Tickcopy – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Tickcopy - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://tickcopy.com
Founded: 2023
Regulations: Not Regulated
Languages: English, Chinese
Deposit Methods: Cryptocurrencies
Minimum Deposit: $500
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, Stocks, Indices, Crypto, Commodities
Trading Accounts and Conditions
Tickcopy offers their clients 3 types of trading accounts:
- Standard Account: The minimum deposit is $500. Minimum trade size is 0.01 lot, the leverage is up to 1:100, and spreads start from 1.6 pips. There is no commission charged on trades.
- ECN Account: The minimum deposit is $1,000. Minimum trade size is 0.01 lot, the leverage is up to 1:500, and spreads start from 0.0 pips. There is a commission of US$1.9 per side per 100,000 traded.
- VIP Account: The minimum deposit is $30,000. Minimum trade size is 0.01 lot, the leverage is up to 1:100, and spreads start from 0.0 pips. There is a commission of US$1.8 per side per 100,000 traded.
Tickcopy – Advantages
The one big advantage that Tickcopy has is that they offer their clients the use of the MetaTrader 4 trading software. The MT4 software is the world’s second most popular trading platform, only recently being overtaken by its successor, the MT5 platform.
The MT4 platform is beautifully design, easy enough to use so that even beginners will not struggle to use that platform, and leaded with so many extra tools and functionalities that even the most exacting pro trader will enjoy using this software to trade with.
Tickcopy offers both a demo account for traders to test their trading conditions as well as the main, live platform where traders can use their funds to for live trades.
Tickcopy – Disadvantages
Even though Tickcopy has the MT4 platform on offer, we would still not recommend this broker to any trader. Here are all the reasons why:
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Lack of Regulation
The first and foremost sign of a scam is a broker’s lack of regulation. A legitimate broker will operate with all the necessary permissions, authorizations, and licenses in place. These brokers also give all their corporate details clearly on their website.
With scammers, their corporate details are either incomplete or simply missing, and they do not have any form of regulation. Just like Tickcopy.
This broker claims to be run by the Tickcopy Group of companies, which is regulated by the Australian Securities and Investments Commission (ASIC). The broker also gives us a licensed company number.
Verifying this claim was a simple matter; we simply had to check the ASIC’s online register for that information. We found out that there is no company or broker by the name of Tickcopy registered with the ASIC. This means that this broker has lied about being regulated by this authority.
Next, in their client agreement, Tickcopy claims to be based in St. Vincent and the Grenadines quite far away from the Singapore address they have given in their claims of being regulated by the ASIC). This country’s Financial Services Authority has clearly announced on their website that they do not regulate or oversee forex brokers (or binary options brokers, for that matter). Therefore, being based in SVG still leaves them unregulated.
All of this information that we have gathered clearly tells us that we are dealing with a scammer that is unregulated and most probably anonymously operating.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Issues with Trading Conditions
While the trading platform Tickcopy offers may not raise any red flags, their trading conditions certainly do. Besides the trading platform, a broker’s trading conditions are a key service that decides whether a trader will trade with them or not.
The minimum deposit requirement with Tickcopy is $500, which is remarkably high. On average, forex brokers invite traders to open accounts with them with a minimum deposit requirement of $100 to $250. So, this broker’s requirement is twice the industry maximum. Added to this, there are so many more brokers with excellent reputations with whom traders can open accounts with as little as $10.
The spreads are within industry averages, but the commissions for the two higher-end accounts are rather high.
And the maximum leverage of 1:500 is much too high. In Australia, which this broker claims to be regulated, the maximum leverage a broker can legally offer is 1:30. So, Tickcopy offering a leverage of 1:500 clearly reveals this broker’s scam – they are offering a leverage that is illegal!
Other trading conditions are also not clearly outlined. Thus, we can tell – just be studying this broker’s trading conditions – that Tickcopy is a scammer.
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Issues with Payments
Another red flag that tells us that Tickcopy cannot be trusted is the contradictory information they provide about their payment methods.
On their website, this broker claims that they offer the following payment options: Bank Transfers, Cryptocurrencies and UnionPay. However, when we checked the deposit menu, we found out that the only way that you can actually make payments is via cryptocurrencies.
This is a big tell that Tickcopy is not a safe broker. Scammers opt for cryptocurrency payments because these transactions are anonymous and irreversible. So, once the trader has deposited their money with the scammer, there is no way for that trader to get their money back – or even trace it.
This is why we recommend that the first time a trader deals with a broker, they should use trusted methods of payments, such as credit cards. With credit cards, if you get scammed, then you can actually apply for a chargeback.
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Issues with Withdrawal Policy
We also have problems with the fact that this broker has not mentioned their withdrawal policy. All we are told is that there is a 3% fee on all withdrawals. We do not know if there is a minimum withdrawal limit or even what the conditions for withdrawal are. This lack of information is another sign of this broker’s scam.
Conclusion
Tickopy is not a broker that is safe by any standard. They are a scam operation and best avoided.
Tickcopy
Pros
- None
Cons
- Lack of Regulation
- Poor Trading Software
- Issues with Trading Conditions
- Issues with Payments
- Issues with Withdrawal Policy
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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