Tickmill

Introduction

Tickmill is a global forex and CFD broker that offers trading services to both retail and institutional clients. Founded in 2014, the broker has grown rapidly and now boasts of over 100,000 clients worldwide. Despite its relatively short existence in the market, Tickmill has managed to carve out a name for itself as a reputable broker. However, like any other broker, it has its strengths and weaknesses which we will discuss in this review.

Regulation and Safety of Funds

Regulation

Tickmill operates under the regulation of several reputable financial authorities including the UK’s Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), and the Seychelles Financial Services Authority (FSA). This multi-regulation gives traders the assurance that the broker operates under strict regulatory standards.

Safety of Funds

Tickmill also offers robust fund protection measures. Client funds are kept in segregated accounts in top-tier banks, ensuring they are separate from the company’s operational funds. Furthermore, the firm is a member of the Financial Services Compensation Scheme (FSCS) which offers compensation to clients in case the firm becomes insolvent.

Trading Platforms and Tools

Tickmill offers the industry-standard MetaTrader 4 (MT4) platform which is known for its user-friendly interface and advanced trading features. The platform is available in desktop, web, and mobile versions, allowing traders to manage their accounts and trade from anywhere.

Tools

The broker also provides a range of trading tools such as Autochartist, a market scanner that provides automated technical analysis, and Myfxbook’s AutoTrade, a social trading platform that allows traders to copy trades from successful traders. However, compared to other brokers, the number of trading tools and educational resources offered by Tickmill is somewhat limited.

Account Types and Trading Conditions

Tickmill offers three types of live accounts: Classic, Pro, and VIP. The Classic account is commission-free but has wider spreads, while the Pro and VIP accounts have tighter spreads but charge a commission per trade. The minimum deposit requirement is quite low, making it accessible for beginners. However, the broker does not offer a wide range of account types to cater to the different needs and preferences of traders.

Trading Conditions

Tickmill offers competitive trading conditions with tight spreads and low commissions. However, some traders may find the broker’s high leverage ratio of up to 1:500 risky, especially beginners who may not fully understand the implications of trading with high leverage.

Customer Service

Tickmill offers customer support via email, phone, and live chat. While the support team is responsive and helpful, the broker does not offer 24/7 support, which can be inconvenient for traders who need assistance outside of business hours.

Conclusion

In conclusion, Tickmill is a well-regulated broker that offers competitive trading conditions and a user-friendly trading platform. However, the broker could improve in areas such as the variety of account types, trading tools, educational resources, and customer service. Therefore, while Tickmill is a decent choice for traders, it may not be the best fit for everyone. As always, traders are advised to do their due diligence before choosing a broker.