Tickmill Malaysia Review
Updated November 24, 2022
Tickmill Malaysia is a unique broker created by a team of traders for traders. These traders have over 30 years of experience in trading major financial markets. It is a global brand that offers financial instruments, including stock, forex, bonds, commodities, and Futures.
Tickmill started in 2014 in Seychelles and has experienced massive growth in the financial industry. Several reasons might have contributed to this but among the notable ones is its excellent customer support and trading conditions it offers traders. Today, it has offices in several locations throughout the world.
Tickmill is regulated by several bodies such as the Financial Sector Conduct Authority (FSCA), the Seychelles Financial Services Authority (FSA), the Cyprus Securities and Exchange Commission (CySEC), the Financial Conduct Authority (FCA), and the Labuan Financial Service Authority. Tickmill caters to the need of both institutional and retail traders.
- Offers competitive spread
- Multi-asset broker (CFDs, Forex, Futures, and Options)
- Over 15 languages
- Educational and research materials
- Offer demo account
- Different deposit and withdrawal options
- Restriction for US residents
- Limited platform options
Tickmill Account Types
Tickmill offers traders different account types with a demo account for new traders who want to get started with trading. These different accounts have distinct features that differentiate each account. Nevertheless, all accounts come with 0.1 seconds of execution on all 62 currency pairs.
Furthermore, the stop-out percentage and margin call for these account types differs. Clients can choose different base currencies, including MYR, PLN, GBP, EUR, and USD. Let’s briefly look at these different account types.
- Demo Account: The demo account is suitable for both new and experienced traders. It is a free account available with virtual money to trade. However, it closes automatically if there is no activity for seven successive days.
- Classic Account: It’s an entry-level account that requires traders to deposit a minimum of $100. The account also comes with the option of a Swap-free Islamic account. The spread starts from 1.6 pips with a maximum leverage of 1:500. The account doesn’t charge commission on trade but uses wider spreads.
- Pro Account: It’s a professional account that requires a minimum of $100. The Pro Account is designed for professionals and uses a standard pricing and commission structure.
- VIP Account: This account is for professional high-volume traders with a minimum deposit of $50,000 to open. It uses a commission rate of $1 per standard lot and makes trading profitable. Overall, it is the best account type as it offers competitive and excellent trading opportunities.
Tradable Assets and Instruments
Tickmill Malaysia provides traders with several financial instruments to trade. Here are a few instruments and assets you can trade if you are thinking of diversifying your investment portfolio.
- Forex: You can trade over 62 currencies pairs encompassing all major, minor, and exotic pairs.
- Metals: Traders can speculate on silver and gold prices as a means of diversifying their investment portfolio.
- Oil and Stock Indices: It offers oil and stock indices without any commission and hidden mark-ups
- Futures and Options: Tickmill allows traders to complement their portfolios using futures contracts to sell or buy an asset.
Tickmill Trading Platform
Tickmill doesn’t have its proprietary platform but relies on the traditional MetaTrader platform. It offers a limited platform in contrast with other brokers. The MetaTrader 4 is a popular platform that offers a highly customizable and user-friendly interface. It provides sophisticated tools and indicators to enable trader’s trade efficiently.
Besides the MetaTrader, they offers a Webtrader with the same functionality as the MetaTrader. It comes with an enhanced security feature by encrypting transmitted data. It offers traders access to one-click functionality to open and close trades.
Trading Fees and Commission
Compared to other Malaysia Forex brokers, Tickmill offers low trading fees. The account types have different cost structures. For instance, the Pro Account offers tighter spreads but a commission charge.
The standard spread for currency pairs such as EURUSD is 0.1 pips, whereas Brent crude oil and WTI have a spread of 4 pts. If you want to trade Futures and Options, it offers different a low commission as $0.85 and $1.30 for standard contracts.
