Top 8 Locally Based Brokers
Tickmill Account Types
- Louis Schoeman
Jump to:
Account Types Overview
Account Types
Account Features
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.7/5
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Tickmill Account Types – 9 key points quick overview:
Tickmill Overview
👉 Overall, Tickmill is considered low-risk, with an overall Trust Score of 82 out of 100. Tickmill is licensed by one Tier-1 regulator (high trust), two Tier-2 Regulators (average trust), and two Tier-3 Regulators (low trust). Tickmill offers three different retail trading accounts namely a Pro Account, Classic Account, and a VIP Account.
👉 Tickmill, which was offered to traders for the first time in 2014, today serves customers worldwide with its unique mix of online trading services geared to encourage education and enhance user functionality.
👉 Tickmill was founded by a team of experts with decades of expertise who are devoted to serving their customers’ best interests. Tickmill offers two commission-based accounts with some of the lowest fees in the business and minimal spreads (0.0 pips on the EUR/USD).
👉 A simple account is also offered with no fee and EUR/USD spreads beginning at 1.6 pips. Education and market research are both great, and seasoned traders will value the variety of available currency pairings.
👉 Tickmill is recognized for its very affordable pricing and has won several prestigious accolades for the quality of its services. More than 85 instruments are available for trading to Tickmill customers, the majority of which are currency pairings along with stocks, CFDs, bonds, precious metals, and indices.
👉 Tickmill is a trading platform for worldwide forex, stock CFDs, stocks, and cryptocurrencies. Tickmill attracts investors from all around the globe. Tickmill also permits copy trading, trading using a demo account, and social trading.
👉 For ultimate transparency, there are no requotes and a completely automated No Dealing Desk (NDD) execution approach. Since there is no conflict of interest between transactions and the brokers, most Kenyans prefer to choose to utilize an NDD brokerage.
👉 They could establish their own pricing and even take the other side of my position if there was a trading desk. The liquidity source for Tickmill is worldwide, elite banks and hedge funds. This liquidity is combined to form the liquidity pool.
👉 When you execute a deal, you will be matched with the best available price from the liquidity pool. In general, the greater a broker’s liquidity, the better pricing you could get.
👉 Additionally, a prominent level of liquidity can increase execution speeds and provide better spreads. 100% of orders are cleared with their respective liquidity providers via their direct quotations.
👉 Tickmill has clients from around the world and these areas have the largest distributions:
➡️ Vietnam – 16.9%
➡️ Poland – 10.81%
➡️ Brazil – 10.2%
➡️ Malaysia – 7.7%
➡️ Qatar – 6.5%
Tickmill At a Glance
| 🏛️ Headquartered | London, United Kingdom |
| 🏛️ Kenyan Based Office | No |
| 👍 Accepts Kenyan Traders? | Yes |
| 📅 Year Founded | 2015 |
| 📱 Kenyan Office Contact Number | None |
| ⚖️ Regulation | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 🔎License Number | Seychelles – SD008 United Kingdom – 717270 Cyprus – 278/15 Labuan – MB/18/0028 South Africa – FSP 49464 |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 3 |
| 🚀 Offers a Kenyan Account? | No |
| 💻 Dedicated Kenyan Account Manager? | No |
| 📈 Maximum Leverage | 1:500 |
| 📈 Leverage Restrictions for Kenya? | No |
| 💳 Minimum Deposit (₦) | 41,600 Kenyan Naira equivalent to $100 |
| 💳 Kenyan Naira Deposits Allowed? | No, only USD, GBP, EUR, IDR, CNY, VND, RUB |
| 💰 Active Kenyan Trader Stats | 1.3 million |
| Active Kenyan-based Tickmill customers | Not known |
| 💰 Kenya Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | Bank Transfer Debit Card Credit Card Skrill Neteller Sticpay Fasapay UnionPay Nganluong QIWI WebMoney |
| 💰 Segregated Accounts with Kenyan Banks? | No |
| 💻 Trading Platforms | MetaTrader 4, MetaTrader 5 |
| 💰 Tradable Assets | Forex Stock Indices Oil Precious Metals Bonds Cryptocurrencies |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Kenyan Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English, Indonesian, Russian, Arabic, Italian, Thai, Vietnamese, German, Chinese (Simplified), Spanish, Polish, Korean, Malay, Portuguese |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Kenyan-based customer support? | No |
| 💰 Bonuses and Promotions for Kenyans | Yes |
| ✴️Education for Kenyan beginners | Yes |
| 📊 Proprietary trading software | No |
| 💰 Most Successful Kenyan Trader | Uche Paragon ($20 million net worth) |
| ✔️Is Tickmill a safe broker for Kenyans? | Yes |
| ✔️Rating for Tickmill Kenya | 9/10 |
| ✔️Trust score for Tickmill Kenya | 81% |
Tickmill Account Types
👉 Tickmill provides three distinct account types for Kenyan traders. Each account’s trading conditions are adapted to the needs and objectives of individual traders.
