When it comes to cryptocurrency trading, FXOpen and Tickmill provide different leverage and number of crypto assets. How to choose the right one?
It is a well-known fact that cryptocurrency trading has been extremely popular in the past few years. What was formerly an alternative investment is now openly discussed as a viable option of investment for various groups of speculators. As a result, you can now find and trade crypto CFDs in mainstream brokers, such as FXOpen and Tickmill.
Generally speaking, these are the qualities that you should look for when choosing a CFD broker for cryptocurrency trading:
- The crypto variations. Make sure the broker offers the crypto CFDs that you'd like to trade with or at least major cryptocurrencies like BTC, ETH, and LTC. If you want to diversify, make sure the broker at least provides stablecoins.
- Maximum leverage. It's nice to choose a broker that offers high leverage, but that doesn't mean that you should follow it. For crypto CFD trading, it's recommended to use 1:5 leverage or less.
- Spread and commission. Find an affordable broker for you. Keep in mind that it's normal to find higher spreads on crypto CFDs due to the high volatility.
- Trading platforms. MetaTrader 4 and MetaTrader 5 are quite notable when it comes to forex and crypto trading, so make sure the broker offers these two platforms at the very least.
Both FXOpen and Tickmill are known to be brokers that offer competitive trading conditions, but when it comes to crypto trading, which one is more preferable? Let's take a look at the quick comparison below.
Crypto Trading Specifications | FXOpen | Tickmill |
Crypto Instruments | 40+ cryptocurrency pairs that include BTC, ETH, DSH, BCH, IOT, LTC, XRP, EOS, etc. | 9 (BTC, ETH, ADA, SOL, LTC, XRP, XLM, LINK, EOS) |
⚖Maximum Leverage | 1:2 | 1:200 |
🔢Spreads | Floating (from 3 pips for BTC pairs) | Floating (from 12 pips from BTC/USD) |
💸Commissions | 0.5% half turn | No commissions |
💻Trading Platforms | TickTrader, Trading View, MT4, MT5 | MT4, MT5, Tickmill Mobile App |
💼Regulations | FCA ASIC CYSEC | FSA FCA DFSA CYSEC FSCA |
💰Minimum Deposit | $1 | $100 |
⏰Trading Hours | 24/7 | 24/7 |
💱Overnight Swaps | 10% per annum | No swaps |
📈Minimum Transaction Size | 0.01 lot | 0.01 lot |
📉Maximum Transaction Size | Unlimited | 100 lots |
You can refer to the information table above to make your choice. If you want to learn more, let's discuss the crypto trading features of both FXOpen and Tickmill individually.
Crypto Trading in FXOpen
Founded in 2003, FXOpen is a leading multi-asset broker and was one of the pioneers that offer Bitcoin and Ethereum CFD trading among forex brokers. It offers no less than 40 crypto CFD pairs, including some of the most popular ones like BTC/EUR, BTC/USD, BTC/JPY, ETH/USD, and XRP/USD.
However, in FXOpen, crypto trading is only available for professional clients because CFDs are considered high-risk leveraged products that can result in big losses. Eligible clients can trade cryptocurrency via FXOpen's multi-asset platform that allows you to trade digital assets along with other instruments
Using the broker's ECN accounts, you can easily conduct cost-effective trades with up to 1:2 leverage, tight floating spreads, and deep liquidity.
On the platform, you can place three types of orders, namely market order, limit order, and stop order. Alternatively, you can choose automated crypto trading system to save time. Simply select and download existing scripts or create your own scripts and ensure that your trades are executed exactly the way you want. Note that hedging and scalping are allowed as well.
In addition, you can find loads of analytical tools and insights to help you with your trades. There are over 50 built-in indicators and graphic tools to choose from, ranging from market news, insights, etc.
FXOpen started its operation as an online trading provider for retail clients since 2005. The company was founded by a group of traders with a mission to provide services that refer to the interests of traders. FXOpen claimed to be one of the firsts to offer ECN trading via MetaTrader 4 (MT4). With FXOpen's unique proprietary price aggregating technology, their clients can benefit from the industry's most competitive spreads (from 0 pips) and low trading commissions.
