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Tickmill claims to put clients' interests as their top priority. Does that mean they offer Islamic accounts for Muslim traders too?
The development of the internet and technology has made online trading possible these days. Financial markets are now open for anyone who is interested, regardless of their country of origin, gender, or occupation. Today, there are millions of active traders from all around the world with diverse levels of expertise, ranging from fully amateur retail traders to multi-billionaire experts.
Unfortunately, the default settings of a regular forex trading account may not always suit everyone. For Muslim traders who follow the Sharia law, such accounts are considered prohibited because it charges interest, which is considered Riba. With that in mind, some brokerages came up with a solution of providing a special Islamic account, also known as a swap-free account, which is designed specifically to follow the Sharia law. One of the brokers that offer Islamic accounts is Tickmill. Let's find out everything about it in this guide.
Get to Know Tickmill's Islamic Account
Tickmill is a rather popular broker that has been around since 2014. The broker offers a bunch of notable advantages, including a wide range of instruments, competitive fees, and speedy execution orders. At Tickmill, there are three types of accounts, namely Classic, Pro, and VIP. Each account type has specific requirements as well as benefits. You can choose whichever you like according to your trading needs.
Tickmill is an award-winning global ECN broker, authorized and regulated by the Financial Conduct Authority (FCA) in the UK, CySEC in Cyprus, and the FSA of Seychelles. Founded in 2014, it offers its retail and institutional clients various trading services with a prime focus on forex, stock, commodities, CFDs, and metals.
For traders who prioritize the value of spreads in broker selection, Tickmill provides excellent services with low spreads, starting from 0.0 pips.
The London-based company has a mission to provide clients with the best possible trading environment, so clients can focus on trading and become successful traders. One way to reach its mission is to offer a fast-execution of 0.15s. With this facility, it's no wonder that Tickmill gets the 2019 Best Forex Execution Broker award by the CFI.co Awards. Also, Tickmill received the achievement as Best CFD Broker Asia 2019 by International Business Magazine, the Best Forex Broker Asia, and the Most Transparent Broker 2019 by Forex Awards.
After registering in Tickmill, traders can choose the most ideal asset among 60 currency pairs that they can trade. If traders aren't sure yet to open a real account, Tickmill recommends learning to trade through a demo account.
There are also educational features such as Webinars, Seminars, Ebooks, and Video Tutorials. All of these facilities can be used by traders to increase knowledge about trading and the financial market as a whole. If traders already have enough knowledge, they have a greater opportunity for earning profit consistently.
For traders registered in real accounts, they can choose between provides three types of accounts, including Pro Account, Classic Account, and VIP Account. Traders can open positions with a minimum order of 0.01 Lots. This applies to all types of accounts.
The company provides recommendations for traders who are still confused when choosing an account. For example, for novice traders, Tickmill encourages clients to choose a Classic Account. It offers optimal conditions with fast order execution while enabling traders to use virtually any trading strategy. Additionally, the account is trade commission-free so traders only pay the bid/ask spread. Other than the 3 main accounts above, Tickmill also provides an Islamic account (swap-free).
The downside is, trading with Tickmill will only enable traders to use MetaTrader 4 as their offered trading platform. Although not much if compared to other brokers, the Tickmill platform provides a user-friendly and highly customizable interface, accompanied by sophisticated order management tools to help traders control positions quickly and efficiently.
The convenience of trading on Tickmill is enhanced by the existence of One-Click EA integrated on MT4. Traders will get Stop Loss and Take Profit calculations automatically. On top of that, Tickmill provides a VPS hosting for automated traders that can't be bothered with technical problems such as troublesome internet connection.
They offer several third-party research solutions, including Autochartist, which is a popular pattern-recognition software that uses automated technical analysis to make forecasts and generate trading signals. Autochartist is available both in Tickmill's web portal and as a platform plugin for MetaTrader 4.
As a Tickmill client, a trader can deposit and withdraw with a variety of payment methods, including Visa, Mastercard, bank transfer, and Skrill. Tickmill accepts deposits and withdrawals in 4 currencies, which include USD, EUR, GBP, and PLN.
Overall, Tickmill is a competitive broker in spreads and provides a safe trading environment with its regulated entities in three different jurisdictions. Although their trading platform is not outstanding, the analytical tools they present to equip traders' needs are considered by retail broker standards.
Apart from that, Tickmill also offers Islamic accounts upon request. Essentially, Islamic accounts have exactly the same trading conditions as regular trading accounts. The only difference is that there are no swaps or interests charged overnight on trading instruments. To compensate for that, the broker charges overnight fees for any position that's left open for more than three consecutive nights. This can be a great advantage for Muslim traders who are looking to eliminate swaps in their trades in compliance with their religious beliefs.
