Tickmill claims to put customers' interests first, do they also offer Islamic accounts for Muslim traders？

Today, developments in the Internet and technology have made online transactions possible。Financial markets are now open to anyone interested, regardless of their country of origin, gender or occupation.。Today, millions of active traders from around the world, from completely amateur retail traders to billionaire experts, have varying levels of expertise.。

However, the default settings for regular forex trading accounts may not always work for everyone。Such accounts are prohibited for Muslim merchants who abide by Sharia law because it charges interest, which is considered Riba.。With this in mind, some brokerages have proposed solutions that offer special Islamic accounts (also known as swap-free accounts), which are specifically designed to follow Sharia law.。Tickmill is one of the brokers offering Islamic accounts, let's learn everything about it in this guide。

Learn about the Tickmill Islamic account

Tickmill has been a fairly popular broker since 2014 and offers a range of significant advantages, including a wide range of tools, competitive fees and fast order execution.。At Tickmill, there are three types of accounts, namely Classic, Professional and VIP。Each account type has specific requirements and advantages, you can choose according to your trading needs。

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Tickmill is an award-winning global ECN broker licensed and regulated by the Financial Conduct Authority (FCA), Cyprus CySEC and the Seychelles FSA。Founded in 2014, the company offers a variety of trading services to retail and institutional clients with a focus on foreign exchange, equities, commodities, CFDs and metals.。

For traders who prioritize spread value in broker selection, Tickmill offers premium services with low spreads, from 0.From 0 o'clock。

The London-based company's mission is to provide clients with the best possible trading environment so that they can focus on trading and become successful traders, such as offering 0.15 seconds of quick execution。With this setup, Tickmill gets CFI.Best Forex Executive Broker Award 2019 from co Awards。In addition, Tickmill has been awarded "Best CFD Broker in Asia 2019" by International Business Magazine, "Best Forex Broker in Asia" by Forex Awards and "Most Transparent Broker in 2019."。

After registering with Tickmill, traders can choose the most desirable asset among the 60 currency pairs available for trading。If the trader is not yet sure whether to open a real account, Tickmill recommends learning to trade through a demo account。

There are also educational features such as webinars, seminars, e-books and video tutorials。Traders can use all these facilities to increase their knowledge about trading and the financial markets in general。If traders already have enough knowledge, they have a greater chance of consistently earning profits。

For traders who sign up for a real account, they can choose to offer three types of accounts, including professional accounts, classic accounts and VIP accounts。Traders can take 0.01 minimum order opening。This applies to all types of accounts。

The company offers advice to traders who are still confused when choosing an account。For example, for novice traders, Tickmill encourages customers to opt for classic accounts。It provides the best conditions for fast order execution while enabling traders to use almost any trading strategy。In addition, the account does not charge a trading commission, so the trader only pays the buy / sell spread。In addition to the above three main accounts, Tickmill also offers Islamic accounts (free of overnight interest).。

At Tickmill, however, traders can only use MetaTrader 4 as their trading platform.。Although not much compared to other brokers, the Tickmill platform provides a user-friendly and highly customizable interface with sophisticated order management tools to help traders control positions quickly and effectively。

One-click EA integrated on MT4 enhances the convenience of Tickmill trading。Traders will automatically receive stop loss and take profit calculations; most importantly, Tickmill provides VPS hosting for automatic traders who do not need to worry about technical issues such as Internet connection。

They offer a variety of third-party research solutions, including Autochartist, a popular pattern recognition software that uses automated technical analysis to make predictions and generate trading signals.。Autochartist is available in the portal of Tickmill and as a platform plug-in for MetaTrader 4。

As a Tickmill customer, traders can deposit and withdraw money using multiple payment methods including Visa, Mastercard, Bank Transfer and Skrill。Tickmill accepts deposits and withdrawals in 4 currencies, including USD, EUR, GBP and Polish Zloty。

Overall, Tickmill is a competitive spread broker and offers a safe trading environment with its regulated entities located in three different jurisdictions.。Although the trading platform is not great, the analytical tools they provide to meet the needs of traders meet the standards of retail brokers。

In addition to this, Tickmill should also request an Islamic account.。Essentially, Islamic accounts have exactly the same trading conditions as regular trading accounts。The only difference is that the trading instrument does not charge overnight swaps or interest.。To compensate for this, brokers will charge an overnight fee for any open position more than three consecutive nights, which can be a huge advantage for Muslim traders looking to eliminate swaps based on their religious beliefs。

How to Convert a Regular Trading Account to an Islamic Account

It is important to understand that Tickmill does not offer Islamic accounts as a separate account type.。It is a special type and is only available to certain customers on request。This means you need to open a regular trading account before you can convert it to an Islamic account。Complete steps are as follows:

1. Create a real trading account, which can be a classic, professional or VIP account。
   Then, log in using your account credentials。
   Contact customer service and request to convert account to Islamic type。
   The support team will process the state transition request within 1 business day。
   You will receive a confirmation email stating that your account is fully set up。Please note that all subsequent trading accounts will be automatically converted to Islamic accounts upon your request, so there is no need to contact customer service again。

It is worth mentioning that Islamic accounts are only available to Muslim customers.。You can send a request at any time, but you need to make sure you qualify for the request。In this case, the company may need to provide sufficient reasons to prove the necessity of your conversion。You will be notified by email whether your request has been accepted。

Also, keep in mind that once the account is converted to an Islamic account, you will no longer be able to profit from the swap and / or claim the swap amount lost as a result of the conversion。

Overnight Fee

In exchange for swaps, Tickmill charges an additional overnight fee for positions held for more than three consecutive nights (including weekends).。In other words, the fee applies to the fourth night and every night thereafter until the position is closed.。In addition, the cost depends on the tools you use, from 0.$01 to $50。You can see the list of details on the broker's website。

Please note that all fees are in US dollars or equivalent base currency。The fee per lot is fixed regardless of the position type and is applied as a separate balance operation at 00: 00 server time to MT4 and MT5 no overnight interest accounts。

Conclusion

In short, Tickmill is one of the few brokers that offers solutions to ensure that Muslim traders can gain the same advantages as other traders while still adhering to their religious beliefs.。With Islamic accounts, customers can easily trade without worrying about swaps or trading interest。Keep in mind that brokers charge overnight fees for positions held for more than three consecutive nights, not swap fees。But other than that, there's not much difference between an Islamic account and a regular trading account.。

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Tickmill It is Tickmill Ltd.The company provides trading services through quality products and innovative technologies.。Superior trading conditions, ultra-fast execution, security of client funds and dedicated support are at the forefront of the services it offers。