Tickmill Broker Review – Comprehensive Analysis | TradeForex

Tickmill Basics

🏛️ Based in	Limassol, Cyprus
⚖️ Regulation	CySEC, FCA, DFSA, FSCA
💰 Minimum Deposit	$100 (40000 Naira)
💳 Deposit Options	VISA, MasterCard, Bank Wire, Skrill, Neteller, dotpay, PayPal, and Trustly.
💳 Withdrawal Options	VISA, MasterCard, Bank Wire, Skrill, Neteller, dotpay, PayPal, and Trustly.
📌Open an account	Start Trading with TickMill

Our Opinion About TickMill

TickMill is one of the most well-known forex brokers on the market. First established in 2014, it is now a large, international broker with over 1,000,000+ clients worldwide. They are a regulated forex company with licences from some of the most reputable regulatory authorities in the world. They are also an award-winning forex company offering a great online trading service and great customer support.

TickMill offers a great online trading environment. They provide trading on 150+ instruments including forex, shares, indices, metals, energies, and commodities. They also offer a wide range of account options. You can choose from 3 different account types – all of which come with tight spreads, low commissions, and fast trade execution. You can also choose from 2 of the best online trading platforms in the industry – MT4, and MT5.

As a reliable and trustworthy forex broker, TickMill’s main focus is on providing exceptional trading accounts. That said, TickMill also stands out for many other reasons. It is a company that was built by traders for traders, meaning that their teams have extensive trading experience that goes back as far as the 80s. It is also a company that was built to help  traders perform on the financial markets – which is why it offers excellent educational resources, helpful trading tools, and great customer service.

Key Benefits

Regulation And Safety

TickMill is a regulated forex broker. The TickMill Group consists of a number of smaller companies, all operating under the TickMIll trade name. The TickMill Group holds licences from a number of prestigious regulatory bodies including CySEC, the FCA, the LFSA, the FSCA, and the FSA-Seychelles. These licences and registrations enable TickMill to offer its services in many countries around the world, including Nigeria.

Regulation In Nigeria

Traders in Nigeria come under the FSCA-regulated company. While this company has less formal regulatory requirements, it is still a highly reputable company offering a great level of client fund protection. TickMill offers their Nigerian traders negative balance protection and other important security measures, such as segregated accounts. As such, they are reliable companies and you can trust them to deliver a great service.

Industry Awards

Tickmill is part of a global group of companies, each of which have won several prestigious awards for demonstrating excellence and leadership in key areas of the foreign exchange business, including but not limited to client service and support, trading conditions and technology. Their most recent awards include:

• Best Forex Spreads 2023 (Ultimate Fintech Awards)
• Best Forex Spreads 2022 (Ultimate Fintech Awards)
• Best Forex Trading Experience 2023 (Global Forex Awards 2022)
• Best Trade Execution (Cairo Investment Expo CIE4)

TickMill: Legit Or Scam?

TickMill is a legitimate forex broker. They have been offering online trading services for many years and have a big, international client base. They are regulated by some of the strictest financial authorities in the world and operate in line with all the required regulations. In terms of their trading services, they have a nice choice of account types and trading conditions, and offer low minimum deposits. They also have a good range of payment methods and a high level of client fund protection. In our opinion, they are a reliable and trustworthy forex broker.

TickMill Trading Assets

Tickmill gives you access to some of the most popular and diverse products in the industry. You can choose from forex, stocks, indices, energies, commodities, and bonds.

Trading Instruments

• Forex: They have 62+ pairs, including majors, minors, and exotics.
• Indices: They have 25+ CFD indices, including AUS200, UK100, US30, and US500.
• Metals: They have 3 metals for trading, including gold and silver.
• Bonds: They have 4 bonds for trading
• Cryptocurrencies: They have 8 cryptos, including Bitcoin, Ethereum, and Litecoin.

TickMill Account Types

At Tickmill, there are four main account types, all of which come with good trading conditions and low trading costs. Besides the TickMill classic account that you can create, you also have the option to choose from other account types such as the Pro, VIP and Islamic swap-free accounts.

Type	Spreads	Min. Deposit	Max. Leverage	Commission
Classic	From 1.6 pips	$100	1:500	$0
Pro	From 0.0 pips	$100	1:500	$2 per side
VIP	From 0.0 pips	$200	1:500	$1 per side

Classic Accounts

This is their main account option. It is a great choice for new forex traders in Nigeria. The spreads start from 1.6 pips and there are no commissions. It also comes with leverage of up to 1:500 on some instruments. The minimum deposit is $100 and the available base currencies are USD, EUR, GBP, PLN, and CHF.

