Tickmill Singapore Review 2024 - TU expert opinion
Is the Forex market legit in Singapore?
Financial markets in Singapore are experiencing rapid growth, and the Forex market is legal. The residents of the country can trade currencies without restrictions. Brokers are licensed by the Monetary Authority of Singapore (MAS) to provide services in the Forex market.
The important advantage of Singapore as a Forex trading jurisdiction is the taxation specifics in the country. Brokers do not need to report profits or losses to the regulatory authorities. If a trader is not a professional, he is not obliged to pay income tax on the income received for trading in Singapore.
How to Trade Forex in Singapore
First, you need to choose a local or international broker and register on its website. Account verification may be required once you’ve completed registration. For this, you need to upload scanned copies of your passport or another identification document. Next, you need to deposit money into your account using a debit/credit card or another available option. The next step is installing a trading platform or downloading a mobile app for trading. Now, you need to choose a currency pair, set the lot size and make the trade.
Detailed Review of Tickmill in Singapore
Tickmill is a good choice for traders from Singapore. The broker complies with all the requirements of the local regulator and offers attractive trading conditions for the clients.
Tickmill is a brokerage company that attracts traders with low spreads and comfortable trading conditions. The company focuses on innovations, allowing customers to trade not only manually, but also using EAs and copy trading. A fairly extensive list of CFD trading instruments includes not only currency pairs but also stocks (Nvidia stock, Apple stock, Google stock, Tesla stock etc.) indices, commodities, cryptocurrencies and bonds.
Tickmill is regulated by the Seychelles Financial Services Authority, the UK Financial Conduct Authority (FCA). The broker is also regulated by the Cyprus Securities and Exchange Commission (CySEC), the Labuan Financial Services Authority (Labuan FSA) and the Financial Sector Conduct Authority (FSCA) in South Africa. All this is a guarantee of the reliability and safety of funds for a trader.
Advantages of Tickmill for trading in Singapore
Traders Union analysts conducted a detailed analysis of Tickmill for traders from Singapore. The experts outlined the key benefits of the company for the clients from this country. The advantages of the broker are as follows:
good liquidity;
Tickmill Ltd is regulated by the Financial Services Authority of Seychelles ;
good trading conditions: three types of accounts and low spreads;
a variety of CFD trading instruments: forex, stocks, cryptocurrencies, commodities, indices, and bonds;
an abundance of educational materials: allows a novice trader to familiarize himself with the peculiarities of trading with different instruments quickly;
the protection against a gap will not allow a trader to drain his deposit: if the amount on the account reaches the minimum, set by the broker, the transaction will automatically close;
you can trade with advisors, copy transactions, and also use hedging and scalping strategies.
Analysis of the Main Features of Tickmill in Singapore
Traders Union analysts analyzed the key features of Tickmill for traders from Singapore. TU uses its own evaluation method, assessing each block separately. Based on the results of the assessment, an overall score is given.
Trading conditions for Tickmill traders from Singapore
It is important to assess trading conditions before you decide to work with a specific company. Traders Union analysts have prepared a comparison of Tickmill trading conditions for traders from Singapore. The experts analyzed minimum deposit, trading platforms, leverage and other important information that could impact a trader's choice of a broker.
| 💻 Trading platform: |
МТ4, МТ5, МТ4 Webtrader, and Tickmill Mobile App
|
|---|---|
| 📊 Accounts: |
Classic, Raw, Demo
|
| 💰 Account currency: |
Tickmill.EU - USD, EUR, PLN, CHF, GBP. Tickmill.com - USD, EUR, GBP.
|
| 💵 Replenishment / Withdrawal: |
Tickmill.EU - Bank Transfer, Visa, Mastercard, Skrill, Neteller, PayPal, Dotpay, Trustly. Tickmill.com - Bank Transfer, Visa, Mastercard, Skrill, Neteller, Webmoney, and cryptocurrency payments.
