Tickmill is an FCA regulated forex and CFD broker in the UK. They offer CFD trading services through multiple fee structures. Check out all the pros and cons of choosing Tickmill for CFD tradinng in the UK.
Tickmill is an FCA-regulated forex and CFD broker with no dealing desk. They offer multiple account types with different fee patterns to suit different types of traders.
Tickmill allows trading through multiple trading platforms including the most widely used MT4 and MT5 trading platforms. GBP can be chosen as the base currency of the account.
We have reviewed every aspect of Tickmill comprehensively specifically for the clients residing in the UK. In this review, we have covered all the pros and cons of choosing Tickmill for the legal entity Tickmill UK Ltd.
Tickmill UK Pros
Tickmill UK Cons
Table of Content
|Broker Name||Tickmill UK Ltd|
|Regulation||FCA, FSCA, CySEC|
|Year of Establishment||2015|
|Trading Platforms||MT4, MT5|
|Trading Instruments||200+ CFDs on forex pairs, commodities, indices, shares, cryptocurrencies|
The financial regulatory authority that provides licenses to the brokers ensures the safety of the traders. Tickmill is regulated by the following regulatory authorities.
Traders residing in the UK are registered in FCA regulations. This makes Tickmill safe for UK clients as they are protected by up to GBP 85,000 in case of an unsettled dispute between broker and client.
To comply with FCA regulation, Tickmill cannot offer more than 1:30 leverage to retail clients. Professional traders can trade with leverage as high as 1:500.
The FSCA license was acquired by Tickmill in 2019. Only South African clients are registered under FSCA regulation.
Apart from these two top-tier regulatory authorities, Tickmill is also regulated by CySEC of the European Union and the FSA of Seychelles.
Tickmill is a privately held firm launched in 2015. It is not listed on any stock exchange. Compared to most of the FCA-regulated brokers in the UK, Tickmill is new.
Tickmill does not have a dealing desk and uses STP/ECN method for trade execution. This means that they cannot take part in the trading positions opened by the clients.
The FCA regulation makes Tickmill a safe choice for clients residing in the UK.
The fee structure for trading CFDs at Tickmill depends on the account type chosen by the trader. For traders residing in the UK, Tickmill offers 3 account types namely Pro, Classic, and VIP. The Pro and VIP account are commission-based accounts while the Classic account is a spread-only account.
We have separately reviewed every component of the fees charged at Tickmill in the UK.
This includes the fees that are charged while executing trade orders.
The average typical spread for EUR/USD as a benchmark is 1.8 pips with the Classic account. For Pro and VIP account types, the same is 0 pip. The spreads at Tickmill with the Classic account are higher than many other FCA-regulated brokers in the UK.
The following table compares the average typical spread for commonly traded currency pairs with the Standard account of other brokers in the UK. It must be noted that these spreads are with the spread-only account types where no trading commission is involved.
|Trading Instrument||Tickmill||FXTM||eToro||CMC Markets||Pepperstone|
The trading commission at Tickmill is lower than many peers in the UK. The commission could differ from the base account currency chosen. The commission with the VIP account type is very attractive but this account requires a minimum deposit of $50,000.
Non Trading Fees
Most forex brokers do charge fees without any trading positions opened. However, no non-trading fees are incurred at Tickmill in the UK. There is no account opening charge, inactivity fees, deposit or withdrawal fee, etc.
Overall, Tickmill is a very cost-effective broker if you wish to trade with a commission-based structure of Pro account type. With the Classic account type, you might find yourself paying higher than many other FCA-regulated brokers in the UK. The VIP account offers the best pricing but it requires a minimum deposit of $50,000 which is not feasible for retail traders.
Tickmill offers 3 account types called as Classic, Pro, and VIP. The major difference between these accounts is based on the fee structure.
All three CFD trading account types can be opened with USD, EUR, GBP, and PLN in the UK. The maximum leverage for the retail clients is 1:30 on all three account types. This leverage can be increased up to 1:500 if the traders qualify to be professional traders.
Tickmill also offers a separate futures account which can only be used to trade futures derivative contracts. The minimum deposit amount for this account is $1000.
The availability of multiple account types makes Tickmill suitable for different types of traders. Small-volume traders will find the classic account ideal for them while the high volume traders and scalpers will prefer the Pro account.
The account opening process at Tickmill can be completed online through a web browser and Tickmill mobile application. Following are the steps to open a live trading account at Tickmill in the UK.
Step 1: Basic Details
Clients who wish to open an account at Tickmill can do so through the official website and mobile application of Tickmill. Firstly they need to choose the individual account and enter basic details like name, email address, and phone number.
Step 2: Country of Residence
Traders need to select their country of residence. Depending on the country, Tickmill will show the available legal entities under which an account can be opened in the country of residence.
Step 3: Financial Details and Trading Experience
In the next step, traders need to provide their financial details and trading experience. Clients need to enter their annual income and answer a few other questions regarding their experience of trading financial instruments.
Step 4: Document Verification
This could be the most time-consuming step as traders need to submit a valid document which will act as proof of name and address. The soft copy of the documents will be uploaded by clients. The executives at Tickmill will verify the account with documents and will send a confirmation mail upon successful completion.
Step 5: Deposit
Once the account is verified, traders need to make a deposit through any of the available methods to start trading with Tickmill.
