Tickmill Review
Is this the best forex broker in Nigeria?
!! Regulator Warning !!
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
This broker is always improving, execution speed is fast and customer support is the best. I hear they pay interest on deposits but I have never received any. They should also work on their deposit bonus the way it is now you must deposit at least $100 to qualify for bonus which is too high. Lastly the withdrawal time is not good, it takes too long.
The new Tickmill mobile app is excellent, and the addition of TradingView is great. Customer support is also topnotch, the only down side is the deposit/withdrawal methods are not many and instant withdrawal is absent
They like to delay withdrawal for days. Forget instant withdrawal, you will never get it with them. You will be lucy to get your withdrawals after 2 working days.
I like that you can cancel a withdrawal after initiating it. I also love the Tickmill Trader mobile app, its the most sophisticated I have seen so far.
A very very good broker, I recommend Tickmill because their MT5 is perfect, no lagging, no glitches etc. They also keep evolving and improving which is the sign of a serious broker, recently they have added TradingView.
If you trade with Tickmill and are always unprofitable then maybe the problem is you, because tickmill provides you all the tools you need especially the acuity trading tools are excellent. Keep it up tickmill
top class broker with world class regulation. however i cannot say ther customer support is the best, it needs improvement.
Very transparent with their spreads and they are highly regulated. They dont play the games these small brokers play (i mean stop luss hunting etc). I have traded with them for 2 years now using a raw spread account and they are great. They should work on this their new mobile app called tickmill trader, to make it more easy to setup
Hard time opening an account with Tickmill. They keep rejecting my means of ID even when this is the same ID I used to open an account with other brokers. Their customer support sucks
I had issues trying to connect my Tickmill account to TradingView. I know this is a new feature but they should perfect it soon enough.
Tickmill your minimum withdrawal is too high at 25 USD. Why not keep it low like other brokers do? Other than that i enjoyed trading with Tickmill using their Raw Account which has very transparent spreads. Tickmill also has a lot of high-end tools which i found very helpful when I was starting out.
The spreads on their Standard (Classic) Account is too high, if they don't want people to use the standard account they should cancel it and only offer Raw Account. How can one pay up to 1.6 pips on EUR/USD? The only account they have that makes sense is the Raw Account but not everybody is used to trading with commissions.
Tickmill does not have Naira account & that's the only thing i don't like about them. But their platforms are top notch & execution speed is high. Their spreads are also stable with no unnecessary widening of spread like some brokers do
Tickmill is in Nigeria & they offer USD Raw Spread Accounts, N30,000 minimum deposit via Nigerian Bank Transfer Method
| 👨 Broker | Tickmill |
| 👨 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2014 |
| ⚖ Regulators | FCA UK, FSA Seychelles |
| 📈 CFD Instruments | Forex, Stock Indices, Commodities, Bonds, Crypto, Stocks |
| 📈 Real Futures & Options | Forex, Stock Indices, Commodities, Bonds, Stocks |
| 🚀Leverage | 1:1000 |
| 💻 Platforms | MT4, MT5, TradingView, Tickmill Mobile/Web |
| 📋Account Types | Classic Account, Raw Spread Account |
| 📋Account Currencies | USD, EUR, GBP, JPY, CHF, HKD, SGD, PLN |
| 💰 Minimum Deposit | N30,000 |
| 💰 Minimum Withdrawal | $25 |
| 📞Live Support | 24/5 |
| 🏖️ Inactivity Fee | $0 |
| ✅Reason To Trade | |
| ❌Reason To Avoid |
Regulation - 10/10
Is Tickmill in Nigeria?
Yes, Tickmill is currently in Nigeria & accepts traders from Nigeria.
Tickmill Forex & CFD traders in Nigeria will have their accounts placed under the regulation of the Financial Services Authority (FSA) Seychelles.
Tickmill Futures & Options traders in Nigeria will have their accounts placed under the regulation of the Financial Conduct Authority (FCA) United Kingdom.
Tickmill UK LTD is also regulated in Dubai by the Dubai Financial Services Authority (DFSA).
In South Africa, Tickmill is regulated by the Financial Sector Conduct Authority (FSCA) who issued them two licenses to act as a Financial Service Provider & Over-the-counter Derivative Provider.
