Table of contents:
- 1 Tickmill payment methods: This is how the broker Tickmill deposits and withdraws
Tickmill payment methods: This is how the broker Tickmill deposits and withdraws
The British broker Tickmill is a company originally established in Estonia, which is now regulated by the FCA thanks to its branches in Great Britain and the Seychelles. At Tickmill, more than 60 forex pairs and CFDs can be traded via the popular MetaTrader 4 or the in-house webtrader, with three different account models at favourable conditions. The STP broker offers access to the markets with a minimum deposit of 100 Euro at Tickmill. Since the provider is still little known in Germany, we will show you how Tickmill deposits and withdrawals are handled and what fees traders have to expect for transactions.
- Minimum deposit of 100 Euro / US Dollar
- Payment execution by Visa or Mastercard, bank transfer, IMMEDIATELY, Skrill, Neteller, paysafecard, DotPay
- Account management in EUR, USD, GBP and PLN
- No deposit and withdrawal fees
Why payment methods are so important
Traders who are just taking their first steps in Forex and CFD trading, possibly having found their way in through a demo account, usually focus on the educational offerings and later on the conditions of a broker. Once they are satisfied with the demo, the transition to a real money account with the same provider is easy. But experienced users know that all too often less attention is paid to payment methods. Accordingly, dissatisfaction with payment methods in particular is one of the most frequent reasons for switching brokers. Some online brokers charge double-digit fees, which significantly reduces the trader’s return, and delay payouts due to unnecessarily long processing times. However, high minimum deposits of four-digit amounts are also a shortcoming, as they make it difficult, especially for beginners, to gain access to trading at all.
- The payment methods offered depend on the broker
- eWallets are becoming increasingly common
- Deposit and withdrawal methods are usually the same
- Payments via third parties are not accepted
Fortunately, an insight into customer wishes and the competitive pressure among the numerous online brokers on the market ensure that the range of payment methods is also becoming increasingly comprehensive and customer-friendly. Thanks above all to common eWallets, payments can be made faster and more cost-effectively. However, all providers have certain restrictions in common, such as those relating to payments via third parties. An overview presents the common payment methods, their advantages and limitations.
CREDIT CARDS REMAIN ONE OF THE MOST POPULAR OPTIONS
If you use a credit or debit card to capitalize your trading account, most brokers will allow you to deposit and withdraw larger amounts free of charge – usually up to 10,000 Euros. Another advantage is the immediate crediting, so that trading can begin immediately. And traders do not have to worry about the security of their own data. A glance at the data protection information shows that brokers know and apply the importance of secure data transmission and modern encryption technologies. In addition, credit cards, formerly a rather exclusive means of payment with their own, quite high annual fees, are now offered very cheaply or even free of charge, especially by direct banks, and are thus accessible to the average customer. Additional costs for the card alone are a thing of the past.
What traders should consider: It is not unusual for brokers to insist on a scan of the credit card for card payments. The customer does not always have the option of blackening some digits of the card number! In addition, with card payments, the maximum amount deposited is often the payout limit for this option. And not all providers offer free card payments, whether for deposits or withdrawals. Therefore, there are sometimes good reasons against capitalising the merchant account by credit card.
BANK TRANSFERS ARE SECURE AND MUCH FASTER
A very secure and mostly free alternative to payment by credit card is the conventional bank transfer, especially in the Single Euro Payment Area. SEPA bank transfers are executed within one working day. As long as they are done from your own home banking, there are no costs involved, and most brokers also offer free of charge payment by bank transfer. Furthermore, a bank transfer can be tracked very well. However, the secure and inexpensive payment method is anything but fast, because the processing time by the bank is joined by the processing by the broker. It can take at least two and up to seven working days for the trader to receive the credit on his trading account. Nothing for the hurried! And for international transfers to a broker outside the EU it can take even longer. There may also be costs associated with bank transfers, for example, if the transaction is ordered on paper or by telephone. International bank transfers are subject to interbank commissions, and if the currency of the transaction is not the same as the currency of the trading account, exchange rate costs are added.
