Overall, Tickmill has low forex and non-trading fees. Tickmill can be summarised as a reliable and worthwhile broker that is very competitive in terms of its trading fees against major currency pairs. The spread is also very low and is considered average-risk.

Tickmill at a glance

Tickmill Review – 17 key points quick overview:

1. ✅Tickmill Overview
2. ✅Tickmill Regulation and Safety of Funds
3. ✅Tickmill Account Types and Features
4. Account Registration
5. Tickmill VS Plus500 VS Alpari – Broker Comparison
6. Tickmill Trading Platforms
7. Tickmill Range of Markets
8. Tickmill Range of Markets – Broker Comparison
9. Tickmill Trading and Non-Trading Fees
10. Tickmill Deposits and Withdrawals
11. The process to Withdraw Funds from a Tickmill Trading Account
12. Tickmill Education and Research
13. Tickmill Bonuses and Promotions
14. Tickmill Affiliate Program
15. Verdict on Tickmill
16. Tickmill Pros and Cons
17. Frequently Asked Questions

Overall Rating

• 4.7/5

Min Deposit

USD 100

Regulators

FSA

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Read Review

OPEN AN ACCOUNT

on TickMill’s website

Tickmill Overview

👉 According to research in Nigeria, Tickmill is an award-winning global ECN broker that has been in operation since 2015 and it is the trading name of Tickmill Group of Companies. Tickmill is a well-regulated forex and CFD trading provider and while the broker is not regulated through the Central Bank of Nigeria, (CBN), Tickmill is regulated by other reputable entities.

👉 In addition, Tickmill may not offer a Nigerian Naira-designated trading account, but Nigerian traders are still accepted by the broker, offering beginner and professional traders a range of options.

👉 Tickmill has recorded more than 350,000 registered retail investor accounts and there are over 150,000 active traders on its platforms. In the last few years that Tickmill has been in operation, the forex broker recorded more than 385 million deals.

👉 Tickmill is a multi-regulated online broker that provides more than 80 trading products to retail and institutional customers worldwide. There are a variety of payment methods and adjustable account settings available, making it simple to fund an account quickly. Tickmill also offers a wide variety of trading platforms, a wide range of trading tools, and instructional resources to assist traders.

👉 Tickmill was founded by a group of experienced traders who noticed a need in the market for a platform that would cater to the needs of both retail and institutional traders.

👉 Tickmill’s development team is focused on ensuring that the brokerage’s existing customers’ trading demands, and goals are addressed while also ensuring that the brokerage continues to grow and expand. Tickmill makes use of innovative trading technologies in conjunction with first-rate trading conditions.

👉 Using a fully automated No-Dealing Desk (NDD) execution methodology, Tickmill guarantees there are no requotes. Tickmill employs only the finest and most highly regarded liquidity providers, such as many banks and hedge funds, to supply its liquidity.

👉 Powerful and adaptable trading platforms, such as MetaTrader 4 and MetaTrader 5, are made accessible to traders across a variety of devices. Additionally, traders will have access to a variety of client tools and promos in addition to favorable trading circumstances.

👉 This Tickmill review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.

Distribution of Traders

👉 The distribution of traders who are active on the website of Tickmill is as follows:

➡️️​ Poland – 15.5%

➡️️​ Vietnam – 8.9%

➡️️​ Malaysia – 8.04%

➡️️​ Thailand – 6.36%

➡️️​ Qatar – 5.9%

Popularity among traders who choose Tickmill

🥇While Tickmill has a market share of less than 3% in Nigeria, the broker accepts and welcomes Nigerian traders, which places this broker in the Top 100 brokers for Nigerian traders.

Tickmill Regulation and Safety of Funds

👉 Tickmill.com forms a part of Tickmill Group of Companies that consists of several entities including:

➡️️​ Tickmill UK Ltd is registered in the United Kingdom and regulated by the Financial Conduct Authority (FCA).

➡️️​ Tickmill Europe Ltd is based in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC).

➡️️​ Tickmill South Africa (Pty) Ltd is registered in South Africa as a Financial Services Provider (FSP) under the number 49464, regulated by the Financial Sector Conduct Authority (FSCA).

➡️️​ Tickmill Ltd is based in Seychelles and is regulated by the Financial Services Authority (FSCA). In addition, Tickmill Ltd has an owned subsidiary Procard Global Ltd (09369927).

➡️️​ Tickmill Asia Ltd is registered in Malaysia and regulated by the Financial Services Authority of Labuan.