Tickmill Regulation Summary
| 📍Country | ⚖️Regulator | #️⃣License No. | 📅Date License Issued | 🔒Trust |
| South Africa | FSCA | FSP 49464 | 2019 | High |
| FSA | Seychelles | SD 008 | Low | |
| FCA | UK | 801701 | 2016 | High |
| Dubai | DFSA | F007663 | High | |
| CySEC | Cyprus | 278/15 | 2015 | Medium |
Funding & Withdrawal - 4/10
Tickmill Minimum Deposit
The Tickmill minimum deposit is now N30,000 for all their account types. N30,000 is the least amount you must deposit into your Tickmill trading account at all times. If you attempt to deposit any amount below N30,000 the submit button will be deactivated.
Interest on Deposits
Tickmill pays up to 2.75% interest on funds kept in your Tickmill Wallet as far as your wallet balance is above $100, & you execute at least one trade per month.
Tickmill also has an interest rate calculator tool under its client services section which helps you estimate the interest you will be paid as per your wallet balance.
Tickmill Deposit Bonus
Tickmill gives a 30% bonus on every deposit above $100. If you deposit below $100, you will not be qualified for the bonus.
Tickmill Minimum Withdrawal
The Tickmill minimum withdrawal is $25 for all withdrawal methods.
Tickmill Withdrawal Time
Tickmill does not have instant withdrawal, their withdrawals take 2 to 3 days to reach your account.
Your Tickmill withdrawal must go back to the same bank account you used to fund your wallet. If you put a separate account, your withdrawal will be rejected even if the account carries your name
Tickmill Withdrawal & Deposit Methods
1. Nigerian Instant Banking
Tickmill accepts deposits made from your mobile banking app (of any Nigerian bank). The deposits/withdrawals are processed 24/7 including on weekends & they reflect instantly.
2. Visa & MasterCard
Tickmill Nigeria accepts withdrawals & deposits from Visa and Master Debit/Credit Cards issued by any Nigerian bank. The deposits/withdrawals are processed 24/7 including on weekends & they reflect instantly.
3. Cryptocurrency
Tickmill Nigeria accepts withdrawals & deposits using Bitcoin, Ethereum, Tether & USDC.
The crypto deposits/withdrawals at Tickmill are processed 24/7 including on weekends & they reflect instantly.
4. Apple Pay & Google Pay
Tickmill Nigeria accepts withdrawals & deposits using Apple Pay & Google Pay.
Apple Pay & Google Pay deposits/withdrawals at Tickmill are processed 24/7 including on weekends & they reflect instantly.
5. Skrill
Tickmill Nigeria accepts withdrawals & deposits using Skrill.
Skrill deposits/withdrawals at Tickmill are processed 24/7 including on weekends & they reflect instantly.
6. International Bank Wire
Tickmill Nigeria accepts withdrawals & deposits using International Bank WIre.
International Bank Wire deposits/withdrawals at Tickmill are processed in 1 working day but it may take up to 3 days for the funds to reach you.
Tickmill Account Types - 7/10
1. The Classic Account (N30,000)
An entry-level account with a one dimensional pricing system where you only pay spreads when you trade.
This pricing structure can be understood by beginners as it is less ambiguous. However the Classic Account has higher spreads than other accounts in the Tickmill lineup.
Tickmill Margin Call & Stop Out level for the Classic Account is 100 & 30% respectively.
2. Raw Account (N30,000)
The Tickmill Raw Account charges commissions plus raw spread.
This pricing style is more complicated but some traders would rather pay a commission so they can get lower spreads.
Tickmill Margin Call & Stop Out level for the Raw Account is 100 & 30% respectively.
3. TradingView Raw Account (N30,000)
This new account class was created by Tickmill for those who want to trade on TradingView. The account offers commission plus raw spread pricing.
Tickmill Margin Call & Stop Out level on this account is 100% & 30% respectively.
4. Demo Account
The demo account is for demonstration so you can experience what it feels like to trade with Tickmill while using virtual cash.
If you want to add virtual funds to your Tickmill demo account to replenish it, simply send an email containing the demo account number & amount you want to reflect in the demo account.
| 👨 Account Type | #️ Quantity |
| Spread-Only Account | 1 |
| Spread Plus Commission Account | 2 |
| Demo Account | 1 |
Account Management - 9/10
Tickmill Wallet
When you register & create a profile with Tickmill, an online USD wallet is created for you to warehouse your deposits.
The Tickmill wallet is not a trading account; when you want to trade you must perform an internal transfer from your wallet to your MT4/5 trading account.
Tickmill allows you to create multiple wallets in different supported currencies.