How to Convert Regular Trading Accounts to Islamic Accounts
It's important to understand that Tickmill does not offer Islamic accounts as a separate account type. It is a special type that's only available to certain clients by request. This means you'll need to open a regular trading account first before you can convert it to an Islamic account. The complete steps are as follows:
- Create a live trading account, either a Classic, Pro, or VIP.
- Then, log in using your account credentials.
- Contact customer service and request to convert your account to an Islamic type.
- The support team will process your request for the status conversion within 1 business day.
- You will receive an email confirmation stating that your account is all set. Note that all of your subsequent trading accounts will be automatically converted into Islamic accounts after your request, so there's no need to contact customer service again.
It is worth mentioning that Islamic accounts are available to Muslim clients only. You can send a request at any time, but you need to make sure that you are eligible for it. In this case, the company may require an adequate justification for proof of your necessity of the conversion. You will be informed via email about whether your request is accepted or not.
Also, keep in mind that once your accounts are converted into Islamic accounts, you won't be allowed to make profits from swaps anymore and/or request any payment of the swap amounts that have been lost because of the conversion.
Overnight Charges
In exchange for swaps, Tickmill charges additional overnight fees for positions that are held open for more than three consecutive nights, including weekends. In other words, the fees are applied on the fourth night and each night after that until the position is closed. Moreover, the fee depends on the instrument that you use, ranging from $0.01 up to $50. You can check the detailed information list on the broker's website.
Please note that all charges are in USD or equivalent in your base currency. The fees are fixed per 1 lot regardless of the position type and applied to both MT4 and MT5 swap-free accounts as a separate balance operation at 00:00 server time.
Where to Find the Information on the Official Broker Site?
- This information is reported per Apr 24 2024.
- We can not ensure if this offering is still available or remain the same in future.
- The broker announcement page may or may not exist anymore, You may explore Tickmill homepage and try to find "Promotion" section on the menu, footer, etc, to ensure the availability and validity of this promotion.
The Bottom Line
In conclusion, Tickmill is one of the few brokers that offer a solution to ensure that Muslim traders can get the same advantages as other traders while still abiding by their religious faith. With an Islamic account, clients can make trades comfortably without having to worry about swaps or interests on trades. Just keep in mind that instead of swaps, the broker charges overnight fees on positions that are held open for more than three consecutive nights. But apart from that, there's not much difference between Islamic accounts and regular trading accounts.
Tickmill is the brand name of Tickmill Ltd. which offers trading services with premium products and innovative technology. Superior trading conditions, ultra-fast execution, safety of client funds, and dedicated support are at the forefront of their offering.
24 Comments
Asnawi
Jan 30 2023
So if I'm not a Muslim, I can't get a Swap-free account, right? This means that the swap rate is really an unavoidable fee, right? So to help Muslim traders avoid Riba, brokers will charge other fees to cover the exchange rate loss, right? And the interest part is the positive interest that can bring you profit. So even though we are not Muslim traders, we can still aim for that positive rate, right? The question is does anyone know how to calculate the swap rate? Since it can give you a positive rate that can make a profit with it, I think many traders will use it as an advantage.
And what makes me wonder is the overnight fee can be very high? And what causes the swap rate to rise or fall?
Bryan
Jan 30 2023
Ansnawi : Regarding your statement, after all, swap rates are truly unavoidable. The swap rate is linked to the reference interest rate of the country of the currency. Each currency has this interest rate.
The swap rate is the rate on the fixed portion of a swap as determined by its particular market and the parties involved. In an interest rate swap, it's a fixed rate that is swapped with a benchmark rate like LIBOR or the federal funds rate plus or minus a difference. It is also the exchange rate attached to the fixed portion of a currency swap. Swap rates are applied to different types of swaps. An interest rate swap is a swap of a floating rate for a fixed rate. Currency swap refers to the exchange of interest payments in one currency for payments in another currency. In both types of transactions, the fixed factor is called the swap rate.
And for the calculation, the simple way to calculate the swap rate is:
For the rates, visit tickmill's website to check it out.
Momita Datta
Apr 15 2023
@Asnawi:Yes, that is correct. Swap-free accounts are typically only available for Muslim traders, as the purpose of these accounts is to adhere to Islamic financial principles which prohibit the charging or paying of interest. The swap rate is essentially the cost of holding a position overnight. It is a fee that is incurred when a trader holds a position open past 5:00 PM Eastern Standard Time (EST), which is considered the end of the trading day.