In 2006, FXOpen also became the first broker to offer a micro account and a swap-free account. After that, they continue to be the pioneers of several new and high-tech services, including the first Crypto account that can provide trading facilities on 24 Cryptocurrency pairs such as Bitcoin, Litecoin, and Ethereum.
Furthermore, the company provides One Click Trading and Level 2 MT4 plug-ins, enabling traders to place trades with just one click of the mouse. Traders do not need to worry about trading security at FXOpen. They have registered in Nevis, the UK FCA, and ASIC Australia.
A variety of trading accounts are provided such as STP, Micro, ECN, and free unlimited demo accounts. The minimum deposit for each account depends on the account type; USD1 in Micro Account, USD10 in STP and Crypto Accounts, and USD100 in ECN Accounts. As for leverage, FXOpen offers up to 1:3 (for Crypto Accounts), and up to 1:500 (for Micro, STP, and ECN Accounts).
Besides, traders can enhance their trading capabilities with Myfxbook and Zulutrade automated trading systems. Both of these services allow anyone to copy the transactions of experienced traders. Thus, traders can replicate the results of professional traders' strategies.
The FXOpen PAMM Service allows copying trades from a Master account to one or more than one Follower account and automates the distribution of profits and losses. The Master operates personal capital through a PAMM account, and his trading strategy is replicated to the Follower's capital. The owner of the Follower account can view and analyze the performance of the PAMM account with the help of advanced analytics. There are 3 PAMM accounts in FXOpen, namely STP, ECN, and Crypto PAMM.
On ECN accounts, traders will get direct price quotes from leading liquidity providers, including Dresdner, SG Paris, Standard Chartered, Barclays Capital, Bank of America, CRNX, JP Morgan, Morgan Stanley, Deutsche Bank AG, RBS, CITI, and UBS. This is one of the reasons why FXOpen's ECN account has become a trader favorite.
After seeing the various advantages offered by FXOpen, traders can easily register an account, simply by filling out the form in the registration menu on the FXOpen website. Traders will be asked to verify documents in advance if the trader will make a deposit or withdrawal of funds. Based on traders' experience and information since FXOpen was founded, there have not been any major complaints about payments (depositing or withdrawing funds) from clients.
Once registered with the FXOpen broker, traders also have the opportunity to get other benefits. One example is the FXOpen cashback program for the first 90 days from registration as a new client. The minimum cashback is USD5 and the maximum is USD1,000.
Furthermore, free VPS is available for ECN, STP, and Crypto account holders. Traders can use FXOpen VPS without any fees for 1 month if they can maintain equity of USD5,000 at the end of the month or trade with a trading volume of USD10,000,000 per month. The advantages of VPS on FXOpen are excellent accessibility, flexibility, and speed.
Trading on FXOpen is made easier because traders can add insight into trading by entering contests. FXOpen Broker offers weekly and monthly trading contests on demo accounts through the ForexCup.com site. Traders can join competitions that are free of charge to hone their skills. If a trader wants a bigger challenge, there is also a trading contest on a real account.
The company also offers Forex partnership programs to traders, Forex brokers, and website owners who publish information about fiat and crypto-currency trading. There are 3 types of partnership levels, including Forex IB (Forex Agent) that attracts new clients to FXOpen using a referral (affiliate) link, Forex Rebate, and individual partnership conditions.
In Conclusion, FXOpen is a well-rounded forex brokerage for traders with a desire to try various trading instruments, a trading environment in ECN account, low minimum deposits, the best cryptocurrency trading condition, as well as interesting trading features like PAMM and demo contests.
Crypto Trading in Tickmill
Tickmill is a well-established broker that has been in business since 2014. While the broker's considered young compared to other mainstream brokers, Tickmill has proven to be a safe and reliable trading service provider. The broker is currently under the regulation of several regulators, including FSA of Seychelles, FCA of the UK, DFSA of the UAE, CySEC of Cyprus, and FSCA of South Africa.
