Exness vs Tickmill – which is better for day trading currencies and why?
Forex trading is a complex but profitable matter. You will need a reliable Forex broker and a well-tested profitable strategy. In today’s article, we will compare two brokers operating on the Forex scene, Exness, and Tickmill.
How to evaluate a Forex broker?
Before we start with an overview, let’s first discuss how we should evaluate a broker. For this, we will need to take into account three major categories
- Security & trustworthiness
- Spreads, fees & commissions
- Verifications and withdrawal process
Security & trustworthiness
Is it regulated by trusty authorities? Since there are many bad actors and frauds in Forex, it is most important to select a broker that is well-regulated. The more regulators a broker has, the better for your safety. Security doesn’t stop here. Because of leveraged trading, profits and losses are amplified when trading Forex pairs and other trading instruments. Sometimes it is possible to lose more than your account balance, ending up in serious trouble. To prevent this, negative balance protection must be in place from Forex brokers. Another deciding factor is that clients’ funds are saved in segregated accounts, untouchable by the broker itself. These three factors are the most important to evaluate if it’s even worth continuing broker review.
Spreads, fees & commissions
After deciding if it is secure to fund a trading account, you will need to read about spreads, commissions, and fees. There are trading strategies called scalping strategies where traders open many trades throughout the day to make many small profits. If the spread is too high, it can eat up most of the profits, making even profitable strategies lose money. To avoid this, make sure the spreads are acceptable or if the broker offers the account type where spreads are from 0. Sometimes you will need to pay little commissions for each lot when spreads are zero. Make sure to carefully read about spreads, commissions, and fees not to get yourself into trouble later.
Verifications and withdrawal process
How fast can you withdraw your funds and how convenient it is to verify your account are two important factors. If everything is in place, but it takes a headache to withdraw your money, then probably you should avoid that broker. Good brokers will enable you to withdraw your funds within a day when all documents are verified. Therefore, it is a healthy practice to verify your trading account before starting to trade. In this way, you will know in advance if there are any issues in the verification process before you need any withdrawal.
Quick Exness review
After making an overall outline of how to evaluate the Forex broker, we can continue and quickly overview the Exness broker.
Security of Exness
Regulated in seven jurisdictions, it is almost impossible to get scammed by an Exness broker. They are regulated in the British Virgin Islands, Curaçao, Cyprus, Mauritius, Seychelles, and the UK. As we have mentioned, this is only the first step in evaluating the broker. Exness has negative balance protection in place and all client’s funds are in segregated accounts. All this makes Exness a trustworthy broker with one glance. As you can see we are not going into much detail about other important factors but only the most important ones. You can check the detailed Exness review here if you want to know all the details.
Spreads & commissions of Exness
Spreads start from 0.3 pips and there are no inactivity fees. You also don’t need to pay any commission when depositing or withdrawing funds. 0.3 pips spreads will enable scalpers to make profits without worrying about high spreads.
Verification and withdrawals
The broker offers the ability to withdraw money on the same day when using the Webmoney payment service. Verification is generally done within 24 hours or shortly after submitting your documents.
Quick Tickmill Review
Security of Tickmill
Tickmill is licensed by the FCA, CySEC, FSCA, and FSA. These are one of the most reputable regulatory bodies in the industry, almost guaranteeing the trustworthiness of the broker. Tickmill also offers negative balance protection and all clients’ funds are in segregated accounts. From our terms of security, Tickmill also seems very legit. For more detailed information, see the Tickmill review by Investfox, where all details are analyzed and explained.
Spreads & commissions at Tickmill
Tickmill has account types with spreads starting from 0.0 pips, offering great value for scalpers. There are also no fees for deposits and for inactivity.
Verification and withdrawals
Tickmill offers at least three withdrawal methods to withdraw your profits within one day. There are no commissions or fees associated with withdrawals. Withdrawing your funds seems very easy and convenient with Tickmill.
Exness vs Tickmill comparison
To compare the two brokers, let’s start with security. Both brokers are regulated heavily by multiple authorities, with Exness being under oversight from more broker regulators. You can check how Exness compares to Tickmill on this website in more detail. Spreads are better for Tickmill with 0.0 pips minimum. Withdrawals are possible within a day for more withdrawal methods in the case of Tickmill. There are countless other brokers worth checking, see more Forex broker reviews here for further analyzing which one suits you best.
So, overall, Tickmill offers better value with more options to withdraw funds on the same day.