The swap rate can be either positive or negative, depending on the interest rate differential between the two currencies being traded.
While non-Muslim traders cannot open a swap-free account, they can still aim to profit from the swap rate. If a trader buys a currency with a higher interest rate than the currency they are selling, they will earn a positive swap rate. Conversely, if a trader sells a currency with a higher interest rate than the currency they are buying, they will pay a negative swap rate.
The swap rate is calculated using the interest rate differential between the two currencies being traded, as well as the current market price and the number of days that the position is held open. Brokers typically provide a swap rate calculator on their platform or website to help traders calculate the potential swap rate for a given position.
The overnight fee, or swap rate, can vary widely depending on the currency pair being traded, the broker being used, and the current market conditions. It can be affected by factors such as changes in interest rates, central bank policies, and market volatility. Traders should be aware of the potential costs associated with holding a position open overnight and should factor this into their overall trading strategy.
Kansha
Jan 30 2023
I heard about Wednesday swap rates that will charge you three times the swap rate. And there are also higher fees that will charged if you use an Islamic account when opening a trade on Wednesday. I mean why is Wednesday getting three charges? Oh my.. there are a lot of fees that happen in Forex and we really have to calculate carefully when trading and it's not easy to count them all bro.. Lots of calculations including rate and also many considerations in Forex.
Andy
Jan 30 2023
Kansha: The reason for triple swp rate because of that spot Forex contracts have a settlement period of two days. For example, a spot Forex contract that occurs on Monday will settle on Wednesday, a transaction that occurs on Tuesday will settle on Thursday, a trade that occurs on Wednesday will settle on Friday. , but a transaction that occurs on a Thursday will pay out the following Monday. In this example, the transaction that took place on Thursday continues through the weekend because banks are closed on Saturdays and Sundays. Triple interest is applied to positions opened at 5:00 p.m. New York time on Wednesday, as that marks the start of a new 24-hour trading day (Thursday).
You should note that swap rates can be negative or positive, depending on the currency pair being traded and the prevailing interest rates at the time.
Lot of fees at Forex? To reduce the fees, just using scalping and day trading because the trading is finish only a day so you don't need to get charged by swap rate and also you don't need to open Islamic account.
Stephen
Jan 30 2023
Andy :Agree! The only way to avoid swap rates and Riba is by scalping or day trading. But for note, doing scalping and day trading requires a lot of concentration and a lot of technical analysis. So, for a new trader, these exchanges are not user-friendly; friendly because little money is needed to start trading, unfriendly because much of the technical analysis used requires time to learn. Meanwhile, swing trading is more relax, but you will get the swap rate and for the muslim trader who is a swing trader or seasoned trader, you need to convert first change your muslim account and to trade you need a lot of money.
Rakibul Islam Hridoy
Apr 15 2023
Can you explain in more detail the features and requirements of Tickmill's Islamic account, and how it differs from their standard accounts? Additionally, could you discuss the eligibility criteria for opening an Islamic account, and provide insights on the advantages and disadvantages of using this type of account for trading?
Justus
Apr 21 2023
@Rakibul Islam Hridoy: Hello there! Tickmill's Islamic account is designed to meet the needs of traders who follow the Sharia law and prohibits the payment or receipt of interest. This account is also known as a swap-free account as it eliminates the rollover interest on overnight positions.
The Islamic account is available for both MT4 and MT5 platforms, with access to all trading instruments, including forex, CFDs, and commodities. The account features include zero swaps, no commissions, and no hidden fees. The account holder also receives a dedicated account manager to assist with trading needs.
To be eligible for the Islamic account, traders must follow the Islamic faith and provide relevant documentation to prove their eligibility. They must also meet the minimum deposit requirements of the chosen account type.
The main advantage of the Islamic account is that it adheres to the principles of Sharia law, making it suitable for traders who prioritize ethical and religious beliefs over profits. It also provides an opportunity to trade without incurring overnight swap fees, which can be beneficial for long-term traders.
On the other hand, the disadvantages of the Islamic account are that it may have wider spreads compared to standard accounts, and some trading strategies may not be compatible with the account's restrictions. Additionally, the account may have limited availability for certain instruments and may have higher deposit requirements compared to standard accounts.
Robby
Apr 21 2023
I came across some information about Tickmill's fees and charges and noticed that they are fixed per 1 lot, regardless of the position type, and applied to both MT4 and MT5 swap-free accounts as a separate balance operation at 00:00 server time. I also learned that all charges are in USD or equivalent in the base currency. Can you explain more about how these fees work and why they are charged? Are there any other fees that traders should be aware of when trading with Tickmill, and are there any options for reducing or avoiding these fees? Finally, how do Tickmill's fees compare to those of other brokers in the industry?
