- Cryptocurrency is increasingly becoming popular with the crypto market cap reaching over $3 trillion.
- Trading has become one of the fascinating career choices among millennials hence they look for ways to learn more.
- Crypto Signals offer a plateau for new traders and investors to understand the technicalities behind trading.
The Crypto market has emerged as one of the most fascinating markets with the market cap touching $3 trillion recently. A greater shift has been witnessed across the world in all sectors to reap the benefits of a fresh market that is full of new passionate investors. The crypto market is full of opportunities if understood correctly.
That being said, the market is highly intimidating due to its volatile nature that scares a lot of people hence a lot of people don’t understand how to predict price movement and make an entry. That’s where services like crypto signals come into play.
What are Crypto Signals?
Crypto Signals, in layman’s terms, are crypto insights collected from various methods including technical analysis, fundamental analysis, and even market sentiment. These are combined with a set of instructions about market updates, possible entry, and targets.
Generating the best crypto signals requires expertise in this domain so usually, the providers are seasoned traders who have proved to be highly profitable in their careers. These signals are not recommendations or investment advice, these are just the updates and analyses provided to users so they can make sensible investment decisions or even learn how pro traders make profits.
What Information Crypto Signals Contain?
Asset or cryptocurrency - The providers keep an eye on the most promising cryptocurrencies and whenever one of them is about to make a move, they do their analysis and send signals. If users like the coin or want to invest in it, they can do their research on top of the signals received and make their investment.
Entry Point - When the signals are sent, they also contain a few entry points. These entry points are the most ideal price point of a coin where you can get into the trade or invest. It eliminates one of the many problems newbie traders and investors face that is when to enter a trade.
Target Profit/Exit Point - The whole point of investing or trading is to take profits. The Crypto market being so volatile gives traders the opportunity to take profit and get back in when the price drops. The signals carry one or multiple target profit points where traders can get out with profits. More often traders take out 60% on the first target and 20% each on either the second or third target or the whole 40% on the next target.
Risk Management - Say a trader has entered a trade on Bitcoin at $55000 with a target profit at $56700. But prices do not always go up, they come back and test previous support or even do a reversal creating a downtrend. If there’s no risk management in place, the trader’s account can be wiped out completely, that’s why signal providers share a stop loss. So if a reversal comes and the price falls to $53000, traders can get out with a small loss using a stop loss at $54500. $500 loss is smaller than $2000.
Trading Amount - It is recommended that traders only put the amount they’re comfortable losing. In the case of investment, any amount is good until you’re not putting everything on one asset or in this case, one coin.
Are Crypto Signals Reliable and Should Traders/Investors Use It?
A Crypto signal is a group of many information created with an objective to update people. It is to just give an idea of the current market condition and price movement. It shouldn’t be taken as a foolproof signal to go all in and place your orders. The aim here is to aid traders and investors alike so they can understand trading better and become better. So yeah, one can say the crypto signals are reliable ONLY if they’re coming from veteran traders who are successful.
If a user is subscribing to a signal provider solely for taking profits and taking trades based on the signals without their own research and cross-checking, chances are highly likely the user might end up falling prey to scams as there are so many imposters and scammers claiming to be expert traders.
If signals are used for learning purposes and to verify your own analysis, it can prove to be beneficial, but one should never trust signals blindly.
Who Are Some Of The Best Crypto Signals Provider Out There?
There are tons of crypto signals provider out there and we have taken a look at some of them. After reading reviews, checking the telegram groups, and witnessing client testimonials in the groups, we have shortlisted these 3 providers:
For both newbies and experienced traders, MyCryptoParadise is more than an ideal signal provider. The MCP team or the Paradise Team has proven to be highly successful over the years as the team has four veteran traders who know how to minimize risks and provide accuracy in trading signals. The team consists of pro traders with over 7 years of trading experience and have witnessed all sorts of changing landscapes in the cryptosphere.
MyCryptoParadise has both free and paid channels. The paid channel receives more signals and members in those VIP channels also get exclusive one-on-one interactions with the Paradise Team. MCP supports various popular exchanges including Binance, ByBit, Kraken, and Bitmex.
The prices for premium channels begin at $369/month, which is on the higher side compared to its competitors. So people with a limited budget may not want to get on board.
4C trading offers trading signals as well as algo trading Bots for Bitcoin for traders wanting more control over their trading strategies. The company began as a signal provider but upon realizing the increasing demand for bot trading, they created one for themselves and their members.
The trading bot can be automated for trading on Bitcoin or Ethereum by setting target profits and stopping losses. The result being, bot accumulate smaller profits and collectively gives low risk to profit opportunity. The user interface to get started with 4C trading bots and signals is fairly easy as it’s made keeping a newbie in mind.
4C trading’s plan starts with 59/month and goes all the way to $179. The lower cost helps traders on a limited budget to start with signals and bot tradings.
This crypto signals provider is unlike any other provider in the market. Where others add more and more members to their free and paid channels, Luxury Crypto Club keeps it limited. The one-month to three-month premium plan limits the number of members to only 70 while the more exclusive group FOREVER keeps only 30 members at any given time.
The users characterize LCU’s signal as effective and proven. Their proficiency is can be witnessed through the members who claim to have profited from signals and trading while the whole crypto market was in tough condition. The high accuracy rate combined with tight risk management is the mantra Luxury Crypto Club follows.
Luxury Crypto Club sends signals through telegram and email which includes technical analysis, fundamental analysis, and price expectations. However, The exclusivity and higher prices may keep small budget traders away.
Crypto signals are like tools that aid traders in understanding the crypto market. If taken as support, these signals from trusted providers can make a good trading career. But given the nature of cryptocurrency, people look for all sorts of ways to earn more in a short time, a fact that drives more scammers to scam. So, remember, always do your research and never follow signals blindly.