How do Tickmill and LiteForex 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.
At FxScouts, 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 LiteForex, 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 LiteForex 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 LiteForex holds no 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 and FSA-Seychelles.
Is LiteForex financially regulated?
No LiteForex is not adequately regulated.
Based on these findings, Tickmill earned a higher trust rating than LiteForex.
Does Tickmill or LiteForex 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 LiteForex.
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Does Tickmill or LiteForex 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, Tickmill offers support for MT4 and MT5 and LiteForex 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 LiteForex and Tickmill offer copy trading.
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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 Tickmill offers a greater range and depth of instruments to trade than LiteForex. Tickmill offers 62 Forex pairs to trade and LiteForex offers 56 Forex pairs to trade.
And what about Cryptocurrencies?
In this case, LiteForex offers 66 cryptocurrencies while Tickmill offers 9 cryptocurrencies. So if you want to trade cryptocurrencies, we advise trading with LiteForex.
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 neither LiteForex nor Tickmill charges a withdrawal fee. Overall, LiteForex has better deposit and withdrawal processes than Tickmill.
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 LiteForex. Both LiteForex and Tickmill offer educational support for more experienced traders.
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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 LiteForex and that both LiteForex and Tickmill offer frequent webinars.
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Our overall Verdict on Tickmill
A trustworthy broker with MT4 and MT5 support and two of the lowest-cost trading accounts in the industry, Tickmill provides a perfect trading environment for serious beginners and more experienced traders. However, although Tickmill is regulated by the South African FSCA, South African traders will be onboarded through Tickmill’s Seychelles-based entity, which offers less protection.
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.
Overall, while Tickmill’s standard account is more expensive than other similar brokers, the two low-cost commission accounts make it an excellent choice of broker for Metatrader users looking for a new broker.
Our overall Verdict on LiteForex
With excellent copy trading functionality and a range of accounts with low minimum deposits, including a micro-trading account, Liteforex appeals to beginner traders familiar with the Metatrader platforms. However, traders should note that Liteforex's trading costs are higher than other similar brokers.
LiteForex offers two live account options, both with a low minimum deposit of 50 USD, making them accessible to beginner traders. The ECN Account has tight spreads (starting at 0 pips on the EUR/USD) but this is in exchange for a commission of between 10 to 30 USD per lot traded. The Classic Accounts is commission-free, but spreads are wider than other similar brokers, starting at 1.9 pips on the EUR/USD.
In addition to the MetaTrader 4 and Metatrader 5 platforms, LiteForex also offers a user-friendly proprietary copy trading platform. The automated copy-trading system allows traders to duplicate the best trades, trade independently, share information, and communicate with their signal providers. It also offers VPS hosting at a cost of 15 USD per month in addition to free independent market news and analysis from third-party provider, Claws & Horns.
Although not the best in the industry, LiteForex's education and market analysis materials are comprehensive and regularly updated, and appeal to both beginners and more experienced traders.
Apart from the high trading costs, other drawbacks are that LiteForex charges high withdrawal fees. Additionally, its South African clients will be trading under the LiteForex subsidiary registered in Saint Vincent and the Grenadines, which provides virtually no regulatory oversight.
Which broker has the highest overall rating?
Tickmill has an overall rating of 4.58 and LiteForex has an overall rating of 3.97. For more detail please read our reviews of
Tickmill and
LiteForex.