👉 In addition, Tickmill is also registered with the following market regulators:

➡️️​ United Kingdom – Financial Conduct Authority (FCA)

➡️️​ Germany – Federal Financial Supervisory Authority (BaFin)

➡️️​ Italy – Commissione Nazionale per le Società e la Borsa (CONSOB)

➡️️​ France – Autorité de Contrôle Prudential (ACPR)

➡️️​ Spain – Comisión Nacional del Mercado de Valores (CNMV)

👉 Tickmill complies with the provisions and requirements provided by the European Union’s Markets in Financial Instruments, or MiFID II. This ensures that Tickmill remains transparent in all its dealing and that the broker ensures consumer protection.

👉 Tickmill is required to ensure that all client funds are kept in segregated bank accounts with top financial institutions in the regions where they operate. These funds are separate from Tickmill’s own funds and can only be used towards trading activities of clients.

👉 Tickmill UK Ltd offers investor protection through its membership with the Financial Services Compensation Scheme (FSCS), offering eligible client with compensation of up to £85,000 per client. This compensation is paid to retail clients if Tickmill fails to pay claims against it if the company seizes operation, or it declares to be in default.

👉 The compensation cannot be used by traders who have experienced loss because of trading decisions that they made in live markets.

👉 Tickmill Europe Ltd is a part of the Investor Compensation Fund (ICF), focusing on securing claims of clients that are covered by this scheme against ICF members such as Tickmill. If there are any claims of loss because the broker cannot meet its financial obligations, ICF pays out eligible clients to a certain amount.

Tickmill Account Types and Features

👉 Tickmill offers retail traders a choice between three live Tickmill accounts that can be used to trade several financial markets offered. These accounts accommodate all types of traders despite their trading experience or trading style.

➡️️​ Pro Account

➡️️​ Classic Account

➡️️​ VIP Account

Overall Rating

• 4.7/5

Min Deposit

USD 100

Regulators

FSA

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Read Review

OPEN AN ACCOUNT

on TickMill’s website

Live Trading Accounts

✅ Pro Account

👉 The Pro Account offers traders some of the best trading conditions with the lowest spreads, highest leverage, and the benefit that traders need not worry about maintaining a certain balance.

✅ Classic Account

👉 The Classic Account caters for most traders despite their trading needs or preferences.

✅ VIP Account

👉 The VIP Account is the most premium account that Tickmill offers. It has additional features and improved trading conditions. This account is suited for professional traders, active traders, scalpers, and high-frequency traders.

✅ Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.

👉 There is a certain degree of risk involved when trading financial markets and Tickmill offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

👉 The demo account offered by Tickmill lets traders experience real market conditions, test tools, trading strategies, and practice their trading skills without the risk of loss. The trading platforms which are offered by Tickmill are full-featured and host customizable tools and features to enhance trading performance overall.

👉 There are more than 80 trading instruments offered by Tickmill that can be traded using the demo account without any degree of risk. Traders must note that the demo account is available if traders actively use it. If the demo account is left dormant for more than 7 days, it will expire, and traders must reapply.

👉 Traders may register a maximum of 7 demo accounts on a single registered and verified email address.

✅ Islamic Account

👉 There are no swaps or rollover interest charges on overnight holdings in a Forex Islamic account, which is contrary to Islam. Tickmill’s finest trading conditions are available to all Muslim customers who establish a Classic, Pro, or VIP account and convert it to an Islamic type.

👉 The trading terms and conditions for Islamic accounts are the same as those for conventional trading accounts. Except that trading instruments do not have swaps, there is a handling fee associated with keeping several complex instruments overnight for more than three nights in a row.

👉 Once the request for an Islamic account status has been processed by Tickmill’s Customer Support staff, you will receive an email confirmation. Tickmill will automatically classify any future trading accounts created by you as swap-free so that traders will not have to contact Tickmill again.

Account Registration

👉 When traders want to register an Individual Client Account, they need to complete the mandatory online application. Traders must provide contact information along with employment, financial, and other information.

👉 Once the form has been submitted, traders must verify their email address and provide proof of address and their identity. This is part of Tickmill’s Know Your Client (KYC) processes and cannot be bypassed.

👉 Once Tickmill’s customer services department has reviewed the application and documents, traders can fund their accounts and start trading. For entities who open a corporate account, additional documents must be provided including a Certificate of Incorporation, Articles of Association, and others.