When it comes to crypto trading, Tickmill offers nine popular cryptocurrencies namely Bitcoin (BTC/USD), Ethereum (ETH/USD), Litecoin (LTC/USD), Cardano (ADA/USD), Ripple (XRP/USD), Stellar (XLM/USD), Chainlink (LINK/USD), Solana (SOL/USD), and EOS.IO (EOS/USD). These assets are available 24/7 on popular MT4 and MT5 platforms.
Tickmill clients can go long or short on major cryptocurrencies with up to 1:200 leverage and high execution speed. The average speed is 0.20 seconds. Not only that, but the broker also does not charge any commission and swaps for crypto traders, making it a viable option for both small and large traders alike.
To get more market insights, you can check out Tickmill's trading tools which consist of various features like economic calendar, signal centre, market sentiment, and more. All of these are completely free for Tickmill clients.
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.
Comparing FXOpen and Tickmill for Cryptocurrency Trading
Crypto trading can be an excellent way to turn your deposits into profits. While both FXOpen and Tickmill are attractive in their own ways, traders ultimately have to make a decision by considering the pros and cons of each option.
If we refer to the qualities to look for in a good crypto CFD broker, FXOpen gets the upper hand for its wide range of instruments and trading platforms. This allows you to diversify your investment portfolio and maximize your trading potential. Aside from that, the broker also offers much lower spreads.
However, it is worth noting that crypto trading in FXOpen is only available to professional clients. This means, the accessibility is quite low because not all traders can benefit from the service. The spread and commission are also not the lowest in the industry, although they're still considered competitive.
Meanwhile, Tickmill offers higher maximum leverage and zero commissions despite the high spreads. On top of that, the broker also offers the benefit of crypto CFD trading for all of its clients, making it suitable for a wider group of traders. The only downside is the limited selection of crypto instruments, which may not be enough for expert traders.
Conclusion: Which One to Choose?
If you are an expert trader, we recommend FXOpen. You'll be able to diversify your portfolio and get maximum profits, even if that means you'll need to pay slightly more for commissions and overnight swaps.
If you are a beginner or intermediate crypto CFD trader, then Tickmill is your best bet. You can focus only on the most popular cryptocurrencies that matter and use higher leverage to maximize your trading results. However, pay attention to the spreads because Tickmill crypto spreads are generally higher than that of FXOpen.
Did you know that aside from trading, you can also use cryptocurrencies to stake? There are several brokers that offer this feature these days, so perhaps now is a good time to learn how staking works and try to take advantage of it.
14 Comments
Greg
Jun 26 2023
It's very interesting to see that even though FxOpen only allow professional clients to trade crypto, the maximum leverage that they give is 1:2, which is very low in my opinion. Does that have to do with protecting their clients against losses? Meanwhile, Tickmill allows clients in any level of expertise to trade crypto and the maximum leverage is 1:200. Phew that is high!! I wonder if there's any safety measures like negative balance protection to prevent undesirable losses. Also, which method do you guys think is more convenient for traders?
Jonathan
Jun 26 2023
Dude, now that I think about it, I think you're right. FxOpen is more careful when it comes to their clients' risk, while Tickmill gives more freedom to their clients to manage their trades as well as risks. Personally, I prefer the latter just because I like to do my own thing, you know? I'm not going to risk too much of my money because I don't want to lose them all, so I know what I want and what I'm doing. Totally understandable if some people prefer FxOpen's way though. Emotional trading is real and sometimes we need a safety net that's always ready to catch us instead of relying fully on our rational mind.
