There are many ways to make some money from cryptocurrencies but one of the most profitable methods is through crypto trading.
However, not everyone has enough market knowledge to fully profit off this industry. So, many beginners rely on cryptocurrency trading signals, which are exact directions on which coin to trade with, when to buy it and when to sell it.
In this article, we’ll compare two sources of cryptocurrency trading signals to find out which one offers the better solution.
What are Telegram Groups
As of April 2020, Telegram has over 400 million active users, making it one of the most popular messaging apps in the world.
It feels very similar to Facebook’s messenger but you can send and show charts, allow a large number of participants in a group and have extensive admin control privileges.
The sheer number of users along with several other factors make it the preferred platform for many cryptocurrency signal providers.
Following Cryptocurrency Groups on Telegram
It’s quite easy to find a telegram group. First, search for legitimate groups online. Next, download Telegram to your device and type in the name of the group and join their channel.
Here they can post news, give updates on trades and post signals.
Once a signal is available, all you have to do is copy the values and input them to the exchange of your choice. However, these don’t happen all the time on free channels.
If you want a consistent stream of signals, then you’ll have to upgrade to their premium channel. The amount you’ll spend depends on the group’s pricing model.
Our Experience with Telegram Groups
We already had a channel we wanted to follow and had already joined it. However, we had to monitor the group every now and then so that we won’t miss the signals!
Once they posted a promising signal, we logged in to Binance and entered the values. After 10 days, the signal hit the first target and we made 16% in profits!
Free Cryptocurrency Signals
Most free channels post 2-3 signals a day. Some of these can net you some decent gains but don’t expect much for free.
Do keep in mind that most telegram groups only offer signals which means you’ll have to manually type in the order if you want to push through with the trade.
Talk to Fellow Traders
Many premium channels let you converse with fellow members and sometimes, the people behind the signals themselves.
You can ask them for some guidance if you’re lost or unsure what to do with your trades.
Receive Free Coins
Some groups host events or campaigns. Many of these events are simple enough to do and, if you win, you get rewarded with free tokens or coins.
Their Premium Signals aren’t always better
For many Telegram groups, the signals posted on their free channels can sometimes perform better than the ones on their premium channels.
Part of the reason is that more people are exposed to the free signals and tend to invest in those coins. As a result, the coin prices inflate and the signal can become much more profitable than their premium counterparts.
Some channels are pump and dump groups in disguise
If you aren’t familiar with the term, pump and dump is where an individual or group hype up a coin to inflate its value. Once the price reaches a certain level, they sell the coins to make some money.
If you didn't sell the coins in time, then you might not make as much money as you would expect. Worse, you could end up stuck with worthless coins in your account.
Expensive membership fees
Now, there are established telegram groups which do offer high quality signals.
However, most of them have adopted a pricing model that can range from €50-€300 for a monthly subscription or as high as €999 for lifetime access!
What is ProfitFarmers
ProfitFarmers offers trading signals through their platform instead of using Telegram.
What truly sets them apart is the fact that they have a FULLY AUTOMATED TRADING SYSTEM! That means, there’s no need to input the trades and race to catch up with the signal!
They also claim that the system is so easy to use that someone with no knowledge of cryptocurrency or trading can make money!
Following Signals on ProfitFarmers
Following the signals is very easy. Once you log in, simply click on a fresh signal, type in the amount you want to spend (in USD) and click confirm trade.
After that, the software takes care of everything for you.
Our Experience with ProfitFarmers
The first thing we did was sign up through the ProfitFarmers website, paid the €87 membership fee through PayPal and, after connecting it to our Binance account, we were ready to start.
From the very beginning, we saw 3 signals from the dashboard but decided to follow AIONBTC just to see what would happen.
After 3 days, we checked back to see that signal we followed reached the first target! It’s very impressive considering that we didn’t have to wait for a signal to be posted.
One thing we’d like to point out is how convenient their system is. After setting up the trades, we haven’t used the software at all!
It’s not every day you get to find a crypto trading tool that does the trading for you!
ProfitFarmers’ signals have very promising returns and from what we’ve experienced, the signal was very profitable. We could also see the history of many previous signals and the profit levels were really good.
Low membership fees
For €87 a month, you get a cryptocurrency signal provider that gives you profitable signals along with a reliable auto trade system!
Plus, it has a few useful features like the Price Action Scanner and Relative Strength Index Scanner that can help you win your trades if you know how to use them. Also, you can cancel your membership at any time!
It’s a good deal considering premium cryptocurrency groups on Telegram charge you anywhere between €50-300 a month for their signals.
Accurate auto-trade system
From what we’ve experienced, the system sold the coins and hit the first target quite accurately. There were no delays with the order so we didn’t miss out on any profits. It automatically bought the coins in the entry zone, sold them on target and also monitored the stop loss. This happened with no input from us after the first click.
No free giveaways
As of the time of writing, ProfitFarmers doesn’t offer free coins or token events. Hopefully, they’ll have campaigns like this in the future. We did see some hints at a coming referral scheme though.
Auto-Trade only works with Binance
Sadly, their best feature can only be used with Binance. So, if you’re using an exchange like Kraken or Coinbase, you wouldn’t be able to use ProfitFarmers to its fullest potential.
However, even without the auto trade, using the signals ‘manually’ looks very profitable.
Bottom Line: ProfitFarmers is the best option for beginners
Between the two, ProfitFarmers was better in terms of usability and the signal’s quality.
Sure, telegram groups do offer signals that promise huge gains in a short time but, we would rather pick the option that frees us from having to do the trading ourselves.
In our opinion, if you’re looking for a cryptocurrency trading signal provider to help you get started, then ProfitFarmers might be your best solution.