ONLINE PAYMENT METHODS
Electronic payment options are becoming increasingly popular – the pioneer is PayPal, once the in-house payment solution of the eBay platform, now an independent financial service provider with a banking license. Imitators with almost as large a customer base are Skrill and Neteller, providers who enable the international transfer of even large amounts at good conditions. Links to the current account are the basis for fast payment options such as Trustly or Sofort. And international eWallets are joined by regional solutions such as the German GiroPay.
The value date of the instructed amounts is immediately or within one day at the latest with the electronic payment service providers, and the fees charged by brokers on such payments are, if any, rather low. The security measures for online payments are also convincing, and they can even be made by mobile phone. It is therefore not surprising that the list of e-payment providers is also getting longer and longer among the payment methods used by Forex and CFD brokers. This is a real alternative for customers, especially since the chosen payment method is then usually also binding for payouts.
WITH THE DEPOSIT YOU COMMIT YOURSELF FOR THE PAYOUT
If a trader has decided on a particular payment method at or shortly after opening the trading account, this method usually remains binding. For example, when depositing by credit card, subsequent withdrawals from the trading account must also be made through the credit card account. A combination of different methods is usually not possible – much to the disadvantage of traders, as it is not uncommon for there to be no fees when depositing via a certain method, but there are fees when withdrawing, and vice versa. Customers would be better served with a flexible combination of different options, but unfortunately the majority of brokers do not allow this. If you later want to change a payment method once it has been selected, it is necessary to contact customer support and in any case to go through a re-verification process. In addition, the amount of the largest deposited amount usually automatically represents the limit for later withdrawals.
TRANSACTIONS ON OWN ACCOUNT ONLY
The capitalization of the trading account, no matter by what means, can only ever be done in your own name. Payments by and to third parties, via the partner’s Mastercard or as a transfer from friends, are not accepted under any circumstances, unless explicit escrow accounts can be kept. This applies not only to brokers within the European Union, but internationally. This is due to binding regulations that are intended to help curb money laundering and capital flight. Furthermore, business accounts cannot be used for payments – at least not by private traders. Under certain circumstances, brokers may offer this option for their business customers. The reference account through which all payments are made must be in the same name as the trading account with the broker.
Three accounts, small minimum deposit at Tickmill
The British STP broker offers its customers a demo account and three different real money accounts, the “classic” and ECN-Pro account with a Tickmill minimum deposit of only 100 Euro. However, accounts can also be managed in USD, GBP and PLN. This way, especially beginners do not have to invest too much money to get started in trading. Experienced traders receive particularly favourable conditions for trading with the VIP account, but must make an initial deposit of 50,000 euros.
- Two accounts with 100 Euro minimum deposit
- Free demo is offered
- VIP account for experienced traders
- Swap-free Islamic account
The different account models allow users to choose the offer that best suits their needs. Trading fees are charged in different ways, with the classic account through spreads, with the ECN account through commissions. For both accounts, the minimum transaction size is only 0.01 lot, which means that even small investments can be traded.
How Tickmill deposits and withdrawals are possible
The trading account with Tickmill is set up by clicking on the “Open Account” button in the website header. Traders have the choice of trading with the FCA-regulated UK provider or having their account managed by the Seychelles branch, which allows them to use higher levels of leverage. The form, which must now be filled out, asks for first and last name, country of residence, e-mail and telephone number, but also for the preferred language of communication. In addition, the trader can decide whether a private or business account should be managed. With the sending of these first details, the user receives an e-mail with a confirmation link. Afterwards a verification is necessary. For this purpose a copy of an identification document and a proof of address must be uploaded. Verification is necessary because without it no payouts can be made later. The broker usually verifies the documents within 24 hours, often even faster, so that traders can deposit money immediately at Tickmill.
FIRST TRANSACTIONS VIA THE TRADING ACCOUNT
After verification by the broker, the trading account is activated and the client can make deposits and withdrawals at Tickmill. Both are done from the personal customer area, after login. Tickmill offers its traders the following payment methods, with fixed minimum deposits and withdrawals
- Visa-/ Mastercard deposit from 100 Euro withdrawal from 10 Euro
- Bank transfer Deposit from 100 Euro Withdrawal from 10 Euro
- IMMEDIATELY Deposit from 100 Euro Payout from 10 Euro
- paysafecard deposit from 100 Euro withdrawal from 10 Euro
- Neteller deposit from 100 Euro Withdrawal from 10 Euro
- Skrill deposit from 100 Euro Payout from 10 Euro
- Rapid deposit from 100 Euro Withdrawal from 10 Euro
- DotPay deposit from 100 PLN Withdrawal from 50 PLN
Among the offered payment methods you will search in vain at Tickmill PayPal. Most options can be used for all offered account currencies, i.e. Euro, US Dollar, British Pound and Polish Zloty. An exception is the IMMEDIATE bank transfer by the Swedish provider Klarna, where only Euro or GBP can be transferred. The Polish payment solution DotPay can also only be used for Zloty.
