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:

πŸ—ΊοΈ Authorised & Regulated inUK, Cyprus, South Africa, Seychelles, Labuan
πŸ›‘οΈ Is Tickmill safeYes
πŸ’° EUR/USD Spread1.63
πŸ’³ Minimum depositUS$100
πŸ’° Withdrawal feeUS$0
πŸ–₯️ Trading PlatformMetaTrader 4
πŸ“ˆ Markets offeredForex, Commodity, Indices & Bonds
πŸ“‰ Number of Products85

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 entityRegistered inRegulatorLicense NumberCompensation Scheme AmountAccepting clients from
Tickmill UK LtdUnited KingdomFinancial Conduct Authority (FCA)717270Β£85,000Globally many countries
Tickmill Europe LtdCyprusCyprus Securities and Exchange Commission (CySEC)278/15€20,000Globally many countries
Tickmill South Africa (Pty) LtdSouth AfricaFinancial Sector Conduct Authority (FSCA)49464No protectionSouth Africa
Tickmill LtdSeychellesFinancial Services Authority of Seychelles (FSA)SD008No protectionGlobally many countries
Tickmill Asia LtdMalaysiaFinancial Services Authority of Labuan (Labuan FSA)MB/18/0028No protectionGlobally many countries
Tickmill FCA License

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 Β£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 Β£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.

MarketsInstruments1st trade 2nd trade 3rd trade Avg. Spread
ForexEUR/USD1.61.61.71.63
IndicesFTSE 1001111.00
CommoditiesGold2.42.66.43.80

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.

MarketsInstrumentsAvg. Spread ChargedIndustry Avg. Spread
ForexEUR/USD1.631.6
IndicesFTSE 1001.001.5
CommoditiesGold3.803.8

Other fees

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

Account types

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

ProClassicVIP
Minimum Deposit$100$100$50,000
Minimum Balance$0$0$50,000
Spreads from0.0 pips1.6 pips0.0 pips
Commissions2 per side per 100,000 tradedZero Commissions1 per side per 100,000 traded

Tickmill also offers swap-free Islamic 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.
Tickmill account opening page where traders can choose the entity

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

We registered our account on 29 August 2020 and it was verified on 30 August 2020. 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.

Tickmill deposit methods

The table below shows the details of our deposits:

Payment MethodSubmitted DateFunded Account DateFunding TimeFee
Skrill2020-08-30 2020-09-01 1 working dayzero
Credit card2020-09-01 2020-09-01 Instantzero
Skrill2020-09-01 2020-09-01 Instantzero
Bank Transfer2020-09-01 2020-09-02 1 working day*US$25
Neteller2020-09-082020-09-08Instantzero
Neteller2020-09-132020-09-13Instantzero

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 MethodSubmitted DateFunds Released DateFunds Arrived DateWithdrawal TimeFee
Credit Card2020-10-02 2020-10-022020-10-03 1 working dayzero
Skrill2020-10-02 2020-10-052020-10-05 1 working day (3-4 Oct, weekend)zero
Bank Transfer2020-10-03 2020-10-052020-10-06 2 working days (3-4 Oct, weekend)zero
Neteller2020-10-02 2020-10-052020-10-05 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 offering:

MarketsInstruments
Forex62
Indices13
Commodities6
Bonds4

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 MethodAllowed
HedgingYes
ScalpingYes
Change LeverageYes

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:

MarketsTickmill UK LtdTickmill Europe LtdTickmill South Africa (Pty) LtdTickmill LtdTickmill Asia Ltd
Major currency pairs30:130:1500:1500:1500:1
Minor currency pairs20:120:1100:1100:1500:1
Exotic pairs10:110:110:110:110:1
Gold20:120:1500:1500:1500:1
Indices20:120:1100:1100:1100:1
Other Commodities10:110:1100:1100:1100:1
Bonds5:15:1100:1100:1100:1

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.

Tickmill Bonus – $30 Welcome Bonus

Here are the full details of the bonus scheme:

Bonus TypeNo deposit bonus
Bonus AmountUS$30
Provided byTickmill Ltd
Does not apply to clients fromThe 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 (MT4) platform. The broker does not offer any other trading platform making it ideal for MT4 lovers.

Tickmill MT4 Webtrader

The MT4 platform is decent enough and can be customised to a high degree. However, the design is getting old, and we would have loved to see the broker offer the MetaTrader 5 (MT5) platform, 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
Tickmill provides trading tool – Autochartist

Education

Tickmill does a good job in education. They offer

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

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:

QuestionResponse TimeQuality of reply
EmailFunds Withdrawal1 working dayOkay

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:

Tickmill customer service

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 market and instruments, and we hope that they will add shares CFDs, cryptocurrencies, and ETFs in future.

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


Author of this review

By George Rossi

Author of this review

I am a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets.

I am passionate about observing foreign exchange movements, sharing educational insights into the financial markets.

Everything you find on BrokerTested is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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