Tradency Mirror Trader Review: Costs
Tradency doesn’t charge the end user anything for using their Mirror Trader platform. They only charge the brokers and it’s up to the broker whether they charge you anything above the usual broker spread for using Mirror Trader.
Tradency used to charge the brokers a volume fee of 1-2 pips per trade, though since a change in strategy in 2011, they now also offer a different model whereby they charge the brokers a monthly technology fee for each active user (in the region of a few tens of dollars).
With the volume fee model most brokers would add an extra commission per trade or widen the spread for using Tradency. The new fee structure works out cheaper for the brokers and hence is likely to be cheaper for you as end user too. A customer would only need to trade a few lots per month with the broker for the Tradency fee to be covered, and the assumption is that more trades are executed using Mirror Trader than customers would on their own. Some brokers may require you to trade a minimum number of lots though when you decide to use the Mirror Trader platform (as to cover their costs).
In our opinion the new pricing structure is certainly a positive move for the end customers as ultimately it should make using Tradency Mirror Trader cheaper. However, some of the brokers we use and checked still charge extra commissions for using Mirror Trader. Unfortunately we don’t have a complete list of the charges per broker and hence it’s best to check yourself before signing up to the broker.
As a side note, we have a live account with AvaTrade and they don’t charge anything extra (in addition to their normal spread) for using the Mirro Trader platform.