Signal ScamsHow To Avoid A Scam Signal Provider
When we decide to subscribe to andentrust a signal provider, the question we often ask ourselves is ... are all providers trustworthy?
The answer is simple:NO!
Trading signals can allow traders to earn a lot, as well as losing all the money when we choose a bad provider.
Unfortunately, there are some services created in order to cheat unsuspecting newbies. It’s important to recognize them and stay away from them.
Analysis of historical Results
Those who choose a signal provider should not rely on the results published by the provider as they can be often faked. Published results can only be considered if they are clear and can be verified. A transparent result should be complete with the following information:
- Opening time (hours, minutes, seconds),
- Closing time (hours, minutes, seconds),
- Opening price,
- Closing price,
This way, the trader can validate if the result is trustworthy by doing a simple search (usually with a trading platform likeMetaTrader).
It would be better if the results were recent (don’t trust if you see results which are months old), better if they were shown in the form of screenshots where you can see the movement of the chart and see the opening of the trade.
A signal service might be more trustworthy if the provider gave a totally free trial of its service to customers. This is done so that the trader could test the signals and see how they work, and see how performance gets by testing them on a demo account. Once the trial period has ended, be certain about your decision to subscribe to that service or move on.
Be aware of false reviews, do not always trust them!
Every trader should first test the performances offered by theprovider, rather than rely on online reviews. Some providers write reviews/comments on their services "pretending to be" independent traders, and describing the signal service as the most reliable, secure and profitable of all.
This does not mean that all reviews are falsified, but the advice is to base our choices exclusively onverified reviews.
Last piece of advice that can help traders to the right supplier is to discard the signals provided by brokers, as they are usually of poor quality.