In this detailed Tickmill review, we will give a well rounded review of this broker, particularly highlighting its pros and cons. In the end, you will be able to determine whether this is the right broker for your trading needs.
Tickmill is a well-established online forex and CFD broker that has garnered attention for its competitive pricing, advanced trading platforms, and a strong regulatory framework. Since its inception in 2014, Tickmill has built a reputation as a reliable broker for both beginner and professional traders.
Tickmill Review: Overview of the Broker
Tickmill is a global broker, operating under multiple regulatory bodies, which enhances its credibility in the industry. This includes the FCA in the UK, CySEC in Cyprus, and the FSA in Seychelles.
The broker offers access to a variety of trading instruments, including forex, indices, commodities, and bonds. With competitive spreads, no dealing desk (NDD) execution, and a suite of trading platforms, Tickmill provides an ideal environment for retail and institutional traders alike.
We will now proceed to consider the pros and cons of this broker which is the main focus of this Tickmill review.
Tickmill Review: Pros
1. Low Trading Costs
One of the biggest advantages of trading with Tickmill is its low cost structure, which is particularly appealing for high-frequency traders. Tickmill offers some of the lowest spreads in the industry, especially for major currency pairs like EUR/USD, where spreads can go as low as 0.0 pips on its Pro and VIP accounts. Combined with very competitive commissions, Tickmill provides an economical trading environment, ideal for traders focused on minimizing costs.
Its tight spreads and low commissions makes it a standout choice for day traders and scalpers who prioritize cost efficiency.
2. Strong Regulatory Framework
Tickmill operates under the oversight of multiple top-tier regulatory bodies including the FCA, CySEC, and FSA. This regulatory umbrella ensures that Tickmill adheres to high standards in terms of security, transparency, and legal accountability. Additionally, the broker offers segregated accounts for clients’ funds, ensuring that traders’ money is held separately from the company’s operating funds, which adds an extra layer of protection.
3. No Dealing Desk Execution (NDD)
The broker offers ‘No Dealing Desk’ (NDD) execution, which means that trades are executed directly on the interbank market, without any intervention from a dealing desk. This ensures fast order execution with minimal latency. This is crucial for traders who rely on precision and speed, particularly in volatile markets. With NDD execution, Tickmill reduces the likelihood of requotes and slippage, creating a smoother trading experience, especially during periods of high market volatility.
4. Variety of Trading Platforms
Tickmill provides access to the highly popular MetaTrader 4 (MT4) platform, known for its reliability, user-friendly interface, and extensive range of tools. Additionally, Tickmill offers WebTrader, a browser-based platform, for traders who prefer not to download software.
Both platforms support a variety of advanced trading tools, including algorithmic trading (via Expert Advisors), customizable charting options, and over 50 indicators. The platforms are available on desktop, web, and mobile devices, ensuring traders can access their accounts and execute trades from anywhere.
Tickmill Review: Cons
Although Tickmill has several strengths, it is not without its drawbacks. Below are some of the areas where the broker could improve.
1. Limited Range of Tradable Instruments
Although Tickmill offers forex, indices, commodities, and bonds, its range of assets is relatively limited compared to some of its competitors. Some brokers offer a wider variety of assets, including stocks, ETFs, and cryptocurrencies. For traders who are looking for more comprehensive exposure to various markets, Tickmill’s limited asset list might be a drawback. The broker does not offer direct stock trading and crypto CFDs, which may be disappointing for traders who want to speculate on the price movements of cryptocurrencies like Bitcoin or Ethereum.
2. Limited Trading Platform
While MT4 is a highly popular platform, Tickmill currently does not offer access to the newer MetaTrader 5 (MT5) platform. Some traders might prefer MT5 due to its additional features like more advanced charting tools, order types, and market depth indicators. For traders who are already using MT5 or want to take advantage of its newer features, the absence of this platform at Tickmill could be seen as a limitation.
3. Inactivity Fees
The broker imposes inactivity fees on dormant accounts. While this fee may be relatively low, it is still something that traders should be aware of, particularly if they do not plan on using their account regularly.
4. Regional Restrictions
Tickmill does not provide services to clients in the United States, Canada, and a few other countries. This is mainly due to regulatory restrictions in these regions. As a result, traders from these countries will need to seek alternative brokers, which can be limiting for North American traders who are interested in using Tickmill’s services.
Is Tickmill Suitable for Beginners or Advanced Traders?
Tickmill offers a number of features that make it a suitable option for new traders. Its educational resources, including free webinars, trading eBooks, and market analysis, are great for those just starting out. Additionally, its Standard account provides a low-risk entry point, with no commissions and reasonable spreads. The availability of demo accounts allows beginners to practice their trading strategies without risking real money.
For advanced and professional traders, Tickmill offers an ideal environment with low spreads, fast execution, and advanced trading tools. Its Pro and VIP accounts offer extremely competitive spreads and commissions, making Tickmill a cost-effective option for high-frequency traders, such as scalpers and day traders. Additionally, the ability to trade with algorithmic strategies via MT4 is an attractive feature for experienced traders who rely on automation.
However, the absence of MetaTrader 5 might be a drawback for some advanced traders who prefer the newer platform for its enhanced features and broader asset coverage.
In summary, as has been seen from the Pros and cons highlighted in this Tickmill review, the broker caters to a broad range of traders with their unique trading styles and preferences.
Frequently Asked Questions
Is Tickmill a legit broker?
- The broker has a strong regulatory oversight, and is legit.
Does Tickmill charge an inactivity fee?
Yes, it does.
Which trading platform does Tickmill provide?
MetaTrader 4.