If you’re a trader looking for a broker with a wide variety of tools to trade, XM Group is the better option out of these brokers. If you want a broker with ECN support, Tickmill happens to be more appropriate. Generally, XM Group and Tickmill are considered to be equally reliable. Let’s check this XM and TickMill review:
Table of Contents
Who are they regulated by?
XM Group is administered by IFSC, CySEC, and ASIC, each of which provides an individual safety approach. As the Financial Conduct Authority is one of the most powerful regulators in the world, Tickmill has to follow strict regulations to ensure they keep their retail trader customers well-secured.
How long have they been on the trading market?
If a broker has been on the market for a long period of time, they’re more likely to be trustworthy. In this context, a broker is supposed to have good risk management processes that prevent them from being caught out by the main financial processes. XM Group has been on the market for more than 10 years, while Tickmill has been around for 6 years.
Do they keep your funds in a separate bank account?
You surely don’t want your broker to pay their staff out of the same bank account that you’re depositing your trading finances into. Sadly, all regulated brokers tend to use segregated bank accounts to keep your funds. Both XM Group and Tickmill brokers hold your money in a separate bank account.
Do they cooperate with “tier-1” banks like Barclays, Goldman Sachs or HSBC?
Most tier-1 banks like Barclays and HSBC have long history of managing trillions of dollars of assets and improving their financial services through new technologies. Both XM Group and Tickmill use these tier one banks, which makes you feel safe about your funds.
How good is their homepage?
Although it is not always the case, the number of traders can be a reasonable metric for understanding the brokers’ reputation. XM Group is more popular than Trickmill due to its army of more than 700,000 traders.
Are they publicly listed?
Companies that are publicly represented on a stock exchange are considered more reputable as they tend to hide their financials and specificity of their market operations, from the public. Both XM Group and Tickmill are private companies, which limited public listing.
Are the equipped with the features you need?
Both FxPro and Tickmill brokers are reputable enough to provide traders with high-level market performance. This aspect can be split into three categories:
- Services and tools;
- Platforms and account types;
- Trading characteristics, risk management measures, and funding methods.
What are their services?
If you want to trade currency pairs, both XM Group and Tickmill offer forex trading options. XM Group has a slightly larger range of currency pairs with 55 pairs, compared to those provided by Tickmill. If you’re planning to trade commodities such as gold, silver or oil, XM Group turns out to be a better fit because Tickmill does not provide commodity trading.
What are their platforms & account types?
If you trade forex, there’s a great opportunity you might want a broker that provides the popular MT4 trading platform. If that’s the case, both XM Group and Tickmill are able to provide that option. XM Group also provides the new and improved MT5 platform. Apart from the platform, you’ll also make sure that your broker offers the account type best suited to your requirements. At the same time, Tickmill offers a mini account, standard account, and VIP account.
What are their trading characteristics?
If you have a particular trading style such as scalping, hedging, or applying EAs, you’ll choose a broker that makes it possible. XM Group does allow scalping and hedging, while Tickmill does not make any exception here. At the same time, you can trade with EAs on both XM Group and Tickmill.
When it comes to risk management, XM Group does enable negative balance protection to minimize the impact of your deposit on your broker. Tickmill doesn’t provide this option. XM Group also offers stop losses, limited orders, and price alerts to make it possible for you to automate aspects of your trading approach. Both XM Group and Tickmill accept Neteller as a financial method.
The Final Verdict: XM Group or Tickmill?
Forex-up does not have bad brokers, although all of them have some pluses and minuses. Objectively, Tickmill can be viewed as a more reliable option, considering the above-mentioned criteria. XM Group has a wider range of tools to operate with. XM Group provides lower spreads on the major forex instruments such as EUR/USD.
Both brokers have demo accounts, allowing you to get some practice on their platforms before the actual registration. You can test drive their demos by following these links:
- Try XM Group’s demo account
- Try Tickmill’s demo account
- Try AvaTrade’s demo account
Generally, if you’re really not sure what broker to choose, feel free to conduct thorough research on the Internet. In the end, you will find what you need.