Tickmill Review 2024

Tickmill is a NDD (No Dealing Desk) forex and CFD broker. They are regulated with top-tier regulators i.e. FSCA, FCA (UK) & CySEC. They offer instant internet banking deposit method & quick bank transfer withdrawals in SA. Traders can open live account with minimum deposit of $100. Read our Tickmill review to find if they are good for South African traders.

By Rahul Sharma  β€” 
Max. Leverage
per trade
Minimum Deposit
out of 20 Forex Brokers

Tickmill is a reputed & well regulated UK based forex & CFD broker established in 2014. Tickmill South Africa Pty. Ltd. is regulated with FSCA, and Tckmill UK Ltd. with FCA in UK, and Tickmill Europe Ltd with CySEC in Cyprus.

Tickmill is a No Dealing Desk (NDD) broker, which means that all orders will be passed to their third party liquidity providers. This means that Tickmill have no conflict of interest with the traders using their platform.

They offer instant internet bank transfer option for funding in South Africa & their withdrawals via bank transfers are very fast too. They offer MetaTrader 4 as trading platform to their clients, and they have recently started to offer the latest MT5 platform as well. Moreover Tickmill have 24/5 support via email, chat, international phone support.

Read our in-depth review on Tickmill to know more about them before choosing them. We have compared their fees, support, platforms & more.

Tickmill Pros

  • Tickmill is regulated with FSCA, so they are considered a low risk forex broker.
  • Instant Deposit via Internet bank transfer option. Bank transfers withdrawals in South Africa within a maximum time of 24 hours
  • South African Clients can open trading account with Tickmill with minimum deposit of $100.
  • Tickmill is a NDD broker so there is no conflict of interest with their clients.
  • The spread is very low with their Raw account (0.1 pips spread + $3 commissions each side per Standard lot).
  • No Deposit and Withdrawal Charges.
  • Tickmill offer Metatrader 5 & MT4 platforms.
  • Wide range of Currency pairs available for trading forex. They also offer CFDs on cryptos.

Tickmill Cons

  • Moderate spreads from 1.6 pips on average for EUR/USD with their Classic Account.
  • No Local Phone number for support.

Tickmill – a quick look

🏦 Broker Name Tickmill Ltd
πŸ“… Year Founded 2014
🌐 Website www.tickmill.com
🏒 Registered Address 3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles
πŸ’° Tickmill Minimum Deposit $100
βš™οΈ Maximum Leverage 1:1000
βš–οΈ Tickmill Regulations FSCA, CySEC, FCA, FSA SC.
πŸ›οΈ Trading Instruments 62 Currency pairs, CFDs on 10 Commodities (including Metals & Crude Oil), 20 Stock Indices, 9 Cryptos & 4 Bonds
πŸ“± Trading Platforms MT4 (MetaTrader4), MT5, WebTrader

Regulation and safety of funds

We consider Tickmill to be a safe forex broker for South African traders based on their regulation with FSCA & Tier 1 regulator FCA.

Tickmill is regulated with 3 Top Tier regulators:

  1. FSCA: Tickmill is regulated with FSCA. Tickmill South Africa (PTY) LTD is authorized by FSCA since 09/10/2019 with FSP no. 49464.
  2. Tickmill FSCA Regulation Status

  3. Financial Conduct Authority (FCA): Tickmill is registered as ‘Tickmill UK LTD’ with Financial Conduct Authority since 29/07/2016 under Reference number 717270.
  4. Tickmill FCA Regulation

  5. Cyprus Securities Exchange (CySEC): Tickmill Europe Ltd is registered with Cyprus Securities Exchange under licence number 278/15 since 2015.
  6. Tickmill CySEC Regulation

    We consider Tickmill to be low risk CFD platform considering the fact that they are regulated with FSCA & also have regulatory licenses from a number of other Top-Tier regulators.

    Is Tickmill an authorized ODP?

