How to use Tickmill copy trading to earn money
Tickmill offers its clients an opportunity to earn additional income using the copy trading service. For this, the broker has partnered with one of the top social trading platforms MyFxBook.
This service provides users with a substantial number of analytical instruments for trading on Forex, with a copy trading platform being one of them. We will review copy trading from Tickmill in detail, find out how to copy trades on the platform, how to find a trader and the broker’s conditions for copy trading.
What does copy trading mean?
Copy trading services first appeared over ten years ago. In the past decade, over 100 brokers added them to the list of their features. In order to copy traders, you need to select a strategy provider and subscribe to him/her. After that, all trades will be copied automatically on the trading platform of the subscriber.
Copying trades is a rather popular method of earning passive income. There are copy trading services developed by the brokers, for example eToro, and there are independent social trading platform providers, which the brokers partner with. Copy trading on Tickmill is available through MyFxBook.
Noteworthy, copying trades is not a guaranteed way to earn profit. The risks of losing money exist here as well. This is why it is very important to approach selection of signal providers with caution and manage the risks.
Tickmill copy trading pros and cons
- Tickmill is a regulated broker
- Good trader analytics features
- Service fee is not charged on MyFxBook
- High entry threshold
- Complicated procedure of linking Tickmill account to MyFxBook
- 0.6 markup to the spread
How to get started with Tickmill copy trading?
Before starting copying trades with Tickmill, you need to register first. You need to open accounts with the broker and on the MyFxBook platform, which provides the signals.
NOTE!
MyFxBook copy trading service from Tickmill has regional restrictions. It is unavailable to traders from the jurisdictions managed by the regulator of the UK (FCA) and EU (Tickmill provides services for the EU clients based on the CySec license).
Registration on MyFxBook
In order to start copying trades with Tickmill, you need to open an account on MyFxBook. To do this, go to the website of this social trading service and click on the Sign Up button. You need to fill out the following information for registration:
You will also need to enter Captcha and agree to the Terms of Service and Privacy Policy. Then you need to press Submit and confirm registration using the link sent to your email.
The entire registration procedure will take about 2 minutes. You can also register quickly with Google or Facebook.
Setting up user account on MyFxBook
Linking your MyFxBook account is an important step for copying trades on Tickmill. It starts with creation of a user account in the system. To do this, you need to go to the Settings menu on MyFxBook, and select Account. Next, the service will ask you to select the trading platform – select MetaTrader 4 (Publisher) option. Copying traders on Tickmill is available through this platform. After this, MyFxBook will offer you to select your broker. Select Tickmill.
Next, you need to provide additional information. If you are planning to only copy trades, fill out Choose a name in the image shown below. The remaining information is for the strategy providers.
Linking the account to MetaTrader 4
In order to copy trades on Tickmill, you will need to download the desktop version of MetaTrader 4. It will be available for downloading after registration and verification on Tickmill. In the upper menu, select Tools and Options from the pop-down list.
Next you need to open the FTP tab. There will be several boxes to fill out. You need to follow the recommendations of the broker and the platform when filling them out. They are as follows:
What is MyFxBook network in 2024
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MyFxBook |
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FCA – 717270; CySec – 278/15 FSCA – FSP 49464; Labuan FSA – MB/18/0028 FSA – SD008. |
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MetaTrader 4 |
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1,000 USD |
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On the broker’s side - 2 USD per 100,000 USD turnover + 0.6 pips markup to the spread on each side (1.2 pips of the spread in total). |
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162 strategy providers |
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Forex, CFDs on precious metals, indices, bonds |
How to find the right trader to copy?
In order to find a trader to copy, you need to use the search directly on MyFxBook. It is impossible to find strategy providers through Tickmill or MetaTrader 4.
To find a strategy provider, click on Systems in the upper menu. The from pop-down list, select Strategies, and then – All Strategies. A table will open with the full list of traders, who offer their trades for copying.
Gain;
Drawdown;
Pips;
Discussion (reviews);
Test ended;
Modelling quality;
Chart.
As an example, let’s review sorting by the Gain indicator. Once we click on the tab, the traders will be automatically sorted from the best to the worst.
Then, click on the Gain column once again, and the system will sort the traders from the worst to the best.
Unfortunately, sorting in the table is the only option for trader selection. There are no filters.
In order to choose a trader, you need to review his/her statistics. It is quite detailed on MyFxBook. You can review the statistical data available on the platform by reading our review of the MyFxBook social trading platform. Also, in the account, you will find Tickmill MyFxBook reviews. To view the reviews, you need to click on the Discuss button.
How to get started with copying trades?
Connection to MyFxBook copy trading on Tickmill is available through the MetaTrader 4 platform. If you’ve selected a trader you would like to copy, you need to open his/her profile. Then, click on the CSV button. A file named statement.csv will be downloaded to your computer. It contains the trading history of the strategy provider and also copy trading data.