Tickmill Account/Wallet Currencies
Tickmill does not offer Naira as an account/wallet currency. You are free to deposit in Naira but Tickmill will convert your deposit into USD which is the default wallet currency.
EUR, GBP, JPY, CHF, HKD, SGD & PLN wallet currencies are also available to Tickmill traders in Nigeria.
Changing Leverage on Tickmill Accounts
From your client area, you can change the leverage on your Tickmill trading account as may times as you wish. There is no restriction on how many times you can change leverge at Tickmill.
Number of Tickmill Accounts You Can Open
Tickmill allows you open 3 MT4, 3 MT5 and 1 TradingView account type.
Tickmill Negative Balance Protection
Tickmill Nigeria offers Negative Balance Protection to traders so that even if your account slips into negative due to excessive use of leverage & high volatility, Tickmill will bring your balance back to zero.
Margin Call & Stop Out
Tickmill Margin Call will come when your Margin Level falls to 100% and you will be Stopped Out of all your trades when your Margin Level falls to 30%.
How Do I Open a Tickmill Account?
Step 1: Account Type
Go to the Tickmill website and click on Create Account, then click on signup.
Select the class of account you want to open; Tickmill allows you open Individual & Corporate Account Classes.
Step 2a: Personal Details
Proceed to enter your personal details such as name and date of birth as it appears on your government issued ID.
Step 2b
Select the legal entity/country your account will be registered under. If you intend to trade CFDs without owning the underlying asset, select Tickmill Seychelles as your legal entity.
With Tickmill Seychelles you can access leverage up to 1:1000 & the minimum deposit is N30,000.
If you intend to trade Futures & Options, select Tickmill UK as your legal entity.
With Tickmill UK as your legal entity you cannot access more than 1:30 leverage & you will require a higher minimum deposit to start trading.
Proceed to enter your phone number, email address & select your preferred language. You will need to verify your email via a link so ensure the email address is active.
Check your email & click on the email verification link which will redirect you to a page to fill out your National Identity Number (NIN) & Residential Address. You will also be required to state if you are a Politically Exposed Person (PEP)
Be careful at this stage because the address you give to Tickmill must match the one on your utility bill & drivers license/passport.
Step 3: Financial Information & Trading Experience
Proceed to fill a questionnaire about your source of income, net worth, & past trading experience.
Step 4: Upload Your Means of Identification Docs
For Nigerians Tickmill will require a drivers license or international passport that contains your residential address as a means of ID.
As proof of residence, Tickmill Nigeria will also require a utility bill showing your name and address.
Tickmill Fees - 8/10
Before we start, take note that the spreads displayed on the Tickmill website are for the Raw Account only. Tickmill does not display the spread for their Classic Account.
1. Spread & Commission
Tickmill spread on the Classic Account is from 1.6 pips which is quite high.
The best deal comes on their Raw & TradingView Accounts where spreads start from 0.0 pips but you must pay a $3 per side commission per round trade..
2. Swap
Tickmill does not do swap-free trading, so you must pay an overnight fee for leaving your trades open till the next day/over a weekend.
3. Withdrawal Fees & Deposit Fees
Tickmill does not charge Nigerian traders any fees for withdrawals and deposits.
When depositing or withdrawing via International Bank Wire, Tickmill will refund any charges your bank levied you, as far as the amount you deposited/withdrew is above 5,000 USD.
4. Inactivity Fees
Tickmill does not charge an inactivity fee on dormant accounts.
If no trading activity is recorded on your Tickmill account for 60 consecutive days & your account balance is below $50, Tickmill will archive your account.
Archiving a forex trading account means deposits can no longer go into it, & the archived account disappears from your dashboard. Archived accounts will also lose their history.
Is Tickmill A Market Maker?
Yes, Tickmill acts as a Market Maker to forex & CFD trades but when you are trading Exchange Traded Derivatives like Stock Futures, Tickmill connects you directly to the source of the pricing.
Range of Markets - 9/10
Tickmill traders in Nigeria can trade using CFDs or they can trade Futures/Options.
When trading CFDs, Nigerian traders can access up to 1:1000 leverage but when trading Futures/Options, leverage cannot exceed 1:30.
1. Forex CFDs
Tickmill allows you trade all the major currency pairs such as EUR/USD, USD/JPY, USD/CAD etc. as well as minor & exotic pairs.
2. Index CFDs
Popular indices such as Nasdaq & US Dollar Index are part of the menu & you get to trade over 20 indices at Tickmill. You can also trade the Africa40 index CFD which exposes you to the African market.
