Nickmill

Trust

Tickmill Regulations

In our reviews, we examine the licenses and regulations of each entity operated by a broker, allowing us to compare their different levels of protection. We rank licenses by various regulatory bodies on a three-tier system, where Tier-1 licensing indicates the highest level of regulation.

This is what I discovered about the entities operating under the Tickmill trade name:

• Tickmill Limited is licensed and regulated by the Financial Services Authority of Seychelles (FSA) under license number SD008. We rate the FSA as a Tier-3 regulator.
• Tickmill UK Ltd is licensed and regulated by the Financial Conduct Authority in the United Kingdom (FCA) under license number 717270. We rate the FCA as a Tier-1 regulator. The entity is also authorized by the Dubai Financial Services Authority (DFSA) as a representative office with reference number F007663. We rate the DFSA as a Tier-2 regulator.
• Tickmill Europe Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 278/15. We rate CySEC as a Tier-1 regulator.
• Tickmill South Africa (Pty) Ltd is licensed and regulated by the Financial Sector Conduct Authority (FSCA) under license number FSP49464. We rate the FSCA as a Tier-2 regulator.

Understanding the Regulatory Protections of Your Account

Brokers operate multiple entities to serve clients worldwide. However, licenses obtained from regulators in different jurisdictions do not always entail the same degree of protection.

Some regulators mandate compliance with the strictest financial frameworks, while others are less rigid. That is why traders must familiarize themselves with the safety mechanisms ensured by the entity they want to open an account.

Here is what you need to be looking for in a broker in terms of safety mechanisms:

• Segregation of client funds. Keeping client funds in segregated bank accounts from the ones used for the broker’s corporate capital negates the risk of accounting errors. All Tickmill entities guarantee the segregation of client funds.
• Negative balance protection. This safety mechanism removes the risk of trading losses exceeding the account balance. In other words, the losses you incur from trading are capped at the amount you have put in your trading account. All Tickmill entities guarantee negative balance protection.
• Compensation scheme. A compensation scheme protects traders against the broker’s liabilities if the company becomes insolvent. Clients of Tickmill Ltd are protected by up to $1,000,000 under the entity’s Excess of Loss Policy; clients of Tickmill UK Ltd are protected by up to GBP 85,000 under FSCS; and clients of Tickmill Europe Ltd are protected by up to EUR 20,000 under the ICF and from €20,000 to €1,000,000 under the entity’s Excess of Loss Policy.
• Maximum leverage. Capping the maximum leverage restricts the extent of market exposure to retail traders. The higher the leverage, the higher the potential profits and potential losses. The maximum retail leverage with Tickmill is 1:1000.

Stability and Transparency

In our Trust category assessments, we evaluate factors tied to stability and transparency, including the broker’s longevity, company size, and information transparency.

I was strongly impressed by Tickmill’s multilayered Client Categorization Policy. When opening an account with the broker, you are required to provide extensive information to determine traders’ particular goals, needs, and means.

I also discovered that Thickmill Ltd has issued an Excess of Loss Policy for up to $1,000,000, protecting client funds against its credit liabilities and corporate risks. Effectively, this policy serves as a compensation scheme.

I reviewed the rest of Tickmill’s legal documents and Client Agreement and determined that everything was in order. Information is readily available and presented in an easy-to-understand manner. There is no intentionally misleading language or notable omissions.

Is Tickmill Safe to Trade With?

I determined that Tickmill can be considered a very safe broker to trade with due to the following factors:

• Tightly regulated by five authorities
• Has a robust Client Categorization policy
• Operates on a ‘best execution’ basis
• Has issued an Excess of Loss Policy

Fees

Tickmill Trading Fees

Tickmill Spreads

I tested Tickmill’s spreads on 9 October 2024 during the London and the New York open. The results are shown in the table below:

Broken down by asset class and compared to the industry average, I discovered that Tickmill charges low spreads on share CFDs, indices, and Bitcoin, low-to-average spreads on commodities and average-to-high spreads on currency pairs.

Tickmill Swaps

A swap fee is a trader’s cost for holding an open position overnight because of changing interest rates. Swap long refers to the charge deductible or credit receivable for holding a buy position open overnight. In turn, swap short relates to the charges/credits deductible or receivable for holding a selling position open overnight.

The values listed below are for one full base currency contract (100,000 units).

At the time of my review, Tickmill’s overnight charges were broadly average compared to the industry benchmark. Please note that swaps change over time.