Pro Accounts

This is their second account option. It is a great choice for intermediate forex traders in Nigeria. The spreads start from 0.0 pips and a commission of $2 per side per 100,000 traded. It also comes with leverage of up to 1:500 on some instruments. The minimum deposit is $100 and the available base currencies are USD, EUR, GBP, PLN, and CHF.

VIP Accounts

This is their third account option. It is a great choice for experienced forex traders in Nigeria. The spreads start from 0.0 pips and a commission of $1 per side per 100,000 traded. It also comes with leverage of up to 1:500 on some instruments. The minimum deposit is $50,000 and the available base currencies are USD, EUR, GBP, PLN, and CHF.

Demo Accounts

TickMill also offers a demo trading account. This is great for so many reasons. Firstly, with a demo account you can improve your trading skills and familiarise yourself with different trading strategies. Secondly, with a demo account, you can get a feel for the forex market and what forex trading is all about. This is very important for new Nigerian traders, especially if it’s your first time trading. Demo accounts operate using virtual funds.

Islamic Accounts

All of the TickMill accounts are available as Islamic swap-free trading accounts, and you can choose this option when opening your online trading account.

PAMM Accounts

TickMill does offer a PAMM service. PAMM accounts allow Nigerian traders to invest in proven strategies executed by expert traders and take a share of the profit. This service can be very helpful for Nigerian traders, as it means they can benefit from a fully-managed investment portfolio and live investment updates.

TickMill Leverage

The leverage available varies depending on your trading instrument. For example, you can get 1:500 on forex and gold, 1:125 on silver, and 1:100 on indices. You can also get 1:20 on stock CFDs and 1:2 on cryptocurrencies.

TickMill Spreads

TickMill has competitive spreads. The spreads available vary depending on your account types. They start from 1.6 pips on the Classic Account, and 0.0 pips on the Pro Account and the VIP Account. As you can see, the spreads are very low.

Commissions

TickMill has affordable commissions. The commissions charged vary depending on your account types. They start from $0 on the Classic Account, to $2 per side on the Pro Account and the $1 per side on the VIP Account.

TickMill Registration – How To Register For An Account

As part of our TickMill review, we looked at their online registration requirements. If you live in Nigeria, then you are eligible to open an online trading account. The registration process is quite simple and you can register online.The first step is to register online. This is so that TickMill can gather some basic personal data and create your account. At this stage of the registration process, all you need to do is choose an email address and password. These will be your login details.

The next step is to take a short test about online trading. This is so that TickMill can determine whether their online trading services are suitable for you. At this stage, all you need to do is show TickMill that you have the skills and knowledge needed to trade properly. If you pass the test, you will be fully registered and ready to open an account. The final step is to complete the KYC process, submit your documents, and choose your preferred account type. This is so that they can process your trades.

TickMill Registration – How To Verify An Account

As part of our TickMill review, we also looked at their account verification requirements. To open a live trading account you’ll need to show TickMill a proof of ID and a proof of address. This is so that they can check your identity and verify your account. The account verification process is simple. You can provide copies of your National ID card, Passport or Driving License. You can also provide copies of a utility bill or a bank statement registered in your name. After you have verified your account, you can add funds and start trading.

TickMill Bonuses

Tickmill offers a small selection of bonuses and promotions for new traders. These include a $30 welcome bonus, a Non-Farm Payroll prediction competition, and a Trader of the Month competition. Check Tickmill’s website for the full T&Cs.

TickMill Payment Methods

As part of our TickMill review, we looked at what payment options are available. They offer a nice selection of payment methods. You can choose from a good range of traditional payment options, as well as popular e-wallets. They also offer fast transaction times and low transaction fees, which can make funding your account and withdrawing money much easier.

TickMill Deposits

Deposit Methods

TickMill accepts a wide range of deposit methods including debit card, credit card, and bank transfer. It also accepts other third party deposit options including Skrill, Neteller, dotpay, PayPal, and Trustly.

Minimum Deposits

The TickMill deposit depends on which account type you choose. The minimum deposit is $100 for the Classic Account, $100 for the Pro Account, and $50,000 for the VIP Account. The minimum deposit is the same for all deposit methods.

Deposit Fees

TickMill does not charge any additional commissions on deposits. It is worth noting that TickMIll has a special offer for deposits made by bank transfer. The company will cover your transaction fees of up to $100. All you have to do is to email a copy of your bank statement, or any other document that confirms the transferred deposit, to demonstrate the fee paid. The company will then reimburse your fees.

