Choosing the right forex broker is essential for any trader, whether you’re a beginner or an expert. With so many brokers available today, it can be overwhelming to decide which one suits your trading needs best. In this article, we will compare two popular brokers: FXPro vs Tickmill. We’ll take a close look at their features, fees, platforms, and overall performance to help you make an informed decision.
This table summarizes the main features of FXPro and Tickmill for quick comparison
| Feature | FXPro | Tickmill |
|---|---|---|
| Founded | 2006 | 2014 |
| Regulation | FCA, CySEC, FSCA | FCA, CySEC, FSA |
| Trading Platforms | MT4, MT5, cTrader, FXPro Edge | MT4, MT5 |
| Minimum Deposit | $100 | $100 |
| Spreads | From 0.6 pips (variable) | From 0.0 pips (Pro account) |
| Commission | Only on cTrader ($45 per $1 million traded) | $4 per round turn (Pro account) |
| Account Types | MT4, MT5, cTrader, FXPro Edge | Classic, Pro, VIP |
| Customer Support | 24/5 Live Chat, Email, Phone | 24/5 Live Chat, Email, Phone |
| Deposit Methods | Bank Transfer, Credit/Debit Card, PayPal, Skrill, Neteller, UnionPay | Bank Transfer, Credit/Debit Card, Skrill, Neteller |
| Education | Webinars, Market Analysis, Trading Tools | Webinars, Market Research, Trading Guides |
| Best For | Traders seeking multiple platforms and instruments | Traders looking for low costs and fast execution |
Overview of FXPro and Tickmill
FXPro is a global forex and CFD broker founded in 2006, with its headquarters in London, UK. It offers access to more than 250 financial instruments, including forex, shares, indices, metals, and cryptocurrencies. FXPro is known for its wide variety of trading platforms and excellent customer support.
Tickmill, on the other hand, was established in 2014 and is headquartered in London. It focuses on forex and CFD trading, offering competitive spreads, fast execution, and a strong commitment to transparency. While Tickmill is relatively newer, it has quickly built a reputation for being a low-cost broker with excellent execution speed.
Regulation and Security
When choosing a forex broker, security is a top priority. Both FXPro and Tickmill are highly regulated by multiple financial authorities.
FXPro is regulated by:
- Financial Conduct Authority (FCA) in the UK
- Cyprus Securities and Exchange Commission (CySEC)
- Financial Sector Conduct Authority (FSCA) in South Africa
Tickmill is regulated by:
- FCA in the UK
- CySEC
- Financial Services Authority (FSA) in Seychelles
Both brokers are committed to keeping clients’ funds safe, segregating them from company funds, and offering negative balance protection. So, whether you choose FXPro or Tickmill, your funds will be held securely.
Trading Platforms
A solid trading platform is crucial for a smooth trading experience. Let’s see how FXPro and Tickmill compare in this regard.
FXPro offers a variety of platforms, including:
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
- cTrader
- FXPro Edge (a proprietary platform for spread betting)
The availability of multiple platforms gives traders the flexibility to choose according to their trading style. FXPro also offers mobile trading apps and a web-based platform for added convenience.
Tickmill, on the other hand, focuses mainly on MetaTrader platforms:
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
Tickmill doesn’t have as many platform options as FXPro, but it does provide solid execution speed and reliability on both MT4 and MT5. These platforms are well-known for their user-friendly interface and are highly popular among forex traders.
Spreads and Fees
Trading costs, including spreads and fees, are a major factor when comparing brokers. Both FXPro and Tickmill offer competitive pricing, but there are some key differences.
FXPro uses variable spreads, meaning that the spreads fluctuate depending on market conditions. The spreads on FXPro can start from as low as 0.6 pips, but the actual spreads might be higher during volatile market times. Additionally, FXPro charges commissions only on its cTrader platform, which is around $45 per $1 million traded.
Tickmill is known for its ultra-low spreads and low commission rates. For standard accounts, spreads can start from 0.0 pips, though this is generally on the pro account. Tickmill charges $2 per side ($4 round turn) for its pro account, making it one of the lowest-cost brokers in the market.
Overall, Tickmill is a better choice if you’re focused on reducing trading costs, while FXPro offers more flexibility with its fee structure and platform variety.
Account Types
Different traders have different needs when it comes to account types. Let’s see what FXPro and Tickmill offer.
FXPro provides four main account types:
- MT4 Account – Standard trading conditions on the MetaTrader 4 platform.
- MT5 Account – For traders who prefer MetaTrader 5.
- cTrader Account – With lower spreads and commission-based trading.
- FXPro Edge Account – For spread betting (available only in the UK).
Tickmill offers three account types:
- Classic Account – Suitable for beginners, with no commissions and slightly higher spreads.
- Pro Account – For experienced traders, with lower spreads and a commission of $4 round turn.
- VIP Account – For high-volume traders with reduced commissions and even lower spreads.
Both brokers have demo accounts available, which is great for traders who want to practice without risking real money.
Customer Support
Customer support is often overlooked but plays a crucial role when issues arise. Let’s see how FXPro and Tickmill compare in this area.
FXPro offers 24/5 customer support through live chat, email, and phone. They have support in multiple languages, which is helpful for international traders. The overall reputation for customer support is positive, with responsive and knowledgeable agents.
Tickmill also provides 24/5 support through live chat, email, and phone. Their support team is also available in multiple languages. However, Tickmill’s customer service doesn’t have the same global recognition as FXPro’s, though it is generally regarded as reliable and helpful.
Educational Resources
Education is key to becoming a better trader, and both FXPro and Tickmill offer a range of resources.
FXPro provides extensive educational materials, including webinars, market analysis, and trading tools. Their website has a dedicated section for beginners as well as advanced traders, making it easier to learn new strategies and stay updated on market trends.
Tickmill also offers solid educational content, including webinars, market research, and trading guides. Tickmill’s educational resources are particularly focused on providing practical knowledge to help traders improve their performance.
Deposit and Withdrawal Methods
Both brokers offer a variety of deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller.
- FXPro allows deposits and withdrawals via bank transfers, credit/debit cards, PayPal, Skrill, Neteller, and UnionPay.
- Tickmill supports similar methods, including bank transfers, credit/debit cards, Skrill, and Neteller.
Both brokers process withdrawals quickly, but FXPro has a slight edge in offering more payment options, such as PayPal.
Conclusion
In the battle of FXPro vs Tickmill, the choice largely depends on your trading needs.
- If you are looking for platform variety, great customer support, and a wide range of instruments, FXPro might be the better option for you.
- On the other hand, if you prioritize low spreads, low commissions, and fast execution, then Tickmill is a fantastic choice.
Both brokers are trustworthy, secure, and offer a solid trading environment, so you can’t go wrong with either one. It’s essential to consider your specific trading style and preferences before making a final decision. Happy trading!
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.