Tickmill VS Plus500 VS Alpari – Broker Comparison

10 Best Forex Brokers in Nigeria for 2023

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

Read Review

$100

Visit Broker

#2

Read Review

$5

Visit Broker

#3

Read Review

$1

Visit Broker

#4

Read Review

$100

Visit Broker

#5

Read Review

$10

Visit Broker

#6

Read Review

$100

Visit Broker

#7

Read Review

$200

Visit Broker

#8

Read Review

$100

Visit Broker

#9

Read Review

$100

Visit Broker

#10

Read Review

$10

Visit Broker

#1

4.8/5

User Score

Sign Up

#2

4.7/5

User Score

Sign Up

#3

4.5/5

User Score

Sign Up

#4

4.4/5

User Score

Sign Up

#5

4.7/5

User Score

Sign Up

#6

4.6/5

User Score

Sign Up

#7

4.7/5

User Score

Sign Up

#2

4.8/5

User Score

Sign Up

#9

4.4/5

User Score

Sign Up

#10

4.7/5

User Score

Sign Up

Tickmill Trading Platforms

👉 Tickmill provides MetaTrader 4, the most popular and commonly used trading platform as well as MetaTrader 5, the newest version.

👉 MetaTrader 4 can be used on any computer that uses either Linux, Windows, or macOS. In Addition, the trading platform is also available as a trading app on iOS and Android devices. Alternatively, traders can use MetaTrader 4’s web-based trader. MetaTrader is free to use and features:

➡️️​ Enhanced charting functionality

➡️️​ Sophisticated order management

➡️️​ 9 Chart time frames

➡️️​ Real-time quotes

➡️️​ Analytical Tools

➡️️​ Economic Calendar

➡️️​ Trading strategy templates

➡️️​ Custom indicators

➡️️​ Technical Indicators

➡️️​ Automated trading systems

➡️️​ MQL5 programming language

👉 MetaTrader 5 is also available across a range of devices and offers additional features, including:

➡️️​ CFDs can be traded across asset classes including forex, indices, commodities, and more.

➡️️​ The ability to use any type of the order from 6 order types

➡️️​ Access to expert advisors, trading robots, copy trading, and other superior algorithmic applications

➡️️​ 38 technical indicators

➡️️​ 21-time frames

➡️️​ Customizable charting capabilities

➡️️​ Economic calendar

➡️️​ Additional premium tools

Tickmill Range of Markets

➡️️​ More than 60 forex currency pairs that include major pairs, minor pairs, and exotic pairs

➡️️​ Stock Indices spread across 15 major global stock indices

➡️️​ WTI Trading with no requotes, hidden spread mark-ups, or commission charges

➡️️​ Precious metal CFDs on gold and silver

➡️️​ Bonds trading

➡️️​ Cryptocurrency trading including Bitcoin, Ethereum, and Litecoin against the US Dollar.

Tickmill Range of Markets – Broker Comparison

Tickmill Trading and Non-Trading Fees

Spreads

👉 The spreads that traders can expect will depend on the financial instrument they trade. In addition, it will also depend on the trading account, trading conditions, and the overall market conditions on the trading day. Typical spreads that traders can expect include:

➡️️​ Pro Account – 0.0 pips

➡️️​ Classic Account – 1.6 pips

➡️️​ VIP Account – 0.0 pips

Commissions

👉 Commissions are charged on the Pro and VIP Accounts as follows:

➡️️​ Pro Account – $2 per side, per 100,000 (standard lot) traded

➡️️​ VIP Account – $1 per side, per 100,000 (standard lot) traded

Overnight Fees, Rollovers, or Swaps

👉 For traders, swaps are an overnight interest they must pay to have an open position the next day.

👉 To keep a position open, a trader must pay interest on the currency they have sold and get interest on the currency they have purchased. The swaps charged by Tickmill are calculated by considering the interest rates of nations engaged in a currency pair, as well as current market circumstances.

👉 The swap rates are applied at midnight according to the platform time. Each currency pair has a swap charge that is measured according to a standard lot, which is 100,000 base currency units.

👉 The swaps are applied to the trader’s position every night and when a position is left open, it will receive a new “value date.” Every Wednesday night the new value date for a trade will be changed to Monday, resulting in a triple swap rate.

👉 Typical overnight fees charged by Tickmill include:

➡️️​ EUR/USD – -3.54 long and 0.39 short

➡️️​ USD/JPY – -1.21 long and -2.62 short

➡️️​ GBP/USD – -1.89 long and -3.44 short

➡️️​ USD/CHF – 0.39 long and -3.71 short

➡️️​ USD/CAD – -2.42 long and -1.84 short

➡️️​ AUD/USD – -1.96 long and -1.75 short

➡️️​ ZD/USD – -0.67 long and -1.96 short

Deposit and Withdrawal Fees

👉 Deposit fees and withdrawal fees are not charged on any of the methods supported.

Overall Rating

• 4.7/5

Min Deposit

USD 100

Regulators

FSA

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

62

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Read Review

OPEN AN ACCOUNT

on TickMill’s website

Tickmill Deposits and Withdrawals

👉 Tickmill offers the following deposit and withdrawal methods:

➡️️​ Bank Transfer

➡️️​ Debit Card

➡️️​ Credit Card

➡️️​ Skrill

➡️️​ Neteller

➡️️​ Sticpay

➡️️​ Fasapay

➡️️​ UnionPay

➡️️​ Nganluong

➡️️​ QIWI

➡️️​ WebMoney

The process to Withdraw Funds from a Tickmill Trading Account

👉 Traders can log into their client area from the official website where they can access the withdrawal request form. Once the form has been completed, traders can submit the request and wait for their funds to be released into their bank account.

