Tickmill Review 2021Minimum Spread : From 0.2
Foundation Year : 2015
Min Deposit $ 100
What broker asks for a minimum balance of $50,000 as a minimum balance? A scam broker of course. Trading should be a blissful experience for the trader but brokers like Tickmill ensure that it is not the case. The scam broker is not all safe and we urge all our traders to research properly before they involve themselves financially with the broker. Let us read about the sam broker in detail:
Tickmill: Account types
The scam broker asks for a minimum balance of fifty grand for one of its accounts. $50000 is nowhere minimum.
It is actually the amount a trader aims to make in a year in his trading career. The scam broker does not think twice before asking its users for such a hefty amount.
The user should never be liable to pay such an amount just for the sake of opening an account with the brokerage firm. Despite asking for such an amount, we could not find anything special about that account.
The broker says that all strategies are allowed in the VIP account. This means that the broker restricts its users from using more profitable strategies like scalping and swing trading to name a few.
Education and research material:
The scam brokers claim that it provides its users with a lot of educational material but each subsection of the supposed education section works only when the visiting user is first converted into a confirmed lead.
Also, the broker educates the trader in a different language which is definitely not English.
The broker claims that it is a global broker but nowhere does it provide a language that can be understood by all. This is racism on the grounds of nationality and language.
The broker should go ahead and eliminate this particular issue but we guess it will never happen Since TickMill is a scam broker.
Tickmill: Tradable assets
The broker in a failed attempt tries to daunt the tradable assets it provides but we could nowhere see the crypto market listed. With the recent news of the GameStop revolution and Elon musk’s tweets, the cryptocurrency market has raged.
Bitcoin has seen a high of $50,000 and hovers somewhere around $38,000as we type this. The volatility of the market is huge and so are the business making opportunities.
The scam broker barrs the traders to make use of such volatility. Whatever TickMill says about it, the absence of cryptocurrencies as a tradable asset gives rise to a lot of questions in our heads.
The broker forces the use of meta trader 4 to its users despite the fact that a new version of the exact same platform is already rolled out.
Older versions of the trading platforms are very risky and they do not provide the traders with the apt indicators they need to make the correct trades. Also, the older versions are replaced by newer ones because they somewhere had a defect in them.
The scam broker knows all this and still, ensures that the user makes use of something that is not relevant any more in trading. This is a scam practice and the trading community should ask questions to th broker about everything, including the question that concerns the use of such fraudulent practices.
Commission and spreads:
The spreads reach as high as 1.3 when the trader trades with this scam broker. The commission on each trade is also very high. The spreads re very high when it comes to oil and stock indices.
They sometimes reach up to 17 in some cases. The trader is first ff, trading in oil and indices which are in themselves, risky and very costly. That is an added risk and also, the trader has to pay such huge spreads.
Is this not, then what is a fraudulent practice?. The trader should be nowhere liable to pay such hefty amounts on such risky instruments. The probability of a loss encounter is a lot more than a profit and the broker knows this. Still, it asks the traders to pay more and more money.
The maximum leverage the broker allows is 1:500 and the minimum is 1:1. The European Union allows any trader to use at least 1:3 leverage and this does not include the type of brokerage firm involved.
The broker barrs the traders to fully benefit from the leverage that has to be offered and the trader is left with the choice of whether using 1:1 or directly 1:500.
We cannot understand what the broker wants from its traders. Leverage is also different for each currency pair. A trader dealing one pair might have to pay more than a trader dealing in a different pair.
The liquidity scam:
The broker bluntly says that it is an ECN broker but nowhere does the broker mentions its liquidity partner. These are generally big banks who are responsible for liquidity movement and also in a way, control the market. Scam brokers like Tickmill after a point of time start acting as brokers of these providers rather than that of the trader.
Such brokers should be completely avoided. In the case of liquidity providers, the trader is often confused because the profits remain the same but they are cut in the form of pips and spreads which t the end, goes to the provider. Such scam practices should be completely stopped and such brokers n should immediately be taken down from the market.
Scam or safe:
The broker is a complete scam as we see it and it has been seen that such brokers are growing b the day. However, Tickmill particularly asks for a lot of amounts from its traders as a minimum balance and should not be entertained for that. High leverage, high spreads and commissioned trades. These are all the traits of a scam broker and such brokers should be taken out of the market immediately.
The broker TickMill is a complete scam. We recommend our traders to move their financials to more dependable brokers like HFTrading, ROinvsesting, GlobalTrade ATF to name a few. These are big giants that have been in the market for a very long time and have proved that they are safe. Their efficacy as a legitimate broker cannot be questioned.
Frequently asked questions:
Will I lose my money if I trade with TickMill?
Yes, you will. If it has not happened yet, then look out for it
What else should I look out for, other than a scam broker?
Ensure that you are not trading with the money you cannot afford to lose and always rely on the math more than the gut. Calculations provide with money, not the gut.
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