Overall Rating
4.7/5
Rated #3 of
Recommended FX Brokers
Minimum Deposit
USD 100
Regulators
FSA
📱 Trading Desk
MetaTrader 4
₿ Crypto
Yes
📈 Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
Forex Trading Africa annually reviews forex brokers regarded as the best in the world who accept South African traders. We provide valuable information on the platforms, analysis, and tools as well as pricing for you to base your decision on when choosing the right broker for your trading needs.
To trade forex in South Africa, you need to open an account with a regulated broker. Forex is traded over-the-counter through a network of brokers and financial institutions as opposed to a centralized exchange. Forex is a risky instrument to trade. You can minimize the risk by trading through a regulated forex broker who you can trust.
Tickmill overview
Tickmill is a trusted global retail broker for forex and CFDs trading. It’s an excellent choice for new and intermediate traders because its product offering is relatively simple and its spreads and non-trading fees are seriously low. Tickmill also offers very competitively commission-based pricing for professionals through its Pro and VIP accounts.
Advanced traders may find Tickmill limited because stocks and EFTs are missing and only MT4 is available. However, it’s an excellent choice for any trader looking to trade the most popular currency pairs and CFDs on an intuitive trading platform with low forex and non-trading fees.
Founded in 2014, the Seychelles-based broker is a member of Tickmill Group. The Group operates in more than 200 countries across the UK, Europe, Asia and Africa. Tickmill is regulated by several top-tier authorities, including the FCA in the United Kingdom.
Tickmill accepts South African forex and CFDs traders and is regulated by the FSCA. The company has received multiple awards for excellent performance and has a strong reputation for being stable, regulation-compliant and safe to use.
Tickmill Fast Facts
Founded
2014
Founded by
Ingmar Mattus
Illimar Mattus
Nikolai Nikolajenko
Based in
Mahe, Seychelles
Regulation and license
FCA Financial Conduct Authority, United Kingdom
FSA Financial Services Authority, Seychelles
Labuan FSA Financial Services Authority, Asia
CySEC Cyprus Securities and Exchange Commission, Cyprus
FSCA Financial Sector Conduct Authority, South Africa
BaFin Federal Financial Supervisory Authority, Germany
CONSOB Companies and Exchange Commission, Italy
ACPR French Prudential Supervision and Resolution Authority, France
CNMV National Securities Market Commission, Spain
Does Tickmill accept forex traders in South Africa?
Yes
Products
Forex
Stock indices and oil
Precious metals
Bonds
Trading sessions
Sydney
Tokyo
London
New York
Tickmill is best forex broker for
Tickmill is recommended for forex and CFDs traders who are interested in trading multiple financial assets via the popular MetaTrader 4 platform or WebTrader.
Advanced forex traders may find Tickmill’s product range limited. Tickmill is a forex and CFDs broker and stocks and EFTs are missing.
Tickmill is perfectly suitable for beginner and intermediate traders looking for low forex and non-trading fees, and prefer the MetaTrader 4 trading platform.
Available base currencies
USD
EUR
GBP
Trading platform
MetaTrader 4
WebTrader
Trading execution model
NDD No Dealing Desk
STP Straight Through Processing (STP)
ECN Electronic Communication Network
Web-based trading platform
Yes
Tickmill is a MetaTrader 4 broker and offers WebTrader.
Mobile trading app
Yes, available for Android and iOS
Minimum deposit
Minimum deposit US$25 (R380)* on Classic account
* Conversion rate at January 2020
Leverage
Maximum leverage of 500:1 on major forex pairs
Spreads
Pro account Floating spreads from 0.0 pips
Classic account Floating spreads from 1.6 pips
VIP account Floating spreads from 0.0 pips
Commissions
Pro account 2 per side per 100,000 traded
Classic account Zero commissions
VIP account 1 per side per 100,000 traded
Scalping and hedging
Allowed
Deposit methods
Bank transfer
Visa and Mastercard
NeTeller
Skrill
Union Pay
SticPay
FasaPay
WebMoney
Qiwi
NganLuong.vn
All deposits starting from 5 000 USD or equivalent processed in one transaction by bank wire transfer are included in Tickmill’s Zero Fees Policy. A maintenance fee may be charged for account inactivity.