3. Commodity CFDs
Both soft & hard commodities are on the menu. You can trade Gold/USD pair, Silver/USD pair, Coffee, Sugar, Crude Oil & Natural Gas CFDs etc.
4. Bond CFDs
At Tickmill you can trade CFDs on German Bonds & this gives you exposure to the fixed income market.
5. Crypto CFDs
Tickmill also allows you trade CFDs on several popular cryptocurrencies including Bitcoin, Ethereum, Litecoin, Cardano, Ripple, Stellar, Chainlink, Solana and EOS.
5. Stock & ETF CFDs
You can trade stock & ETF CFDs on popular leading companies from USA, Europe etc. Tickmill also pays proportional dividends when these companies are paying out dividends.
Tickmill also provides an Earnings Calendar so you know when the companies are publishing their earning reports.
6. Futures & Options Trading
You can trade over 100+ Standard & Mini Futures & Options Contracts with Tickmill UK entity.
These are real futures & options contracts (and not CFDs) so they carry more risk. The minimum amount for trading Futures at Tickmill is 1,000 USD.
The Futures & Options contracts are derived from global stock exchanges like CME, COMEX, CBOT, NYMEX and EUREX.
Tickmill Futures & Options span several asset classes but some of the most popular Futures are: Gold Futures, Eurodollar Futures, S&P 500 Mini-Futures, Crude Oil Futures & US 10 Year Note Futures.
| 🛒Product | #️⃣Number | 🚀Leverage | 🌙Swap Free Trading | |
| Forex CFD | 60+ | 1:1000 | No | |
| Stocks CFD | 480 | 1:20 | No | |
| Index CFD | 20 | 1:100 | No | |
| ETF CFD | 20 | 1:20 | No | |
| Bond CFD | 3 | 1:100 | No | |
| Commodity CFD | 10 | 1:100 | No | |
| Crypto CFD | 9 | 1:200 | No | |
| Futures & Options Contracts | 100+ | 1:20 | No |
Does Tickmill Have Dynamic Leverage?
Yes, Tickmill offers dynamic leverage as high as 1:1000. The way dynamic leverage works is the bigger your trade size, the lower the leverage allowable.
Dynamic leverage aims to help you manage risk by not risking too much on big trades, so the leverage is forcefully reduced when your trade size is big.
Tickmill dynamic leverage only works on their MT5 & Tickmill Trader trading platforms and dynamic leverage inly applies to Forex, Gold, Bitcoin & Ethereum trades.
Tickmill Platforms - 9/10
1. Tickmill MT4
MT4 on Tickmill comes with additional help by way of the Advanced Trading Tool Kit which when downloaded and plugged into MT4 gives added functionality and improves its performance.
All Tickmill account types also work on MT4 but spread pricing on MT4 is for the Raw Account only (and not the Classic Account).
2. TickMill MT5
Tickmill MT5 can be downloaded from their website & can be upgraded using the Tickmill Advanced Tool Kit.
If you intend to trade stock CFDs, you can only do so on Tickmill MT5. Also note that spread pricing on Tickmill MT5 reflects only the Raw Account spread.
3. Tickmill Trader App (for TradingView account holders)
Tickmill has a mobile app called Tickmill Trader. To trade from this app, you must open a Tickmill TradingView Raw Spread Account.
4. Tickmill Mobile (for MT4/5 account holders)
This Tickmill app is for MT4/MT5 account management so if you opened a MetaTrader account, you can download this app and use it to fund your account but you cannot trade from this app.
4.TradingView
Tickmill Nigeria allows you to connect to the TradingView charting platform and trade directly from the super charts they offer.
| 💻Trading Platform | ❓Availability |
| MT4 | Yes |
| MT5 | Yes |
| Proprietary Apps | Yes |
| cTrader | No |
| TradingView | Yes |
Tickmill Tools - 10/10
1. Advanced Trading Tool Kit
The Tickmill advanced trading tool kit is for MT4 & MT5 and contains downloadable plugins which make your MetaTrader more functional.
The Tickmill MT4/5 downloadable plugins include:
- Sentiment Trader
- Alarm Manager
- Mini Trade Terminal/Dashboard
- Figaro Trading Action
- Tick Chart Trader
- Figaro Chart
- Figaro Calculators
- Correlation Matrix
- Quick Videos on how to Install Tickmill Advanced Tools
2. Tickmill Calculator
Tickmill offers a forex calculator that helps you calculate your required margin, swap value, pip value & profit.
