Trading signals groups are one of the best tools that investors and traders have to improve their trading strategies over time. However, the main doubt remains: are trading signals groups scam?
The answer to this question is that it depends. It depends because we need to make an in-depth analysis of each of these groups. Those that are legitimate can be very useful and valuable for users. Nonetheless, trading signals groups scam can be harmful and would definitely not be a good thing for your savings.
Trading signals are those messages that you receive from specialised trading groups that would provide you with valuable information about how to enter and exit trades in the market. For example, you will receive a message with an entry price, a take profit level and a stop loss.
This information can be leveraged to improve your trading strategies, considering that these trading signals groups follow different indicators that point at profitable trades in different markets.
The challenge is, however, to find a trading signals group that would provide accurate and valuable signals for users. Some of them are scams while others are legitimate.
We have written an extensive guide about what are trading signals. You can check it out in our blog.
There are different trading signals groups in the market. Some of them will be clearly scams, while others will be totally legitimate and will be very useful for you to trade virtual currencies, forex and stocks.
At SignalReviews we have been working to share with you the most accurate and popular trading signals groups in the industry. This will allow you to have a clear idea of which are the best groups and how you can improve your trading strategies.
There are no special rules to follow here. Your analysis will be key to understand whether a trading signals group is a scam or not. The better your research, the higher are the chances you will follow a legitimate trading signals group.
The first thing you need to check is the number of users they are handling. Go to their groups on Telegram, see what they offer and which have been the last messages sent. If you see the messages were accurate and the signals provided profits to users, then this could be a positive point for the group.
Instead, if you see that the group is not active, they have few messages and the signals sent were not accurate at all, this should be a red flag for this group that you must take into consideration before buying a subscription to their services.
You should also evaluate whether the followers have been bought or not. Some groups may purchase fake followers to seem they are legitimate but they are simply scamming people around.
Another important thing to take into consideration is whether these groups are sharing with their followers regular reports about the trades shared with the community. Some of these groups are not doing so, meaning that some of the trades they provide may not be so accurate or that they are just faking their results.
You can also check if they have Cornix and trading bot support. This would show you the group has been working very hard in order to standardize the signals provided. Nonetheless, before paying for a subscription that claims that it supports trading bots, you need to check other parameters that would raise red flags.
Visit the official website of the trading signals group. You can also see whether they have been sharing with their audiences reports, news, analysis and more. One thing you can do is to check their blog section and see if they have been uploading content for several months or not. The longer the period in which they have been sharing content, the higher the chances are this is a legitimate group.
It is not possible to openly say which trading signals groups are scams and which not. This is something that you will have to check and understand doing your own due diligence. It is sometimes easy to spot a scam while sometimes it can be very hard. Furthermore, some trading signals groups may not be a scam and still have very poor performance.
You should check, compare, investigate and try understanding whether the signals they provide are genuine, real and accurate.
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We work closely with our partnered trading signal providers to ensure that we are sourcing the most robust options.
In turn, we are given the honor to presenting the most reputable shortlist of crypto trading signal providers.