Become a Tradency Strategy Provider
If you want to make extra money as a trader on Tradency’s Mirror Trader platform then you have to apply to become a “Tradency Strategy Provider”. You start this process by filling out a form on the Tradency website.
How do you get accepted?
You can send your signals to the Tradency servers via a number of ways: Trade Station, Currenex, FXCM, ACT, API or additional proprietary solutions. At any time, your strategy will remain confidential (because you’re only sending the trade signals and the strategy code remains on your side). While the focus is very much on automated strategies, there’s technically nothing stopping you sending manual trade signals from for example a Trade Station interface.
Once you’ve registered, Tradency will start tracking your signals and start recording your performance for one month. You will also need more than 30 trades before they will evaluate your system’s readiness to “go live”. This may also include an interview. In addition, while Tradency may accept you on their platform, each broker who uses the Mirror Trader platform will have the ultimate call on which approved strategies they share with their clients.
You can send signals from a demo account but you will have to prove to Tradency that you do have an active real money trading account before you will go live. However you do not need to trade or follow your own signals with that account. It’s mainly to prove that you have traded with real money in the past.
How much do you get paid?
Once you are “live”, all your signals will be displayed on Mirror Trader, and users from around the world can decide to copy (“mirror”) your strategy (“automatic mirroring”) or individual signals (“semi-automatic mirroring”). You are compensated by Tradency for every signal that was mirrored by the Mirror Trader’s users. Because Tradency uses two different charging models to their partner brokers, your compensation will also depend on which broker each user is a client of. These are:
1) Fix Fee model
For every active user which selected and traded at least once with your strategy you receive up to $3.75-$5 (depending on the broker and dependent on the number of other strategies the user traded)
- you have 1000 active users which traded with your strategy in a given month
- the fix fee is $4 for each active user
- 500 of your active users traded with another 3 different strategies (4/4 =$1 for each active user) , while 500 traded only your strategy
Monthly Fee Calculation: (500x$4)+(500x$1) = $2,500
2) Volume based model
You receive 0.15-0.3 pips (depending on the broker) per round turn for each trade you made for each subscriber
your profit = (# of subscribers)x(# of trades)x(commission)
- you have another 500 subscribers (with brokers on the volume based model)
- the commission is 0.25 pips per round turn
- they select your strategy with an average lot size of 20k (commission: 2×0.25 = $0.50 per each trade)
- you strategy made 15 trades in a given month
Monthly Fee Calculation: 500x15x0.50 = $3,750
Please note that on Tradency Mirror Trader each strategy is linked to a specific currency pair. So if your system would trade multiple currency pairs, this would be considered as multiple strategies. As part of your strategy you can also leave a description about the strategy and your background (some providers leave very detailed descriptions while others limit it to a few lines). It’s also worth noting that Mirror Trader applies a default 300 pip stop to your trades, so if you have very long term strategies which require very wide stops to work, Tradency is probably not for you.
To apply, access the Tradency Strategy Provider application form here. You can also read our Tradency Mirror Trader review for more information on the platform. This also includes some info on the broker fee structure, which will help explain why there’re two payment models.