George
Jul 14 2023
@Robby: why are these fees charged?
Well, these fees are a way for Tickmill to cover their operational costs and provide the necessary infrastructure and services for traders.
When it comes to other fees, Tickmill does have some additional charges that traders should be aware of. For example, there might be withdrawal fees or inactivity fees if an account remains dormant for an extended period.
When comparing Tickmill's fees to other brokers in the industry, you better check this article as the example : Compare Exness Vs Tickmill: Which is the Better Forex Broker in 2023?
Remember, fees are an important aspect to consider when choosing a broker, but it's equally crucial to evaluate the overall trading experience and find a broker that aligns with your specific trading needs and preferences.
Jimenez
Jul 15 2023
This Swap Free feature can be a game-changer for Muslim traders who want to align their trading practices with their religious beliefs. By eliminating swaps, they can stay true to their principles while participating in the financial markets.
But hey, apart from the Islamic accounts, have you ever come across any other methods to avoid swap charges in trading? I'm curious if there are alternative approaches or strategies that traders have found effective. It's always good to explore different options and consider what works best for individual trading styles and preferences. So, let's discuss if there are any other creative ways to steer clear of those swap charges while trading!
Karreen
Sep 2 2023
Does anyone have experience with deposits at tickmill? Nigerian traders allowed to open Islamic Tickmill accounts? because I am a Nigerian citizen. Please reply yes
Based on the reading, swapp fees depend on the instrument you use, ranging from $0.01 to $50 with 3 account options. I think the administration fees are quite cheap for an account that offers swap-free.
However, unfortunately, I just found out that this broker offers Islamic accounts, and yes, I have already opened a Classis account at Tickmill. I mean, how do I open an Islamic account?
Do I have to register a new account again? Then, if I have difficulty understanding the terms of the free swap account, is the support service team responsible enough? Thank you, guy, please answer sir...
Xiumin
Sep 4 2023
Tickmill's got your back, fellas, especially if you're Muslim and keen on tradings that fit yer beliefs. No need to muck about with new accounts - just chuck your Classic, Pro or VIP account on the barbie and convert it to an Islamic one. No swaps, but there is a bit of a shout for positions ya hold overnight for more than three sleeps in a row.
Top blokes in Client Support'll sort it out in a jiffy - one business day and an email later, you're good to go. Any new accounts you open up with Tickmill will be Islamic by default, so no worries there, mate!
Mimossa
Sep 3 2023
How Tickmill compares to other brokerage firms in the sophistication of the pro accounts offered. In many ways of things, it seems like tickmill is quite good at deposit colouring (minimum $100), compared to other brokers. However, I don't know too much about this broker. What are the unique advantages and benefits of choosing Tickmill as a platform for advanced trading? Additionally, can you discuss any potential drawbacks or limitations associated with using Tickmill for advanced trading, and provide tips and advice for traders looking to optimize their experience on the platform?
I'm very curious, does Tickmill allow non-Muslims to have this account?
Billie Sam
Sep 4 2023
When it comes to advanced trading features and tools, Tickmill stands out from the crowd, folks! They offer a range of cutting-edge tools and technologies that give traders an edge in the markets. One of its standout features is its advanced graphing capabilities.
Read : Which Tickmill Account Type is Right for You?
Tickmill also provides advanced order types, such as limit orders, stop orders, and trailing stops. This order type gives you more control over your trades and allows you to implement more advanced trading strategies. Now, let's talk about the unique advantages of choosing Tickmill for advanced trading. Firstly, they offer competitive spreads, meaning you can maximize your profit potential. They also have fast execution speeds, ensuring that your trades are executed quickly and accurately. Tickmill operates as an ECN broker, which means you have access to deep liquidity and can enjoy tight spreads during volatile market conditions.
Jack Ripper
Sep 5 2023
Hello guys, I want to add an explanation to the answer to an unanswered question. In terms of drawbacks or limitations, it is important to note that Tickmill's advanced features may require a certain level of experience and knowledge. To optimize your experience on the Tickmill platform, my suggestion is to start with a demo account. This lets you familiarize yourself with advanced features and practice your strategies without risking real money.
Furthermore, Tickmill has offered Islamic accounts on its platform. But yes, swap-free accounts are usually only available to Muslim traders, as the purpose of these accounts is to comply with Islamic finance principles that prohibit charging or paying interest. Swap value is essentially the cost of holding a position overnight. Although non-Muslim traders cannot open swap-free accounts, they can still profit from swap rates. If a trader buys a currency with a higher interest rate than the currency they are selling, they will earn a positive swap rate. Conversely, if a trader sells a currency with a higher interest rate than the currency he bought, then he will pay a negative swap rate.