Killian
Jun 26 2023
I want to add that Tickmill does have safety measures to their clients, although I must say, allowing regular clients to trade with 1:200 leverage is indeed, very risky. Anyway, the client's protection are as follows:
Based on user reviews, I believe Tickmill is a safe broker to trade with. It has a good reputation among traders so don't worry too much! If you're still hesitant, my advice is to try their demo account first and see if there's any issue. Good luck
Vania
Jun 26 2023
For me personally, FxOpen steals the show here. CFD trading is highly risky and should not be allowed for complete beginners. More than half of traders lose their precious funds because of reckless CFD trading, so it's definitely more appropriate for expert traders. That being said, I'm curious as to what criteria does FxOpen use in determining whether a client is professional or not. What are the requirements and how can I sign up as a professional client? I would appreciate if anyone could help me out here. Thanks
Bunny_Trader
Jun 27 2023
I agree with you. CFD trading is risky and must be performed by an expert. Now, regarding your question. FxOpen uses the FCA's elective professional client eligibility crieteria to select their professional clients. Basically, you'll need to fulfill at least two of the following requirements:
1. Placed 10 relevant trades of a significant size per quarter last year
2. Your cash and financial investment portfolio exceed 500,000 EUR
3. You worked or are working in the financial sector for at least 1 year
If you fit the abovementioned criteria, you can just request an application form by sending an email to [email protected]. Then fill the form and send it back. The broker will inform you as soon as it's done so you can start trading ASAP.
Jonathan
Jul 20 2023
Hey, so let's talk crypto trading with Tickmill! They've been around since 2014, which is pretty cool. Though they may be considered young compared to other brokers, they've proven to be safe and reliable. That's a good sign, right?
Now, when it comes to crypto, they've got quite the selection! You can trade nine popular cryptocurrencies with them, including the big names like Bitcoin, Ethereum, Litecoin, Cardano, Ripple, Stellar, Chainlink, Solana, and EOS.IO. Sounds like a crypto paradise!
But here's the thing, with all these options, I'm curious which one may have a more stabilized price. I mean, we all want to make some smart moves, right? So, considering Tickmill's rep and the fact that these assets are available on popular MT4 and MT5 platforms, any thoughts on which crypto might be worth checking out for a smoother ride?
Edianto
Jul 21 2023
Let me answer your question!
If we're talking about more stabilized cryptos, Bitcoin and Ethereum are the big players to watch! They've been around the block and have earned their reputation in the crypto world. Tickmill offers both Bitcoin (BTC/USD) and Ethereum (ETH/USD) for trading, and that's a good sign in itself.
These two cryptos have a lot going for them - they're like the veterans of the game. With their larger market cap and active communities, they tend to show more stability compared to some other coins out there.
But hey, let's keep it real - the crypto market is known for its wild swings, so nothing is entirely foolproof. While Bitcoin and Ethereum can be relatively smoother rides, it's still important to keep an eye on market trends and do your research.
So, if you're looking for more established cryptos with potential stability, Bitcoin and Ethereum could be the way to go. But remember, always trade smart and diversify your investments to manage those risks. Happy trading, my friend!
Ramos
Jul 21 2023
I have different opinion! In my mind, Litecoin can be the best cypto to do the trade!
You need to know, Litecoin has been around for quite a while and is often referred to as the "silver to Bitcoin's gold" in the crypto world.
Now, when we talk about a more stabilized price, it's essential to consider Litecoin's historical performance. While no investment is entirely predictable, Litecoin has shown relative stability compared to some other cryptocurrencies. It's not as volatile as Bitcoin, for example.
One reason for its stability is that Litecoin has a faster transaction speed and lower fees than Bitcoin, making it a practical choice for everyday transactions. Plus, it's also gained adoption in various industries, which adds to its credibility and demand.
Frederick
Jul 20 2023
Hey there! So, with the increasing popularity of cryptocurrency trading, brokers like FXOpen and Tickmill are now offering crypto CFDs, giving traders a chance to dive into the crypto market. The cool part is, you get to choose from a variety of cryptocurrencies, including the big ones like BTC, ETH, and LTC, as well as stablecoins for diversification. Now, when it comes to leverage, it's best to play it safe with 1:5 or lower for crypto CFD trading due to the market's crazy volatility. And keep an eye on those spreads and commission fees too, as crypto CFDs can have higher spreads. But guess what? You can trade cryptocurrencies using the popular MetaTrader 4 and MetaTrader 5 platforms offered by both FXOpen and Tickmill. These platforms are well-known and widely used for forex and crypto trading, which makes them super convenient. So, given the availability of MT4 and MT5 on crypto trading with these brokers, does using these platforms turn out to be effective for traders venturing into the exciting world of cryptocurrencies?
