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Tickmill vs FP Markets - 2024 Comparison | FX Scouts
AuthorAuthor: Björn MichelsUpdated: Oct 12, 2023

Last Updated On Oct 12, 2023

Björn Michels

Trading with a reputable online broker is a crucial factor for success in the international markets. At FX Scouts, we help you find the broker that suits your trading needs.

Each year we spend thousands of hours testing brokers by opening accounts, testing their platforms, and rating them according to a set of over 200 metrics. We deposit real money with the brokers to ensure that the products and user experience they advertise are consistent with reality.

We have found that the best way for traders to choose a broker is to compare brokers side-by-side. The comparison tool below allows you to compare two brokers based on their ratings and features.

Select brokers to compare

Select brokers to compare

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Broker Score
Min. Deposit
Regulation
Trading Desk Type
Trading Instruments
Forex Pairs
Crypto Pairs
Pros
Cons
Regulation
Trading Conditions
Trading Platforms
Deposit & Withdrawal
Education & Research
Assets Available
Customer Service
% Lose with this broker
Leverage
Spread
Hedging
Scalping
Account Types
Islamic Account
Trading Platforms
Funding Methods
Trading Commission
11110.54.58/ 5 USD 100CySEC Regulated BrokersFCA Regulated BrokersLabuan Financial Services AuthorityFSCA Regulated Forex BrokersThe Seychelles Financial Services AuthorityDubai Financial Services AuthoritySTPBonds, Cryptocurrencies, Stock CFDs, Forex, Futures, Indices, Metals628
  • Tight spreads
  • Well regulated
  • Fast and free withdrawals
  • Limited base currencies
Read Review 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 11110.54.5/ 5 111115/ 5 11110.54.5/ 5 111104/ 5 71%500:10 pips Classic, Pro, VIP MT4, MT5Visa, Mastercard, Bank Transfer, Neteller, Skrill, SticPay, Fasapay, Unionpay, NganLuong, WebMoney, Paypal4 USD / lot
11110.54.40/ 5 AUD 100ASIC Regulated Forex BrokersCySEC Regulated BrokersFSCA Regulated Forex BrokersCapital Markets AuthorityThe Seychelles Financial Services AuthorityECN/DMACommodities, Cryptocurrencies, Stock CFDs, Forex, Indices, Metals, ETFs, Bonds7011
  • Trusted since 2005 with top-tier regulation
  • 100 USD minimum deposit amount
  • Supports MT4 MT5 cTrader and TradingView
  • Spreads start at 1.0 pip and narrow to 0 pips with higher trading volumes
  • Welcoming South African traders with specific regulatory compliance
  • Notably higher withdrawal fees than competitors
  • Stock CFDs are limited on MT4/MT5 and primarily available through IRESS
  • High leverage up to 500:1 posing risks for inexperienced traders
Read Review 11110.54.5/ 5 111115/ 5 111115/ 5 111003/ 5 11110.54.5/ 5 111104/ 5 111104/ 5 79%500:10 pips Platinum IRESS, Premier IRESS, RAW, Standard, Standard IRESS MT4, MT5, cTrader, IRESSVisa, Mastercard, Bank Transfer, Neteller, Skrill, Broker to Broker, Fasapay, SticPay, PerfectMoney, NganLuong, xPay, Broker to Broker6 USD / lot - RAW Accounts

How do Tickmill and FP Markets stack up against each other?

The Radar Chart below highlights how the brokers stack up against each other across various metrics. The highest score a broker can receive in each area is 5.

FP Markets

Tickmill

At FX Scouts, we help traders find the broker that suits their trading needs. In many cases, the best way to achieve this is to compare brokers side-by-side.

To compare Tickmill and FP Markets, we used the same factors we use when reviewing brokers: The trust and regulation of the broker, the trading platform, the costs and trading conditions, and the level of education and market analysis available at the broker.

Does Tickmill or FP Markets have a better trust and regulation rating?

Trust and regulation are some of the most important factors to consider when choosing a Forex broker. Trust in the Forex trading business is almost entirely founded upon regulation. We spend many hours evaluating the safety of each broker by delving into their fine print and confirming each one of their regulatory licences on the online registers. The more top-tier authorities a broker is regulated by, the higher its trust rating.

In our comparison, we found that Tickmill holds two Tier 1 and one Tier 2 licences, and FP Markets holds two Tier 1 and no Tier 2 licences.

 

Is Tickmill financially regulated?

Yes Tickmill was founded in 2014 and is regulated by CySEC, DFSA, FCA, FSCA, LFSA and FSA-Seychelles.

 

Is FP Markets financially regulated?

Yes FP Markets was founded in 2005 and is regulated by ASIC, CMA, CySEC, FSCA and FSA-Seychelles.

 

Based on these findings, Tickmill earned a higher trust rating than FP Markets.

Does Tickmill or FP Markets have lower costs?

Another important aspect we consider when comparing brokers is the cost of trading. When evaluating trading costs, we always consider the minimum deposit required to open an account and the ongoing trading costs, including the spreads and commissions. When calculating trading costs, we measure the cost to trade one lot of EUR/USD using the broker’s account with the lowest minimum deposit. The cost includes both the spread and any commission charged. 

