Tickmill Review 2022

For this Tickmill review, we opened a live account and deposited over US$ 8,000.

We traded the popular instrument in each market to identify the average spread and placed 12 trades in total.

We contacted the broker’s customer support to resolve the challenges we faced.

Finally, we withdrew all our funds to discover if there are any issues with withdrawals.

What is Tickmill

Tickmill is a global Forex and CFDs broker, founded in 2014.

The broker is headquartered in London but is licensed by regulators in the UK, Cyprus, South Africa, Seychelles, and Labuan (Malaysia).

Tickmill has offices in each of the countries where it is regulated.

Some of Tickmill’s key features are listed below:

🗺️ Authorised & Regulated in	UK, Cyprus, South Africa, Seychelles, Labuan
🛡️ Is Tickmill safe	Yes
💰 EUR/USD Spread	1.63
💳 Minimum deposit	US$100
💰 Withdrawal fee	US$0
🖥️ Trading Platform	MetaTrader 4
📈 Markets offered	Forex, Commodity, Indices & Bonds
📉 Number of Products	85

Licenses and Regulations

Tickmill is licensed by 5 global regulators including the top-tier UK’s FCA, the CySEC, FSCA, Labuan FSA & South Africa’s FSA.

Here’s a full list of the licenses, which are held by Tickmill’s subsidiaries:

Legal entity	Registered in	Regulator	License Number	Compensation Scheme Amount	Accepting clients from
Tickmill UK Ltd	United Kingdom	Financial Conduct Authority (FCA)	717270	£85,000	Globally many countries
Tickmill Europe Ltd	Cyprus	Cyprus Securities and Exchange Commission (CySEC)	278/15	€20,000	Globally many countries
Tickmill South Africa (Pty) Ltd	South Africa	Financial Sector Conduct Authority (FSCA)	49464	No protection	South Africa
Tickmill Ltd	Seychelles	Financial Services Authority of Seychelles (FSA)	SD008	No protection	Globally many countries
Tickmill Asia Ltd	Malaysia	Financial Services Authority of Labuan (Labuan FSA)	MB/18/0028	No protection	Globally many countries

Is Tickmill Safe

Yes, Tickmill is safe to trade. Tickmill’s regulation by the FCA and CySEC means that traders registered under the two entities are entitled to deposit compensation schemes of up to £85,000 and €20,000 respectively.

We did not encounter any major issues when trading and making withdrawals with Tickmill.

For this review, we opened an account under Tickmill UK Ltd which is regulated by Financial Conduct Authority (FCA) for our tests where we deposited money, placed trades, and withdrew our funds.

We recommend that you register your account with the UK entity, if it’s available to you, as we consider FCA regulation as the best since it provides compensation of up to £85,000 if the broker goes bankrupt.

Fees and Commissions

Tickmill charges low fees for stock index trades, while forex and commodities fees are average to high.

Spread Charged in our Trades

In our tests, we chose the popular instrument in each market. We placed 3 trades for each instrument to get a complete picture of the average spread. We tested the Classic Account which only charges a spread without commissions. Overall, the spread is stable as shown in the table below.

Markets	Instruments	1st trade	2nd trade	3rd trade	Avg. Spread
Forex	EUR/USD	1.6	1.6	1.7	1.63
Indices	FTSE 100	1	1	1	1.00
Commodities	Gold	2.4	2.6	6.4	3.80

We traded through MT4 on our iPhone which we video recorded the trades. You see this them here.

Comparing the spreads charged in our trades to industry benchmarks, we found the spread on stock indices to be quite low, but the spreads on Forex and commodities were in-line with industry averages or higher.

Markets	Instruments	Avg. Spread Charged	Industry Avg. Spread
Forex	EUR/USD	1.63	1.16
Indices	FTSE 100	1.00	1.65
Commodities	Gold	3.80	3.53

Other fees

Tickmill does not charge non-trading fees such as account inactivity fees as well as deposit & withdrawal fees.