Tickmill Non-Trading Fees

Tickmill does not charge a handling fee for deposits or withdrawals, though external processing fees may apply.

Dormant accounts are charged a $10 inactivity fee.

Accounts Comparison

I have compiled the table below to help you better understand the difference between the trading fees with Tickmill’s two retail account types and the industry average. It illustrates the spreads and commissions I have recorded for the EUR/USD pair and compares them against the typical costs for ECN and STP accounts in the industry at large.

The table demonstrates how much you would have to pay to trade 1 full lot (100,000 units) in EUR/USD with a pip value of $10 for each account.

To calculate the cost of such a full-sized trade, I used this formula: Spread x pip value+commission

My findings indicate that Tickmill’s EURUSD spread on a Classic account is quite elevated. However, spreads on share CFDs, indices, and cryptocurrency spreads beat the industry average.

I also discovered that the broker’s Raw account offers more favorable conditions than the industry average STP and ECN accounts.

Are Tickmill’s Fees Competitive?

I find Tickmill’s trading fees to be competitive overall, though they vary depending on the instrument and account type. Additionally, the broker does not impose a handling fee for deposits or withdrawals.

Platforms and Tools

Tickmill MT5 Desktop

The desktop version of the MetaTrader 5 platform features multiple essential tools, such as one-click trading, an alarm setting option, and a market depth tool. These allow traders to examine various market developments from different angles and to exploit the underlying trading opportunities in multiple ways.

MT5 is arguably best suited for automated trading via its Expert Advisors (EAs). The platform also has an intuitive strategy tester, allowing experienced algo traders to tweak the parameters of their strategies so that they can be used under different market conditions.

General Ease of Use

The MetaTrader platform is easy to navigate. Even beginner traders can quickly learn where the charts, account info, and watch lists are. However, its cumbersome charts make the platform somewhat difficult to use.

Tickmill’s desktop MT5 is available for Windows and Mac. Its mobile app version is available for Android and iOS. The platform supports 52 different languages, including English, French, Spanish, German, Arabic, Chinese, and more.

In addition to the above-mentioned depth of markets tool, MT5 also features:

• Alerts-setting option: Traders can set alerts for when the price of a given instrument falls/rises to a predetermined level, which could potentially signal a viable entry opportunity.
• Watchlist customization: Traders can populate watchlists with their favorite instruments, which helps them track market changes more easily.
• One-click trading: One-click trading allows for instant market entries at the spot price. This feature is invaluable for high-precision traders, such as scalpers.
• Trading from the chart: Traders can also place conventional trading orders directly from the chart. They can specify the entry price, volume level, stop and take-profit levels, and more.

Charts

I consider the charts screen a platform’s most important feature. It facilitates technical analysis by providing an overview of price action behavior. Chart artists use many analytical tools and chart configuration possibilities to examine it from multiple angles. In my experience, the really important aspect of a chart is how easy it is to scale price action up and down.

As shown above, the problem with MetaTrader is that the charts can be crowded quite easily, even when you add no more than 2 indicators. This obscures price action behavior and makes it more difficult to conduct probing technical analysis.

I have broken down the available analytical tools and chart configurations below:

• 38 technical indicators: The platform supports trend-based, volume-based indicators, oscillators, and more. These can be applied to study price action behavior and determine the underlying market sentiment. In general, technical indicators are used to gauge where the market is likely to head next.
• 24 drawing tools: Drawing tools, such as Fibonacci retracement levels and Elliott waves, are used to study repeatable price patterns. Additionally, they can be applied to determine key support and resistance levels and potential breakout or breakdown levels. Despite the rather large collection of drawing tools, MT5’s ruggedness makes it difficult to discern price action behavior.
• 21 timeframes: One of MetaTrader 5’s standout features is its vast array of timeframes. MT5 allows multi-timeframe analysis of price action behavior. The more timeframes available, the more intricate examinations can be carried out across the short-term and long-term.
• 3 chart types: Price action can be represented as a line, bars, or candlesticks. This diversity allows traders to examine potential trading opportunities from different angles.

Orders

MetaTrader 5 features three types of order execution: market, pending, and one-click trading (top-left corner). One-click trading allows immediate entries at the spot price.