The calculator also include a currency converter which converts one currency to another at the current Tickmill market exchange rate.
3. Tickmill Earnings Calendar & Economic Calendar
The Tickmill Economic Calendar shows you the dates when important economic data such as NFP, PCE, PMI, Interest Rates, etc. will be released.
The Tickmill EArnings Calendar shows you the dates when listed companies will release their quarterly & yearly performance/earnings reports.
The release of of company earnings data can affect the stock price, so those who trade Equity CFDs always use this information to their advantage.
4. MT4/5 Acuity Trading Tool
This consists of a set of downloadable plugins that take market sentiment analysis to a whole new level. The Tickmill Acuity Trading Tool consists of the following:
- Market Sentiment Research Terminal
- Market Sentiment Alerts
- Linear Second Market Sentiment Display
- Sentiment Complex: plots a chart of market sentiment vs price for a better understanding
- Macro Economic Calendar: a more advanced economic calendar that integrates market sentiment
5. Capitalise ai Tool
Tickmill Capitalise.ai is a platform where you can build a forex trading robot even without using complex programming language. Capitalise.ai lets you build forex robots using simple English language thus simplifying the process.
6. Tickmill Copy Trading
Tickmill offers copy trading and as a copier, you can connect your account to a Strategy Provider and copy their trades.
If you want to become a Strategy Provider on Tickmill, you need to open a trading account with $250 minimum balance, register & create a profile that others will see, then set your fee.
Strategy Providers on Tickmill can open multiple copy trading accounts then specify the one copiers will copy from.
Copy trading works on Tickmill MT4 & MT5 platforms but when trading stock CFDs, both copier & Strategy Provider need to be using MT5 accounts.
TickMill copy trading takes place in a social environment where you can interact with other traders hence it’s also called social trading.
Copy trading is not a guarantee of profits because SPs also make losses and their losses will reflect in the copiers account too.
Customer Support - 8/10
Tickmill customer support is 24/5 & unavailable during weekends.
Tickmill assigns Personal Account Managers to every account & this makes resolving issues faster.
Live chat is available and you get a response almost immediately.
Telephone support is available but is not toll-free.
Email response will take 24 hours but its faster to reach Tickmill through Live Chat.
Tickmill has education in both video and text format accessible from their website.
| 🎧 Live Chat Support | Yes |
| 📧 Email Support | Yes |
| 📞 Telephone Support | Yes |
| 📖 Help Center | Yes |
| 👨 Personal Account Manager | Yes |
| 👩🏫 Academy | Yes |
Final Verdict - 7/10
| 🏛️ Broker | ⚖️ Regulation | 💰Deposit & Withdrawals | 💱Account Types | 🧹Account Management | 🛒Range of Markets | ✂️Fees | 💻Platforms | 🛠️Tools | 🚑Support | 🏆Score |
| HFM | 10 | 10 | 10 | 10 | 8 | 7 | 5 | 8 | 9 | 8.4 |
| Exness | 10 | 10 | 10 | 6 | 5 | 7 | 8 | 5 | 8 | 7.8 |
| FxPro | 10 | 10 | 6 | 10 | 9 | 6 | 8 | 5 | 7 | 7.8 |
| Tickmill | 10 | 4 | 7 | 9 | 9 | 8 | 7.5 | 10 | 6 | 7.8 |
| Just Markets | 6 | 9 | 10 | 7 | 7.5 | 9 | 7 | 4 | 8 | 7.5 |
| Deriv | 5 | 8 | 9 | 6 | 10 | 6 | 7 | 6 | 9 | 7.3 |
| Pepperstone | 10 | 8 | 6 | 6 | 9 | 6 | 10 | 9 | 7 | 7 |
| XM | 10 | 10 | 6 | 6 | 8 | 8 | 6 | 6 | 6 | 7 |
| XTB | 10 | 8 | 5 | 6 | 5 | 6 | 5 | 5 | 7 | 6 |
| AvaTrade | 10 | 5 | 4 | 5 | 10 | 4 | 7 | 8 | 9 | 6 |
| FBS | 8 | 7 | 5 | 6 | 6 | 7 | 6 | 7 | 10 | 6 |
| Headway | 5 | 7 | 8.5 | 8 | 5 | 6 | 6 | 3 | 7 | 6 |
Tickmill is one of our Best Forex Brokers in Nigeria for Beginners because they provide adequate trading tools to help any beginner learn how to trade.
Tickmill customer support is not as good as what competition offers but its above average and any serious trader should be able to cope.