Tickmill is a regulated Forex and CFDs broker that provides services for trading financial instruments such as foreign exchange currencies, commodities, stock indices, oil, precious metals, cryptocurrencies, and bonds.
Tickmill was launched in 2014, they are registered in Seychelles and are also regulated in multiple jurisdictions to provide financial services. Tickmill accepts traders from Nigeria.
This Tickmill review will explore the trading conditions, trading fees, deposits/withdrawals options and regulations, and customer support offered by the Forex broker.
|Tickmill Review Summary|
|Broker Name||Tickmill Nigeria|
|Address||Tickmill Ltd, 3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles|
|Regulation||FCA, CySEC, FSCA, FSA Seychelles|
|Trading Platforms||Tickmill MT4 and MT5 for PC, Mac, Web, Android, & iOS|
- Authorised by Top – Tier regulators
- Does not charge dormant account fees
- Low trading fees with tight spreads
- Supports bank transfer in Nigeria
- Has welcome bonus that requires no deposit
- Customer support is not available for 24 hours on any day
- Does not have Naira as Account Currency
- No office or local support in Nigeria
- Negative balance protection is not guaranteed
Is Tickmill Safe for Traders?
Tickmill, which is the trading name of the Tickmill Group, is considered to be among the safe Forex brokers for traders in Nigeria. This is because they have been licensed by Tier-1 and Tier-2 financial regulators.
Below is a list of the various regulations of the Tickmill group:
1) Financial Services Authority (FSA), Seychelles: Tickmill Ltd is registered with the Seychelles Financial Services Authority and licensed to operate as a securities dealer with license number SD008. Tickmill has their headquarters here.
Nigerian traders are registered under this offshore regulation.
2) Financial Conduct Authority (FCA), United Kingdom: Tickmill is authorised and regulated by the (FCA) as Tickmill UK Ltd and licensed to offer financial services with license number 717270. Tickmill has an office in London through which they serve UK clients.
3) Cyprus Securities and Exchange Commission (CySEC): Tickmill is also registered as Tickmill Europe Ltd, with license number 278/15, in Cyprus. Tickermill is authorised by the CySEC to provide investment services to European-based clients.
4)Financial Sector Conduct Authority (FSCA) in South Africa: Tickmill is authorised and regulated by the FSCA as Tickmill South Africa (Pty) Ltd. Tickmill is licensed as a financial service provider with FSP number 49464.
The maximum leverage on Tickmill is 1:500, regardless of the type of account that you use. Tickmill lets customers open and maintains positions of all account types with Leverage up to 500 times their own money.
Note that the maximum leverage is lower for some trading instruments.
Tickmill Account Types
Tickmill offers three (3) types of accounts for you to choose from, each account has different features.
Tickmill demo accounts provide new traders with a basic idea of how to use the trading platform. They also offer Islamic account options for Muslim traders.
To help you choose the account that is right for your trading style, we described the features of the different account types on Tickmill below.
1) Pro Account: The Tickmill Pro Account is available on the MT4 & MT5 trading application and is suitable for new traders.
Pro Account lets you trade Forex and CFDs on currency pairs, cryptocurrencies, stock indices, precious metals, oil, and bonds.
Tickmill Pro Accounts operates with floating spreads starting from an initial 0.0 pips. The account also attracts commission charges of 2 EUR per lot trade which makes 4 EUR for a round turn.
This account does not charge commissions when you trade CFDs on Stock Indices, Cryptocurrencies, Oil and Bonds.
The base currencies for the Pro Account are US dollars (USD), Euros (EUR) and Pounds Sterling (GBP). The Pro Account does not have maximum stop and limit levels and uses market execution for orders.
The minimum deposit on the Tickmill Pro Account is $100 and requires a minimum trade volume of 0.01 lots. The maximum leverage available on this account is 1:500.
2) Classic Account: The Tickmill Classic Account is available on the MT4 & MT5 trading application and is designed to fit the needs of both new and experienced traders.
With a Classic Account, you can trade Forex, CFDs on currencies, cryptocurrencies, stock indices, precious metals, oil, and bonds.
Tickmill Classic Accounts offers variable spreads, starting at 1.6 pips. The account charges zero commissions for all trades.
This account has USD, EUR, and GBP as the base currencies. The Classic Account executes orders using market execution.
The Tickmill Classic Account has a $100 minimum deposit requirement and a minimum trade size of 0.01 lots (equivalent to $10). The maximum leverage available on this account is 1:500.
3) VIP Account: The Tickmill VIP Account is available on the MT4 & MT5 trading platforms and is designed for high-volume forex traders.
VIP Account allows you to trade Forex and CFDs on currencies, cryptocurrencies, indices, gold and silver, oil, and bonds.
Tickmill VIP Accounts offers floating spreads starting at 0.0 pips, plus commission fees of 1 EUR per lot traded, for a total of 2 EUR per round-turn.