    Yes, Tickmill is authorized as an ODP with FSCA as per the latest search. Their local entity ‘Tickmill Ltd.’ is registered in Cape Town & they have a valid licensed to operate as an Over the Counter Derivative Provider.

    The below is the information about their ODP status listed in FSCA’s website. Please make sure to check the recent status, as this may have been updated from the time of this review.

    Tickmill Over the Counter Derivative Provider License

    Tickmill Fees and Spread

    Tickmill’s fees depends on your account type with them but overall we found it to be very competitive. We have researched & following is a breakdown of their trading & non-trading fees with all their account types.

    1. Low Typical Spread: Tickmill offers floating spread with all their 2 trading accounts (Classic, Raw). Their spread starts from 0.0 pip on Raw account, and from 1.6 pips on average for EUR/USD with Classic account. The classic account does not have any other fees besides their spread (we mean trading fees), but the Raw account has commissions per trade.
    2. Tickmill Spread

    3. Commission with Raw account: Tickmill charges commission on trade only with their Raw account. There is no commission on Classic account. There is a commission of $3 per side of the trade (for open & close) i.e. $6 for a trade; and the spread is as low as 0 pips. So, for example if you are trading 1 million (10 Standard lots), typically, the average cost will range from USD 60-70 per million traded ($60 commissions per 1 million + $10 spread in this assumption that it is 0.1 pips) This is low compared to other brokers.
    4. No Inactivity Fee: Tickmill does not charge any inactivity from their clients. There are many brokers in South Africa who charge inactivity from their clients for no trading activity after few months.
    5. Rollover Charges: These fees are charged or credited to your Tickmill trading account when you have an open position overnight.

      Their typical Swap charges are moderate to low compared to other CFD brokers. For example, EUR/USD their Swap fees are -3.78 USD for Long & USD 0.65 for Short. For GBPUSD it is -2.27 USD for Long & -3.65 for short.

      Tickmill Swap Fees

      Depending on the currency pair you are trading, rollover fees would be credited or debited from your account at the end of the forex day i.e. 5 PM. For some currency pairs it is low, but for some it is moderate. There is no rollover fees only for Islamic accounts.

    6. No Withdrawal fees: Tickmill does not charge any transfer fees on deposit or on withdrawals. There are no fees for SA Internet banking transfer funding & withdrawal, which is a very good feature. But in case of Wire transfers, the intermediary banks may charge extra fees or eWallets (like Skrill, Neteller etc.) may also charge you fees, which is not covered by Tickmill.

    Their spread with Classic account is bit high, but if you choose Raw account then the spread is Raw i.e. as low as 0 pips. The commission with Raw account is also low at $6/lot Round turn, which is lower (or almost equal to) than other ECN Type brokers that offer raw spreads. Their non-trading charges are also low.

    Below table is breakdown of their typical spread for major currency pairs.

    Instrument Average/Typical Spread (Raw Account)
    EUR/USD 0.1 pips
    AUD/USD 0.1 pips
    GBP/USD 0.3 pips
    EUR/GBP 0.4 pips

    So, overall Tickmill’s fees is very competitive for most of the instruments. The trading charges are low, and the non-trading charges are also quite low & transparent.

    Tickmill Account Types

    Tickmill Demo Account

    Demo account is provided by the Tickmill for free to all traders. You can use the demo account to practice and learn forex trading.

    You can signup with Tickmill & create a demo account on their website. With this account you can start testing your trading strategies in real market like conditions. Once you are experienced, you can at anytime open a Live account.

    In Demo account MT4 trading platform is offered by Tickmill. You can download it on your PC and Laptop and start your trading in just one click.

    Tickmill Live Accounts

    Tickmill South Africa has a minimum deposit of $100 for Classic & Raw Accounts. Note that if you are opening your trading account in ZAR, the account minimum deposit is lower.

