We have witnessed times and times again that the fact that a certain brokerage has years of experience under its belt is no sure proof of it being a trustworthy partner. Yes, Tickmill has been around since 2014, and yes, it is being regulated by both CySEC and FCA. However, my experience was rather lacklustre when it comes to this brokerage based in the Seychelles.
Upon trading for several months, i will review Tickmill and breakdown why i felt rather underwhelmed despite the hype surrounding it. At the end of the day its not the glowing appeal of marketing promises that keeps the traders coming back. It is rather a reliable service backed up with helpful support and this is where Tickmills shortcomings start to become apparent.
Platform and Execution SCORE: 40%
On a surface level, Tickmill checks most of the boxes when it comes to platforms. Even though it doesn’t offer its own self-developed trading platform, MetaTrader4 is on offer across various platforms such as browser (Web), Desktop (Download), Android (App) and iOS (App).
In the beginning I have been using their demo account. After testing one of my strategies for nearly a month I decided to go live and this is then things started to fall apart quickly. Despite making a lot of profits on the demo account, things took a drastic turn when I used the same strategy on a live account. After a lot of digging around I realised this was because Tickmill was constantly closing all my trades below my stop loss. Despite going back and forth with their customer support (more on that later), nothing could be changed. This is when I first started fearing that Tickmill is a scam. How can they expect anyone to manage risk if they do not execute on the basic principals of a Forex stop loss??
Withdrawal Speed SCORE: 35%
This is another area with which I take huge issue. In execution, Tickmill falls short of industry leaders like Coinshype and YorkCG. On average, it would take around 8 days for the funds to show up on my bank account. They would argue it was the banks fault, however I do not believe it to be the case because my average time with other brokerages was as low as 2days. Having your funds stuck in limbo for so long was unacceptable and it led to Scam alarms ringing even louder.
Support and Assistance SCORE: 40%
On the plus side, Tickmill offers support in several languages via telephone, email, online form and live chat. So there was always someone to talk to with numerous issues I was having. However, and this is a big however… Even though customer support was readily available, there was very little they could actually do to address any of my quarrels. First time you reach out to them, they are naturally warm and welcoming because they want your money. But as soon as you raise any issue you are more than likely to get into endless loops of emails with cookie cutter answers that are of no help. This is bound to happen until you eventually give up on your money and leave.
Education and Tools SCORE: 80%
We finally come to the highlight of the Tickmill Review. Believe it or not, this is where this brokerage shines and actually offers something to be proud of. There are several things on offer including general education videos, platform specific videos, webinars and great educational blog. I was surprised to discover the depth of this blog and the variety of useful topics it covers. The content is of rather good quality and is up to date. Users can also access more trader education tools directly from the website. Multilingual webinars and seminars around the globe are another surprising feature.
At the end of our Tickmill Review, i try to answer one simple question: is Tickmill a scam? Despite the simple question, answer is rather complex. Never in my days have I seen such a disparity within a single brokerage. On the one hand you are offered a massive library of insightful tools you can use to improve your trading game, and on the other there is no adequate platform to implement your new-found knowledge. Even If we assume that Tickmill is not a scam, there is plenty of room to grow, and many things need to improve in order for any trader to take it seriously. At this current state, it is impossible to recommend for anything else than education, and if that is your only goal, there are better places to spend your money.