Tmill UK Limited is the owner of the trading name of Tickmill. The UK broker is regulated by the Financial Conduct Authority (FCA). Tickmill offers 62 currency pairs, commodities and indices, all available for trading on one of the most popular trading platforms worldwide – MetaTrader 4 (MT4). It provides trading tools such as autochartist, automated trading with expert advisors and 1-click trading.
There are desktop and web-based version of the platform.
The company offers three account types:
- Classic (minimum deposit of USD25, 80 trading instruments, spreads starting from 1.6 pips, maximum leverage of 1:500 and no commission);
- ECN Pro (minimum deposit of USD25, 80 trading instruments, spreads starting from 0.0 pips, maximum leverage of 1:500 and USD2 per lot commission);
- VIP account (minimum deposit of USD50,000, 80 trading instruments, spreads starting from 0.0 pips, maximum leverage of 1:500 and USD1.6 per lot commission).
Clients should consider that higher leverage leads to a greater risk of loss. Moreover, there is no negative balance protection so they could owe money to the broker.
The broker claims to have ‘extremely low’ market spreads, no re-quotes and ‘instant’ execution (average execution market orders of 0.3 seconds). However, the Risk Disclosure document from its website shows that stop loss orders are non-guaranteed and they can be executed at a worse than expected price, thus losses could be greater. It is also written that in certain circumstances slippage exists, which means market orders could be executed at a different than shown price.
This broker is the counterparty to all client’s orders and doesn’t process them via Straight Through Processing (STP) that means Tickmill acts as a market maker and this could lead to potential conflicts of interests with customers.
Tickmill has a ‘zero withdrawal’ fees policy and there are no commissions in any one payment method as per its website. Broker provides some useful tools such as economic calendar and forex calculators.