    All the accounts on Tickmill have these common features:

    1. Market Execution: Tickmill is the NDD (No dealing desk) Forex broker so they offer direct Market Execution. Tickmill claims that it doesn’t have any requotes.
    2. Account Base Currency: Tickmill does not offer ZAR accounts at the moment. But you can choose USD, EUR or GBP as your base currency.
    3. Tickmill Negative Balance Protection: Tickmill South Africa has negative balance protection with all their account types. So, SA traders are protected & your account balance will be rolled back to 0 in case it goes into negative.

    Tickmill Live Trading Account Types

    1. Classic Account: Classic account start with minimum deposit of $100 and with the maximum leverage of 1:1000. This is a spread only trading account & spread start from 1.6 pips in this account. There is no commission in this account and swap-free Islamic account option is also available.
    2. Raw Account: Spread in Raw account starts from 0.0 pips. The base currency of this account can be select from USD, EUR, GBP & ZAR. This is a commission based account, you will be charged $6 Roundturn commission per 100,000 units traded (1 Standard Lot). The typical EUR/USD spread with this account is 0.1 pips, this makes overall cost to be around 0.6-0.7 pips (if you add cost for commission + spreads).
    3. Overall, the Account types at Tickmill are very clear. You can choose Classic Account if you want to trade on spreads only account. But if you want lower cost, then you should open Raw account.

      Tickmill Leverage

      The max. leverage at Tickmill South Africa is 1:1000 for forex with all their 2 account types. For CFDs like Indices, the leverage is lower at 1:100. For stock CFDs, the leverage is not the same for every stock, it varies between 1:5 to 1:20. For Crypto CFDs, the max. leverage is 1:200.

      Traders have to adjust to a lower leverage.

      How to Open Account with Tickmill

      Step 1) Click on Create Account: Open the home page of the Tickmill and click on Create Account link at the top of the page.

      Open Tickmill Create Account

      Step 2) Account Type Select: Now you will be redirected to page where you need to select your account type. For retail traders it will be ‘Individual’ Account, and you choose ‘Corporate’ if you are opening the account for your company.

      Note that if you choose Corporate Account, one more document will be required during KYC i.e. your ‘Corporate Certificates’.

      Select your Account Type at Tickmill

      Step 3) Enter your Personal Details (there are 6 steps involved here): Here you need to fill in your personal details (Full Name & Date of Birth). Note that all the details should match the details on the ID that you are going to submit in the later step.

      Fill Personal Address for Individual Account at Tickmill

      After entering your name & DOB, you are required to select your country & the Tickmill entity under which you are opening your account. You also need to confirm that you are not a US Citizen.

      After that you will be required to enter your Phone Number & Email.

      Step 4) Validate your e-mail address: Now you need to verify your email by clicking on the link sent to them on your mentioned email.

      Step 5) Complete Account Verification: At last you need to verify your account by submitting your ID proofs. You can upload the scanned copy of your ID proof like Passport, Driving Licence etc. and Address proof like Post Paid Phone Bill, Electricity bill etc.

      That All! Your account has been created now. You can check your email to check all the details to start trading with them.

      Tickmill Trading Instruments

      The number of CFD trading instruments available at Tickmill are lesser than other brokers that we have compared.

      1) 62 Forex Pairs: Tickmill offers a 62 Forex trading pairs, which is comparatively higher or similar to other forex brokers like Hotforex (53), FXTM (62) but lower than Exness (107).

      2) Range of CFDs: Trading instruments other than forex are not the highest, but most of the commonly traded CFDs are available on their platform.

      Tickmill have trading available on 15 Commodity CFDs, 20 CFDs on Stock Indices & Commodities & 4 CFDs on Bonds. This is very limited as many other brokers offer higher number of CFD instruments other than forex.

      But they have major instruments like XAU/USD, USTEC (NASDAQ) & other popular CFD instruments. For example, below is the screenshot of their Commodity CFDs, which includes CFDs on metals like Gold & Silver as well.

      Tickmill Metal CFD Instruments

      It is important to note that Tickmill does offer CFD trading on major global indices including DJI (US30), S&P500 (US500), NASDAQ 100 (USTEC), DAX (DE40), NIFTY50. Almost all of the major global indices are available for CFD trading on their platform & the fees for trading these instruments is moderate.