This account features zero commission fees when you trade CFDs on Stock Indices, Cryptocurrencies, Oil and Bonds.
The base currencies for the VIP Account are USD, EUR and GBP. The VIP Account does not have stop or limit levels. It uses market execution for all orders.
To create a VIP Account must have a minimum balance of 50,000 units of your account currency. A minimum trade volume of 0.01 lots is required on this account and the maximum leverage available is 1:500.
4) Swap-free Islamic Account: Tickmill offers Islamic Account options to traders on all account types. Thus, the accounts feature no riba (usury) in accordance with Islam’s Sharia law.
The main feature of this account type is that you are not charged any fees for holding a position overnight.
On the Tickmill Islamic Account, you can hold a position open for 3 consecutive nights without being charged swap fees. After that, a handling fee will be applied.
You can create any account type (Pro, Classic, or VIP), request that it be converted to an Islamic Account, and your future accounts will be Islamic Accounts.
The conversion will usually be completed within a day of making the request and you will receive an email confirmation for it.
Tickmill Base Account Currency
The base account currencies on Tickmill are EUR, GBP, and USD. These currencies are available on all account types.
Tickmill does not offer Nigerian Naira (NGN) as a base currency. Any deposits made in Naira will be converted to one of the existing account currencies.
Tickmill Overall Fees
How much fees you pay to trade on Tickmill depends on which type of account you choose. The various Tickmill fees are summarised below:
Spreads: Tickmill uses a variable spreads system, and its spreads start from 0.0 pips on the Pro Account and VIP Account, and from 1.6 pips on the Classic Account.
On the table below you can find the typical spread fees for major currency pairs traded on Tickmill per lot size of 100,000 EUR on a Pro Account.
|Instrument/Pair||Tickmill Typical Spread|
Commission fees: Tickmill offers commission-free trading to Classic Account users but charges Pro Account holders a commission fee of 2 currency units (either EUR, GBP, or USD) per side lot, which makes it 4 units per round turn; VIP Account holders pay a commission fee of 1 currency unit per lot side and 2 units per round turn.
If your account currency is USD, the commission fee for Pro accounts will be $2 per lot side and $4 for a round turn; for VIP accounts, it will be $1 per lot side and $2 for a round turn.
Swap fees: Tickmill charges an overnight/rollover swap fee on all account types if your position remains open overnight. This is a charge for holding a trading position open overnight, either long swap (buy option) or short swap (sell option).
All trading account types can be set up with Swap-Free Trades. This account setting is available for Muslim traders with Islamic Accounts.
A handling fee per lot applies on Islamic accounts after holding a position overnight for more than three days consecutively. The fee depends on the instrument being traded.
Deposit and Withdrawal fees: There are no fees charged when you deposit funds into your Tickmill trading account or request withdrawals from it. Although Tickmill only covers deposit fees for bank transfers for deposit amounts above $5,000.
Account Inactivity charges: Tickmill does not charge any dormant account fees, which means that your money will not be affected when you do not log into your account for a prolonged period of time.
Although all inactive trading accounts (as a result of no trading, deposit/withdrawal activity and/or failure to log in to the trading platform) for at least 60 calendar days and with a balance of equal or less than 50 USD or equivalent in other currency, will be subject to disablement.
How to Open Tickmill Account in Nigeria
To trade Forex & CFDs on Tickmill, you need to open a live trading account. Follow these steps to sign up for an account with Tickmill.
Step 1: Go to the Tickmill website homepage via www.tickmill.com
Step 2: Click on ‘Create Account’. This is highlighted in the green button at the top right side.
Step 3: You will receive an email with a link to verify your email address. Click on the ‘Verify email’ button to validate your email and proceed with the registration.
Step 4: After validating your email address, you be required to provide further personal information like your residential address, Tax Identification Number, trading experience, source of income and others. After supplying this information, create a password, check the box for Client Service Agreement, and click on ‘OPEN ACCOUNT’.
Step 5: Your account is now created and you need to log in with the email used for registering and the password you created, then you will be redirected to your Tickmill Dashboard.
Step 6: On your Tickmill dashboard, on the menu tab by the left, you can see options for deposits, withdrawals, and other account actions.
For your new account, you will be required to upload some identification documents like a National ID card and utility bill to verify your identity and personal address before your account is approved before you can make any deposit, withdrawal or any other trading activity.
Tickmill Deposits & Withdrawals
The list of payment methods accepted by Tickmill for deposits & withdrawals includes cards (MasterCard & Visa), local bank transfers, e-wallets (Skrill, Neteller, and others), as well as wire transfers.
Below is a summary of the deposits and withdrawals on Tickmill:
What is Tickmill Minimum deposit?
The minimum deposit on Tickmill is $100 for Pro and Classic accounts and $50,000 for VIP accounts, with a choice of base account currencies. This means if your base account currency is EUR, your minimum deposit will be €100 for Pro Account or £100 for GBP account currency.
Deposits via bank transfers are credited within 2-7 working days while card deposits and e-wallets deposits are credited instantly.
