Tickmill Review 2020
Tickmill is a NDD (No Dealing Desk) forex and CFD broker. They are regulated with top-tier regulators i.e. FCA (UK) & CySEC. They offer Demo account and live account with minimum deposit of $100. Read our Tickmill review to find if they are good for South African traders.
Tickmill is a UK based forex & CFD broker established in 2014. Tickmill Ltd. is regulated with FSA in Seychelles, as Tckmill UK Ltd. with FCA in UK, and 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 their traders.
They offer MetaTrader 4 as trading platform to their clients, but they don’t offer the latest MT5 platform. Moreover Tickmill offers 24/5 support via email, chat, international phone support.
Read our indepth review on Tickmill to know more about them before choosing them. We have compared their fees, support, platforms & more.
- 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.
- Competitive spread of 1.6 pips on average for EUR/USD with their Classic Account. The spread is even lower with their Pro account (but includes commissions per lot).
- No Deposit and Withdrawal Charges.
- Large Trading Instruments including Currencies & CFDs.
- Tickmill is not regulated with FSCA. But they have applied with FSCA (FSP No. 49464) since 20/04/2018 & their application status is currently “Processing”.
- No Local Phone number for support.
- Tickmill does not offer the latest Metatrader5 version.
Tickmill – a quick look
|| Tickmill Ltd
||3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles
|Tickmill Minimum Deposit
||BaFin, CySEC, FCA.
||Currencies, CFDs on Commodities, Stock Indices, Bonds
||MT4 (MetaTrader4), WebTrader
Regulation and safety of funds
We consider Tickmill to be a safe forex broker for South Africans based on their regulation with Tier 1 regulator FCA. But they are not yet regulated with local regulator FSCA.
- Financial Conduct Authority (FCA): Tickmill is registered as ‘Tickmill UK LTD’ with Financial Conduct Authority since 29/07/2016 under Reference number 717270.
- Cyprus Securities Exchange (CySEC): Tickmill Europe Ltd is registered with Cyprus Securities Exchange under licence number 278/15 since 2015.
- Financial Service Provider/FSCA (Pending): Tickmill is not regulated with FSCA currently. But we have checked & they have an application under processing status. Tickmill South Africa (PTY) LTD had applied for FSCA regulation on 20-April-2018 (FSP no. 49464).
- The German Federal Financial Supervisory Authority(BaFi): Tickmill also registered with The German Federal Financial Supervisory Authority under Registration number 146511.
Note: South African traders that sign up on Tickmill are registered under FSA Seychelles regulator.
Tickmill Fees and Spread
Tickmill’s fees depends on your account type with them. We have researched & following is a breakdown of their trading & non-trading fees with all their account types.
- Average Spread: Tickmill offers floating spread with all their 3 trading accounts (Classic, Pro & VIP). Their spread starts from 0.0 pip on Pro and VIP accounts, 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, but the Pro & VIP accounts have commissions per trade.
- Commission with Pro & VIP accounts: Tickmill only charges commission on trade only with their Pro & VIP accounts. But there is no commission on Classic account. There is a commission of $2 per side of the trade (for open & close) i.e. $4 for a trade. The comission is lower with their VIP account ($50,000 deposit required) i.e. $1 commission per side per traded lot, which makes it $2 for a trade.
- 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.
- Rollover Charges: This fees is charged or credited to your Tickmill trading account when you have an open position overnight. 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. There is no rollover fees only for Islamic accounts.
- No Withdrawal fees: Tickmill does not charge any transfer fees on deposit or on withdrawals. But in case of Wire transfers, the intermediary banks ma charge fees or eWallets (like Skrill, Neteller etc.) may also charge you fees, which is not covered by Tickmill.
Tickmill Account Types
Tickmill Demo Account
Demo account is also provided by the Tickmill to help beginner to practice and learn forex trading.
You can signup with them on their website and start testing your trading strategies using the demo account. Once experienced, you can swap anytime to live account.
In Demo account MT4 trading platform is offered by them. You can download it on your PC and Laptop and start your trading in just one click.
Tickmill Live Accounts
All the accounts on Tickmill have these common features:
- 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.
- Account Base Currency: Tickmill does not offer ZAR accounts. But you can choose USD, EUR or GBP as your base currency.
- Classic Account: Classic account start with minimum deposit of $100 and with the maximum leverage of 1:500. 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.
- Pro Account: Spread in Pro account start from 0.0 pips. The base currency of this account can be select from USD, EUR, GBP, PLN. Market execution offered in this account and Average execution speed is 0.15 seconds. This account is the most popular and recommended account types as per the broker.
- VIP Account: This VIP account start with minimum balance of 50,000 units of your selected account currency i.e. $50,000 if your account currency is USD. You can choose and select any of the base currency from USD, EUR, GBP, PLN in this account. You can trade 62 currency pairs, CFDs on 15 stock indices, precious metals, bonds in vip account with spread of 0.0 pips.
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.
Step 2) Client Area Registration 1/2: Now you will be redirected to page where you need to enter your personal details and Choose your regulator as shown in the below screenshot.
Step 3) Client Area Registration 2/2: After filling your personal details, you need to fill your financial details and set a password for your account with them.
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 Platforms
- 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.
- 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.
Tickmill Deposit & Withdrawals Methods
Tickmill offers various deposit & withdrawal methods. Let’s first look into their deposit methods.
- 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.
- Bank Transfer: Traders can also add the funds using the transfer from their bank account to Tickmill bank account. You can contact them and informed them after payment has been made.
- 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.
- Credit/Debit cards: You can send your card details while requesting for the withdrawal. And this can take 1 working day.
- Bank Transfer: Traders can also send their bank account details to them by contacting them on chat, email, etc.
- E-Wallets: You can also send your E-Wallets details like skrill, Neteller, PaySafeCard, Fasapay, China UnionPay. The processing time is 1 working day.
Tickmill has a no deposit bonus offer for new traders, and it is available in South Africa as well.
- $30 Welcome Account: Tickmill is currently offering $30 welcome bonus to its new clients.
To avail this bonus, you just need to create an account with them, and submit your KYC documents for verification. The bonus amount will automatically credited to your account once your account has been verified.
You can use this welcome bonus for your trading. And the profit earned from trading using this deposit can be withdrawn.
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.
- Slow Chat Support: We tested Tickmill’s chat support by contacting them 3 times with different queries, and there was few minutes 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).
- 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.
- 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 2921 & +65 3163 0958, available from Monday to Friday.
Do we recommend Tickmill?
Tickmill is not a bad broker.
On the good side, they are a 100% NDD broker that is regulated with FCA. Their overall trading fees is competitive with some accounts. Also, they do not charge any deposit and withdraw fee, which is good.
But they don’t only offer MT4 platform for now. Also, their instruments other than forex are very limited. Their support also is not the best out there.
Overall, there are better forex brokers for South African traders to choose from.
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