Tickmill covers clients transaction fees up to 100 USD or equivalent.
Withdrawal methods
If you use a credit/debit card and another method (e.g. Skrill eWallet) to deposit, your withdrawal will first be processed back to your card and any remaining withdrawal amount will be sent back to the other method used.
Example:
If you deposited $100 by Skrill and $50 by credit/debit card and requested a withdrawal of $90, you will get $50 back to your card and $40 to your eWallet.
Tickmill processes payments in EUR, GBP, USD and PLN.
Tickmill does not charge you any transfer fees for deposits and withdrawals. However, intermediary banks or eWallets may charge a fee.
Internal transfers from an MT4 account to another MT4 account are instant when the base currencies of both accounts are the same. Internal transfers from an IB account to an MT4 account are processed automatically.
If the base currencies of the MT4 accounts are different, an internal transfers should be requested manually via email.
Client base
Approximately 485 000 registered clients (2020)
Trades executed
Over 385 million (2020)
Most recent awards
2020
- Best Commodities Broker : Rankia Markets Experience Expo
- Best Trading Experience : Forex Brokers Award 2020
- Most Reliable Broker : Online Personal Wealth Awards
- Best Forex Education Provider : Global Brands Magazine
- Best Trading Conditions : Shares Awards
2019
- Best Forex Execution Broker : CFI.co Awards
- Best Trading Platform Provider : FxDailyInfo.com Broker Awards
- Best CFD Broker Asia : International Business Magazine
- Best Forex CFD Provider : Online Personal Wealth Awards
- Best Forex Broker Asia : Forex Awards
- Most Transparent Broker : Forex Awards
Customer support
Multilingual 24-hour, Monday to Friday
Live phone support operates in several locations on a toll-free number
Live chat available on the Tickmill mobile app
Is Tickmill safe to use
Tickmill is a well-established and regulation-compliant broker which is considered to be stable, reliable and safe to use by global traders. The broker is regulated by several top-tier authorities including the FCA in the United Kingdom.
Tickmill is regulated by the FSCA and is regarded as one of the most reliable and safe brokers in South Africa for forex and CFDs traders.
MiFID
The Markets in Financial Directive (MiFID) allows Tickmill to operate as a regulated entity throughout the European Union. MiFID II allows investment firms to provide investment and ancillary services within the territory of another member state and/or a third country, provided that such services are covered by the investment firm’s authorisation.
Financial Services Compensation Scheme (FSCS)
Tickmill UK Ltd is a member of the Financial Services Compensation Scheme (FSCS). FSCS is an independent compensation fund of last resort for customers of authorised UK financial services firms, set up under the Financial Services and Markets Act 2000.
The FSCS’s objective is to pay compensation up to the value of £85 000 per client if a firm is unable or likely to be unable to pay claims against it in the event the firm has stopped trading or has declared to be in default.
Investor Compensation Fund (ICF)
Tickmill Europe Ltd is a member of the Investor Compensation Fund (ICF). The fund’s objective is to secure the claims of covered clients against the ICF members through the payment of compensation for any claims arising from the failure of a member of the fund to meet its obligations.
Segregation of funds
All Tickmill client funds are held in segregated client bank accounts at regulated banks.
All retail client money is distributed across major banks and regularly assessed against Tickmill’s risk criteria.
Negative balance protection
Tickmill grants negative balance protection to all clients. The company may chose not to grant negative balance protection if the negative balance has been incurred as a result of fraudulent purposes or market abuse.
Overall Rating
4.7/5
Rated #3 of
Recommended FX Brokers
Minimum Deposit
USD 100
Regulators
FSA
📱 Trading Desk
MetaTrader 4
₿ Crypto
Yes
📈 Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
🕒 Account Activation Time
24 Hours
What does Tickmill offer its Clients
Leverage
Tickmill offers leverage up to 500:1 on the Classic, Pro and VIP accounts
Leverage refers to how much of a position a trader can control with funds allocated to it by the broker. A leverage of up to 500:1 means a Tickmill client can control a position of US$50 000 with only US$100 of his or her own funds.