      For example, the typical spread for trading US500 is US500 0.39 pips. So, if you are trading 1 Contract of 1 Lot size, with the S&P500 at 4000 (for example), then your notional exposure is $4000. The max. leverage for this instrument at Tickmill is 1:100 (and it is similar for other major indices).

      US500 Index CFD at Tickmill

      3) 9 Crypto CFDs: Tickmill offers crypto CFD trading on Bitcoin, Ethereum & Litecoin against the US Dollar. BTCUSD, ETHUSD & LTCUSD are available for trading with typical spreads of 85, 1.5 & 5 respectively for each of these crypto CFDs.

      Most other major CFD brokers like XM & don’t offer crypto CFDs. So, this is a positive if you are looking to trade crypto CFDs.

      The typical spread for major like BTCUSD is 24.9, for exposure of 1 lot, if the BTCUSD is trading at $24,000, then the fees would around 0.1%. This makes the spread moderate.

      Overall, the total number for currency pairs at Tickmill are good. Major CFDs like NAS100, Gold etc. are available at Tickmill & the trading fees is low for these instruments.

      Tickmill Trading Platforms

      Tickmill Trading Platforms (MT4 & MT5)

      Tickmill is a Metatrader based forex broker & they offer both MT4 & MT5 trading platforms (on web, mobile & desktop). They also have their mobile app.

      1. MetaTrader 4 (MT4): You can download the MT4 trading platform and install it on your PC, Android and iOS mobile. You can start using their demo account with MT4 trading platform. Traders can see charts with multiple time frame in there MT4. Moreover various indicators and can monitor various trading process is available in MT4.
      2. Web Trader: If you don’t want to download it in your device then you can access it online using the login details provided to you by them. This platform will give access you to do your task using a browser and just a internet connection.
      3. Tickmill MetaTrader 5: Tickmill now offers the latest MT5 platform as well. You can download the platform from their website. The platform is available on desktop (Mac & Windows both), web, iOS & Android.

      Tickmill is a standard Metatrader based CFD broker. They offer both MT4 & MT5, and these are available on all the devices.

      Tickmill Deposit & Withdrawals Methods

      Tickmill offers various deposit & withdrawal methods. The most important is the fact that they support local bank transfer payments in Rand (you can also withdraw in your local bank account).

      Let’s first look into their deposit methods.

      Tickmill Deposit Methods

      Tickmill offers multiple methods with instant deposit options in South Africa.
      Tickmill Instant Deposit South Africa

      1. Local Bank Transfer: Tickmill offers local Bank transfer option for deposit in SA. This option is instant. There is no extra fees for deposit with this method & transfer can deposit in ZAR, which will be converted to your account base currency.
      2. Credit/Debit cards: You can use your debit and credit cards offered by VISA and Master card. The payment will be processed within working day made using this method.
      3. E-Wallets: You can also transfer the funds using the E-Wallets like skrill, Neteller, PaySafeCard, Fasapay, China UnionPay. The processing time is 1 working day.

      Tickmill Withdrawal Methods

      Withdrawals at Tickmill are fast for traders in South Africa. They also offer Internet Bank transfer withdrawals.

      1. Internet Bank Transfers: Traders can request withdrawal into local bank account & withdrawal is done within 24 hours max.
      2. Credit/Debit cards: You can send your card details while requesting for the withdrawal. And this can take 1 working day.
      3. E-Wallets: You can also send your E-Wallets details like skrill, Neteller, PaySafeCard, Fasapay, China UnionPay. The processing time is 1 working day.

      How long does it take to withdraw from Tickmill in South Africa?

      The withdrawals at Tickmill would normally be credited in your bank account within 24 hours. This is if you are using EFT transfer option on your withdrawals.

      Note that the EFT withdrawals at Tickmill are made in ZAR, so if you have USD as your account currency, the conversion charges would apply on your withdrawal amount.

      Overall, the deposit & withdrawal options available at Tickmill are good.

