for every $100,000 you trade

As you can see, there are not many differences between the Pro and Classic accounts. However, the VIP account seems appropriate only for professional traders that have portfolios worth thousands of US Dollars.

Types Of Accounts In Tickmill

Independent of the type of membership you choose, there are 4 types of accounts, namely,

  • Retail account
  • Professional trader account
  • Corporate account
  • Islamic account

An issue with these account types is that these types of accounts do not have clear rules and regulations apart from the Professional accounts. Let’s have a closer look at them.

Tickmill Retail Accounts

Retail Accounts in Tickmill ltd. allow you to use leverage up to 1:500 in the UK. Tickmill Europe Ltd allows you to use maximum leverage of 1:30.

Tickmill Professional Accounts

If you come under the category of professional clients, you can trade with leverage up to 1:500 in Tickmill UK Ltd. Tickmill Europe Ltd allows you to use maximum leverage of 1:300. Please note that you are using the same app, using Tickmill Europe or Tickmill UK means that you are choosing the financial regulator of that particular region.

While you can choose between the different types of accounts, the professional account has a couple of conditions. Professional accounts require a portfolio greater than £500,000 and need to have an average number of 10 trades for every quarter in their previous 4 quarters.

Corporate & Islamic Accounts

You can also open Corporate Accounts for big trading organizations, and Islamic Accounts for portfolios that only include stocks and assets permitted by Islamic law. Corporate Accounts have daily swap rates. On the other hand, Islamic accounts do not have daily swap rates and they charge an administration fee for holding currencies for over 3 days, but we’ll get to that further down the post.

Here’s a breakdown of our 10 scoring categories, each scored out of 10 for a total of 100 points.

#1 Fees

In terms of fees, Tickmill offers great value. Let’s have a look at a few of the benefits to see the benefit:

  • Trading fees or spreads are low
  • No inactivity fee charged
  • No deposit fee
  • No withdrawal fee

Forex Trading Spreads

Tickmill has recently decreased its typical spread rates for several of the major trading pairs. You can see in the table below the previous spreads and the current spread rates. These rates are quite low and perhaps even lower than FXTM which is a competitive broker and offers some really competitive currency spreads.

Forex PairPrevious Typical Spread RateTypical Spread Rate NowPercentage Change
EUR/USD0.20-100%
GBP/USD0.70.2-71%
USD/JPY0.20.1-50%
USD/CAD0.60.2-67%
AUD/CAD0.40.1-75%
AUD/USD0.70.3-57%
USD/CHF0.70.3-57%

As you can see, the fees associated are not significant and provide you with an incentive to trade regularly, which makes this broker score high in this category. Now let’s examine the process for you to sign up to Tickmill.

Tickmill Fees Score: 10/10

#2 Signup Process

The process of opening up your account is fairly simple. You need to fill an online form, which is usually verified in one day.

Some other steps that you need to follow are:

Step 1: Select Your Regulator

This will help in determining who will regulate you, UK, Seychelles or Cyprus.

Step 2: Add Personal Information

This step includes details of your name, country of residence, email address and telephone number

Step 3: Select Your Base Currency

This comprises of choosing the currency that you want to trade in.

Step 4: Answer Financial Questions

Answer A Few Simple Questions About Your Financial Knowledge.

Step 5: Select The Category Of Your Account

You can choose a Pro, Classic or VIP account depending on your preferences

Verify your Identity

Prove your identity document and proof of address by uploading a copy of your national ID or passport. A quick and easy sign-up process ensures that you’ll be able to start trading right away with Tickmill, which is exactly what most people need.

Tickmill Signup Process Score: 10/10

#3 Minimum Initial Deposit

The minimum deposit for Tickmill is $100 for most account types apart from the Vip accounts. The Vip accounts require you to deposit a minimum balance of $50,000 to get started with them. The $100 deposit is not much, taking into account the deposit requirements for some of the major brokers. However, there are applications that can help you get started for much less like HotForex that can help you get started with $5.

Tickmill Minimum Initial Deposit Score: 10/10

Ease Of Use

The platform is available in 41 languages to date in the Desktop version, providing you with the ease and comfort to use it in the language that you feel comfortable with. The interface is generally very simple and friendly to use. There are some features of customization available like changing the size and position of your tabs. The assets are also well defined in different categories that allows you to easily access them. However, there are some reviews on the interface being less intuitive at times. For instance, you can set alerts and notifications on the web platform but you can’t do so in the desktop trading version of the application.

Mobile Trading Platform

The mobile trading platform is offered in collaboration with MetaTrader4. It is present on iOS and Android. You can use it in 22 languages however, you can use a different language only if you change the default language of your phone. You can set mobile alerts for your mobile but you will have to do it through the desktop trading platform and you cannot directly do it from the mobile trading platform. The interface is quite simple and uncluttered as you can see from the picture below.