Tickmill Account types

Tickmill offers 3 account types, that is, the Pro, Classic, and VIP accounts. See the differences below:

	Pro	Classic	VIP
Minimum Deposit	$100	$100	$50,000
Minimum Balance	$0	$0	$50,000
Spreads from	0.0 pips	1.6 pips	0.0 pips
Commissions	2 per side per 100,000 traded	Zero Commissions	1 per side per 100,000 traded

Tickmill also offers swap-free forex accounts. The main difference with Islamic accounts is that instead of daily swap rates, there is an administration fee charged if you hold for more than 3 nights.

For our tests, we chose to open a Classic Account.

Account Opening

Tickmill account opening is fast and straightforward. We opened an account to test the entire process, which was fully digital.

Here are the 5 steps to opening a Tickmill account:

1. Enter your country of residence, preferred communication language, client type, your name, email, and phone number.
2. Enter your address including country of residence, state, city, street name, house number and ZIP code.
3. Answer a few questions about your nationality employment and financial status
4. Choose and confirm your password.
5. Verify your ID and residency using either a National ID or Passport and a bank statement.

The registration process took about 20 minutes and our account was approved in 1 day, which was impressive.

We registered our account on 29 January 2022 and it was verified on 30 January 2022. Our account was approved the next day after submitting all the necessary documents.

Unlike other brokers, Tickmill allows you to choose the entity under which you want to open an account giving you the option to choose the UK entity, which we did.

We video recorded our account opening process. See the video below

Tickmill account opening

Deposit and Withdrawal

Tickmill offers free and fast deposits and withdrawals. There are various options for funding your account, including bank wires, credit and debit cards, and e-wallets such as Skrill and Neteller.

Minimum Deposit

Tickmill’s minimum deposit is $100 for bank transfers, credit/debit cards, Skrill and Neteller. However, the VIP account has a $50,000 minimum deposit.

Deposit

Tickmill clients can deposit funds into their trading accounts using debit/credit cards, bank transfers, and e-wallets such as Skrill, and Neteller.

The table below shows the details of our deposits:

Payment Method	Submitted Date	Funded Account Date	Funding Time	Fee
Skrill	2022-01-30	2022-02-01	1 working day	zero
Credit card	2022-02-01	2022-02-01	Instant	zero
Skrill	2022-02-01	2022-02-01	Instant	zero
Bank Transfer	2022-02-01	2022-02-02	1 working day	*US$25
Neteller	2022-02 08	2022-02-08	Instant	zero
Neteller	2022-02-13	2022-02-13	Instant	zero

All the deposit methods offered by Tickmill are instant and free, except for bank transfers, which take 1 working day and usually incur a $25 fee charged by the bank.

Withdrawal

Tickmill processes client withdrawals quite fast with zero charges on each withdrawal.

We withdrew our funds via the four payment methods we used to make our initial deposits to test all the available withdrawal options.

Tickmill allows you to withdraw your funds using any of the payment methods used to deposit funds without following a particular order. We made our first deposit using Skrill yet our first withdrawal was to our credit card.

Payment Method	Submitted Date	Funds Released Date	Funds Arrived Date	Withdrawal Time	Fee
Credit Card	2022-01-02	2022-01-02	2022-01-03	1 working day	zero
Skrill	2022-01-02	2022-01-05	2022-01-05	1 working day (3-4 Oct, weekend)	zero
Bank Transfer	2022-01 -03	2022-01-05	2022-01-06	2 working days (3-4 Oct, weekend)	zero
Neteller	2022-01-02	2022-01-05	2022-01-05	1 working day (3-4 Oct, weekend)	zero

Markets and Products

At Tickmill, you can trade CFDs on Forex, stock indices, commodities, and German government bonds.

Popular asset classes, such as stocks, ETFs, mutual funds, bonds and options are missing.