A demo account, provided by Tickmill, serves as a virtual trading platform that allows traders to practice and gain familiarity with the company’s trading features and strategies without the risk of using real money. These demo accounts simulate real market conditions and provide users with virtual funds to execute trades.
The advantages of utilizing a Tickmill demo account include:
Risk-Free Practice: Demo accounts enable traders to practice their strategies and become comfortable with the trading platform, all without risking actual funds. This is particularly valuable for novice traders who are still learning the ins and outs of trading.
Platform Familiarization: By utilizing a demo account, traders can become well-acquainted with the trading platform’s tools, features, and order execution methods. This familiarity can significantly enhance their efficiency when they eventually transition to a live trading account.
Strategy Testing: Demo accounts offer an opportunity to test and refine trading strategies within a simulated environment. Traders can assess the effectiveness of different approaches, indicators, and risk management techniques without incurring any financial losses.
Evaluation of Broker’s Services: Utilizing a demo account allows traders to evaluate Tickmill’s trading conditions, including spreads, execution speed, and customer support, before committing real funds to a live trading account.
While demo trading provides a valuable learning experience, it’s important to recognize that it may differ from live trading in terms of factors such as liquidity, slippage, and psychological aspects. Traders should exercise caution when transitioning to live trading and implement appropriate risk management strategies.
Tickmill supports multiple methods for deposit and withdrawal. Following are the details of each accepted transaction method at Tickmill in the UK.
Tickmill accepts deposits and withdrawals through multiple methods. The major advantage is none of the accepted methods will incur an added commission for deposit or withdrawal.
Tickmill offers the most widely used trading platforms namely MT4 and MT5 for trading all the available instruments. Additionally, they also support trading through modern platforms like CGQ, Trading View, and Agena Trader for futures and options trading.
MT4 is among the oldest CFD trading platforms that are still preferred by a large number of traders worldwide. This is because of its fast processing, simple design, and easy compatibility with all types of devices. MT4 was launched in 2005 by MetaQuotes Software.
MT5 is an upgraded version of MT4 with more trading tools, indicators, time frames, and patterns. The MT5 looks modern and offers a convenient environment for basic as well as advanced traders. MT5 was launched in 2011 by MetaQuotes Software.
Both the CFD trading platforms MT4 and MT5 can be chosen with any of the account types with GBP as the base currency of the account.
Tickmill offers a wide range of tools that can assist traders in researching and gaining knowledge regarding trading and capital markets. These tools can enhance the trading experience and assist traders in making better trading decisions. The following are the available tools at Tickmill:
Apart from the above-mentioned research and education tools, there are several more available on the official Tickmill website and application. According to our analysis and comparison, Tickmill offers sufficient and useful tools for clients. The number of available tools is more than many other regulated brokers.
Tickmill is an STP/ECN broker. Following are the details of trade execution method at Tickmill:
The customer support services at Tickmill are excellent. We tried to connect with the support staff through different methods to test their services. Following are the methods through which clients can connect with the support staff at Tickmill.
We raised multiple queries through live chat and found the answers relevant to our queries. The response time was less than a minute most of the time.
Overall, the support services are excellent at Tickmill. There are multiple means of connecting and the response time is also good. The support service is not available on the weekends and holidays.
Tickmill offers CFDs on various financial instruments. Traders must note that Contract for Deposits (CFDs) are derivative instruments in which there is no physical buying and selling of underlying assets. Only the price difference between opening and closing of positions are cash settled.
Following are the instruments available for trading at Tickmill in the UK:
|Asset Class||Number of Instrument||Maximum Leverage|
|Currency Pairs||62||1:30 for majors, 1:20 for Minors|
|Commodities||5||1:20 for Gold, 1:10 for others|
Overall, the number of available instruments at Tickmill is lesser than many other FCA regulated CFD brokers in the UK. Approximately 200 financial instruments are available to trade at Tickmill in the UK.
Yes, Tickmill is an FCA regulated forex and CFD broker in the UK and can be considered safe. They have No Dealing Desk (NDD) execution policy and cannot take part in clients’ trading position.
The number of available instrument is low and the spreads with the Classic account is high. Commission-based traders will find Tickmill much cost effective than other CFD brokers in the UK. The support services are excellent and multiple methods can be used to deposit and withdraw.
Yes, Tickmill is an FCA-regulated CFD broker in the UK. They are non-dealing desk broker that allows trading through multiple trading platforms. Tickmill can be considered safe for trading in the UK.
The withdrawals at Tickmill can be made through local bank transfers, debit/credit cards, and various e-wallets. Bank transfer withdrawals are processed in less than 2 days while all other withdrawals are reflected in bank accoun in less than 24 hours.
Tickmill market themselves as NDD and ECN broker for the Pro account. However, The standard account at Tickmill is based on market maker execution method.
Yes, Tickmill has low trading cost, good support services, and allow trading with GBP as the base currency. Tickmill is regulated by the FCA of the UK and can be a good choice for beginners.
There is no commission involved with the standard account at Tickmill as the trading fee is built into spreads. Traders who wish to trade with lower spreads can choose the Pro and VIP account at the expense of a fixed commission per lot.
Yes, Tickmill allows trading on 3 Indices of NASDAQ through CFDs. The CFDs on US30, US500, and US Tech 100 or NASDAQ 100 can be traded at Tickmill with a maximum leverage of 1:10.