Tickmill was established in 2015 after Armada Markets moved its retail clients to Tickmill’s entity in Seychelles, which is regulated by the Financial Services Authority (FSA). Tickmill then acquired an additional regulatory license in the UK under a new entity to expand its reach.
The Tickmill brand is also the trading name of Tickmill UK Ltd (formerly known as Tmill Ltd), which is regulated in the UK by the Financial Conduct Authority (FCA) with passports throughout the EU under MiFID regulations.
TickMill is an electronic communication network (ECN) and no dealing desk (NDD) broker, which offers trading in diverse financial instruments, including 62 currency pairs, 15 stock indices, WTI, precious metals, and bonds.
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Many traders shop for a broker to work with and find endless reviews on the web, and not all are genuine. There are lots of websites that specialize in broker reviews and lots of talk about brokers in various forums, social media channels, and groups. While some information comes from a real trading experience of people that have used brokers’ services, some have a hidden agenda of promoting the broker(s). Promoting a forex broker is a legitimate and normal practice, as long as it’s done in a transparent way.
As of today, there are very few websites with trusted brokers’ reviews. One of the most trusted is forexpiecearmy.com, due to its security level which filters fake reviews. Anyway, use your intuition when you read Tickmill reviews.
Tickmill’s overall rating on the largest portal for broker reviews is good. What do Tickmill’ disgruntled traders complain about?
Alleged spread manipulation is always an issue with online trading operations, as is the apparently unfounded denial of profits from traders. Some of the clients are not happy with how Tickmill deals with abnormal market conditions (low liquidity or high volatility). Others are complaining about the lack of negative balance protection for retail clients.
Here are just 3 examples:
Is Tickmill Trusted?
Tickmill is considered average-risk, with an overall Trust Score of 81 out of 99 according to forexbrokers.com experts opinion on Tickmill. Tickmill is not publicly traded and does not operate a bank. Tickmill is authorized by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust). Tickmill is authorized by the following tier-1 regulator: Financial Conduct Authority (FCA).
Tickmill is almost unknown in Europe or Australia, but they are quite popular in Africa (South Africa, Tanzania, Egypt) and Asia, with Malaysia as their main market followed by Indonesia and Vietnam (source: ahrefs.com). It seems like a broker for small forex traders happy with small costs, but not so prepared to deal with larger clients and orders, especially during abnormal market conditions.
Tickmill offers three accounts. The Classic account is a commission-free account, in which traders only pay the bid/ask spread. The other two accounts, Pro and VIP, are both commission-based and have a per-trade commission added to lower prevailing spreads.
Personal multi-account manager accounts are also available with Tickmill. The MAM program allows professional Money Managers (with a minimum $5,000 deposit at least) to trade on behalf of their clients. A Money Manager can easily execute block trades on all accounts with his single master account. In comparison, with Admiral Markets, Copy Trading is available from $100.
What is more, Islamic accounts are also available to clients who don’t want to earn interest for religious reasons. These accounts are swap-free and Sharia-compliant.
Spreads & Commissions
TickMill offers floating spreads, which vary by account category. The ones on the commission-free Classic account are above 1.6 pips on EUR/USD, which is not competitive pricing.
As regards ECN accounts (PRO), the broker cites as typical a spread of 0.2 pips on EUR/USD, and a commission of $4 per lot (round trip) applies. So, the average cost of trading per lot for the EUR/USD pair on these accounts is below 1.0 pips, which is a good offer for the industry.
Meanwhile, active traders are eligible for further discounts, depending on their trading volumes in the VIP account, giving Tickmill competitive all-around pricing.
It is worth noting that Tickmill records typical spread data during normal market conditions (when spreads are narrower).
Minimum Initial Deposit
You may start trading with TickMill at $100, which is an attractive offer, especially when it comes to an FCA-licensed broker.
Tickmill Platforms and Tools
Tickmill is a MetaTrader-only broker offering the standard, out-of-the-box experience, for just MT4. Unfortunately, there are no notable add-ons to help Tickmill stand out among the best MetaTrader brokers, and the multi-awarded MetaTrader 5 (MT5) is not available.
MT4 is still one of the best forex trading platforms, although MT5 started to be preferred by most investors and brokerages (see here MT4 vs MT5). It has a user-friendly interface and offers all a trader needs: an advanced charting package, a number of technical forex indicators, an extensive back-testing environment, and a variety of forex trading robots (forex ea).
Since Tickmill is a MetaTrader-only broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Android Play store, respectively.
Tickmill offers several third-party research solutions, including Autochartist, which is popular pattern-recognition software that uses automated technical analysis to make forecasts and generate forex trading signals. Autochartist is available via Tickmill’s web portal and as a platform plugin for MetaTrader.
Trading tools: In addition to the native MQL5 Signals market available in MT4, Tickmill also offers the AutoTrade feature of Myfxbook for social copy-trading. Myfxbook also powers the firm’s economic calendar, an alternative to the top-notch forex factory calendar (see here how to read and trade the forexfactory news).
Also, TickMill offers margin, pip, and currency calculators, as well as VPS hosting, which is useful for algorithmic traders using MT4.
All in all, TickMill’s best feature is its low spreads for active traders. Tickmill is a vanilla MetaTrader broker that offers average to poor customer service and only MT4 with no notable upgrades to enhance the trader experience (like the Supreme Edition add-on). No matter how you slice the data, compared to other top MetaTrader brokers, experts testing found Tickmill fails to stand out.
GET A FOREX PRO ON YOUR SIDETo trade forex and CFDs, you need a well-regulated broker, where your money is safe, one that features a user-friendly trading platform with ultra-light execution, tight spreads, and fees. Trading with a trusted forex broker is crucial for success in international currency markets.
Here’s the Overall rankings for the best online brokers who participated in our 2021 Broker Review, sorted by Overall ranking.
Tickmill is considered average-risk. Tickmill is not publicly traded and does not operate a bank. Tickmill is authorized by one tier-1 regulator (high trust), one tier-2 regulator (average trust), and one tier-3 regulator (low trust).
The minimum deposit for all account types is $100. However, to get a VIP account, you have to reach a balance of minimum $50,000.
Tickmill (Forex Broker) offers various trading accounts: Mini Account, Standard Account, ECN Account. Although most Forex brokers presents themselves as True ECN brokers, the reality is that only a small percentage of orders are traded in the market. Most are traded in house, depending on how successful a trader is.