Competitive spreads and fees
| Classic account | Commission-free
Floating spreads from 1.16 pips |
| Pro account | Commission is 2 per side per 100 000 traded
Floating spreads from 0.0 pips |
| VIP account | Commission is 1 per side per 100 000 traded
Floating spreads from 0.0 pips |
Web-based and mobile trading
Tickmill offers clients the MetaTrader (MT4) trading platform and WebTrader.
The popular electronic trading platforms can be accessed via desktop or a mobile device.
WebTrader gives clients quick and easy access to the markets with no need for additional software, downloads or installations.
Social copy trading
Tickmill offers myFxbook AutoTrade for MT4.
Myfxbook Auto Trade is a free, automated online trading tool that enables traders to evaluate, analyse, share and compare their trading strategies and trading account performance. The Myfxbook tool links to your trading platform and automatically imports all past and active transactions from your trading account.
The minimum amount to start trading on the AutoTrade account is 1 000 $€£. Trading terms are the same as on the Pro except for a 0.6 pip markup per side (1.2 pips in total).
EA and manual trading are allowed on Myfxbook AutoTrade accounts.
Tickmill mobile app
Tickmill’s user-friendly mobile trading app is available in both iOS and Android.
Derivative trading instruments
Tickmill offers multiple derivative instruments for forex and CFDs trading
A derivative is a contract between two or more parties where the value of the underlying asset is agreed upon and settled when the contract is closed. Parties do not take ownership of the financial asset, they merely speculate on price changes.
Tickmill product portfolio
| Forex | Access to 60 plus currency pairs
Spreads from 0.0 pips Leverage up to 1:500 |
| Stock indices and oil | Access to 14+ Indices
Low spreads Leverage up to 100:1 |
| Precious metals | Access to gold and silver crosses
Spreads from 0.0 Leverage up to 500:1 |
| Bonds | Access to German government bonds
Spreads from 0.0 Leverage up to 100:1 |
Note: Cryptocurrencies cannot be traded through Tickmill.
Free demo account
Tickmill offers beginner forex traders a free Demo account that they can use to hone their trading skills before trading on a live account with real money. The Tickmill Demo account allows beginner traders to trade forex and CFDs in real-time, test tools and strategies and sharpen your trading skills in a completely risk-free environment as they trade with ‘fake’ money.
$30 Welcome Account
Tickmill’s $30 Welcome account lets new clients trade with free trading funds without making a deposit. The trading experience is extremely fast, you have access to Tickmill’s trading tools and resources and any profit you earn can be withdrawn from the account
MetaTrader trading platforms
Tickmill is a MetaTrader broker and MetaTrader 4 (MT4) is available for desktop, web trading, multi-terminal trading and trading on mobile devices. This includes Android, iPhone and iPad. MT4 is the most popular trading platform in the world and offered by the majority of retail brokers.
WebTrader
WebTrader is the same as the MT4 trading platform but is available directly in your browser. MT4 WebTrader opens in seconds and gives you direct access to the markets through a reliable and intuitive interface. The trading platform gives you one-click functionality to open and close positions, employ effective risk management and access an exceptional range of charts.
Autochartist
The Autochartist tool hides irrelevant market data and highlights those currency pairs, market data and technical indicators that indicate large market movements.
Autochartist is an important tool to identify relevant movements in the markets. It also provides automated notifications as soon as emerging and complete chart patterns such as “triangles, wedges, tops and bottoms“ are recognized.
Market analysis and trading tools
Tickmill offers clients a wide choice of market analysis and trading tools.
- Fundamental analysis
- Technical analysis
- Sentimental analysis
- Autochartist
- Myfxbook Copy Trading
- Economic Calendar
- Forex Calculators
- Tickmill VPS
- One-Click Trading
- Pelican Trading
Virtual Private Server (VPS)
Tickmill offers Virtual Private Server (VPS) hosting that allows clients to upload and run MT4 Expert Advisors (EAs) and algo bots 24-hours a day without needed to keep a trading terminal running.