👉 All requests received will be processed by the Tickmill Finance Department within one working day. Requests received after hours, over weekends, or on public holidays will be processed on the following business day.

👉 Traders must note that they can only use the payment method through which they deposited funds into the trading account. In addition, traders can transfer funds from the trading account if they have open positions.

👉 When transferring funds from the trading account to wallet, the trader’s free margin must exceed the amount that has been requested. If traders do not have enough free margin in their account, the transfer between the account to the wallet cannot be carried out until traders submit the correct account.

Tickmill Education and Research

👉 The educational materials offered by Tickmill include the following:

➡️️​ Webinars

➡️️​ Seminars

➡️️​ eBooks

➡️️​ Video Tutorials

➡️️​ Infographics

➡️️​ Forex Glossary

➡️️​ Fundamental Analysis

➡️️​ Technical Analysis

➡️️​ Educational Articles

➡️️​ Market Insights

👉 The trading tools and research offered by Tickmill include:

➡️️​ Access to AutoChartist

➡️️​ Access to Myfxbook Copy Trading

➡️️​ Economic Calendar

➡️️​ Forex Calculators

➡️️​ Tickmill VPS

➡️️​ Pelican Trading

➡️️​ Advanced Trading Toolkit

➡️️​ Acuity Trading

Tickmill Bonuses and Promotions

👉 The Bonuses and Promotions that Nigerian traders can expect from Tickmill include the following:

➡️️​ Trader of the Month Contest

➡️️​ Tickmill’s NFP Machine

➡️️​ $30 Welcome No-Deposit Bonus Account

➡️️​ The chance to get paid to trade

Tickmill Affiliate Program

👉 There are firms and people all over the world who generate money by bringing customers to Tickmill via the use of Introducing Brokers (IB). To thank all partners and Introducing Brokers for their business, Tickmill pays them a commission.

👉 Increasing earnings by becoming an Introducing Broker is the most straightforward option since there is no expense to join up. As an IB, partners can operate from any location, even if they have a website to promote their services.

👉 Traders can be referred straight to Tickmill, and partners can help them establish a live account and explain all the advantages of being a Tickmill Client. The benefits of partnering with Tickmill include the following:

➡️️​ Partners can get $10 per lot on a classic account and $2 per lot traded on either a Pro or VIP account

➡️️​ All the forex and metal trades that are generated by the referral will earn the partner commission.

➡️️​ When the partner recommends that their referral register a pro account and they go through with the process, the partner can earn a 5% discount on commission.

➡️️​ All partners have access to the IB room, advanced fund, and account management tools.

➡️️​ There are several ready-made advertising and promo materials to choose from to attract new clients.

Verdict on Tickmill

👉 Tickmill is a highly sophisticated and easy-to-use platform for traders of all levels. Because of the wide range of account options and tight spreads and costs, this broker is an excellent choice for a variety of traders. Tickmill is governed by many jurisdictions and offers dedicated customer service in multiple languages.

👉 Tickmill offers a choice between trading accounts, offering Nigerian traders some variety, and the trading platforms offered to ensure that traders are given an immersive user experience. Tickmill guarantees client fund security and provides investor protection through two reputable schemes.

👉 Tickmill is one of the best options for Nigerian traders who want to get more out of their trading or those who are just starting their forex and CFD trading journey.

Tickmill Pros and Cons

Frequently Asked Questions

For which type of traders are Tickmill recommended?

Tickmill is generally recommended for those traders looking to trade in Forex and CFD, want low trading fees and who are familiar with the MetaTrader4 trading platform.

Which trading platforms are supported by Tickmill?

Tickmill supports MetaTrader 4 and MetaTrader 5 across web browsers, desktops, and mobile devices

Does Tickmill charge commissions per trade?

Yes, commissions are charged on the Pro and VIP Accounts as follows:

• Pro Account – $2 per side, per 100,000 (standard lot) traded
• VIP Account – $1 per side, per 100,000 (standard lot) traded

Is Tickmill regulated and by whom?

Yes, Tickmill is regulated by Seychelles FSA, FCA, CySEC, Labuan FSA, and the FSCA.

What is the overall rating for Tickmill out of 10?

The overall rating for Tickmill is 8/10.

Is Tickmill suitable for beginner and professional traders?

Yes, Tickmill accommodates beginner and Institutional clients.