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.
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.
Table of Contents
|🏦 Broker Name
|📅 Year Founded
|🏢 Registered Address
|3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles
|💰 Tickmill Minimum Deposit
|⚙️ Maximum Leverage
|⚖️ Tickmill Regulations
|FSCA, CySEC, FCA, FSA SC.
|🛍️ Trading Instruments
|62 Currency pairs, CFDs on 3 Metals, 32 Stock Indices & Oil, 8 Cryptos & 7 Bonds
|📱 Trading Platforms
|MT4 (MetaTrader4), MT5, WebTrader
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:
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.
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’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.
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.
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.
Their spread with Classic account is bit high, but if you choose Pro account then the spread is Raw i.e. as low as 0 pips. The commission with Pro account is also low at $4/lot Round turn, which is lower 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.
|Average/Typical Spread (Pro Account)
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.
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 South Africa has a minimum deposit of $100 for Classic & Pro Accounts.
The max. leverage at Tickmill South Africa is 1:500 for forex with all their 3 account types. For CFDs like Indices, the leverage is lower at 1:100.
Traders have to adjust to a lower leverage.
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.
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 2 Metal CFDs, 17 CFDs on Stock Indices & Commodities & 7 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.
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).
3) 8 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 is a Metatrader based forex broker & they offer both MT4 & MT5 trading platforms.
Tickmill is a standard Metatrader based CFD broker. They offer both MT4 & MT5, and these are available on all the devices.
Tickmill offers various deposit & withdrawal methods. Let’s first look into their deposit methods.
Tickmill offers multiple methods with instant deposit options in South Africa.
Withdrawals at Tickmill are fast for traders in South Africa. They also offer Internet Bank transfer withdrawals.
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 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 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.
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.
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 Pro account. Also, they do not charge any deposit and withdraw fees.
Plus, they offer local bank transfer option in SA with quick withdrawals. 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 had a minimum deposit of $100. South African traders can signup with their Pro & Classic Accounts, both have the same minimum deposit of $100.
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.
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.
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.
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 process.
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