Tickmill adjusts its account types based on trading experience. Therefore, you could choose the right account type in this broker by your skills and style of trading.
Tickmill is a forex and CFD broker that offers competitive pricing to its clients. It offers a wide range of products that traders can choose from which include forex, indices, cryptocurrencies, CFDs, metals, and bonds. As a trader, you might be wondering if Tickmill is even appropriate for you and what's the right account type to choose.
Tickmill is a safe broker that is regulated by well-known financial bodies which ensures that the trading funds of its clients are protected. The broker currently offers three major account types to cater to the needs of its clients according to their expectations and level of trading experience. Let's get to know each.
🌐 WebsiteTickmill 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.
Tickmill Classic Account
This is aimed at traders with little to no experience as well as those with sufficient experience. It is the simplest account for accessing any of the financial markets offered. The account provides traders with optimal trading conditions and order execution that is ultra-fast and allows them to utilize any kind of trading strategy.
The Classic Account allows CFD trading on 62 currency pairs, stock indices, oil, bonds, major stocks, precious metals, and cryptocurrencies without commissions, while variable spreads start from 1.6 pips. The minimum balance is 100 USD and the maximum leverage is 1:500.
Tickmill Pro Account
This account type is suitable for experienced traders that are looking for advanced features to go along with optimal trading conditions. Similar to the Classic account, the minimum balance for the Pro account is also 100 USD. A maximum leverage of 1:500 is provided, and traders can enjoy spreads starting from 0.0 pips in this account.
However, unlike the Classic account, there is a commission involved in which traders are required to pay a fee of 2 currency units per side per lot in the base currency of the instrument being traded. For instance, if 1 lot of EUR/USD with a contract size of 100,000 EUR is being traded, then the expected commission per side will be 2 EUR or 4 EUR round turn (for both sides).
On this account type, Tickmill allows traders to place stop and limit orders close to market prices which is something that is not permitted by many brokers.
Tickmill VIP Account
This account type is exclusive as it is aimed at high-volume traders that are searching for competitive pricing and extra benefits. In contrast to the Classic and Pro accounts, the minimum balance for this account is 50,000 USD with spreads starting from 0.0 pips and a maximum leverage of 1:500.
There is also a commission involved for every trade with traders paying a fee of 1 currency unit per side per lot in the base currency of the instrument being traded. This is lesser than the commission for the Pro account. For instance, trading 1 lot of USD/GBP with a contract size of 100,000 USD, then the expected commission will be 1 USD or 2 USD round turn.
Overall, the three account types share similar features in terms of leverage, base currencies (USD, EUR, GBP), an average execution speed of 0.20 seconds, market execution, and margin call/stop-out at 100%/30%. The same range of financial instruments offered by Tickmill is available across the three account types. All these similarities might make it difficult for you to make a choice among the three account types, but the most important factor to consider is your level of experience as a trader and your expectations from a broker.
Here's an easier comparison between Tickmill's account types:
| Features | Classic | Pro | VIP |
| 💰Minimum deposit | 100 USD | 100 USD | 50,000 USD |
| ⚖Leverage | 1:500 | 1:500 | 1:500 |
| 🔢Spreads | 1.6 pips | 0.0 pips | 0.0 pips |
| 💸Commissions | ❌ | 2 currency unit per side per lot | 1 currency unit per side per lot |
| 👨💼Suitable for | All traders | Experienced traders | High-volume traders |
If you are a novice, then the Classic account type might be the best since there are no commissions and all you have to deal with are spreads which might be more straightforward. If you are an experienced trader and want some advanced features to go along with your trading while not having to fork out so much money to open an account, then the Pro account is for you. However, if you are a high-volume trader that wants competitive pricing and do not mind the relatively high minimum deposit requirement, then Tickmill's VIP account might just be the most suitable.
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.
10 Comments
Jorge Mendes
Feb 1 2023
No, forget about the VIP account, because very few traders can trade with $50,000
Let's focus on Classic and Pro accounts for now. With the same minimum deposit, many traders can cover this minimum deposit. BUT, there is a big difference between the spread. Classic starts from 1.6 pips and requires no commission, while professional account starts from 0.0 pips but commissions are based on each side.
What is the best beginner account? I mean, I strongly disagree with the author who said that classic account is only for an inexperienced trader because the spreads are much higher. Why the author said that? And while the pro account is less expensive because the spread starts from 0.0. I mean by reading the article above, I think the trading fee to the classic account seems more expensive.
Rues
Feb 1 2023
Jorge Mendes: I disagree if you say the pro account can be used by a novice trader. As you have seen, the commission on the Pro account is based on lots. And these are actually cheaper fees as they only charge you $0.04 per trade with 0.01 lots. But what makes the difference are other factors.
Yes, advanced tools are required for trading. Basically, trading on a professional account is different from a classic account. The functionality in there is more important and I bet the novice trader will be confused when using these tools. I think you just need to follow the author's suggestion, because many traders have failed on the Pro account just because the trading conditions seem very cheap, but because of that, they overtrading and loss everything. .