TickMill Withdrawals

Withdrawal Methods

TickMill accepts a wide range of withdrawal methods including debit card, credit card, and bank transfer. It also accepts other third party withdrawal options including Skirll, Neteller, dotpay, PayPal, and Trustly.

Minimum Withdrawals

The minimum withdrawal amount for all payment methods is $25.

Withdrawal Times

The withdrawal times are good. The average withdrawal time for all withdrawal methods is 1 working day. This is better than the withdrawal times for most other forex companies.

Withdrawal Fees

TickMill does not charge any additional withdrawal fees. However, you should keep in mind that some payment providers may charge their own transaction fees.

Withdrawal Problems

As part of our TickMill withdrawal review, we checked their withdrawal conditions. TickMill is a regulated broker so it takes client fund safety very seriously. In order to comply with their regulatory requirements, and to ensure funds are safely returned, they often insist that all withdrawal requests from a trading account must go to a bank account or a source in the trader’s name. During the withdrawal process, TickMill reserves the right to request further documentation if needed. As long as you follow their guidelines, and provide the requested documentation, you should not have any withdrawal problems.

TickMill Trading Platforms

TickMill offers two of the industry’s best and most powerful online trading platforms. You can choose from MetaTrader4 and MetaTrader5.

• MetaTrader4 – MetaTrader4 (MT4) is the world’s leading trading platform for new forex traders. It has a very user-friendly interface and comes with many handy, built-in trading tools. You can use it to trade all of the most popular and liquid trading instruments including forex, stocks, and indices. The TickMill MT4 trading platform has helpful charting tools, 4 order execution types, 30 technical indicators, and 23 analytical objects.

• MetaTrader5 – MetaTrader5 (MT5) is also a popular online trading platform for beginner traders in Nigeria. It has an easy-to-use interface and comes with lots of helpful trading tools. You access and trade all of your favourite markets including forex, shares, and crypto. It is very easy to navigate. The TickMill MT5 trading platform also has many great features including 6 order execution types, 38 indicators, and 37 analytical objects.

Trading Tools

Tickmill offers a number of excellent trading tools, including Autochartist, Myfxbook, PelicanTrading, a VPS service, an advanced trading toolkit, and a one-click trading plugin. Autochartist is free of charge for all TickMill traders. However, it’s worth keeping in mind that not all of their trading tools are free. Some of the other third-party trading tools, such as myfxbook and Pelican Trading, come with extra charges.

AutoChartist

Autochartist is a market analysis tool that you can use to find new trading opportunities. It helps you to monitor the financial markets and keep track of price trends. It then picks up three common chart patterns. These are the Chart Patterns, Fibonacci patterns, and Key Levels. The AutoChartist tool is useful for new forex traders as it enables you to trade more efficiently. It cuts down the amount of time you have to spend monitoring the markets.

VPS Trading Services

TickMill offers a VPS service in partnership with BeeksFX. A VPS service is suitable for traders who want better connectivity and more flexibility. This is because it enables you to trade with optimum technical conditions 24 hours a day 7 days a week. You can use VPS services to run automated algorithmic strategies, including Expert Advisors on a virtual machine. You can also use it to minimise the risk of system downtime due to unexpected power failures, Internet cuts, physical difficulties, and computer shutdowns.

Education And Research

As part of our TickMill review, we looked at what educational resources are available for new traders. TickMill goes the extra mile when it comes to online education. They offer a wide range of online articles and forex trading guides. These resources help you to improve your knowledge of the forex market and to start creating more in-depth trading plans. They also give you access to a large number of online tutorials. These tutorials cover many key topics such as market analysis and risk management techniques. TickMill also occasionally runs in-person seminars where possible.

Trading Hours

TickMill operates during standard trading hours. You can open trades whenever the forex market is open. Trading hours may vary on public holidays.

Tickmill Customer Support

As part of our TickMill review, we looked at what customer support is available for new traders.Tickmill is always ready to assist any client. You can contact their support department either via the available chat line on the website or by sending an email to [email protected].

Our Verdict

TickMill in Nigeria offers high quality trading services including great accounts, competitive pricing, and powerful trading platforms. It also offers excellent educational materials, great trading tools, and a high level of customer service. This makes TickMill a great choice for Nigerian traders – whether you’re just starting your journey in Forex or if you’re just looking to try a new broker!

TickMill Forex Broker Review – FAQs

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TickMill Forex Broker Review – Similar Brokers

TickMill is a great choice for new forex traders. However, if you want to see some alternatives, there are also many other good brokers in Nigeria. Here are some brokers like TickMill.

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