November 25, 2024

How to Choose a Crypto Signal Provider in 2021?

Aaron Mendoza July 5, 2021

Introduction

A lot of crypto traders have made a lot of fortune in crypto trading. And for the majority of them, the credit goes to crypto signals they use as a guide to making trading decisions. However, it is a bit tricky for new market entrants to choose a crypto signals provider. If you are struggling with a lot of options in the market, here is our little guide that might prove helpful. 

Choosing a crypto signals provider

Cryptocurrency trading signals are trading clues that expert traders provide for everyone to use and make profitable trades. They contain information such as when to buy which cryptocurrency at what price. Although there is no guarantee of every time success, trades informed a legit crypto signals provider often are far more profitable than making trades on your own, especially when you lack the expertise.

There are numerous crypto signals provider in the market. Using the following key points can help as a guide while choosing one.

  1. Affordability: People enter the crypto market to earn profits from the trade. However, if the fees you pay for an enabler burn a hole in your pocket even before you can make a trade, it is really not worth it. Thus, the initial point remains to check and compare the prices. There are free and paid signal groups with their own obvious benefits and liabilities. It is smart to spend some time in the free group before switching to the paid plan.
  2. Regularity: The frequency of the signals that a provider sends out in a day has a drastic effect on the prospects of its subscribers. While some provide one signal a day, there are providers like MyCryptoParadise that can provide up to 9 signals a day. The number of signals given out in a day is a critical determinant of a trading strategy that a subscriber can adopt.
  3. Reputation: The market reputation of a signals provider says a lot about its legitimacy. Thus, beginners in crypto trading should always read reviews before entering a paid engagement with the best crypto signals provider.
  4. Automated trading: The volatility of the crypto markets makes it essential for signals providers to send multiple signals in a day. But it becomes difficult for people with a day job to cope up with that. Hence, automated trading bots have become a market standard, and if you should not pick a signals provider that does not support auto trading.
  5. Strategy: Every signal provider follows a different strategy to invest and sends out signals accordingly. While some follow pump and dump strategies and invest in highly risky portfolios, others go for moderate risks and safer bets. Always research enough about a signals provider to ensure their trading style aligns with your mindset as well.
  6. Educational content: A trading signals provider that creates quality educational content helps its subscribers grow in the long run and become experts themselves. It also reflects the knowledge quotient of the team operating behind the scenes.
  7. Market Awareness: It is essential for a signals provider to be aware of all the small and events with the potential to impact the crypto market. If a crypto signals provider has their own crypto news and updates section, they are more likely to take such updates into account than those which do not host such a section on their websites.

Conclusion

The efficiency of crypto signals is very much dependent on the legitimacy of the provider giving out such signals. So it is important to do one’s homework before choosing one. If you think it is too much work to go through all of the points mentioned, MyCryptoParadise, HIRN crypto, and Signals Blue are our choices for the top 3.