Okay guys, let see how can I explain that. Basically I am living in the UK for 5 years but I was born in Spain. Currently I am working in a clinic in London and i met a client who now became a really close friend to me and he is working in the City of London in an important Bank but obviously he knows many brokers and traders around the City. Thanks to him I have got good recommendations to trade with different Brokers regulated by the FCA (i am with 2 at the moment) and he also tells me all this kind of tricks about regulation.
In terms of the FCA regulation there are some discrepancies. Basically some Brokers are based in another countries with another regulation i.e
Broker XXXX 212 based in Bulgaria, regulated by the FSC (God knows if thats even a regulation lol) and has the FCA license to operate in UK. This particular Broker DO NOT cover Spanish residents or any other particular ones outside the UK, means they will be cover just by the FSC (by noone). I have double checked this with the Live Chat service.
There are other cases (this should be the usual way) which the Broker is based in other european country or any other country outside Europe, establishing their offices in London and getting the license by the FCA. In this case, if you are opening an account with them (and you are in Europe), they should open your trading account under the UK company as you are within the MiFID scope so you will be covered in this case by the FCA. If you are outside Europe then 100% you will not be regulated by the FCA. YOU MUST BE AWARE of the contract you are signing with the Broker when they are opening your account as they MUST specify if you are opening under the FCA regulation or something else. Some brokers are really tricky with this (it happened to me).
I believe with TickMill this is the case. Probably if you are within Europe they must open your account under the FCA regulation but if you are from any other country outside Europe then 100% you become regualted by the FSA (Financial Services Authority of Seychelles).
ALWAYS ask in their Live Chat, be annoying asking the same question 100 times if necessary because at the beginning they will try to avoid this question or even sometimes they are not even sure what they are answering. And always check what you are signing !!! Do not do the same mistakes as me