The benefits of trading using VPS hosting include minimising the chance of system downtime due to technology and connectivity failures. VPS is also used to create applications for backtesting trading strategies.
Bonuses
Tickmill offers an impressive range of promotional deals. These include:
- Gold Miner IB Contest for the chance to a 1 ounce gold bars or $10 000 in prizes
- Traders of the Month where you can trade your way to a $1 000 prize
- Tickmill NFP Machine for cash prizes
- $30 Welcome Account Bonus for new traders (part of Traders of the Month awards)
Education
Seminars
Ebooks
Video Tutorials
Infographics
Forex Glossary
Fundamental Analysis
Technical Analysis
Articles
Market Insights
Islamic account
Tickmill offers clients an Islamic trading account.
Key features of this account include straight-through processing and average spreads of 1.0-1.13 pips. The account does not pay or receive swaps for religious Muslim traders.
Tickmill account types
| CLASSIC ACCOUNT | |
| Minimum deposit | US$ 25 |
| Minimum lot trading size | 0.01 |
| Available base currencies | USD, EUR, GBP |
| Leverage | Up to 500:1 |
| Spreads | Floating from 1.6 pips |
| Commission | $0 |
| Execution model | NDD |
| Execution type | Market execution |
| Average execution speed | 0.20 seconds |
| Strategies allowed | All |
| Margin call/stop-out | 100% / 30% |
| Swap-free Islamic Account | Yes |
| PRO ACCOUNT | |
| Minimum deposit | US$ 100 |
| Minimum lot trading size | 0.01 |
| Available base currencies | USD, EUR, GBP |
| Leverage | Up to 500:1 |
| Spreads | Floating from 0.0 pips |
| Commission | 2 per side for each 100,000 traded
No commission on CFDs on Stock Indices, Oil and Bonds |
| Execution model | NDD |
| Execution type | Market execution |
| Average execution speed | 0.20 seconds |
| Strategies allowed | All |
| Margin call/stop-out | 100% / 30% |
| Swap-free Islamic Account | Yes |
| VIP ACCOUNT | |
| Minimum deposit | US$ 50 000 |
| Minimum lot trading size | 0.01 |
| Available base currencies | USD, EUR, GBP |
| Leverage | Up to 500:1 |
| Spreads | Floating from 0.0 pips |
| Commission | 1 per side for each 100 000 traded
No commission on CFDs on Stock Indices, Oil and Bonds |
| Execution model | NDD |
| Execution type | Market execution |
| Average execution speed | 0.20 seconds |
| Strategies allowed | All |
| Margin call/stop-out | 100% / 30% |
| Swap-free Islamic Account | Yes |
In Summary
Tickmill is a well-established, award-winning global broker for forex and CFDs trading. It’s regulated by FCA and the FSCA and is safe to use by South African traders. Tickmill offers a comprehensive range of trading tools, research and education material as well as the popular MetaTrader 4 platform.
Advanced traders may find that what Tickmill offers is somewhat limited. It’s an excellent broker for forex and CFDs trading but stocks and EFTs are missing. Tickmill only offers MT4 and MT5 is not yet available. The broker has one of the lowest standard commission rates in the industry on its Pro and VIP accounts so that’s an incentive for professionals to use Tickmill.
Otherwise, Tickmill is more ideally suited for beginner and intermediary traders looking to trade forex and CFDs on the retail market at the lowest cost through MT4. Tickmill offers a robust social copy trading platform and also offers a surprisingly impressive number of bonuses which includes a Welcome bonus. All this should satisfy the needs of traders who want a more simple and affordable option for forex and CFDs trading.
FOREX TRADING AFRICA DISCLAIMER
Trading foreign currencies on margin carries a high level of risk and it may not be suitable for all traders and investors. Forex is a highly leveraged financial instrument and these high risk stakes can result in you losing a substantial amount of money. Consider your appetite for risk before trading forex using real money on a live account.
