What would be a good backup drive to buy to have a backup of your My Cloud drive?

I heard that you can connect another drive to the My Cloud so that if My Cloud data becomes unretrievable, I’ll have the back up drive that has all the data. 

What would be a good 4TB drive to do this?

Would this work?  http://www.amazon.com/Book-USB-Hard-Drive-Backup/dp/B00E3RH61W/ref=sr_1_1?ie=UTF8&qid=1422651320&sr=8-1&keywords=4tb+wd+drive

And how do I exactly set it up so that it will back up on the other 4TB drive?

Any USB HDD will work in theory.

You setup backups via the Dashboard/AdminUI of the WDMC.

In your My Cloud Dashboard there is a tab at the top called “Safepoint” … that is where you setup your My Cloud backup. This will make an exact copy of your My Cloud … also you can update manually, after the initial safepoint was created, or have a scheduled safepoint update occur at given time.

Read page 93 in the My Cloud User Manual.

I went with the MyBook but got it from Best Buy and bonus was it was only $119.

You just plug it into the Cloud and use the safepoint tab of the dashboard.  Select USB drive as the backup destination and you should be OK.

It takes a looong time to backup.  I only have 800GB and it took about 20hrs.  Subsequent backups only make changes.

The nice part is the backup files are exact copies not one compressed mess.  This means you can take your backup and restore your files manually without a new MyCloud or WD software if you need to.  They’re just buried a few folders deep but you’ll find them no problem.