What is the commission on the Pro account?
The Pro account has a commission of 2 per side per lot (0.0020% notional) in the base currency of the trading instrument. For example, if you open 1 lot on EURUSD (1 lot = 100,000 EUR), then the commission is 2 EUR per side and 4 EUR per round turn. For 1 lot on GBPUSD, the commission is 2 GBP per side and 4 GBP per round turn. For 1 lot on AUDUSD, the commission is 2 AUD per side and 4 AUD per round turn. If you have a USD account, then 4 EUR, 4 GBP and 4 AUD will be automatically converted to USD.
What is the commission on the VIP account?
On the VIP account, there is a commission of 1.6 per side per lot (0.0016% notional) in the base currency of the trading instrument. For example, if you open 1 lot on EURUSD (1 lot = 100,000 EUR), then the commission is 1.6 EUR per side and 3.2 EUR per round turn. For 1 lot on GBPUSD, the commission is 1.6 GBP per side and 3.2 GBP per round turn. For 1 lot on AUDUSD, the commission is 1.6 AUD per side and 3.2 AUD per round turn. If you have a USD account, then 3.2 EUR, 3.2 GBP and 3.2 AUD will be automatically converted to USD.
What are the minimum and maximum position sizes?
The minimum trade size is 0.01 lot and the maximum trade size is 100 lots. The maximum amount of orders you can open on an MT4 account is 200.
What is your order execution speed?
Our average execution speed is around 100 milliseconds.
What are your margin call/stop out levels?
Our margin call / stop out levels are – 100/30%. Your account may be subject to a margin call if your account equity falls to a level that is equal to the margin of your existing positions. For example, you have an open position of 1 lot on EURUSD. The margin to hold that position is 200 EUR.
When you opened the account, you had a 400 EUR equity on your account. When the position starts to move against you and your account equity falls to 200 EUR, you will have a margin call. But your position will not be closed yet. When your account equity falls to 30% of the required margin, then the system starts to close your positions immediately.
Taking the above example, if you open a position with 200 EUR of margin and your account equity falls to 60 EUR, then the system starts to close your position. If you have several positions opened, then the system closes them starting from the one with the biggest loss.
If, while closing the positions, your account equity reaches a level of more than 30% of the required margin, all other positions will remain open.
What are the minimum and maximum account leverage you offer?
The minimum leverage is 1:1. The maximum and default leverage is 1:500.
The leverage for gold is equal to the account leverage, while the leverage for silver is 4 times lower than the account leverage. If the trading account has a leverage of 1:500, then the leverage for gold will be 1:500 and the leverage for silver will be 1:125.
Are hedging and scalping allowed?
Hedging is allowed (arbitrage trading). The required margin for hedging positions on Classic, Pro, and VIP accounts is 0. Scalping is also allowed. There are no time limitations for keeping the positions open.
What is a slippage?
Tickmill is a NDD broker, which means that we just clear our clients’ trades and retranslate quotes we get from our liquidity providers. Orders in the real market are always executed at current market prices, which is why a slippage may occur in the case of a sharp movement. Please note, that during market-moving news or high volatility, the risk of slippage is higher than during normal conditions. With us, you will get both positive and negative slippages.
What is Tickmill’s trade execution model?
Tickmill is an FCA UK and FSA SC regulated broker with a fully automated No Dealing Desk (NDD) execution model, providing liquidity from global, top-tier banks and hedge funds.
What are the requirements of the Myfxbook Auto Trade?
The minimum amount to start trading on the AutoTrade account is 1,000 $€£. Trading terms are the same as on the Pro, except for a 0.6 pip markup per side (1.2 pips in total). For example, if you trade 1 lot on EURUSD, then your total cost is = a commission of 4 euros + 1.2 pip spread. EA and manual trading are allowed on Myfxbook AutoTrade accounts.
Do you offer negative balance protection/cover negative balance?
Traders who use the maximum leverage available face the risk of a negative balance.
For example: Let’s assume that you have 200 USD on your account and you open 1 lot on USDJPY on Friday evening, with 1:500 leverage and 200 USD margin.
On Sunday night, the market opens 30 pips away from Friday’s closing price in a direction against you, so your position will immediately have a loss of 30 pips x 10 USD = 300 USD loss, while you have only 200 USD on your account.
The position will be automatically closed and your account would have a negative balance of -100 USD. This situation is 100% impossible when a trader uses 1:1 leverage. The higher leverage a trader uses, the more risks they take. Please also note that a negative balance may occur due to a slippage during high volatility.
Our Risk department is constantly monitoring our clients’ risk-taking and if we see that a client trades irresponsibly, then we will notify the client via e-mail and ask them to reduce risk exposure. Also, we might reduce the leverage on the client’s account.
Negative balance protection is not guaranteed. The general practice is that we cover the negative balance, but all cases are reviewed on a case-by-case basis.
Do you offer FIX API connection?