Tickmill Review awesome get now

Desktop Trading Platform

The desktop platform is pretty similar to the mobile trading platform. However, you can set alerts and notifications for your desktop and mobile trading application through your desktop application. There is a two-step login process compared to a simple one step login in the mobile trading login.

Tickmill Research Tools

There are quite a few options for research that can help you in investing your hard-earned funds wisely. Research tools can help you in predicting the trend of your securities. There are 3 main research tools that we will talk about, namely, Autochartist, Trading Ideas and Fundamental Data.

Tickmill Autochartist Feature

Autochartist allows you to automatically project the trend of your stock. This can give you ideas for trading because Autochartist uses algorithms to recognise the charts. This can help you in determining the trend of your portfolio and taking decisions accordingly that suit your investment plans.

Tickmill Trading Ideas

There are a lot of blogs and posts on Tickmill that advise and comment on market events. This can help you in educating yourself with the market conditions, therefore helping you in making informed financial decisions. You can also contact experts with your queries. This feature can be very useful for beginners in understanding how trading works.

Tickmill Fundamental Data Feature

Fundamental data is a macroeconomic tool that shows you macroeconomic and country-level metrics for different foreign currencies. This can help you in gaining valuable information on past information and trend on the foreign exchange currency that you want to trade in.

The detailed interface and plethora of functionality and research tools mean that Tickmill scores a healthy 9 in this dimension.

Tickmill Ease of Use Score: 9/10

#5 Deposit & Withdrawal Options At Tickmill

You can transfer funds via plenty of options to ensure that you can continue operating your account on a daily basis. The availability to deposit and withdraw funds through different options gives users a lot of flexibility to use their preferred platform and Tickmill provides that option. Some of the ways in which you can deposit or withdraw funds are:

  • Credit cards and debit cards,
  • Bank transfers and
  • Wallets like Webmoney and Skrill
  • Bank or wire transfer

However, a point to be noted is that bank transfers can take up to 7 days. The plethora of options available for depositing and withdrawing funds means that the broker scores a perfect 10.

Tickmill Deposit & Withdrawal Options Score: 10/10

#6 Customer Support At Tickmill

You can reach out to Tickmill via different platforms to get customer support. Some of the mediums via which you can contact Tickmill are:

  • Live chat
  • Email
  • Phone

Similarly, you can also check out the FAQ section on their website that is pretty detailed. Usually, the customers have positive reviews regarding quick response times and the helpful nature of the staff so this is a good plus for Tickmill. The platform takes more than 1 day to respond to emails which can be slow in-case of emergencies due to which the broker scores 8/10 in this dimension rather than a perfect score.

Tickmill Customer Support Score: 8/10

#7 Asset Classes At Tickmill

Lets have a look at some of the asset classes that you can trade in at Tickmill.

  • Forex
  • CFDs on Stock Indices
  • CFDs on Commodities
  • CFDs on Bonds
  • CFDs on Cryptocurrencies

Forex At Tickmill

Forex is one of the most liquid and tradable financial instruments in the world with an average trade volume of greater than $5 trillion every day. The Forex market is popular because of the low transaction costs, low risks and you can trade on more than 60 stock pairs with Tickmill making it a good and safe investment option.

CFDs on Stock Indices At Tickmill

Stock indices usually consist of a group of shares that indicate the performance of a stock market or a sector of it. For instance, S&P 500 is an amalgamation of 500 best performing companies in the US. TIckmill gives you access to 15 of the most popular stock indices in Asia, Europe, Australia and Africa. You can make contracts toward speculating the future price of markets for low costs and no commissions.

CFDs on Commodities At Tickmill

These are related to trading with precious metals, energy and agricultural products in everyday life. Commodities can help you in diversifying your portfolio. Precious metals like gold can help you in hedging risk in other portfolios because it generally increases in price.

CFDs on Bonds At Tickmill

German government bonds are available on Tickmill. You can take long term positions on bonds to see which way the market will sway. Bonds are generally very stable and used by investors for diversification and hedging against risk in their portfolios.

CFDs on Cryptocurrencies At Tickmill

They are also gaining popularity. However, with the recent decline that we saw a couple of years ago the growth in prices has seen a decline. So now cryptocurrencies are not perhaps as popular as they were a few years ago especially with bans placed in countries like India, but nevertheless you can invest in them if you want to.

The asset portfolio at Tickmill mainly comprises of CFDs and forex. The fact that other asset types such as bonds, stocks, ETFs and commodities are not found means that the score for this dimension is 7/10.