NO FEES FOR PAYMENTS AT TICKMILL
Fortunately, there are no fees for depositing money at Tickmill and no fees for withdrawals. Traders who wish to capitalize their account by bank transfer can take advantage of Tickmill’s zero fees policy. This means that the broker will cover the costs of the transaction from a deposit value of 5,000 Euros or the equivalent in one of the other possible currencies, up to a maximum of 100 Euros / USD. In order to receive the refund, traders only need to send a copy of their account statement to Tickmill support within one calendar month after making a deposit. The amount will then be refunded within a few days. Nevertheless, Tickmill also reserves the right to charge fees for deposits or withdrawals – namely when the user is inactive.
Tickmill payout: fast and free
It is similarly uncomplicated and fast when traders want to withdraw money from their trading account at Tickmill. The Tickmill payout is requested from the personal customer area, the processing by the broker usually takes place within one working day. However, traders should take into account that depending on the payment method chosen, further processing times may be required by the payment service provider, so that, for example, if withdrawals are made by bank transfer according to Tickmill, withdrawals are only credited after up to seven working days. Withdrawals are generally made via the same channel as deposits, except for paysafe – where an alternative withdrawal method must be selected. Of course, the account holder must be verified in order for the payout to take place at all, and the transferred amounts must not result in a coverage gap for open positions.
Buy-in bonus and competitions at Tickmill
Bonus payments are prohibited for Forex and CFD brokers within the EU, but anyone trading through Tickmill’s Seychelles office can look forward to the $30 US no deposit bonus. Clients who open a “Welcome Account” with the broker will receive a credit for this amount, which can be used for trading, without the need to make their first deposit. Winnings made with the Welcome Account can be transferred to a real money account up to 100 US Dollars later.
Another additional offer is the “Trader of the Month” contest. For this, Tickmill customers do not have to register; instead, the broker selects a particularly successful trader, who wins a prize money of 1,000 US dollars. Other competitions include, for example, forecasts on the performance of financial instruments, and attractive cash prizes can also be won here. Occasionally raffles are added, such as recently especially for German traders the possibility to win a trip for two to London and to meet the managing director of Tickmill at dinner.
Further additional offers include the demo account, the comprehensive, free educational offer and also the broker’s trading tools, which are also available to traders at the British branch.
Conclusion: Good conditions, free payment methods at Tickmill
The British broker Tickmill, which is not yet very well known in Germany, recently launched a website in German to present its services to German traders. Three account models allow trading with Forex and CFDs with the FCA-regulated provider with STP/ECN market model. The minimum deposit, initially set at 25 euros, has now been raised to 100 euros, but is still low enough for private investors. The conditions for Forex and CFD trading can be described as good, even if the trading offer for CFDs is still quite narrow. All relevant information is presented very transparently on the website, also in German. Tickmill offers its customers sufficient choice of payment methods. In addition, all options can be used without fees from the broker, both for deposits and withdrawals. For bank transfers of amounts over 5,000 euros or US dollars at deposit, the provider even reimburses possible costs on the part of the bank, provided that the customer documents the payment within one calendar month by submitting a bank statement. Alternatively, the trading account can be capitalized by credit card, but also by using Skrill, Neteller, paysafe or IMMEDIATELY. Processing is carried out immediately; a value date can be expected within one working day at the latest; payout orders are also processed promptly and free of charge. Traders must find out for themselves whether fees are incurred by the payment service provider, and how long the processing of payouts takes until they are credited to the reference account. By waiving its own fees, the broker offers extensive freedom of choice when selecting a payment method. Interested users also have the opportunity to test Tickmill’s offer through the free demo account, which is unlimited in time, and thus get an idea of the broker’s services for themselves.