Founded in 2015, TickMill has since emerged as an upcoming MetaTrader–only contender in the retail foreign exchange (forex) market, with $49 billion in notional trading volumes reached in July 2016.
In 2015, Armada Markets moved its retail clients to TickMill’s entity in Seychelles, which is regulated by the Financial Services Authority (FSA), before TickMill acquired an additional regulatory license in the UK under a new entity to expand the brand’s reach.
Today the TickMill brand is also the trading name of TMILL UK Ltd, which is regulated in the UK by the Financial Conduct Authority (FCA) and with passports throughout the EU under MiFID regulations.
Commissions & Fees
TickMill offers three accounts. The Classic account is a commission-free account, in which traders just pay the bid/ask spread. The other two accounts, PRO and VIP, are both commission based and have a per-trade commission added to lower prevailing spreads.
With a low commission rate, the PRO account will be more ideal for most traders compared to the Standard account, as spreads are inherently lower and 80 instruments, including 62 currency pairs, can be accessed.
While the VIP account requires a minimum balance of $50,000 for traders to access low commissions of $1.6 per standard lot (100k units) or $3.2 per Round-Turn (RT), the PRO account has similar pricing with an RT commission of just $4 per standard lot, and can be established with as little as $25.
|View All Fees||TickMill||Pepperstone||Admiral Markets||FxPro|
|All-in Cost EUR/USD - Active||0.600||0.860||1.200||1.200|
|All-in Cost GBP/USD - Active||1.100||1.190||1.500||1.600|
|Average Spread EUR/USD - Standard||N/A||1.160||1.200||1.200|
|Average Spread GBP/USD - Standard||N/A||1.490||1.700||1.800|
|Commissions & Fees|
Using typical spread data listed by TickMill for its ECN PRO account offering of 0.2 pips for the EUR/USD, the all-in cost equates to 0.52 pips when factoring in the RT commission equivalent of 0.32 pips. It is worth noting that TickMill records typical spread data during normal market conditions (when spreads are narrower).
With a low commission rate, the PRO account will be more ideal for most traders compared to the Standard account, as spreads are inherently lower and 80 instruments, including 62 currency pairs, can be accessed. Meanwhile, active traders are eligible for further discounts, depending on their trading volumes in the VIP account, giving TickMill competitive all-around pricing.
TickMill offers 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. Auto chartist is available via TickMill’s web portal and as a platform plugin for MetaTrader.
In addition to the native Signals market available in MT4, TickMill also offers the AutoTrade feature of Myfxbook for social copy trading. Myfxbook also powers the firm’s economic calendar. In addition, TickMill offers margin, pip, and currency calculators, as well as VPS hosting, which is useful for algorithmic traders using MT4.
Aside from news headlines streaming in the trading platform and Autochartist, TickMill has a team of several analysts that produce technical and fundamental analysis posts on the company’s blog throughout the trading week. This area is otherwise light as a research portal.
Platforms & Tools
TickMill is a MetaTrader-only broker. This means it offers products from the suite of platforms from MetaQuotes Software Corporation, developer of the very popular MT4 and MT5 platforms for desktop, mobile, and web. Read our full MetaTrader guide.
While MetaTrader 4 comes standard, with little that varies from broker to broker, on the surface of the platform there can be significant differences in how the platform is set up for trading spreads and commissions, the available execution method, and other tools, features, and administrative areas that can affect your trading experience.
Besides spreads, the range of instruments, and account types, here is a summary of the differences in features between AxiTrader’s available MT4 platform setup and the default MetaTrader experience:
- News headlines stream from ForexLive
- MT4 installation file wrapped in Windows Emulator for MAC OS Installation
Since TickMill is a MetaTrader-only broker, iOS and Android versions of the MT4 app come standard and are both available for download from the Apple iTunes store and Android Play store, respectively.
Compared to brokers that act as market makers (dealers), TickMill acts as an agency broker in the UK (matched principal) relying on other dealers to execute each trade.
TickMill’s agency model provides traders with market execution and with no re-quotes – a quality that may or may not suit some trading styles, as positive and negative slippage can occur as trades are filled.
In addition, the broker allows clients to place pending orders with no minimum distance away from the current market price – a nice feature. It is worth noting that pending orders will count towards the maximum quota of 200 orders per client account (and a max of 100 lots per order).
When traders open an account with TickMill, they can choose the firm’s entity regulated in the UK or its offshore entity regulated in Seychelles. The main difference between these entities is each country’s regulations governing the client account agreement. The spreads and trading costs are much the same.
The Autotrade feature of Myfxbook is available only through TickMill’s Seychelles entity, and EU-based clients can only open an account with the UK entity.
While TickMill’s VIP account requires a minimum of $50,000 for traders to access deeper discounts on their all-in costs (spreads plus commission), this is comparable to active trader offerings in the industry. Also, like other brokers, TickMill takes it a step further and offers further discounts for VIP account holders who trade actively.
Overall, the PRO account closely resembles the VIP account in terms of commission costs, and comes at a fraction of the deposit requirement, making it a compelling choice. I do not recommend the Classic account as the PRO seems a better alternative in terms of all-in pricing.
Traders seeking an MT4 broker that permits a wide array of strategies and offers agency execution as a matched principal – and with competitive pricing – will want to choose TickMill’s FCA-regulated entity. On the other hand, clients in other jurisdictions may opt for the firm’s offshore entity, which offers similar pricing and trading products/platforms.
For our 2017 Forex Broker Review we assessed, rated, and ranked 20 international forex brokers. Each FX broker was graded on 255 variables. Learn more.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to foreign exchange trading, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or currency pair. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more.View all TickMill Fees & Features
Reviewed by Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Over the past 18 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.