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Account types, Deposits, And Withdrawals

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Intro – What is Tickmill?

Most founders, executives, or team leaders will tell you that caring about clients is the most crucial thing every business should focus on. In this article, we’ll have a quick look at Tickmill: a multi-regulated and multi-asset broker that does care about its clients.

The company was founded in 2014, and ever since, it has had an exciting journey. In July 2021, Tickmill launched CFDs on Bitcoin, Ethereum, and Litecoin. For a full list of Tickmill’s Crypto CFD offerings, click here.

“At Tickmill, clients are offered a safe trading environment, competitive conditions, and access to innovative platforms. But we are much more than that. We are close to our clients, value their loyalty and their trust, and do everything possible to empower and support them.”

Carla Nemr, Chief Business Development Officer 

For CFDs, Tickmill Ltd. Seychelles provides a total of 199 tradeable symbols, which is a pretty remarkable number. Trading cryptocurrencies and other instruments is offered through CFDs but not through buying the underlying asset (for example, buying Ethereum or Bitcoin). 

One of the most recent awards Tickmill won was at the Ultimate Fintech Awards for the best Forex spreads in 2022! You can review the long list of awards the broker has won here. 

Based on our research, Tickmill pays lots of attention to allowing its users to manage their funds easily for both deposits and withdrawals, which is something every trader likes to see. Tickmill’s mobile app is specially designed so that traders can create accounts, deposit, withdraw, transfer, and monitor their funds on the go. 

You can find more about Tickmill’s mobile app here.

Now, let’s review some of the most frequently asked questions about Tickmill.

FAQs about Tickmill

Tickmill offers four types of accounts:

  • Demo account: allows users to trade with virtual funds utterly free of charge
  • Pro Account: Minimum deposit of $100, spread from 0.0 pips, and leverage up to 500x
  • Classic Account: Minimum deposit of $100, spread from 1.6 pips, and leverage up to 500x
  • VIP Account: Minimum balance of $50,000, spread from 0.0 pips, and leverage up to 500x

Which one is the best depend purely on your experience as a trader; for newbies, the classic and pro accounts are probably the best, while for professional traders, the VIP account sounds attractive.

Yes, Tickmill is a completely safe and legit broker. To comply with anti-money laundering laws, clients must undergo the KYC verification process.

Even more importantly, the broker has been around since 2014, and to have that type of longevity in the CFD market speaks for itself.

“We take pride in the fact that Tickmill provides a safe, secure, and reliable environment for traders to achieve their trading goals. Our CFD Crypto asset class offers superb trading conditions with ultra-low spreads, zero commissions, competitive leverage up to 1:200, and zero swaps that enable traders to keep their positions open for as long as they want at no extra cost. In addition, our state-of-the-art platforms, powerful trading tools, and multilingual support ensure that our clients enjoy a seamless and superior trading experience at all times.” 

Sudhanshu Agarwal, 

Executive Director of Tickmill Ltd 

If you want to start your Tickmill journey, there are 3 simple steps:

  • Register
  • Upload your documents to complete the registration process
  • Open a trading account, make a deposit to your Tickmill wallet, transfer funds to your live trading account and download the trading platform of your choice to start trading.

Create an account on Tickmill NOW

Tickmill Ltd Seychelles offers various asset classes: FX, Stocks, Indices, Cryptocurrencies, Commodities, and Bonds.

$100 is the required minimum deposit for pro and classic accounts. The minimum balance requirement to access the VIP account is $50,000. Learn more about Tickmill’s account types here.

Find out more about account types here.

Unfortunately, no, US citizens are not allowed to trade with Tickmill. However, Tickmill Ltd. Seychelles is regulated by the FSA Seychelles (Seychelles Financial Services Authority) and is available in 70 countries.

Tickmill Group Licenses include the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), the Seychelles Financial Services Authority (FSA), the Labuan Financial Services Authority (Labuan FSA), and the Financial Sector Conduct Authority (FSCA) in South Africa.

Tickmill supports Bank Transfer, Crypto Payments, Visa /Mastercard, Skrill, Neteller, SticPay, FasaPay, UnionPay, and WebMoney, although some options are only available to residents of certain countries. Click here for a detailed list.

Deposits and withdrawals are free of charge.