      To sum up, Tickmill offer local bank transfer for deposits & withdrawals, which is considered good. And the withdrawals via Internet banking are proceeded within 1 day, which is faster than many other CFD brokers.

      Tickmill Bonus

      Tickmill does not have any bonus offers in South Africa currently.

      They have a $30 welcome bonus offer with no deposit, but it is not available to South African traders for now.

      Tickmill Rebate Promotion

      Tickmill currently have an ongoing rebate promotion that is available for the traders in South Africa. You can earn cash rebates based on your monthly trading volume.

      The minimum deposit required to take part in this rebate promotion is $200. The exact rebate depends on the number of lots traded & it is divided into 3 tiers.

      For upto 1000 Standard lots traded, you would get $0.25 per/lot. For 1000-3000 lots, the rebate is $0.50 per Standard lot. And for over 3000 lots the rebate is $0.75 per standard lot.’

      For eg: If you trade 100 lots, then the cash rebate that you would earn is $25.

      Tickmill Customer Support

      We found Tickmill’s support to be lacking in some parts. We tested their chat support & email support. For both chat & email, we asked them basic questions, below is a review our overall experience with their support.

      1. Good Chat Support: We tested Tickmill’s chat support by contacting them 3 times with different queries, and there was few seconds of hold time before connecting with a real agent. Once you are connected, their chat representatives are quick in answering questions. They are available from Monday to Friday within 09:00-22:00 (GMT+2h). It is important to note that their English chat support is not online 24 hours (not even on weekdays).
      2. Tickmill Customer Support

      3. Email Support: Tickmill offers support via email as well. You can also send a mail to their support team at email [email protected]. They normally reply within the same business day.
      4. No Local Phone Number: Tickmill does not have a local phone number in South Africa. So if you want to call them, you would need to call on their international phone number +852 5808 7849 & +60 16 299 9449, available from Monday to Friday, or you can fill their contact form & their team will call you back.

      Tickmill South Africa Address

      Note that Tickmill does have a local address & office in South Africa. But there lack of local phone number & the English live chat is not 24/5.

      Do we recommend Tickmill?

      Yes, we do recommend Tickmill South Africa as they are a good & reputed broker with low trading fees.

      On the good side, they are a 100% NDD broker that is regulated with FSCA & FCA. Their overall trading fees is very competitive with Raw account. Also, they do not charge any deposit and withdraw fees.

      Plus, they offer local bank transfer option in SA with quick withdrawals, plus ZAR account. Their support is also not bad.

      And they offer MT4 & MT5 platforms. But, their total no. of CFD instruments other than forex are somewhat limited.

      Overall, there are one of our recommended brokers that South African traders can choose to trade.

      Tickmill South Africa FAQs

      What is the minimum deposit at Tickmill?

      Tickmill had a minimum deposit of $100. South African traders can signup with their Raw & Classic Accounts, both have the same minimum deposit of $100. But if your account is in ZAR, the minimum required deposit is lower.

      Is Tickmill a safe forex broker?

      Tickmill is authorized by FSCA under FSP no. 49464. They are also licensed with FCA & CySEC, so as per our research we consider them as a low risk forex & CFD broker for traders based in South Africa.

      What are the withdrawal methods available at Tickmill?

      Tickmill offers withdrawals via local transfer to South African bank accounts at zero fees, wallets like Skrill, Neteller & via Debit/credit cards. There is no fees with any of these methods & the withdrawal time is also fast. It would vary between few hours to 24 hours depending on the withdrawal method that you choose.

      Does Tickmill have NAS100?

      Tickmill has NAS100 or NASDAQ instrument as a CFD on their platform. USTEC CFD index instrument is available on their Metatrader platform with a typical spread of 1.93 pips.

      Does Tickmill offer ZAR Account?

      Yes, Tickmill does offer ZAR base currency trading accounts & the deposit is also lower if you choose ZAR as your base currency. Traders also have the option to choose between USD, EUR & GBP base currencies during account opening process.

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