Note that some payment methods may have different minimum deposits amounts based on the local bank currency.
What is Tickmill Minimum withdrawal?
The minimum withdrawal on Tickmill is 25 units of your account currency, which could be EUR, USD, or GBP.
It takes about 2-7 working days to receive withdrawn funds via bank transfers, 8 working days for cards withdrawals and e-wallets withdrawals are credited instantly.
You can initiate deposits and withdrawals by logging into your account, and on the Tickmill client area or dashboard, click on deposit or withdrawal on the left side menu.
Note that you can only make a deposit or withdrawal after uploading documents for identity verification and proof of address. It takes about 24 working hours for the documents to be verified and your trading account approved.
Tickmill Trading Instruments
You can trade the following financial instruments on Tickmill:
|Forex||Yes||62 currency pairs on Tickmill|
|Stock Indices and Oil||Yes||26 indices (including UK100, US30, SWISS 20, SPAIN35 among others.|
|Metals||Yes||3 pairs (Gold and Silver)|
|Cryptocurrencies||Yes||8 pairs of cryptocurrencies and USD (including BTC, ETH, LTC, and others)|
|Bonds||Yes||4 bonds (EURBOBL, EURBUND, EURBUXL, and EURSCHA)|
Tickmill Trading Platforms
Tickmill supports both MetaTrader 4 and MetaTrader 5 trading applications, which can be accessed via webtrader, Windows, macOS, Android Google Play Store and iOS Apple App Store for mobile trading.
Tickmill Nigeria Customer Service
Tickmill supports clients from Monday through Friday via email, live chat and phone. See our review of their customer service.
Live chat support: Traders can reach the customer support of Tickmill via live chat by visiting the Tickmill website and clicking on the live chat option on the contact us page.
The Tickmill live chat is only available from 7:00 hours to 16:00 hours GMT on working days and is available in various languages including English, Arabic, Chinese and others.
The live chat is responsive and the wait time before a representative attended to our team when we tested it was under 1 minute. The answers to the questions asked were relevant.
You will need to provide your email address and name, then select the language team, in our case English, to start talking with a Tickmill support agent via the live chat.
Email support: The email support of Tickmill is fair, our team got feedback after 5 hours, and there was no autogenerated message to acknowledge the receipt of our enquiry. The answer to our enquiry was relevant.
The active customer support email of Tickmill is [email protected] and it is available 24 hours on business days, although some brokers respond faster.
Physical office: Tickmill does not have a physical office in Nigeria. Tickmill has offices in all the countries where it is regulated, the Tickmill headquarters is located at 3, F28-F29 Eden Plaza, Eden Island, Mahe, Seychelles.
Phone support: Tickmill’s phone number for customer support is +852 5808 292. The number is available during working hours from Monday to Friday. There is no local phone number for support in Nigeria.
New traders on Tickmill are eligible to receive a $30 bonus upon successful signup and account approval. The bonus will be made available on your account, you can use it to trade and will be able to withdraw the profits.
Upon account approval, log in details to the Tickmill Welcome Account will be created and sent to you automatically. The account will be active for trading for 60 days only, afterwards, an additional 14 days will be given for you to withdraw any profits in it. The maximum profit you can withdraw from the Welcome Account is $100.>
Note that some countries are not eligible for the bonus, although the Tickmill bonus is available for Nigerian traders.
Do we Recommend Tickmill Nigeria?
Based on regulation and safety of funds, Tickmill scores high on trust and is considered low risk because they are regulated by Tier-1 and Tier-2 regulators.
Although Tickmill trading fees for currency pairs and other instruments are low compared to some brokers’ fees, the spreads are tight and they offer commission-free trading on the Classic Account, the tradeable instruments on Tickmill are few compared to other brokers. Tickmill supports deposit/withdrawal via bank transfers in Nigeria.
The customer support of Tickmill is not very good, although their live chat is responsive, it is not available for 24 hours on any day, unlike most brokers. Their email response is also not so fast and their deposit and withdrawal processing takes long for most payment methods.
The registration process on Tickmill is simple and their website interface is easy to navigate.
Tickmill Nigeria FAQs
Is Tickmill a good broker?
Tickmill is considered a good broker for trading financial instruments because of its regulations in many jurisdictions with top financial regulators.
Tickmill trading conditions fees and support are fair so they are considered good for both new and experienced traders.
Is Tickmill regulated in Nigeria?
Tickmill is not regulated in Nigeria. Traders from Nigeria are registered under Tickmill Seychelles regulation. Although Tickmill group is also regulated in the UK, South Africa, Cyprus, and Labuan.
Which Tickmill account is best?
The best Tickmill account for trading would depend on your preferences. If you prefer to trade without commission fees, then Tickmilll Classic Account will be the best for you as it is a spreads only account.
If you prefer to trade with lower spreads and commission fees, then the Tickmill Pro Account will be the best for you.
Note: Your capital is at risk