If you want to withdraw from Tickmill, the process is pretty straightforward:

  • Make sure you are logged in
  • Select “withdraw” from your client area and fill out the necessary withdrawal form
  • In 1 business day, the withdrawal will be completed

Learn more about Tickmill’s deposits and withdrawals here

  • Expand its product offering, especially its CFD Stocks asset class, to reach 500 stocks
  • Continuously improve its exceptional trading conditions such as better trade execution and even lower spreads to remaining an industry-leading broker
  • Launch its CPA affiliate program
  • Introduce new trading tools and platforms
  • Expand its proprietary technology

Community and social media accounts:

Facebook | Instagram | Twitter | Telegram

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.





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US Treasury Sanctions Hit Russian Arms Dealer’s Crypto Wallets

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The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed full blocking sanctions on 22 individuals and entities across several countries, including Russia and Cyprus, as part of its sanctions evasion network that supports Russia’s military-industrial complex.

The sanctions were imposed under Executive Order 14024 and are part of the U.S.’s strategy to target sanctions evasion globally, close key channels, and limit Russia’s access to revenue for its war in Ukraine.

US Treasury Goes After Russian Arms Dealer’s Cryptos

The U.S. Treasury’s sanctions were imposed by the Russian Elites, Proxies, and Oligarchs (REPO) Task Force, a multilateral effort to identify, freeze, and seize assets of sanctioned Russians worldwide. This task force leverages information from international REPO partners and key data from Treasury’s Financial Crimes Enforcement Network (FinCEN) to share information, track Russian assets, and sever Russian proxies from the international financial system.

The REPO Task Force aims to maximize the impact of multilateral sanctions while preventing opportunities for Russia to evade or circumvent U.S. and partner sanctions.

The primary target of the sanctions is a Russian sanctions evasion network led by Russia and Cyprus-based arms dealer Igor Zimenkov and his son Jonatan Zimenkov. The Zimenkov network has been involved in projects related to Russia’s defense capabilities, including supplying a Russian company with high-tech devices after Russia’s full-scale invasion of Ukraine. They have also supported sanctioned state-owned Russian defense entities, Rosoboroneksport OAO and State Corporation Rostec, which are critical components of Russia’s military-industrial complex.

Igor and Jonatan Zimenkov have worked closely together to enable Russian defense sales to third-party governments and have engaged directly with Rosoboroneksport’s potential clients to facilitate sales of Russian defense material. Igor Zimenkov has also supported the Belarusian military-industrial complex by enabling the sales efforts of State Owned Foreign Trade Unitary Enterprise Belspetsvneshtechnika in Latin America.

Today, Igor Zimenkov was designated for operating in the defense and related materiel sector of the Russian Federation economy, while Jonatan Zimenkov was designated for having materially assisted, sponsored, or provided financial, material, or technological support for Igor Zimenkov, Rosoboroneksport, and other sanctioned entities.

The Zimenkov network used front companies to funnel money and maintain a lawful appearance. Singapore-based Zimenkov network shell company Asia Trading & Construction PTE Limited and its director, Serena Bee Lin Ng, have sold helicopters to clients in Africa on behalf of the Zimenkov network. Additionally, Cyprus-based Zimenkov network shell company Lobster Management Limited and its director, Mikhail Petrov, have facilitated sanctions evasion by providing support to sanctioned entities.

The Treasury’s OFAC continues to work with its international partners to coordinate information sharing and enforcement and to travel the world in pursuit of sanctions evasion. The sanctions imposed today are a clear signal to Russia and its military-industrial complex that the U.S. and its partners are committed to tightening sanctions enforcement and preventing the evasion of international sanctions.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



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Digital Wallet Growth Will Enable More Closed-Loop Transactions

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Crypto and fintech investment firm Ark Invest has made bold predictions about digital wallets, estimating that more than half the world will soon be using at least one.

In its Jan. 31 ‘Big Ideas 2023’ research report, Ark Invest revealed that digital wallet global population penetration is currently 40%. This equates to around 3.2 billion users, the firm added.

However, the research suggests that the number of online wallet users will increase at an annual rate of 8%. The firm predicted that this will result in a global population penetration of 65% by 2030:

“Having onboarded billions of consumers and millions of merchants, digital wallets could transform the economics associated with traditional payment transactions, saving them nearly $50 billion in costs.”

