Tickmill
Tickmill
Stop-loss triggered at off-market price
Description
A stop-loss order on GBP/USD was triggered at 1.2580 during a period when no other major broker showed a price below 1.2595. The complainant provides execution logs and price comparisons from three other platforms showing the price spike was isolated to Tickmill. The resulting loss was USD 780. The complainant requested a trade adjustment which was denied by Tickmill's dealing desk.
Amount Involved
USD 780
Supporting Evidence
- tickmill-execution-log.pdf
- competitor-price-comparison.png
- trade-adjustment-denial-email.pdf
Complaint Timeline
2025-05-20
2025-05-20
2025-05-20
2025-05-20
2025-05-20
2025-07-28
Platform Responses
Response to CFD Price Deviation Complaint
Plus500 disputes the characterization of the price difference as a 'deviation.' CFD prices during extended market hours are derived from available liquidity and may not precisely match the underlying asset's last traded price on the primary exchange. This is clearly disclosed in our Product Disclosure Statement (PDS) and Risk Disclosure. The prices offered were fair and reflective of available market liquidity at the time. We maintain that no mispricing occurred.
IPTI notes that while CFD pricing divergence during extended hours is industry-standard, the degree of deviation in this case is under further review. Platform's PDS does disclose this risk. Case remains open pending data analysis completion.
IFCCI Research Responses
IFCCI's comparative price analysis confirms that the GBP/USD price level of 1.2580 was not reflected on major liquidity providers' feeds during the specified time window. This suggests a possible liquidity gap or anomalous price tick on Tickmill's feed. While isolated price spikes can occur legitimately in ECN environments, the platform's refusal to review the trade against independent price data raises transparency questions. Research observations indicate that platforms adopt clearer off-market price review policies.
Legal Disclaimer
The IFCCI Transparency Programme is an independent research initiative and does not constitute regulatory supervision, professional financial advice, or official compliance certification. All findings represent research-based observations intended to contribute to financial industry transparency discourse and informed evaluation. FinScope is a technology platform developed to support the programme’s public-facing digital interface.