Tickmill Islamic Account offers swap-free trading on 2 trading account levels. Classic Swap-free and Raw Swap-free. Tickmill offers Extended Swap-free status by default to all applicable trading accounts created by clients in non-Islamic countries.
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Min Deposit: $100
Leverage: Up to 1:1000
Regulators: CySEC, FCA, FSA, FSCA
Tickmill Islamic Account Review - Key Point Quick Overview
- ☑️Overview
- ☑️Tickmill Islamic Account
- ☑️Overnight Charges
- ☑️How to open an Islamic account: Step by step
- ☑️Tickmill At a Glance
- ☑️Tickmill Customer Reviews
- ☑️Pros and Cons
- ☑️Conclusion
- ☑️Frequently Asked Questions
Overview
- Tickmill Ltd is a member of the Tickmill Group, operating under the trading name Tickmill.
- It is regulated by the Seychelles Financial Services Authority (FSA) and offers access to a wide range of CFD asset classes, catering to both retail and professional clients.
- Tickmill provides premium services, products, innovative technologies, and the best possible trading environment.
- Multiple top-tier regulators regulate brokers, including the Financial Conduct Authority (FCA) in the United Kingdom and the Cyprus Securities and Exchange Commission (CySEC).
Tickmill Islamic Account
- One of the highlights of an Islamic account is that it is a swap-free account since no swap or rollover interest is made on overnight positions, which is contrary to the Muslim faith.
- Each Muslim client who opens an account with Tickmill, regardless of whether they picked Classic or Raw, will be provided with the most favorable trading conditions, but the account will be converted to Islamic.
- Islamic accounts have precisely the same trading conditions as regular market accounts, with the exception only of the dividend payment mechanism.
| 🔎 Account | Tickmill Islamic Account |
| 💵 Available base currencies | USD, EUR, GBP, ZAR |
| 🔃 Execution model | NDD |
| 🔁 Execution type | Market Execution |
| 🔀 Execution Speed | 0.20 seconds |
| ⛔️ Margin Call / Stop-out | 100% / 30% |
| 📝Sign up | 👉Open Account |
Overnight Charges
- When a position is held open for more than three consecutive trading days (including weekends), an Islamic account is subject to daily charges.
Example of Islamic Account Overnight Charges
- If a position on, for example, the EURCZK currency pair is opened on a Day, no fees will apply for the first three nights following the opening of a position.
- Daily charges will only start on the fourth night at 00:00 and continue every night until the position is closed.
- The above-mentioned charges are in USD but will automatically be converted to the account’s base currency if this is different.
How to open an Islamic account: Step by step
To open an Islamic account with Tickmill, South Africans can follow these steps: [video width="1920" height="1080" mp4="/storage/images/2024/07/How-to-Tickmill.mp4"][/video]
Step 1: Start by going to the Tickmill Website
- Find the "Open an Account" link, which is usually located on the front page.
Step 2: Select Account Types
- Choose your preferred account type.
Step 3: Fill in Personal Details
- When you click on it, you will be taken to a new page where you must enter your personal information. This information includes your full name and date of birth.
Step 4: Personal Details
- You will be prompted for more information regarding your Country, select a product, and click on Privacy Policy.
Step 5: Fill in your details
- Fill in your phone number and email address.
Step 6: Verify your email
- Go click on the email verification you received in your email.
- The identification and address verification process, a common regulatory requirement to stop fraud and money laundering, will then be guided.
- You must upload copies of your identification, like a driver's license or passport, and a current utility bill or bank statement with your complete name and address in plain sight.
- After Tickmill correctly validates your documents, your account will be activated, enabling you to fund it and begin trading.
Step 7 - Clients will be required to provide proof of identity.
- The identification and address verification process, a common regulatory requirement to stop fraud and money laundering, will then be guided.
- You must upload copies of your identification, like a driver's license or passport, and a current utility bill or bank statement with your complete name and address in plain sight.
- After Tickmill correctly validates your documents, your account will be activated, enabling you to fund it and begin trading.
- Once all steps have been successfully completed, request an Islamic account status from Tickmill's Client Support team Wait for an email confirmation that the status has been set up.