Larry
Feb 1 2023
Jorge Mendes: Have you ever heard of many indicators and tools that will confuse traders and so they cannot trade with maximum effort? Imagine this, the pro account is like oatmeal while the classic account is a mix. If you have small children, of course you will give your 6-month-old baby solids first, right? Although the nutritional value of Puree is much less than oatmeal, it's okay if your baby can't eat it, right?
So just like novice traders, if they open a professional account, they will have a hard time trading because of many tools, fees and some conditions that you won't even see in the classic account. DOM for example if Tickmill is an ECN broker.
Enzo
Feb 1 2023
The tickmill account for me is very concise. I mean there are only 3 accounts available and for me that would make a quick decision to choose one. For example, if you are a beginner or an advanced trader, choose a mini account. If you want to enjoy 0.0 and you have experience, choose a pro account. And if you are a professional trader and have capital, choose VIP. Even a novice like me can figure out which account is right for me.
My only question is how to deposit to Tickmill? Is it fast and what is the payment option available. I had a bad experience with some payment options and brokers because they didn't process my deposits and withdrawals quickly. I prefer to send money faster because when we are asked for a deposit, we can send money immediately without waiting. If I wait, the margin that I can keep is gone and it stops. So, I really need fast deposit broker.
Does anyone have experience with deposit at tickmill?
Eddie
Feb 1 2023
Enzo: Depositing at Tickmill is easy as there are many payment options you can choose from. In my experience, if you want to deposit, the estimated time is instantaneous if you deposit from e-wallets like Skrill, Netteller and Fasapay. Meanwhile, if you have a local bank like Tickmill, then you can just do a wire transfer, but that is not recommended if you are not the same one that Tickmill uses because it took 5 days to process. Another deposit option that may not be available is crypto payments (BTC, ETH and USDT), but availability is limited to certain regions.
One thing I know for sure and feel is that Tickmill is committed to processing all withdrawal requests within one business day. If you want to know more, just read the Tickmill Deposit and Withdrawal FAQ articles : Tickmill Deposit and Withdrawal FAQ
Licha
Feb 17 2023
Enzo: Deposits can become a hurtbutt if the process is slow, as withdrawals too. In my experience, payment cards like debit and credit cards come out very fast but with low fees when depositing with brokers. It's not like a bank transfer which requires a very long process, the debit and credit card process requires your CVV and second verification. As soon as possible, the deposit funds will arrive immediately. But if you use a credit card to deposit, sometimes the used credit line will be charged next month at a higher rate.
Other payment methods you can use are electronic payments, including Skrill, Neteller, PayPal or Fasapay. But what you need to be aware of is that most brokers will implement a paid options policy. So if you deposit with a cash card, you can also only withdraw with a cash card. So think carefully before choosing a payment option
Gredinho
Feb 17 2023
As suggested by the author on the tickmill account, maybe I could choose to be a newbie. As far as I can read, the author has chosen the classic account as an account suitable for all traders, including beginners. Meanwhile, with the same conditions, the pro account is for professional traders.
Although I disagree with the author as the spreads offered in the pro account are much lower than in the classic, but this time I will follow the author's choice.
If I have opened an account, a regular account, at Tickmill, what style of trading can match the trading conditions offered by Tickmill? Of course, with spreads starting from 1.8 pips
Sonja
Feb 17 2023
Gredinho: In my opinion, day trading can be very suitable for classic account as it has 1.8 pips (meaning you need minimum profit of 2 pips to avoid loss, and above 2 pips to get profit).
Meanwhile, it is very disadvantageous to use scalping in the classic account because the spreads are higher. although no commission happens, spread in pro can be 0.0 pips and with commissions as little as $4/lot. If you are trading 0.01 lots, your minimum trading fee will be 0.01 x 100 = 1 pip, 1 pip in 0.01 lots = 0.1 USD + 4 USD = 4.1 USD
And if you are scalping on a classic account, it will be 1.8 pips x 100 = 180 pips with 0.01 lots = $18.
So it is better to use day trading, with target pips maybe 50 pips to make a profit. And you can learn about trading more comfortably and can watch and learn all the movements of candlesticks
Read the day trading steps here :
Upamecano
Feb 17 2023
Based on the reading, all three accounts have similar margin calls and stops at 100%/30%. I've always been curious about margin calls and stop rates. I mean, when do I know I'm going to enter a margin call and stop before the margin call alert alarms me? I mean, there must be a number of factors that can influence a trade to become a margin call.
And next question is is there any trick to avoid margin call in trading and what should i do for my trade if i get margin call and what is the example function of d' stop level? Thanks!
Marcel
Feb 17 2023
Upamecano: I will answer your last question first.
There is only two ways to avoid margin call. Either using Money Management (read here : 5 key tips on Money Mangement) or you can add more funds to avoid it.
It is better for you to practice the money management, right? Since you will not added more funds from your wallet, the money management can be the best choice.
next question is how you can know if you will get margin call or not. Just see the free margin level; which is you can see beside the equity and margin at Metatrader. If your free margin level is above 100% you will not getting margin call. The more margin level drop, the more you will get the margin call. And if you get margin call and still not deposit more funds, when your margin free level hit the stop out level, which is 30% or below.
All the trades will automatically closed.