👉 Tickmill also offers traders the opportunity to establish a demo account, which can be used for a variety of purposes by both beginner and experienced traders.
👉 Muslims who adhere to Sharia law and who do not pay or earn interest on their transactions may choose the accessible Islamic account option.
👉 Kenyan traders can choose from the following accounts:
➡️ Pro Account
➡️ Classic Account
➡️ VIP Account
| 💻 Live Account | 📈 Minimum Dep. | 📊 Average Spread | 💵 Commissions | 💸 Average Trading Cost |
| Pro | 1,500 KES/$100 | 0.0 pips | $2 per side, per lot | 4 USD |
| Classic | 1,500 KES/$100 | 1.6 pips | None | 16 USD |
| VIP | Min balance of 790,000 KES or $50,000 | 0.0 pips | $1 per side, per lot | 2 USD |
Tickmill Account Features
Pro Account
👉 The Pro Account provides competitive spreads and pricing for trading assets profitably. Most forex traders on the regulated forum like Pro because of its cheap commission cost. Tickmill provides three tiers of discount packages for active traders.
👉 The discount starts at $0.25 per standard for up to a maximum of one thousand micro-lots every month. At the third level, which is the highest level, traders who trade more than three thousand standard lots each month get a discount package worth $0.75.
👉 The Pro Account has the following unique features:
| Account Feature | Value |
|---|---|
| 💳 Minimum Deposit | 41,600 Kenyan Naira or equivalent to $100 |
| 💳 Minimum Account Balance | None |
| 🔎 Base Currency Options | USD, EUR, and GBP |
| 📊 Spreads From | 0.0 pips |
| 📈 Maximum Leverage Ratio | 1:500 |
| 📊 Minimum Lots that can be traded | 0.01 lots |
| 📈 Commission charges | $2 per side per standard lot of 100,000 |
| ✴️ Strategies Allowed | Scalping, hedging, expert advisors, algorithmic trading, auto trading, etc. |
| ☪️ Swap-Free Islamic Account Option | Yes |
Classic Account
👉 For the implementation of free trading via the classic account on the Tickmill website, the trader is not required to pay a commission charge; only the spread cost between the ask price and the bid price must be paid when trading financial items.
👉 Beginners and other traders do not favour the Classic account on the Tickmill website since the average spread is greater.
| Account Feature | Value |
|---|---|
| 💳 Minimum Deposit | 41,600 Kenyan Naira or equivalent to $100 |
| 💳 Minimum Account Balance | None |
| 🔎 Base Currency Options | USD, EUR, and GBP |
| 📊 Spreads From | 1.6 pips |
| 📈 Maximum Leverage Ratio | 1:500 |
| 📊 Minimum Lots that can be traded | 0.01 lots |
| 📈 Commission charges | None |
| ✴️ Strategies Allowed | Scalping, hedging, expert advisors, algorithmic trading, auto trading, etc. |
| ☪️ Swap-Free Islamic Account Option | Yes |
VIP Account
👉 VIP Accounts on Tickmill provide enhanced trading conditions and extra benefits. Professional traders, active traders, scalpers, and high-frequency traders would benefit most from this kind of account.