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| 8 |  | Read Review | ASIC, CySEC, FSCA, FSA, FSC, CMA | $100 | Visit Now |
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Tickmill At a Glance
| 📌Broker |  |
| 📍 Headquartered | Seychelles and United Kingdom |
| 📅 Year Founded | 2014 |
| ⚖️ Regulating Authorities | CySEC, FCA, FSA, FSCA, Labuan FSA |
| 🌐 Countries not accepted for trade | Not indicated |
| ☪️ Islamic account (swap-free) | Yes |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | Yes |
| 📊 Managed Accounts | Yes |
| 📈 Maximum Leverage | 1:500 |
| 💰 Minimum Deposit | $100 |
| 💳 Deposit Options | Visa/Master Card, Skrill, Neteller, SticPay, Bank Wire Transfer |
| 💳 Withdrawal Options | Visa/Master Card, Skrill, Neteller, SticPay, Bank Wire Transfer |
| 💻 Platform Types | MetaTrader 4, proprietary WebTrader |
| 📱 OS Compatibility | Mac, Windows, Linux, Web, Mobile Android, iPhone, iPad. |
| 📈 Tradable assets offered | 62 Currency pairs, CFDs on 2 Metals, 14 Stock Indices, 3 Commodities and 4 Bonds |
| 👨💼 Languages supported on Website | English, German, Indonesian, Chinese, Russian, Spanish, Arabic, Polish, Italian, Melayu, Tiếng Việt and Portuguese |
| 👥 Customer Support Languages | English, German, Indonesian, Chinese, Russian, Spanish, Arabic, Polish, Italian, Melayu, Tiếng Việt and Portuguese |
| 📆 Customer Service Hours | 24/5 |
| 📝Sign up | 👉Open Account |
Tickmill Customer Reviews
- When compared to other brokers in the market, Tickmill maintains a consistently more positive reputation among clients.
- This includes the numerous customer comments about the tightest spreads, the least expensive transactions, and speedy execution.
- Another favorite of clients is their charge structure, which they see as clear, choosing among Classic accounts without commissions from which they can invest as traders, versus the unbeatable spreads on their Pro account.
| Category | Feedback |
| 🌟 Spreads and Costs | Competitive spreads and low trading costs make Tickmill a favorite. |
| ⚡ Execution Speed | Fast trade execution earns praise from many users. |
| 💻 Platform Usability | User-friendly interface appreciated by both beginners and pros. |
| 🛠️ Trading Tools | Robust tools cater to diverse trading strategies. |
| 📚 Educational Resources | Limited educational materials leave some traders wanting more. |
| 🕒 Customer Support | Reliable support but occasional delays in response time. |
| 🏦 Account Types | Multiple account types tailored to varying trading needs. |
Customers Ratings
| 🌐 Platform | 📝 Feedback Summary | ⭐ Rating |
 | Generally positive reviews users commend the platform's speed, stability, competitive spreads, and efficient customer service. | ⭐⭐⭐⭐⭐ |
 | Mixed feedback some users report quick withdrawals and competitive fees, while others raise concerns about spread manipulation and account issues. | ⭐⭐⭐☆☆ |
 | Tickmill has a mixed reputation among its clients. Some reviewers praise the company's efficient customer support, competitive spreads, and user-friendly trading platform. However, others have expressed dissatisfaction with high fees, poor execution, and difficulty in withdrawing funds. | ⭐⭐⭐☆☆ |
 | 2,000 reviews, with many clients praising its competitive spreads, reliable trading conditions, and responsive customer support. | ⭐⭐⭐⭐⭐ |
 | Some users have praised the broker's trading conditions, customer support, and overall service. However, others have complained about withdrawal issues, high fees, and poor communication. | ⭐⭐⭐☆☆ |
 | Reviewers praise the company's competitive spreads, responsive customer support, and user-friendly trading platforms. However, some reviewers have criticized the company's fees, execution issues, and difficulties in withdrawing funds. | ⭐⭐⭐☆☆ |
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Min Deposit: $100
Leverage: Up to 1:1000
Regulators: CySEC, FCA, FSA, FSCA
Pros and Cons
| ✅Pros | ❌Cons |
| Low spreads for active traders | Limited asset selection |
| Multi-jurisdiction regulation | No cryptocurrencies |
| Excellent education and research data | No US clients |
Conclusion
Tickmill has an asset in the form of Islamic accounts that are coveted by investors who prefer investing in the commodity sector according to Sharia law. As such, they do cut out the intermediation service, and this implies they do not have to incur swap fees, which are daily interest expenses. Consequently, all stock trades are charged a fee to cover serving investors whose shares have extended the usual 3-day holding period.
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Frequently Asked Questions
Can Muslim traders from South Africa open a Tickmill Islamic account?
Yes, South African Muslim traders can open a Tickmill Islamic account
What is a Tickmill Islamic trading account?
A Tickmill Islamic trading account is based on Islamic principles/Sharia law, which states that interest does not apply to positions held open for longer than a single trading day.
Is the Islamic option available on all the Tickmill account types?
Yes, any of the Tickmill account types can be converted to an Islamic account
What charges are applied by Tickmill on Islamic accounts?
Should an open position be held for more than three consecutive trading days (including weekends), your Tickmill Islamic account will be subject to daily charges.
What are the deposit currencies for a Tickmill Islamic trading account?
The deposit currencies for a Tickmill Islamic trading account are USD, EUR, GBP, and PLN.
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