Tickmill Asset Classes Score: 7/10

#8 Referral Program At Tickmill

Tickmill does not have an active referral program due to which the score for this dimension is 0. Having a referral program can act as agreat incentive for someone to join a platform with their friends to trade. It can also act as a way for retaining customers because someone who starts trading with a friend is likely to be more motivated as a user of a platform compared to a user who is new to trading and trading alone.

Tickmill Referral Program Score: 0/10

#9 Demo Account & Educational Resources At Tickmill

Tickmill has a good demo account you can use to learn how to trade and test different trading strategies. You have access to videos, articles, webinars on how to operate the platform. Obviously trading in CFD’s is risky and the fact that Tickmill trains you in the demo version augers well for you if you want to crack the code for being a successful CFD trader.

The demo account does not have a time limit which is a really good feature to get started with hands-on trading. Due to reasons mentioned above the demo account scores a robust 9 on our scoring guidelines.

Tickmill Demo Account & Educational Resources Score: 9/10

#10 Safety & Regulation At Tickmill

Tickmill is regulated by regulatory authorities of 3 countries including the revered Financial Conduct Authority of the UK. Hence, we know that the application is legitimate and will have to abide by strict rules and regulations to ensure that they are in compliance with the different authorities.

The mobile trading platform only has a one-step login which is not very safe as you can always lose your phone or in the odd chance, it could get hacked. However, the desktop trading version of Tickmill has a two-step login process that is more secure. The option of scheduling alerts and notifications is also a good security feature as you are always aware of the position of your stock. Hence, you can immediately make decisions based on the direction of the market. However, the alerts and notifications features are not available in the mobile trading application. The safety section scores a perfect 10 because of the strong regulators and the fact that 2-step authentication is available for users via the desktop version.

Tickmill Safety & Regulation Score: 10/10

While researching 100+ of the world’s top brokers, we’ve noticed what works and what doesn’t from the customer’s point of view. That’s why our final test for any broker is to compare it to Capital.com, which scores 91/100 points across the 10 categories mentioned in this review.

Tickmill vs. Capital.com

Tickmill has a  great fee structure for forex, a quick sign up procedure coupled with plenty of deposit and withdrawal options and an excellent demo account. However, there are a few dimensions where Capital.com is much better and a more comprehensive alternative than Tickmill.

Demo Account & Educational Resources

Capital.com offers a fully-functional limitless demo account that you can use for as long as you want to test practice using the platform and to test your investing strategies. You’ll also get access to lectures, articles and lots of other educational resources to help you better understand the platform and trading in general, and become a profitable trader. Some of the features offered by Capital.com are:

  • Free financial webinars.
  • Educational courses for traders.
  • An extensive market glossary.
  • Comprehensive CFD trading guide.
  • Cryptocurrency trading tutorial.
  • Investmate, Capital.com’s investor education app.

As you can see, Capital.com offers a comprehensive guide not only for understanding the platform itself but also for understanding all the trading options that the application provides. Finally, the intuitive interface can really assist you in making more sense of the data during the decisions making process.

Minimum Initial Deposit & Asset Classes

Capital.com allows you to get started with just $20 which is better than the $100 limit for Tickmill’s standard account. Capital.com also offers ETF’s, something that Tickmill does not offer and Capital.com also offers a wider range of assets that you can trade in to diversify your portfolio.

Customer Support

Finally, Capital.com also has a very good customer support service with a quick email response, a dedicated account manager and an efficient live chat and telephone service. The dedicated account manager is a really good feature of Capital.com as it allows someone to advise you based on your preferences and investment horizon.

The advanced educational resources, diversity of assets and customer service options are some of the reasons why we would recommend Capital.com as a more holistic and comprehensive platform.

Related: If you want to learn more about this amazing broker, read this complete review of Capital.com.

In Summary

Tickmill is one of the highest-ranked brokers in our database. It has a great fee structure coupled with a decent and intuitive interface. Moreover, it offers plenty of research tools that can help you to trade profitably. This is essential for gaining insights into the trends of the price of your asset that can help you in making the right decisions. Tickmill offers some really good spreads for trading forex, especially nowadays because they have significantly decreased the spreads that they are offering. Click the link below to join Tickmill today.

However, Capital.com offers a wider array of assets that you can trade-in. Moreover, Capital.com also offers an amazing demo account and educational resources that can not only help you get started with trading but also develop yourself into a trading Jedi. The outstanding customer service which also offers a personal account manager also offers the prospect of getting hands-on advice to trade profitably. Join Capital.com now to gain access to a holistic trading platform.

Get More Of Our Best

2021's Financial & Travel Essentials

Get our special report highlighting the 4 tools you need to build wealth and protect your assets in 2021.