I have broken down the available order types on the MetaTrader 5 platform below:

• Market orders: Market orders are used for immediate entry at the best possible price. If triggered, they guarantee volume filling, though there could be a discrepancy between the requested price and the price at which the order is filled.
• Limit orders: Unlike market orders, limit orders guarantee exact price execution. However, a limit order will not be filled if the price action does not reach the pre-determined execution price.
• Stop orders: They are used to support open positions by limiting the maximum loss that can be incurred if the market turns in the opposite direction. A stop-loss order is placed at a fixed price below or above the spot price. If the market does indeed turn and triggers the stop-loss, it will transform into a market order and get filled at the best possible price.

Another advantage of Tickmill is that it has no minimum distance limitations for stop orders. This means traders can place their protective stop-loss orders as close to their primary positions as they want, allowing them to exercise tight risk management.

MT5 Desktop: My Key Takeaways

MetaTrader 5 is a good option for fast and simple order execution. However, its dated and rugged design falls short compared to newer, sleeker platforms. As a trader who prioritizes flexible charts that are easily scalable, I find MT5’s charting capability too rigid and less effective.

Other Tools

Tickmill clients can benefit from VPS hosting, which is used to achieve ultra-fast order execution speeds (below 5 milliseconds), and Capitalise.ai, which allows even inexperienced traders to automate their systems without having any coding skills.

High-volume and institutional traders can also use FIX API protocols for DMA trading, which allows them to obtain raw price quotes directly from an exchange’s order books. The service is available to funded accounts with at least $500,000 and a monthly turnover (in terms of commissions paid) of at least $5000.

Tickmill’s Execution Model

Tickmill’s hybrid execution model includes market-making and Straight-Through-Processing (STP). Such a model guarantees an average execution time of 0.20 seconds of trades with no-requotes and some of the best spreads in the market.

I measured Tickmill’s order execution speeds over several days and discovered that they average 59 milliseconds, narrowly beating the industry average of 60 milliseconds.

Tickmill MT5 Mobile

The MT5 mobile app affords quick and easy access to the market on the go. It is very useful for opening, terminating, and adjusting open positions.

The market is continually evolving, marked by periodic surges and declines in volatility. For this reason, staying on top of the latest market developments is crucial, a task made simpler through the mobile app version of MT5.

You can also use the app to place market, limit, and stop orders, as well as to adjust the exposure of your open trades.

MT5 App: My Key Takeaways

The MetaTrader app stands out for its convenience, making it an indispensable tool for adjusting trades, especially during periods of heightened volatility. However, it can feel cumbersome and, in my experience, is not well-suited for analyzing price action.

Tradable Instruments

Compared to the industry average, Tickmill offers a high number of commodities, share CFDs and indices, an average number of currency pairs, and a low number of cryptocurrencies.

What Are CFDs?

Contracts for difference (CFDs) are derivatives that speculate on the underlying asset’s price without physical ownership.

For example, a long position on gold would generate profit as the price rises or incur a loss as it falls, all without the need to purchase actual gold bars.

One of the biggest advantages of trading CFDs is that traders can get in and out of the market almost instantaneously, thereby catching even minute changes in the price of the derivative.

What Can You Trade With Tickmill?

Tickmill Instruments: My Key Takeaways

I rate Tickmill’s tradable instruments offering as wide and diverse. It strikes a fine balance between lower-risk securities and higher-yield/risk assets. My only concern is that Tickmill Limited does not offer an alternative to CFDs, such as futures or vanilla options. However, over 120 such contract types are available with the broker’s UK-based entity.

Customer Support

Customer Support Channels

Customer Support Test

When we test a broker’s customer support, we evaluate the agent’s knowledge of their own website, how long it takes them to respond to questions, and how detailed their answers are.

I conducted my test on 10 October at around 11:33 a.m. CET via live chat. Before connecting to an agent, I had to state my name and email address and choose a preferred language.

An agent connected within a minute after I opened the chat. I inquired about Tickmill’s inactivity fee, execution model, and VPS hosting. The agent did not struggle with the questions and provided me with concise, satisfactory answers.

Deposit and Withdrawal

Tickmill Deposit Methods

Tickmill Withdrawal Methods

Account Types and Terms

Tickmill Account Opening Process

To create an account with Tickmill, follow these easy steps:

1. Click ‘Create Account’ at the top-right corner of the main page.
2. Choose an account type, ‘Individual’ or ‘Corporate.’
3. Enter your personal details.
4. Select a broker entity based on your country of residence.
5. Select your preferred product and agree to Tickmill’s privacy policy.
6. Enter your phone number and email address.
7. Verify your email address.
8. State your nationality and residential address.
9. Enter a password.
10. State your level of education and employment status.
11. Elaborate on your financial background.
12. Upload proof of ID and proof of address to verify your account.