Here’s the complete list of Tickmill’s product offerings:

Markets	Instruments
Forex	62
Indices	13
Commodities	6
Bonds	4

Trading Conditions

The trading conditions at Tickmill are good. You can run most types of trading strategies as the broker allows high-risk strategies such as hedging and scalping.

There are no time limitations for keeping your hedging positions open. Tickmill also allows the use of Expert Advisors (EAs).

Trading Method	Allowed
Hedging	Yes
Scalping	Yes
Change Leverage	Yes

Leverage

Tickmill offers different leverage levels to its clients depending on the entity under which they registered their account:

The table below outlines the various leverage levels available to clients:

Markets	Tickmill UK Ltd	Tickmill Europe Ltd	Tickmill South Africa (Pty) Ltd	Tickmill Ltd	Tickmill Asia Ltd
Major currency pairs	30:1	30:1	500:1	500:1	500:1
Minor currency pairs	20:1	20:1	100:1	100:1	500:1
Exotic pairs	10:1	10:1	10:1	10:1	10:1
Gold	20:1	20:1	500:1	500:1	500:1
Indices	20:1	20:1	100:1	100:1	100:1
Other Commodities	10:1	10:1	100:1	100:1	100:1
Bonds	5:1	5:1	100:1	100:1	100:1

Tickmill Bonus

Tickmill offers a no-deposit bonus worth $30 to its new clients.

However, the bonus is only provided by Tickmill Ltd and does not apply to clients from certain countries.

Here are the full details of the bonus scheme:

Bonus Type	No deposit bonus
Bonus Amount	US$30
Provided by	Tickmill Ltd
Does not apply to clients from	The European Union, Algeria, Armenia, Australia, Azerbaijan, Belarus, Bulgaria, Colombia, Georgia, Hong Kong, Iceland, Israel, Kazakhastan,

Trading Platform

Tickmill’s trading platform is based on the popular MetaTrader 4 platform (MT4). The broker does not offer any other trading platform making it ideal for MT4 lovers.

WebTrader

Tickmill MT4

The MT4 platform is decent enough and can be customized to a high degree. However, the design is getting old, and we would have loved to see the broker offer the MetaTrader 5 platform (MT5), which is the newer version of the platform.

In our test, we placed all our trade through the MT4 app on our iPhone.

Research and Tools

Tickmill provides user-friendly research tools including

• Autochartist
• Myfxbook Copy Trading
• Economic Calendar
• Forex Calculators
• Tickmill VPS
• One-Click Trading

Education

Tickmill does a good job in education. They offer

• Webinars
• Seminars
• Ebooks
• Video Tutorials
• Infographics
• Forex Glossary
• Fundamental Analysis
• Technical Analysis
• Market Insights

Customer Service

Tickmill’s customer support team was helpful and provided relevant answers to our questions.

You can contact Tickmill via Email, and Phone calls. However, we could not reach anyone by phone as our calls went unanswered.

We were disappointed to find out that the broker does not have a Live Chat function, which is a crucial support channel offered by most brokers.

See the results of our test below:

	Question	Response Time	Quality of reply
Email	Funds Withdrawal	1 working day	Okay

We did note that the account opening and verification process was smooth and we did not encounter any issues during the process.

Tickmill Customer service channels:

Conclusion

Our overall experience was smooth. Tickmill allows traders to trade with almost any trading strategy including scalping, which is great for day trading and EA trading. Tickmill also allows traders to change their leverage levels and…

As compared to other brokers. Tickmill offers a limited number of markets and instruments, and we hope that they will add shares CFDs, cryptocurrencies, and ETFs in the future.

We recommend Tickmill for traders who run EAs, scalping and prefer the MT4 platform, as well as those interested in trading with FCA-regulated brokers.

We recommend Tickmill for traders who are

• Experienced traders
• Beginners
• Run Scalping
• Hedging
• EAs trading
• Trading through MT4

Tickmill might not be a fit if you are

• Real Stock / Futures Trading
• Commission based trading
• Prefer other platforms rather than MT4