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Tickmill broker is a multi-asset and forex trading company that allows its clients to trade in futures and many other CFDs. It is a company that focuses more on providing a great experience for traders because it has customized its services.
Tickmill broker review looks at the features that will help you decide whether to trade with them or not.
Regulations and Licenses
Tickmill exists in different regions and has done its fair share in ensuring that it has some great trading regulators to back it up.
It has been registered under the Financial Conduct Authority (FCA), Seychelles Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySec), Labuan Financial Services Authority (Labuan FSA), Financial Sector Conduct Authority (FCSA), and the Tickmill South Africa (Pty) Ltd.
Account Opening and Account Types
Opening an account with Tickmill is easy that to their user-friendly interface. The requirements that they have to open an account with them is that a person should provide the following:
- Register with them
- Provide proof of identity
- Provide proof of residence
- A platform to trade
And just like that, you can create an account in less than 20 minutes. They offer different account types to their clients.
Tickmill’s clients can create Pro, Classic, VIP, and Futures accounts. The variation between these accounts is in the commission, fees, minimum deposit, and the leverages that can be accessed. The minimum deposit that you require to open an account is $100.
The VIP account has the highest minimum deposit of $50,000. They also have a special Islamic account that clients can choose from and a demo account.
The good thing is that the demo account is open for the trader to use without having an expiry date. It’s a plus that gives beginning traders a chance to learn without risking their funds or capital.
Commissions and Spreads
Spreads are charged according to your account type and the different CFDs and instruments you will be trading. Overall, the spreads that they charge can be rated as average. This means that they are low but not too low and expensive.
The spreads range from a minimum spread of 0 pips to as high as 17 pips, depending on the instrument you will be trading. The spreads are low regarding cryptocurrencies and forex trading instruments, making it better as these are the main trading instruments for most traders.
They do charge commissions as well. The commission charged is low and dependent on the kind of account that you have. The VIP account has a commission of 1 per side per 100,00 traded, and the Pro account has a commission of 2 per side. The classic account charges no commission whatsoever.
The leverage they offer is fixed across all the accounts as they offer a leverage of 1:500.
Trading Platforms and Instruments
Tickmill review understands that the broker does not have many trading platforms from which traders can choose. However, they allow traders to use the basic trading platforms of MT4 and MT5. These platforms can be used on mobile devices, PCs or desktops, and web traders.
They have a good combination of instruments accessible to their traders. These instruments include CFDs, stocks, indices, metals, bonds, oils, and forex currencies, and until recently, they added cryptocurrency to their list of tradable instruments.
The downside of their instruments is that they are diverse in range but few when it comes to it. They offer the common trading instruments and no more than that. The upside is that if you have a futures account, you can trade with it.
The different ways that client can reach Tickmill’s support center is through phone, email, or through their FAQ page. They have customer service that runs on a 24/5 basis. Their response time is fast, which is a plus.
Ready to Trade?
The Tickmill broker review has shown the major and most important features traders should have to decide whether or not to trade with them. They have a few cons, such as the limited customer support methods and few instruments to trade.
For the larger part, they are reliable and widely spread. It is a perfect reliable broker for people that do not need a wide range of instruments.
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