Key Insights
- Tickmill launched a new offering allowing clients to earn interest on cash balances in their trading accounts.
- Eligible clients can earn up to 3.5% annual interest on idle funds in USD, EUR, and GBP wallets, with daily accrual and monthly payouts.
- The interest rate product aims to add value for clients and keep Tickmill competitive amid volatile markets and rising rates.
LONDON (MarketsXplora) – Retail forex and CFD broker Tickmill Group has rolled out a new offering allowing clients to earn interest on cash balances held in their trading accounts, as brokerages look to new initiatives to attract and retain customers.
Tickmill, regulated in the Seychelles, UK and Cyprus, said on Thursday eligible clients can now earn annual interest rates of up to 3.5% on idle funds held in U.S. dollar, euro and British pound wallets.
Interest will accrue daily and be paid out monthly, the broker said, adding the payments can serve as an alternative way for investors to earn on funds not being used for trading.
“We are always looking for ways to add value to our clients’ experiences and reciprocate their loyalty and trust,” said Derek Wilks, Tickmill’s group chief financial officer. “We look forward to seeing our clients benefit from this new offering and will continue to support them in any way we can.”
The interest rate product underscores efforts by retail trading platforms to enrich their offerings beyond just brokerage services at a time of heightened competition and market volatility impacting trading volumes.
Several brokers, including Saxo Bank, IG and CMC Markets have rolled out new products and tools such as copy trading amid a race to attract self-directed traders.
Read also! Broker Tickmill Boosts Social Trading with SoFinX Integration
Tickmill’s new initiative arrives as interest rates around the world have surged on the back of aggressive policy tightening by central banks to curb elevated inflation.
Banks and money funds have also been passing on higher interest payments to cash depositors as rates rise, giving brokers an opportunity to offer clients an extra incentive to park idle cash.
Tickmill said its product combines attractive interest rates with the broker’s existing multi-asset trading environment, premium products, advanced tools and customer service.
No minimum balance or account criteria are required to be eligible for the interest payments, Tickmill said.
Client money is segregated, the broker added, ensuring it is held separately from the company’s operational funds.
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