Giovanni
Jul 21 2023
Speaking from my own experience, trading cryptocurrencies with MetaTrader 5 on brokers like FXOpen and Tickmill has been a total game-changer for me. MetaTrader 5 offers some serious advantages compared to its older sibling, making it a more powerful platform for crypto trading. The advanced charting tools, technical indicators, and wider range of timeframes have allowed me to conduct in-depth analysis and spot potential trends more effectively. Plus, having major cryptocurrencies and stablecoins available on MetaTrader 5 has given me the freedom to diversify my portfolio and explore different opportunities in the crypto market.
What I really love about MetaTrader 5 is the additional order types and trading tools, which have allowed me to implement more sophisticated strategies and manage my positions with greater precision. Not to mention, customizing trading algorithms through Expert Advisors (EAs) has been a game-changer for me. It allows me to automate certain aspects of my trading, even when I can't actively monitor the market.
Bernardo
Nov 21 2023
Hey, I've got a few questions about FXOpen Vs Tickmill for crypto trading. I'm pretty new to trading, especially in the crypto scene. The article mentions some key qualities to consider when picking a CFD broker for crypto trading. It emphasizes checking if the broker provides the crypto CFDs you want, like BTC, ETH, and LTC. Can you explain why it's crucial for a broker to offer these specific cryptocurrencies?
Also, I'm wondering, when I trade, do I actually own the assets? And as a beginner, any recommendations on which crypto I should start with?
Vardy
Nov 24 2023
Hi, having brokers that offer popular cryptocurrencies like BTC, ETH, and LTC is crucial for a few reasons. Firstly, these major cryptocurrencies are widely traded and tend to have higher liquidity, meaning there's more buying and selling activity. This liquidity can translate to better pricing and smoother execution of trades. Additionally, having a variety of crypto options gives you flexibility and the ability to diversify your portfolio based on your trading preferences and strategies.
Now, regarding ownership of assets when you trade, with CFDs (Contracts for Difference), you don't actually own the underlying asset. Instead, you're speculating on the price movements of the asset. It allows you to potentially profit from both rising and falling markets without physically owning the crypto. As a beginner, the choice of which crypto to start with depends on your goals and risk tolerance. Generally, well-established cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are considered more stable and might be suitable for beginners. (read : Learn How to Trade Bitcoin Futures and Options)
Alexius
Mar 24 2024
Hey! I'm new to trading and I'm interested in getting into cryptocurrency since I don't have enough money to invest in actual crypto. I stumbled upon FXOpen and it caught my attention because I read about this broker on a website. However, I was disappointed to find out from the article that crypto trading on FXOpen is only open to professional clients. This means that the accessibility is quite limited because not all traders, especially beginners like me, can take advantage of this service.
I'm curious to know why most crypto trading platforms seem to be restricted to beginners like myself.
Ivan
Mar 29 2024
Hi @Alexius, crypto trading platforms like FXOpen often limit access to features like cryptocurrency trading to professional clients for a couple of reasons. First off, there are regulatory hoops they need to jump through to offer crypto-related services. These regulations aim to protect investors and keep the financial markets stable.
Cryptocurrencies are also pretty wild in terms of their price swings and speculative nature. This can spell trouble, especially for newbies who might not fully grasp the risks involved. (read : 4 Risks to Know before Trading Crypto Derivatives). By restricting access to crypto trading, brokers can help shield less experienced traders from potential losses until they've got a better handle on things.
So, while it might seem like a bummer for beginners itching to get into crypto, these restrictions are there to keep everyone safe and sound. As you gain more experience and know-how in trading, you might eventually qualify as a professional client and unlock access to a wider range of trading options, including cryptocurrencies.