Tickmill Account Types

I assessed that Tickmill’s retail accounts are accessible and have favorable pricing mechanisms. The broker’s clients can choose from 4 base currencies and start with as low as $100.

I also appreciated the combination of a 100% margin call and 30% stop-out, which protects less experienced traders against adverse market volatility and the risk of complete account wipeout.

Tickmill does not impose any minimum distance restrictions, meaning that its clients can exercise tight risk management.

Demo Accounts

Tickmill offers demo accounts that introduce traders to the broker’s services and allow them to tweak their strategies in a risk-free environment. The market is continually evolving and never static, so it is important to hone your skills in a safe environment. You can set up a demo account for yourself prior to or alongside your live CFD account.

Islamic Accounts

Tickmill provides Islamic accounts for swap-free trading, as mandated under Sharia law.

What is CFD Leverage?

Leverage determines a trader’s overall market exposure. When trading Contracts for Difference (CFDs), positions can be opened for a fraction of their value because of leverage. Essentially, the broker lends the trader money so that they can open bigger positions. Leverage multiplies the profits a trader generates from winning positions but also the losses incurred from failed trades.

Maximum Leverage By Asset Class

In the table below, I have listed the maximum retail leverage available with Tickmill for instruments from different asset classes:

Tickmill Restricted Countries

Tickmill Limited does not accept as clients residents of the following countries: Spain, South Sudan, Guam, Afghanistan, Albania, American Samoa, Australia, Austria, Barbados, Belgium, Botswana, Bulgaria, Burma (Myanmar), Cambodia, Canada, Croatia, Cuba, Cyprus, Czech Republic, Democratic Republic of the Congo, Denmark, Equatorial Guinea, Estonia, Finland, France, Germany, Gibraltar, Greece, Greenland, Holy See (Vatican City), Hungary, Iceland, Iran, Iraq, Ireland, Isle of Man, Italy, Jamaica, Japan, Kenya, Latvia, Liberia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, Myanmar, Netherlands, Antilles, Nicaragua, North Korea, Norway, Panama, Poland, Puerto Rico, Romania, Sierra Leone, Slovakia, Slovenia, Somalia, Sudan, Sweden, Switzerland, Syria, United Kingdom, United States, US Virgin Islands, and Yemen.

Research

Research Tools

I have broken down the most important types of research content with Tickmill below:

• Economic Calendar: Powered by Dow Jones, Tickmill’s economic calendar alerts clients to potential trading opportunities from economic releases, policy decisions, speeches, and more.
• Acuity: The AI-powered service offers market sentiment data directly from the Dow Jones news feed, along with actionable trading signals. Traders can use this content to stay on top of the latest market developments and learn about viable trading opportunities that are currently developing.
• Signal Centre: Ready-to-trade signals and trade ideas based on human and AI analysis. from a regulated firm.
• Video Trade Analyses: Tickmill posts detailed market breakdowns in video format on its YouTube channel. These afford traders a hands-off approach to learning about the latest news from the global capital markets.
• Blog: The broker has developed a comprehensive blog with hundreds of articles covering a wide range of trading topics on instruments across different markets.

Tickmill Research: My Key Takeaways

In my estimation, Tickmill’s research content is rich and highly practical. I found its several market sentiment gauges particularly useful as they present traders with a clear picture of the latest changes in buying and selling pressures. As a whole, I found the content best suited for the needs of day traders.

Education

Tickmill offers educational materials in written and video form covering various trading topics. I was particularly impressed by the broker’s dedicated section on the upcoming U.S. presidential election.

Perhaps the most valuable educational resource Tickmill provides is its regular webinars, available in multiple languages (including English, Spanish, and German), which cover key trading topics such as technical analysis, fundamental analysis, and trading psychology.

The Bottom Line

Founded in 2014 and headquartered in the Seychelles, Tickmill is a feature-rich financial derivatives broker regulated across multiple jurisdictions. It offers over 620 tradable CFDs from various markets, with costs ranging from low to average compared to industry standards.

Tickmill excels with its impressive range of trading tools, including FIX API, VPS hosting, AI-powered Acuity and Signal Centre, and Capitalise.ai. Additionally, it provides strong educational and research content. The only drawback is the lack of an alternative platform to MetaTrader.

With low-cost trading, versatile platforms, and comprehensive supporting content, I consider Tickmill to be among the strongest financial derivatives brokers, suitable for traders of different levels and needs.

See Tickmill Full Information