|
| 🚀 Minimum deposit: |
100 US dollars
|
| ⚖️ Leverage: |
Tickmill.EU - to 1:30/1:300. Tickmill.com - to 1:500
|
| 💼 PAMM-accounts: |
No
|
| 📈️ Min Order: |
0.01 lot
|
| 💱 Spread: |
from 1.6 pips for the Classic account and from 0 pips for Raw account
|
| 🔧 Instruments: |
Instruments include currency pairs, commodities market assets, stock indices, stocks, bonds, and cryptocurrencies
|
| 💹 Margin Call / Stop Out: |
100% and 30%
|
| 🏛 Liquidity provider: |
No
|
| 📱 Mobile trading: |
Yes
|
| ➕ Affiliate program: |
Yes
|
| 📋 Orders execution: |
Market Еxecution
|
| ⭐ Trading features: |
Hedging; Scalping.
|
| 🎁 Contests and bonuses: |
No
|
Tickmill Commissions and Fees
Traders Union analysts analyzed commissions and fees charged by Tickmill for traders from Singapore. Within the framework of the analysis, all types of trading and non-trading fees traders are charged with were evaluated.
Tickmill has been checked by our experts for commissions. The experts considered the broker's spread as a trading commission, and additional fees for withdrawing funds from a trading account were considered in a non-trading commission category.
| Account type | Spread (minimum value) | Withdrawal commission |
| Raw | From $0 | No |
| Classic | From 1.6 pips | No |
Traders Union experts have conducted a comparative analysis of trading commissions at Tickmill with its
competitors. Based on the comparison, each broker was rated low, medium, or high.
Raw account have a fixed fee for a standard lot of $3, respectively. That is why, the experts used the EUR/USD pair to compare average expenses for all three accounts.
Expert Review of Tickmill
Tickmill is a broker for traders with basic trading experience and those who are ready to improve their skills and results. The focus is on the platform’s technological opportunities and technical tools. The real trade execution speed is up to 0.2 seconds. This indicator is a market average, but it is enough for scalping and algorithmic trading. The broker guarantees absence of slippages on increased volatility, as the system of client request distribution helps to instantly find free liquidity providers.
The broker’s competitive edge is the use of artificial intelligence (AI) for technical tools. Acuity Trading is an aggregator of news and fundamental information that analyzes and provides only relevant data for the given asset and time frame. Signal Centre is a technical analysis tool that shows the trade direction with reference to a time frame, while also identifying key levels for placing pending orders.
Trading conditions are designed mainly for professional traders, but the Classic account is suitable for novice traders as well. Bonuses are available only with the group’s companies operating outside Europe. The company provides transparent User Agreement and smooth withdrawal of profit.
FAQs
Is Tickmill legal in Singapore?
Yes. Tickmill operates legally in Singapore. The broker holds the necessary licenses.
Can you learn trading with Tickmill? Does the broker offer courses for traders from Singapore?
Yes, Tickmill offers good trading courses and a lot of educational information for clients from Singapore.
Can Tickmill be trusted? Has the broker been operating in Singapore long?
Tickmill has been operating in Singapore quite long and has a good reputation. Therefore, traders can work with Tickmill.
Is Tickmill suitable for novice traders from Singapore?
Yes. Tickmill offers optimal trading conditions and good education for beginners from Singapore.
How efficient is Tickmill customer support in Singapore?
Tickmill offers a sufficient number of ways to contact customer support in Singapore, and also provides support in the state language.
Has Tickmill had any incidents involving theft of funds of clients from Singapore?
No. Tickmill provides reliable security of funds of clients from Singapore.
Will I be able to file a lawsuit in Singapore if Tickmill violates my rights?
Yes. If Tickmill violates your rights, you can file a complaint with the regulator of Singapore, and then with a court.
Can Tickmill clients from Singapore use the broker’s mobile app?
Yes. The mobile app of Tickmill is available for the clients from Singapore.
Does Tickmill provide Singapore market analysis?
Analysis of Singapore is featured in the information provided by Tickmill.
How can I withdraw funds from my account at Tickmill in Singapore?
Tickmill supports bank transfers and debit/credit cards of the banks operating in Singapore.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!