It also noted that digital wallets were gaining market share in online and offline transactions. Cash is definitely in decline, accelerated by government initiatives to go digital, as recently seen in Nigeria.


Payment method trends - Ark Invest
Payment method trends – Ark Invest

Digital Wallet Growth to Continue

Ark reported that digital wallets were scaling faster than accounts at traditional financial institutions. Furthermore, U.S. digital wallet adoption rebounded in 2022, surpassing previous highs following a COVID-induced dip.

The firm estimates that U.S. digital wallet users will increase by 7% annually during the next eight years. This will be a growth of around 160 million in 2022 to more than 260 million by the end of the decade.

Digital wallet user growth - Ark Invest
Digital wallet user growth – Ark Invest

Furthermore, online wallets are enabling “closed-loop” ecosystems. This is where consumers and merchants can transact directly, cutting out the middleman. 

“Digital wallets are onboarding millions of merchants to platforms that enable direct consumer-merchant transactions that disintermediate traditional financial institutions,” it noted.

In this closed-loop environment, wallet providers capture more value per transaction, enabling savings to be shared with merchants and consumers.

Open and Closed Lopp transactions - Ark Invest
Open and Closed Lopp transactions – Ark Invest

Additionally, Ark noted that closed-loop transactions could boost the margin structure of wallet providers.

It used Block Inc. (formerly Square) as an example, stating that it paid around 60% of customer transaction fees to third parties in 2022. The fees were paid for interchange, assessment, processing, and bank settlement fees. Block’s net take rate could more than double if customers transacted directly with merchants.

Block Inc. fee structure - Ark Invest
Block Inc. fee structure – Ark Invest

Closed Loop Transactions Could Top 50%

Finally, Ark predicted that these closed-loop transactions could account for over 50% of digital payments by 2030.

It used China as an example where wallets and merchants are largely internal or domestic only.

Closed loop cost savings - Ark Invest
Closed loop cost savings – Ark Invest

In conclusion, digital wallet growth is set to continue. Cutting out the intermediary which they facilitate is beneficial to both the consumer and merchant.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



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Strike Launches Lightning Remittances in the Philippines

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Bitcoin fintech giant Strike rolled out its Lightning Network money transfer service Send Globally in the Philippines, a $35 billion remittance market.

Send Globally launched in the Southeast Asian country on Jan. 31, 2023, enabling businesses and tourists to receive international money transfers in the Philippine peso. The country receives $35 billion in remittances globally.

How Strike’s Send Globally Service Works

“Remittances are a broken system and Strike delivers an incredibly empowering experience for people to send money around the world in nearly an instant,” Strike CEO Jack Mallers said.

According to a press release, Strike’s remittance service converts a sender’s fiat into Bitcoin and sends the Bitcoin to a Strike partner in the destination country using the Lightning Network, which in the case of the Philippines, is Pouch.ph. Pouch.ph then converts the Bitcoin to the recipient’s fiat currency and credits their bank or mobile money account, with Strike shielding both parties from the tax implications of handling Bitcoin directly.

Bitcoin’s Lightning Network is a layer-two solution on the Bitcoin blockchain that allows micropayments between nodes over a payment channel. Unlike traditional payment networks, Lightning’s low fees enable almost zero-cost remittances.

Recently, Mallers announced a trial to bring Bitcoin Lightning Network payments to retailers through a partnership with Fiserv’s point-of-sale solution Clover Commerce. The trial allows any application with Lightning capability to pay Bitcoin for goods and services at Clover merchants.

Philippine Smartphone and Internet Adoption Auger Well for Strike

Send Globally rolled out to Strike users in Ghana, Nigeria, and Kenya on Dec. 6, 2022, where it has reportedly gained rapid traction.

However, mainstream adoption in the Philippines will depend heavily on network effects, driven by smartphone and internet penetration.

According to Statista, the number of smartphone users will increase from 85 million in 2022 to 87 million by 2023. Additionally, forecasts suggest smartphone users will increase to 91.5 million in 2025, representing roughly 83% of the island nation’s population.

Smartphone Adoption in the Philippines
Smartphone Adoption in the Philippines | Source: Statista

Additionally, Statista predicts that about three-quarters of the population will have internet access by the end of 2023. Growing internet access increases the chance of Strike’s success, since it helped drive adoption of crypto game Axie Infinity.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



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