We offer FIX API connection to our large private clients and institutional clients. The minimum account balance required is 100,000 £$€ and the minimum monthly trading volume required is 2,000 lots. There are no other requirements or fees. We are not offering a demo version. If a client trades 2,000 lots per month, then we do not charge any fees for using it. However, if a client does not reach 2,000 lots, then a 1,000£$€ fee applies.
Do you provide tick data?
Currently, we do not provide tick data, as MT4 is not able to store all ticks. Therefore, the tick data would not be accurate. There is an option for the server to store tick data, but we do not use it, as it is not able to store 100% of the ticks. In addition, that would slow down the server considerably due to a large amount of data, as the ticks are not filtered.
What are the limits of setting SL, TP, and TS?
You can set Stop Loss and Take Profit orders with no limits on all account types. SL and TP orders will still be active, even if your computer is switched off. The minimum Trailing Stop level is 1.5 pips or 15 points. It is possible to set only 1 trailing stop per order. You need to have the MT4 platform open to keep the trailing stop active.
How to find/check historical data?
You can download historical data from the MT4 trading platform, by clicking on: Tools > History Centre – then choose a trading instrument and finally press the ‘Download’ button. History will then be available on your trading platform, so you can click on: File > Open offline > Open Offline Chart. Please note that the longer the time frame, the longer the available history will be. For example, M5 history is available for 1.5 weeks, M15 history for 1 month, etc.
Do you offer MT4 MultiTerminal?
We do not offer MT4 MultiTerminal. If you wish, you can install multiple MT4 platforms and place them in different folders. Please download the MT4 platform from our website: http://tickmill.com/trading-platforms/
If you click ‘NEXT’ on the first screen, it will then install MT4 to the default folder without asking. On the first screen, you will see the options ‘NEXT’, ‘CANCEL’ and ‘SETTINGS’. You need to click on ‘SETTINGS’ to change the default folder. Then, the system will give you the option to change the default install patch.
Where is Tickmill regulated?
Tickmill is the trading name of Tmill UK Limited which is authorised and regulated by the UK Financial Conduct Authority (FCA).
Tickmill is also the trading name of Tickmill Ltd, regulated by the FSA of Seychelles.
What are your spreads?
We offer floating spreads for all account types – Classic, Pro, and VIP. The Classic account offers variable spreads, starting from 1.6 pips with no commissions. Both Pro and VIP accounts offer variable spreads, starting from 0.0 pips with low commissions.
You can check out our spreads at our web page https://tickmill.com/instruments/forex/ (choose an instrument from the table and click on it) or at the MT4 trading platform.
What are the advantages of trading with Tickmill?
Tickmill provides you with low spreads starting from 0.0 pips and ultra-fast execution speed of 0.1 second on average. Skrill, Neteller, FasaPay, UnionPay and credit card deposits are processed instantly while withdrawals are processed within one working day. We are proud that we have no restrictions on trading and no requotes. We also allow scalping, hedging, arbitrage, EAs and algorithms.
What are your trading hours?
FX trading is available 24 hours a day, 5 days a week. You can trade from Monday 00:00 to Friday 24:00 (Server time, GMT + 3). For CFDs, we have specific trading hours listed here.
The server time is set to GMT+2 and GMT+3 during DST in the US and Europe.
What spreads do you offer?
What commission will I be charged for trading on the MT4 platform?
There are no commissions on the Classic account. The commission on the Pro account is 2 units of the base currency per side per lot and on the VIP account 1.6 units of the base currency per side per lot.
Do you have a dealing desk?
We don’t have a dealing desk because we are a NDD broker and all our procedures are automated. We have no conflict of interest with our clients as 100% of the orders are cleared with liquidity providers.
Does slippage occur in your platform?
At Tickmill, slippage can occur during big news announcements, depending on the market conditions and volatility. There could be both positive and negative slippage.
Do I get any requotes?
Tickmill is one of the few NDD brokers that doesn’t have any requotes.
How many platforms are available for trading?
Is your platform compatible with Mac?
What is the margin call procedure for MT4?
Negative price movement can potentially lead to a margin call and the subsequent triggering of an automated margin close-out of positions. In the event that market conditions are unfavourable to you, we will set a stop-out level to reduce your maximum loss. This means that we will set a threshold of margin value, below which positions are automatically closed. This stop-out is set at 30% of the margin. For example, based on a margin of 100, the position would be automatically closed if the net equity** reaches 30 or lower.
In a nutshell, once your account net equity drops below 100% of the initial margin required to establish the open position(s), MT4 changes colour to red to indicate that you are close to or on margin call, and once your account net equity drops below 30% of margin requirements, your open positions will get closed automatically.
(**Net equity: Defined as the sum of the client’s net profit and loss on an open position(s) and client’s deposited funds.)
Do you offer Swap-Free accounts?
Yes, we offer Muslim traders all our accounts with a swap-free option.