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.

Tickmill Islamic account


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.

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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:

  1. Create a live trading account, either a Classic, Pro, or VIP.
  2. Then, log in using your account credentials.
  3. Contact customer service and request to convert your account to an Islamic type.
  4. The support team will process your request for the status conversion within 1 business day.
  5. 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.


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.