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| Tickmill Review: The CFD and Forex Broker |
Tickmill Review - The CFD and Forex Broker
Tickmill specializes in CFD and Forex trading. The provider has been in operation since 2014, indicating a certain level of continuity. In the following comprehensive review, you will learn what sets this European company apart in its field. The most important recommendations and information will be provided right from the start.
TICKMILL - RECOMMENDATIONS & TIPS
Tickmill's "Pro Account" offers lower spreads but higher commissions compared to the "Classic Account." Therefore, a "Pro Account" is more suitable for multiple trades with small volumes, while the "Classic Account" is better for fewer trades with larger volumes.
Tip: Test Tickmill's trading interface and your investment strategies with a free demo account. This account is available indefinitely as long as you log in regularly, and there is no limit to the "play money" provided.
TICKMILL - KEY POINTS
Tickmill is a multi-asset broker that enables trading in Forex as well as CFDs for stocks, indices, commodities, cryptocurrencies, and bonds.
Tickmill is regulated by BaFin (the Federal Financial Supervisory Authority) and many other international financial regulatory bodies. Deposits are protected up to 20,000 euros.
Trading is conducted through the MetaTrader platform, which is also programmable, allowing you to automate your trading activities.
TICKMILL: TEST OVERVIEW
Tickmill is a European broker that operates internationally, with its headquarters in Cyprus. It offers trading in Contracts for Difference (CFDs) and Forex. Tickmill holds licenses from various regulatory bodies, including the UK's FCA, Cyprus' CySEC, and the FSA in Seychelles. Tickmill is also registered with BaFin. As a member of the Investors Compensation Fund (ICF) in Cyprus, all retail clients of Tickmill Europe Ltd are insured in the event of payment default by Tickmill Europe Ltd. Eligible clients are covered up to 20,000 euros or 90% of the covered investor's claim, whichever amount is lower (per client).
In the Forex market, Tickmill offers trading with over 60 currency pairs. Their offering also includes stocks, stock indices, commodities, bonds, and cryptocurrencies. Tickmill utilizes MetaTrader 4 and 5 as their trading platforms.
Tickmill offers three different types of accounts: Classic, Pro, and VIP. These accounts differ primarily in terms of spreads and trading commissions. The costs and fees are communicated relatively clearly on the website.
Additionally, you can create a demo account for testing purposes. There is no margin call and there is negative balance protection. The difference lies in the spread and commissions: Spreads start from 0.0 pips on Pro and VIP accounts and 1.6 pips on the Classic account. The Classic account has no commission, the Pro account has a commission of 2 units of the base currency per side and lot, and the VIP account has a commission of 1 unit per side and lot.
Tickmill provides educational resources for trading such as webinars, seminars, e-books, video tutorials, and infographics. You can chat with customer support directly on the website, and telephone support is also available from Monday to Friday, 7 a.m. to 4 p.m. (summertime).
TICKMILL'S OFFERING:
Tickmill primarily offers CFDs and Forex trading. With many derivatives offered by Tickmill, trading is possible from a position size of 0.01 lot. As of June 2023, there are 63 tradable currency pairs in Forex trading. This includes classics like EUR/USD, as well as more exotic pairs like the Australian Dollar versus the Canadian Dollar. Each pairing has slightly different contract specifications regarding spreads, volume, swaps, contract steps, and leverage.
CFD trading is also available for stocks and stock indices. The derivatives offering in the stock market include major players from Apple to Zoom. You can also use CFDs to speculate on changes in major stock indices. However, for legal reasons, Tickmill's website does not use names like "DAX 40" or "S&P 500," but rather "DE40" or "US500."
Note: Tickmill automatically adjusts index prices for dividend changes. Ongoing profits and losses due to dividend adjustments are credited to your account if you are in a long position or debited if you are on the short side.
CFDs are available for commodities such as crude oil, copper, natural gas, gold, and silver. Additionally, trading through CFDs is possible for certain bonds and the most popular cryptocurrencies.
TICKMILL: COSTS FOR INVESTORS
Tickmill requires a minimum deposit of 100 euros for both the "Classic Account" and the "Pro Account." A "VIP Account" is available with a minimum account balance of 50,000 euros. Tickmill primarily generates revenue through spreads and commissions. Spreads vary depending on the specific CFD or currency pair being traded. There is no commission for the "Classic Account," while the "Pro Account" charges four euros per traded 100,000 euros, and the "VIP Account" charges two euros. Additionally, there are no costs for deposits and withdrawals, and there is no margin call.
Deposits and withdrawals at Tickmill can be made through bank transfers, credit cards, Skrill, Neteller, PayPal, Dotpay, and Trustly. Transactions are usually processed within 24 hours.
TICKMILL: TESTING AND EXPERIENCES
Tickmill receives positive feedback in several aspects. Firstly, its regulation is considered relatively strict compared to others in the industry. Additionally, the spreads and minimum position sizes are relatively low compared to other providers, making Tickmill appealing to customers with relatively low capital. Tickmill also scores well in terms of user-friendliness with its free demo account, German customer service, and negative balance protection. The selection of tradable assets, especially in the Forex market, is relatively extensive.
The trading platform used, MetaTrader, is also well-rated, particularly for its user-friendliness and availability. Furthermore, it allows for the programming and automation of trading strategies.
One negative aspect is the relatively high minimum deposit of 100 euros, which applies each time you want to increase your account balance at Tickmill. While it is positive that Tickmill offers deposit protection, the maximum coverage of 20,000 euros is relatively low compared to European standards.
OPENING AN ACCOUNT WITH TICKMILL:
Account opening at Tickmill* is quite fast. After entering your data, you will gain access to the client portal. Then, you need to verify your email address and account. You can verify your account by uploading a copy of your identification document. Typically, you will receive confirmation within one business day. If you contact support directly, this process may be expedited. After depositing the minimum amount of 100 euros, you can choose between the "Classic Account" or the "Pro Account." Additionally, with any account type, you have the option to convert it into an Islamic account where swaps are disabled, provided that you provide official documentation of your faith.
The free demo account* has no limitations and does not expire as long as you log in regularly. You can freely test your strategies in the real market. The demo account does not require a minimum deposit for a "real" account or verification.
SECURITY AT TICKMILL:
As mentioned earlier, Tickmill is regulated by multiple financial authorities in different countries, including the German BaFin. The deposit protection is provided by the Cypriot Investor Compensation Fund, which covers up to 20,000 euros or 90% of the investor's claim, whichever amount is lower. The provider also states that customer and company funds are managed separately. Tickmill is subject to the security and data protection laws of the European Union.
TICKMILL: CONTACT AND SERVICE
- Kedron 9
- Mesa Geitonia, Limassol 4004
- Cyprus
- Website: http://www.tickmill.eu*
- Customer Service Phone: +357 25041710
- Email: support@tickmill.eu
TICKMILL - WHAT YOU SHOULD DO
- Familiarize yourself thoroughly with the opportunities and risks of Forex and CFD trading.
- Open a free demo account and test your trading strategies initially.
- If you are convinced that trading Forex and CFDs aligns with your investment strategy, verify yourself at Tickmill and choose an account model.
- Keep an eye on your open positions to quickly respond to any market fluctuations.
Best of luck with your trading!
