Tickmill Review 2021

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
1:500
per trade
Minimum Deposit
$100
Rank
#2
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, but they don’t offer the latest MT5 platform. Moreover Tickmill offers 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.
  • 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.
  • Competitive spread of 1.6 pips on average for EUR/USD with their Classic Account. The spread is even lower with their Pro account (0.1 pips spread + $4 commissions per Standard lot).
  • No Deposit and Withdrawal Charges.
  • Wide range of Currency pairs available for trading forex.

Tickmill Cons

  • No Local Phone number for support.
  • Tickmill does not offer the latest Metatrader5 version.

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 1:500
βš–οΈ Tickmill Regulations FSCA, CySEC, FCA, FSA SC.
πŸ›οΈ Trading Instruments 62 Currency pairs, CFDs on 2 Metals, 14 Stock Indices, 3 Commodities & 4 Bonds
πŸ“± Trading Platforms MT4 (MetaTrader4), 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 considering the fact that they are regulated with FSCA & also have a number of other regulations with Top Tier regulators.

    Tickmill Fees and Spread

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

    1. 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.
    2. Tickmill Spread

    3. 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 commission 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. This is very 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: 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.
    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 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

    Tickmill South Africa has a minimum deposit of $100.

    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.

    Ticketmill Live Trading Account Types

    1. 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.
    2. 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.
    3. 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.

    Create Tickmill Account

    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.

    Fill personal Information Tickmill

    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.

    Fill Personal Address Tickmill

    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) Limited CFDs: Trading instruments other than forex are lower. Tickmill have trading available on 2 Metal CFDs, 17 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.

    Tickmill Trading Platforms

    Tickmill Trading Platforms

    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.

    Tickmill Deposit & Withdrawals Methods

    Tickmill offers various deposit & withdrawal methods. 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.
    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.

    Tickmill Bonus

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

    They have a $30 welcome bonus offer but it is not available to SA traders for now.

    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).
    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 2921 & +65 3163 0958, available from Monday to Friday, or you can fill their contact form & their team will call you back.

    Do we recommend Tickmill?

    Yes, we do recommend Tickmill South Africa as we found that they are a good & reputed broker.

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

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

    But they don’t only offer MT5 platform for now. Also, their 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 Pro & Classic Accounts, both have the same minimum deposit of $100.

    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 bank transfer to SA bank accounts, 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 offer ZAR Account?

    No, Tickmill does not offer ZAR base currency trading accounts at the moment. Currently traders have the option to choose between USD, EUR & GBP base currencies during account opening proceess.

    "Do you have experience with Tickmill? Please consider sharing your experience with a review below – good or bad – doesn’t really matter as long as it’s helpful to other traders!"

    We only accept user reviews that add value to fellow South African Traders. Unfortunately, not all reviews that you post with us will be published on the website. For your review to be approved, please share your detailed & honest experience with the broker – either positive or negative. Thank you for helping out other traders with your valueable feedback!

    Important: We don't accept any payments or kickbacks from any forex broker(s) to delete or change any reviews. We welcome Forex Brokers to reply to reviews on our website & share their side of the story to keep the process honest and fair for both sides.

    Submit Your Review

    Leave a Reply

    Your email address will not be published. Required fields are marked *

Tickmill
Rating8.9/10
Visit Tickmill