👉 This account with outstanding trading conditions demands a minimum investment of 50,000 USD. This account is one of the lowest-cost accounts in the business, with a reduced charge of 2 USD (round turn) per lot and spreads of 0.0 pips (EUR/USD).
| Account Feature | Value |
|---|---|
| 💳 Minimum Deposit | None |
| 💳 Minimum Account Balance | 20,810,000 Kenyan Naira equivalent to $50,000 |
| 🔎 Base Currency Options | USD, EUR, and GBP |
| 📊 Spreads From | 0.0 pips |
| 📈 Maximum Leverage Ratio | 1:500 |
| 📊 Minimum Lots that can be traded | 0.01 lots |
| 📈 Commission charges | $1 per side per standard lot of 100,000 |
| ✴️ Strategies Allowed | Scalping, hedging, expert advisors, algorithmic trading, auto trading, etc. |
| ☪️ Swap-Free Islamic Account Option | Yes |
Tickmill Demo Account
👉 The demo account service provided by a reputable forex broker is great for novices. Tickmill, unlike other brokers, enables demo trading. Traders utilize the demo account and contact a reputable broker to engage in demo account trading for free.
👉 AutoChartist is provided at no cost to all active and demo account users by Tickmill. AutoChartist is a popular technical analysis tool among traders, thus it is simple to locate training videos online.
👉 AutoChartist is one of the top analytics tools on the market, and Tickmill does an excellent job of offering it to its customers. In addition, the Educational Centre of the broker organization offers customers training services.
👉 The traders have access to an abundance of instructional material and data through recorded webinars, seminars, tutorials, and blogs.
Tickmill Islamic Account
👉 According to Tickmill, customer interests are a top concern, and as a result, the broker aims to meet the trading demands and requirements of clients from across the world. Considering this, Tickmill provides Islamic accounts that comply with Sharia law on the Pro, Classic, and VIP tiers.
👉 An Islamic Forex account is sometimes referred to as a swap-free account. This is since Islam bans exchanging money and paying interest on overnight holdings.
👉 Muslim traders can open any type of live account with Tickmill, and the broker will convert it to an Islamic type so that Muslim clients can take advantage of the greatest trading conditions Tickmill has to offer.
👉 Islamic accounts have the same trading conditions and terms as standard trading accounts, with the distinction that swaps are not debited/credited on trading instruments.
👉 To compensate for the lack of overnight costs, a handling fee is imposed if numerous trading instruments are kept overnight for more than three consecutive nights.
Overall Rating
- 4.7/5
Min Deposit
USD 100 / 11560 KES
Regulators
CySEC, FCA, FSA, FSCA, Labuan FSA
Trading Desk
Meta Trader 4
Crypto
Yes
Total Pairs
62
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Tickmill Kenya Pros and Cons
| ✔️ Pros | ❌ Cons |
| The trading platforms are robust and user-friendly | United States Clients cannot register with Tickmill |
| There are three dynamic Tickmill accounts offered, featuring competitive spreads and a commission-free classic account | There are no fixed spread accounts offered |
| Tickmill is well regulated in several regions with a proven track record of excellent trading services | Currency conversion fees may be deducted |
| There are flexible funding options provided including Skrill, Neteller, bank wire transfer, and others | The spreads are not the tightest |
| Traders are given access to AutoChartist, VPS, and FIX API trading | |
| There are industry standard initial deposits required to register an account | |
| There is a commission-free trading account offered and the minimum balance amounts are reasonable | |
| Negative balance protection is applied to retail accounts | |
| There is no deposit fee or withdrawal fee charged | |
| Educational videos and other educational resources are available | |
| Retail traders have access to several tools to help them navigate complex instruments | |
| Social trading opportunities are provided |
Verdict on Tickmill
👉 Overall, Tickmill is very competitive in terms of its trading fees and spreads.
FAQ
Which Tickmill account is the best?
Tickmill offers three different accounts namely a Classic, Pro, and VIP account. Each account suits the needs and objectives of different traders including beginners, experienced, professional, scalpers, algorithmic, and active traders.
What is the minimum deposit for Tickmill?
The minimum deposit for the Tickmill Classic and Pro Accounts is 100 USD / 11,900 KES while the VIP Account costs 1.5 million KES or 50,000 USD.
How can I withdraw funds from my Tickmill account?
You can log into your account and view the available withdrawal methods proportional to the deposit method you used, select one, enter the amount that you want to withdraw, and complete the process by following on-screen instructions per your payment provider or bank.
How can I start trading with a Tickmill account?
You can register a real account, verify your identity and residential address, pay the minimum deposit, and start trading once you have gained access to either MT4 or MT5 on a desktop, a browser, or any iOS or Android mobile device.
Does Tickmill allow scalping?
Yes, Tickmill does not restrict Kenyans from using a range of trading strategies including scalping, hedging, EAs, and more.