Not all brokers publish their trading costs, so we often open accounts and trade on their platforms to verify the spreads and commissions. Based on our reviews, we found that Tickmill has overall lower trading costs than FP Markets. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
Tickmill
111115/ 5
USD, EUR, GBP, PLN
0.00 pips
USD 4
0.10 pips
0.30 pips
0.10 pips
USD 4
FP Markets
111115/ 5
USD, AUD, CAD, CHF, EUR, GBP, HKD, JPY, NZD, SGD
0.10 pips
USD 7
0.10 pips
0.20 pips
0.10 pips
USD 6

 

Does Tickmill or FP Markets offer a better choice of trading platforms?

Traders want Forex brokers to offer them a choice of trading platforms, so we give brokers who offer multiple platforms higher ratings. Trading platforms we consider include MetaTrader4, MetaTrader5, cTrader and proprietary mobile and web-based platforms. 

In this case, FP Markets offers support for cTrader, MT4, MT5 and IRESS and Tickmill offers support for MT4 and MT5. 

Do the brokers offer copy trading?

Copy trading is a great option for beginner traders who can’t trade full-time or lack experience with Forex trading. In this case both FP Markets and Tickmill offer copy trading.

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Broker
Platform Choice
Copy Trading
Platforms
Tickmill
11110.54.5/ 5

 

Which broker offers a better choice of trading instruments?

A variety of CFD instruments – and a large range of CFDs for each instrument category allow traders more opportunities for profitable trading. The best brokers will have thousands of CFDs to trade, covering all these instrument categories. We found that FP Markets offers a greater range and depth of instruments to trade than Tickmill. FP Markets offers 70 Forex pairs to trade and Tickmill offers 62 Forex pairs to trade.

Toplist Forex Pairs

And what about Cryptocurrencies?

In this case, FP Markets offers 11 cryptocurrencies while Tickmill offers 8 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with FP Markets.

Which broker offers better deposit and withdrawal processes?

Although brokers may have reasonable trading fees, many traders are caught out by the high non-trading fees charged by some brokers, including deposits and withdrawals. Traders want to be able to deposit and withdraw funds quickly and cheaply. Most brokers have multiple funding methods with zero fees for making deposits, but some brokers make it more expensive and take longer to process withdrawals. 

We rate brokers more highly that process withdrawals within 24 hours by multiple withdrawal methods and without charging processing fees. We found that FP Markets charges a withdrawal fee and Tickmill does not. Overall, Tickmill has better deposit and withdrawal processes than FP Markets. 

Which broker offers better educational support?

We often find that brokers offer very little in the way of educational materials, forcing traders to use other third-party sites or self-educate elsewhere. Beginner traders need well-structured, well-presented materials in multiple formats to get a good start at trading. More experienced traders also benefit from webinars led by experts in the field and advanced trading strategy sections with new trading ideas. 

Tickmill has better educational support than FP Markets. Both FP Markets and Tickmill offer educational support for more experienced traders.

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
Tickmill
High
FP Markets
Medium

 

Which broker offers better market analysis materials?

To successfully predict the price movements of an instrument, traders will need access to frequent market research and analysis. We find that research and market analysis are always better when they are produced in-house and updated frequently. Third-party resources don’t show the same expertise in trading ideas, so we place a strong emphasis on frequent in-house updates. Some brokers also often offer interactive webinars where traders can learn from experts in the field. 

We found that Tickmill offers better research analysis than FP Markets and that both FP Markets and Tickmill offer frequent webinars.

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
Tickmill
FP Markets

 

Our overall Verdict on Tickmill

A trustworthy broker with MT4 and MT5 support and one of the lowest-cost trading accounts in the industry, Tickmill provides a perfect trading environment for serious beginners and more experienced traders. However, traders from Nigeria will be onboarded through Tickmill’s Seychelles-based entity, which provides less protection than regulators in the EU or Australia.

With two account types on offer, the Raw has market-leading trading conditions, leaving the fixed-fee Classic Account feeling out of place. The Raw account has a spread from 0 pips on the EUR/USD, a 100 USD minimum deposit, and a commission of 6 USD (round turn) per 1 lot traded. The commission-free Classic Account, also with a 100 USD minimum deposit, has a spread of 1.6 pips (EUR/USD), which is higher than the industry average.

Education and market analysis are both excellent and experienced traders will appreciate the wide range of currency pairs.

Overall, while Tickmill’s standard account is more expensive than other similar brokers, the low-cost commission account makes it an excellent choice of broker for MetaTrader users looking for a new broker.

Our overall Verdict on FP Markets

FP Markets is a well-regulated Forex broker with two low-cost, low minimum deposit accounts, and a range of excellent trading tools. We were also impressed with how easy the FP Markets Trading App was to use and the quality of FP Markets' customer service.

Regarding fees, FP Markets has an “ECN pricing” model, which it claims provides “extremely competitive” costs. Unfortunately, we found that the fees on its standard trading accounts were higher than most of its ECN competitors. But FP Markets does make it easy for beginners to get started, with 100 AUD minimum deposits and unlimited demo accounts.

We are also impressed that in addition to MT4 and MT5, cTrader is also available. FP Markets is now one of a handful of brokers with such a good platform offering. 

Which broker has the highest overall rating?

Tickmill has an overall rating of 4.58 and FP Markets has an overall rating of 4.40. For more detail please read our reviews of Tickmill and FP Markets.

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