Admittedly, trading CFDs are tricky in that they are high-risk being subject to ever-changing market behavior. Mind you, it does not take into account the trading of the underlying asset that makes the trading endeavor even more complicated and befuddled with unpredictability and its own brand of risks.
Having said this, when a brokerage announces that it specializes in transacting with Contracts, we must note that the firm should not be blamed entirely for possible losses that one might incur. Fact of the matter is, it is the unpredictability that had us caught in uncertainty, and this is truly the gamble.
Enter TickMill, a brokerage that had made CFDs its primary offering alongside a number of Foreign Currency pairs.
For this short review, the facets of trading CFDs would be raised primarily through the lens of three pertinent areas in trading through TickMill: the number of its trading instruments, the live accounts that clients may open through the firm, and the trading software available to the users of the accounts.
TickMill: A Short Background
Founded back in 2014, TickMill’s preliminary clients came from its affiliate, the Armada Markets. The clients have been signed up in TickMill’s Seychelles entity.
Since its inception, TickMill had went on to be sanctioned by multiple authorities across the globe, one of which is a tier-1 regulatory authority, the FCA.
This paints us a positive picture of the firm’s reputation. The FCA is one for asking stringent requirements for being enlisted under its wing and being guided by it in the long run. But while this assures TickMill’s clients that trading through it is risk-free, the case is, the market is not. Hence, clients are still not certain of their trading destiny despite the firm’s sound regulatory status.
The Accessible Assets
As already mentioned, TickMill specializes in trading with CFDs and Foreign Currencies. However, it is surprising to find that the CFDs available through the firm only amount to 13, while the Foreign Currencies amount to 62.
Probably one thing that can offset this seemingly disappointing number of asset offerings is the firm’s provision of Social Trading for the more novice of traders.
The Trading Accounts
There are only 3 live accounts that are possible for TickMill clients can open. These are as follows:
TickMill’s starter account or Standard Account, this type is commission-free wherein the trader are only charged for the bid-ask spread. Here, the spreads are higher and this does not make it enticing if we are to compare it with the succeeding accounts which gives trader more bang for their buck.
The Pro Account, while sounding like it can only be opened by the more trade savvy is actually only availed through a deposit of 100 USD. It has a commissions are given on a trade basis. This is conducive for the seasoned investor who is still into playing safe with his or her trades.
The VIP account, despite its nature, may be seen as off-putting and daunting by traders. This is the case as it requires a maintaining balance of 50,000 USD. This allows the clients access to trades of low commissions.
A MetaTrader-Only Broker
TickMill does not offer anything worthy of note when it comes to its trading software offering.
It had partnered with MetaQuotes to bring its clients the MetaTrader 4 platform, which to the contention of the review team is actually limited in capacity.
The iteration brought by TickMill is limited in that it only offers the AutoChartist tool and nothings else. Sure, the firm allows for VPS that is an aid to the tool as it would be conducive to those performing Algorithmic Trading, but then, that is basically it.
The transactions are indeed speedy, but the lack of a proprietary platform denies TickMill traders of a more expansive asset coverage.
TickMill also does not offer the MT5 which would have brought MT trading up a notch given the platform’s specialization in CFDs.
If there is anything that could offset TickMill’s poor performance in asset offering and trading software, it is its educational arm.
The firm provides a range of educational materials for traders through the automated technical analysis function that is found through the Autochartist function. There is also an economic calendar and up-to-date news items that stream from trusted financial newsrooms.
The AutoTrade feature from Myfxbook is also provided so that Social Trading would be possible for the more novice of traders who would want to emulate tried and tested trades by industry professionals.
Webinars alongside trading and market analysis materials are also thrown in for good measure.
The Takeaway: Should We Really Trade with TickMill?
The short answer to that question is: it depends.
If you are a novice trader, this would be a good place to start. The MT4 offering is a reliable trading software for those who are just starting to get the feel of trading. The tools are decent and user interface is wholly intuitive.
In addition, the novice trader would wholly benefit from the trader education materials that the brokerage offers.
However, if you are a seasoned trader, you may want to look the other way. In this regard, TickMill would do well to improve on its asset coverage as it is too narrow and few. The offerings through the MT4 could still be bettered with the inclusion of more purposeful add-ons.