After you download the CSV file, access MT4, click on the File in the upper menu and then select Open Data Folder.
After you click on the Open Data Folder, a window with folders will open. Click on the Files folder and add the CSV file to it.
name of the CSV file;
ticker of the instrument, the trades of which will be copied (for example, EURUSD);
time zone.
After this, the setting up is done and the platform will automatically copy the trades as soon as the strategy provider opens them.
Can I make money by copying traders on Tickmill?
Copying trades on Tickmill is an effective instrument of earning additional income. You can also use copy trading to learn trading skills by observing more experienced traders. Profit depends on the risk score of the strategy, budget you are prepared to allocate for copy trading, success of the strategy provider, etc.
There are risks in copy trading, which is why you need to work carefully, and observe risk management rules. In addition, you need to be very careful when choosing a strategy provider. If you want to know about other ways how to make money on Tickmill, read the Traders Union article.
How much does Tickmill copy trading cost?
MyFxBook social trading service does not charge a commission for copying trades. Commission is also not paid to the traders. However, Tickmill has special conditions for copy trading.
Copy trading on Tickmill is charged with the commissions that are similar to the trading conditions on the Pro account. A fixed commission of USD 2 per USD 100,000 traded volume is charged. There is also a 0.6 pips markup to the spread on each side (a total of 1.2 pips).
As for the minimum amount for copy trading, it is set not by Tickmill, but on MyFxBook. You can copy trades on MyFxBook only if you have a minimum of USD 1,000 on your trading account. MyFxBook automatically checks the availability of the amount when you connect the trading account to MetaTrader 4.
Is Tickmill copy trading safe?
Tickmill is a broker licensed by highly respected regulators. The company holds licenses issued by the FCA (UK), CySec (Cyprus) and FSCA (SAR). The broker also has licenses of the offshore jurisdictions of Labuan (Labuan FSA) and the Seychelles (FSA). The list of the licenses is as follows:
MyFxBook is not required to obtain a license, as the platform does not accept payment and does not keep users' money.
Summary
Tickmill offers the MyFxBook copy trading service, which is rather well known among the traders. In addition to copy trading, the platform provides other features for Forex analytics.
MyFxBook offers its clients a lot of information about strategy providers. You can view detailed statistics with visualization; there are many different charts. In addition, the service does not charge a commission in favor of the traders. The traders are paid for the trading signals by the MyFxBook platform, which earns a profit from advertising.
However, Tickmill MyFxBook also has certain drawbacks, the first one being its weak search feature. In addition, the deposit for copying trades is high. Tickmill charges the clients who use MyFxBook with a commission.
Expert review
Tickmill decided not to develop a proprietary copy trading service, partnering with an independent platform instead. The broker has made a rather good choice. MyFxBook is a widely known, respected platform. In addition to Tickmill, the platform works with around 40 other brokers. The choice of MyFxBook allowed Tickmill to offer not only copy trading, but also many other instruments for the traders who trade independently.
Nonetheless, there are certain questions about the MyFxBook copy trading service. First of all, it is quite difficult to select a trader here. Because there are no filters, you have to search for a strategy provider manually. Also, the number of traders offering their signals is not very big. Only 161 strategy providers are registered on MyFxBook.
MyFxBook also has advantages. The first one is trader analytics. It is provided extensively here, which is why you have enough information to be able to select a suitable strategy provider. Noteworthy, MyFxBook does not charge commission for the trading signals and pays the traders at its own expense.
MyFxBook from Tickmill copy trading reviews
Copy trading on Tickmill is very good. I’ve been working for 8 months here and my subscriptions have brought me stable profit. It is very easy to analyze traders here and there are many good strategy suppliers. I am very thankful to Tickmill for such an opportunity.
I’ve been using MyFxBook from Tickmill for three months and everything looks good so far. The platform is stable and there have not been any major technical issues during this period. The analytics on traders is pretty good. However, there are certain difficulties in terms of subscribing; it was difficult for me to understand.
This is a very particular service. First of all, it is technically complex. It is very difficult to understand how to subscribe. In addition, it is not easy to find a trader, as there is no search or filters and everything has to be done manually. The selection of signal providers is small. So, there are plenty of issues with the platform.
FAQ
Are there any trading platforms for copy trading besides MetaTrader 4?
No. Copy trading on Tickmill is available only through MetaTrader 4.
How can I find out the risk score of a trader’s strategy?
You can learn about the risks in the trading account of the strategy provider.
How much money can I make on copy trading?
There is no fixed amount. You can both earn a good income, and lose money. Just as any other type of investment, copy trading carries risks.
Which account currencies does the broker support?
Tickmill supports 3 base currencies – USD, EUR, GBP.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
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