Cabello
Sep 6 2023
How does Tickmill compare to other brokerage firms in terms of the advanced trading tools and features it offers, and what are the unique advantages and benefits of choosing Tickmill as a platform for advanced trading?
Also, could you discuss the potential drawbacks or limitations associated with using Tickmill for advanced trading, and provide tips and advice for traders looking to optimize their experience on the platform?
Sorry in advance guys, I have a question for a song, but it's a bit out of the topic of this article. I am very curious, If I'm a non-Muslim, I can't have an Islamic account.
Joshua
Sep 8 2023
Tickmill sets itself apart with its impressive array of advanced trading tools, including cutting-edge graphing capabilities and diverse order types like limit, stop, and trailing stops. With competitive spreads and rapid execution, it offers traders the advantage of maximizing profit potential and accessing deep liquidity through its ECN model, even during volatile markets.
However, leveraging Tickmill's advanced features may require experience, so starting with a demo account is advisable. While Islamic accounts are available, swap-free options are typically reserved for Muslim traders due to compliance with Islamic finance principles, but all traders can still benefit from swap rates based on interest differentials.
Kise Ryota
Sep 14 2023
What's the minimum age someone needs to be in order to open a Tickmill Account?
I'm asking because I've been hearing about this account designed specifically for professional traders, and I'm curious if there are any age restrictions. It's fascinating to learn that the account offers tight spreads and some of the lowest commissions in the world.
Can you tell me more about how these features compare to what other brokers offer for professional accounts?
I'm particularly interested in understanding how these benefits, like floating spreads and high leverage, can potentially improve a trader's experience and profitability. Oh, and speaking of commissions, I noticed that there's no commission on certain types of trades.
Could you clarify which instruments are exempt from commissions and how that can impact a trader's overall trading costs?
Dandelion
Sep 17 2023
In order to open a Tickmill Account, individuals are typically required to be above 18 years old. This age requirement is in place to comply with legal and regulatory standards governing financial services and trading accounts. It ensures that individuals who open a Tickmill Pro Account have reached the legal age of majority in their respective jurisdictions.
By imposing an age restriction, brokers like Tickmill adhere to regulatory guidelines and prioritize client protection. They aim to ensure that individuals who engage in professional trading activities have the necessary maturity, understanding, and legal capacity to make informed financial decisions.
Xerx Lugnar
Sep 19 2023
I have something to ask, What platform does the Tickmill Islamic account support? Does Tickmill offer Extended Swap Free status? Thank you, guys,
Leopard
Sep 21 2023
Tickmill offers Islamic accounts (swap-free) with no fees for the first 5 days. Choose from Classic, Pro, or VIP accounts with different features and minimum deposits. Platforms include MT4 and their own web/mobile options.
Takefusa
Oct 29 2023
I am from Japan and quite intrigued about Tickmill. I've learned that Tickmill charges overnight fees for positions that are kept open for more than three consecutive nights, with these charges commencing on the fourth night at 00:00 server time. As a trader in Japan using a swap-free account on Tickmill's MT4 platform, I'd like to understand how this fee schedule corresponds to my local time. Could you please help me determine the precise time in Japan when these fees start to apply? Additionally, if I want to be well-prepared, how can I convert the 00:00 server time to the local time in Japan to ensure I'm aware of when these fees come into play for my trades?
Herry
Oct 31 2023
@Takefusa: Let me answer your question here :
To determine the precise time in Japan when overnight fees on Tickmill's MT4 platform start to apply, you'll need to consider the time zone of the server time and then convert it to your local time in Japan.
Tickmill's server time is typically set to Coordinated Universal Time (UTC), which does not change with daylight saving time. Japan, on the other hand, follows Japan Standard Time (JST), and it does not observe daylight saving time.
Japan Standard Time (JST) is usually 9 hours ahead of Coordinated Universal Time (UTC+9). This means that if Tickmill's server time is set to UTC, the fees for positions held for more than three consecutive nights will start applying at 00:00 server time.
To convert this to your local time in Japan, simply add 9 hours to the server time.
Therefore, if you wantSo, the fees will commence at 09:00 Japan Standard Time (JST). to be well-prepared for when these fees come into play for your trades in Japan, you should be aware that they will begin at 09:00 local time, corresponding to 00:00 server time on Tickmill's MT4 platform.