Education and Research
Tickmill Malaysia offers extensive educational materials and tools for its traders. It also has a downloadable e-book on several topics with video webinars. Uniquely, it has a 46-page e-book that comes in handy for beginners looking for a crash course in trading. The e-book covers several fundamental topics including how the market works, trading strategies, fundamental and technical analysis.
The broker provides Webinars in English, Italian, German, and Arabic. Remarkably, previous webinars are available for all customers. The webinar contains subjects, including Elliot Wave Models, Technical analysis, and News trading strategies. To update traders on the latest in the market, it offers free seminars as it tries to establish trading relationships with its customers.
Finally, the platform has a blog with extensive topics relating to technical and fundamental analysis. Developed by a team of traders, the broker understands the importance of understanding the market as it covers different currency pairs while encouraging traders to learn more about other aspects of trading.
Tickmill Malaysia Trading Leverage
An important criteria for any forex trader is margin and leverage. These features allow traders to open and maintain larger positions despite using a small amount. For instance, a trader can open a position worth $200,000 worth of GBPUSD even if they don’t have the exact amount in their trading account. Tickmill offers minimum leverage of 1.1 and 1:500 as its maximum leverage. Overall, it is fair since some brokers go as far as offering 1:1000.
Deposit and withdrawal options
Tickmill offers several deposit and withdrawal options, including Sticpay, Neteller, Visa/MasterCard, WebMoney, Skrill, and bank wire transfer. The minimum withdrawal and deposit amounts are $25 and $100 respectively. However, the processing times for deposit and withdrawal are different. Depending on the option, you can get instant payment or at most seven business days.
Security remains an important infrastructure for any financial service online. Tickmill safeguards its trader’s information using SSL encryption in its mobile and PC platforms. It encourages traders to utilize its web platform and ensure there is an SSL security sign when trading online.
Overall, the broker is a safe platform since the Financial Conduct Authority regulates its activities. Furthermore, it has a segregated bank account that holds traders’ funds. To provide additional security, it uses a tier-1 bank for keeping funds. If you don’t know, tier-1 is the standard measurement to determine a bank’s financial strength and health.
Tickmill Account Opening
Tickmill Malaysia offers a simple registration process with KYC required to verify an account. To get started, you have to visit the website and click on registration. The process involves providing our personal information before you verify your profile through an email sent to you.
After verification, you must upload the necessary documents showing your proof of address and identity. Finally, you can deposit to the newly created account using any of its approved payment methods. You can download the MetaTrader 4 or 5 platform to start trading. Alternatively, you can use the web trader platform.
Tickmill provides different customer support systems to customers, even though the broker lags compared to other brokers. Customers have the option of using phone lines, email, and submitting a query form. The team is available during business working days (Monday to Friday). One drawback to its customer service is the delayed response customer’s face, which prolongs the time to resolve urgent issues
While it might not stand among the top brokers in the industry, it is one alternative broker to start your trading. Tickmill can compete with brokers such as Pepperstone, AvaTrade, FP Markets, XM, FBS, Hugo’s Way, and so on.
ICMarkets allows investors to invest in crypto assets, CFDs trading, and stock. However, Plus500 is a reliable CFD and Forex broker that can serve as another alternative to Tickmill. It offers several account types and bonuses. These are a few TIckmill alternatives that offer unique trading opportunities for both new and experienced traders.
Tickmill is a renowned and award-winning STP broker that provides unique features to the trading industry. It provides fast execution to traders while offering excellent educational materials. Furthermore, it offers premium tools at no extra cost with significant spread and commissions.
Although it doesn’t have its proprietary platform, it offers trader’s access to MetaTrader 4 and 5. The Pro account offers a competitive pricing environment compared to the Classic account. Although the broker provides exceptional coverage and quality educational materials, it lags in terms of quality. It’s not about quantity when it comes to delivering materials but the quality of the material.
Indeed, there is an untapped potential, the brokers must come up with several ways to attract new traders while retaining their existing ones. Overall, it is a good platform to get your trading started. If you are not convinced about the broker, you can get started with the demo account before investing your real money.