IC Markets vs Tickmill: Comparison and Analysis

IC Markets vs Tickmill: A Comparison Summary

Choosing the right broker is crucial for any trader, as it can impact their trading performance, experience, and security. In this comparison, we will evaluate two popular brokers, IC Markets and Tickmill, based on various aspects, such as security, demo account, account opening, social-copy trading, markets, trading fees, platforms, education, and customer care.

Security:

Both IC Markets and Tickmill are regulated by several authorities, including the FCA, CySEC, ASIC, and FSA. However, IC Markets is regulated by more authorities, including the SCB, and has a slightly lower security rating than Tickmill (93 vs 94). Nonetheless, both brokers offer a secure trading environment for their clients.

Demo Account:

IC Markets offers an unlimited demo account with virtual funds of up to $5,000,000, which can be restored by contacting customer support. On the other hand, Tickmill also provides an unlimited demo account, with customizable virtual funds that can be restored by contacting customer support. In terms of duration and virtual funds, both brokers offer similar demo accounts.

Account Opening:

IC Markets does not have a minimum deposit requirement but suggests a minimum deposit of $200. The broker offers over ten base currencies for account currency and a wide range of payment methods, including e-wallets, credit/debit cards, wire transfers, and local payment methods. IC Markets also offers various account types for different types of traders, including standard, RAW spread, and professional accounts. On the other hand, Tickmill requires a minimum deposit of $100 and offers fewer account currency options. However, Tickmill provides more account types, including classic, pro, VIP, futures, MAM, Islamic, and professional accounts.

Social-Copy Trading:

IC Markets offers social-copy trading through third-party platforms like ZuluTrade, allowing traders to engage in copy trading. In comparison, Tickmill provides social-copy trading only through the Pelican trading mobile platform, available only on the MT4 platform.

Markets:

IC Markets offers a broader range of markets, including 63 forex pairs, 21 commodities, 25 indices, 63 crypto assets, and over 1600 stocks. On the other hand, Tickmill has a more limited offering, with 70+ forex pairs, 4 commodities, and 15 indices. Neither broker offers ETFs, and both offer CFD trading only, which is more suitable for short-term trading than long-term investments.

Trading Fees:

IC Markets’ spreads are variable, starting from 0 pips on forex, with commissions of up to $7 per lot traded. In contrast, Tickmill’s spreads are also variable, starting from 0.1 pips on forex, with commissions of $4 on the pro account and $2 on the VIP account. Overall, both brokers offer low spreads and commissions, making them attractive options for scalping traders.

Platforms:

Both IC Markets and Tickmill offer the popular MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, available on desktop, webtrader, and mobile devices. Additionally, IC Markets also offers the cTrader platform, which is not available with Tickmill. Furthermore, IC Markets offers VPS services and allows traders to engage in algo trading on all platforms, while Tickmill does not offer these features.

Education/Customer Care:

Both brokers provide a range of educational resources, including webinars, video tutorials, educational articles, and market analysis. IC Markets has a wider range of educational materials than Tickmill, including podcasts, and provides support in over 18 languages. On the other hand, Tickmill has fewer languages available but provides support via email, phone, and live chat.

Conclusion:

Overall, both IC Markets and Tickmill have their unique advantages and disadvantages. IC Markets is suitable for traders who prefer a wider range of markets, a broader range of account types, and a more extensive selection of educational resources. On the other hand, Tickmill is better for traders who prefer lower minimum deposit requirements, a wider range of account types, and a higher security rating.