How to Earn Money Copying Trades on Tickmill

Tickmill, a popular brokerage firm, is now giving customers an opportunity to make passive income through its copy trading service. To offer this service, the broker has partnered with one of the leading copy trading platforms, MyFxBook.

Keep reading this article to learn more about Tickmill’s copy trading service and how you can start copying trades through the broker to earn passively.

Copy Trading Defined

Copy trading is a service that allows inexperienced traders to replicate the strategies of professional traders. It was introduced about a decade ago. Since then, several brokerage firms have been offering the service.

For you to copy other traders, you must choose a lead trader/strategy provider. After that, their trades will automatically be copied into your trading account.

While some brokers like eToro have developed their own copy trading platforms, others such as Tickmill rely on third-party providers like MyFxBook or ZuluTrade.

It is worth highlighting that copy trading doesn’t guarantee profits. Like any other form of trading, you can lose money copying the trades of others. That said, we advise you to manage your trading risks properly.

How Do You Start Copying Trades on Tickmill?

Before Tickmill allows you to access its copy trading service, you will need to open a trading account with the broker. Moreover, you must register with MyFxBook as well. But before you start registering a Tickmill account, make sure you check whether the broker operates in your region. One notable region where Tickmill is unavailable is the United Kingdom.

To create a Tickmill account, go to tickmill.com and click the “Create Account” button. Next, select “Individual” as your account type. Now press “Proceed.” In the steps that follow, Tickmill will ask you to provide personal details and documents to verify your identity. After submitting the required details, review them and click “Confirm.”

Once the broker approves your details and gives you access to your trading account, you can deposit funds for copying trades.

Registering With MyFxBook

As mentioned earlier, you also need a MyFxBook account to access Tickmill’s copy trading service. To create one, go to myfxbook.com, click “Sign Up”, then fill out the registration form. After that, agree to MyFxBook’s Privacy Policy and Terms of Service, then click “Submit.”

Next, you will need to link your Tickmill account with MyFxBook. To do this, go to MyFxBook’s settings menu and click “Accounts.” Now select MetaTrader 4 under “My Platform” and “Tickmill” under “My Broker.” Next, download MetaTrader 4 and create an account. On the MT4, go to the “FTP” tab and enter the following details. In the FTP Server box, type ftp. myfxbook.com:21. In the FTP Login and FTP Password boxes, enter your MyFxBook account name and password, respectively. In “Account,” key in the account number provided by Tickmill for MetaTrader 4. Note that you can easily transfer funds from your Tickmill account to your MetaTrader account to start copying trades. The minimum copy trading amount is $1,000.

How to Select the Right Trader to Copy Their Strategy

Although copy trading happens on MetaTrader 4, you must select a strategy provider on MyFxBook. To do this, click “Systems” on the MyFxBook homepage and then hit “All Strategies.” A list of strategy providers will appear. Use search parameters like drawdown, gain, pips, and modelling quality to find your desired trader quickly.

To pick the right trader, it is essential to review their statistics, which MyFxBook displays on each trader’s profile. In case you find your ideal trader, click “Invest’ to copy their trades. Remember to manage your risk by setting stop loss and take profits levels. You can monitor the trades on your MetaTrader 4 account.

Pros and Cons of Tickmill’s Copy Trading Service

Pros

• The broker is regulated. So your funds are safe.
• Tickmill does not charge a fee to access its copy trading service.
• The broker’s partner, MyFxBook, provides vital information for users to select the right traders.

Cons

• The minimum deposit required for copy trading is high.
• The procedure for connecting a Tickmill account to MetaTrader and MyFxBook can be complicated.