For the short period they have existed, cryptocurrencies have already established themselves as a lucrative asset class that no investor can afford to overlook. Bitcoin’s rally from a few cents of a dollar, to a top of just below $20,000 in under a decade was a clear illustration of the amazing opportunity cryptocurrencies offer to the modern investor. Bitcoin was the first ever cryptocurrency, but numerous other projects have since emerged and have the potential to mirror the returns of the cardinal coin.
The fundamentals of cryptocurrencies point to the future of money as well as digital stores of value. But this does not mean their prices will always be in eternal growth. Like in any other asset class, successful investing will always involve optimal price entry and exit points. This is the reason why crypto signals are very important to any trader, both new and experienced, who wishes to take advantage of the money-spinning opportunities that this new asset class presents.
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What are Crypto Signals?
Crypto signals are trade ideas or suggestions on how to trade specified cryptocurrencies at a defined price and time. A crypto signal is simply an instruction on what cryptocurrency trade position to open in the market and this signal will contain all the relevant information in that regard. The information will include the specific cryptocurrency to trade, the time to trade, the price to buy or sell at, the target price to exit the trade, and most importantly, the optimal stop loss level to minimise your losses in case the trade goes against the prediction.
Who Generates Crypto Signals?
Crypto signals are mainly generated in two ways: manually and mechanically. Although still a nascent industry, there have emerged crypto experts and successful trading professionals. Such individuals have built up extensive experience in analysing price action in the crypto world, they can manually generate trading signals on major cryptocurrencies. Crypto signals can also be generated mechanically using computer software that scan, track and analyse the price action of crypto coins and tokens based on coded algorithms.
Are Crypto Signals Important?
Cryptocurrencies are a lucrative asset class, but to make money trading them, still requires good analysis, planning and timing. Of all trading activities, it is performing sufficient technical and fundamental analyses consistently that is challenging. It is even more daunting because cryptocurrencies have almost always demonstrated unusual price patterns. Crypto signals simplify all this and provide trade suggestions which are a result of proper analysis conducted on the relevant cryptocurrencies.
Benefits of Crypto Signals
Most traders already know the danger of analysis paralysis, which can really hinder successful trading. Crypto signals help in this regard and can help investors continue making profits as they de-clutter their minds.
Crypto signals are also very easy to use and can result in better trading results in less time. This offers a new level of convenience and flexibility to traders interested in taking advantage of the limitless opportunities available in the crypto market.
Crypto signals can enhance the trading activity of both new and experienced traders. They provide new investors with the rare chance to make money in cryptocurrencies as they continue to build their investing and trading knowledge. For experienced traders, crypto signals can help widen the scope of their profitability.
All in all, crypto signals provide the chance to earn and learn. A good signal provider will no doubt make money for you, and by following the trade suggestions, you will inherently be able to learn how to arrive at a good trading strategy or system.
Types of Crypto Signals
Here are some of the broad categories of Crypto Signals:
- Manual and Automated Crypto Signals
This is a categorisation based on the mode of signal generation. As mentioned above, manual crypto signals are generated by experienced trading and investing professionals in the crypto world. There are a couple of reputable names in that regard, whose signals are followed by crypto enthusiasts and traders. Manual signals can be relayed in various forms such as email, SMS, or even social media.
Automated crypto signals are however generated by computer software that has been programmed to identify potential trading opportunities based on a coded set of parameters.
- Paid and Free Crypto Signals
This is a categorisation based on the cost of the signal service or provider. There are crypto trading signals offered for free, or with a limited trial offer; these are generally free signals. There are also other crypto signals offered a specified cost (either a periodic subscription or a one-off price); there are generally paid signals.
- Entry and Exit Crypto Signals
This is a categorisation based on the trading action suggested. Although volatile in nature, cryptocurrencies are largely trending assets, with some moves mostly overextended. This is why some crypto signal provides offer only entry signals, while others only offer exit signals. It is however common for a signal provider to offer both entry and exit signals especially for short-term trades. There are also some crypto signal providers that only offer signals on specific digital assets, such as Bitcoin, so if you prefer trading other cryptos, it is best to select a crypto signal provider that offers this service.
How to Read Crypto Signals
Reading signals is pretty straightforward. Crypto signals come in various forms, but they will all involve the following basic instructions:
There will be an instruction to buy or sell the underlying crypto asset. The action can be around the current market price (CMP) or it may involve a pending order. A CMP instruction will be a suggestion to buy/sell at the prevailing market price, whereas a pending order will be an instruction to buy/sell at a predetermined target price that will be hit in future.
- Stop Loss and Take Profit
A crypto signal will contain stop loss and take profit levels that will automatically close your trade position when the price is reached. In some cases, the levels can be continually adjusted to minimise risk exposure or maximise profitability as the trade plays out. For instance, there can be an instruction to shift the stop loss to breakeven when a price makes a certain amount of movement in your favour.
Executing Crypto Signals
In the end, you will need to execute your crypto signals so as to make money. There are basically two ways to execute your signals: manually and automated. In manual execution, you will receive the crypto signals via your provider’s preferred medium and follow the trading instructions yourself. Granted, this offers traders a high degree of control over their trading activity. The more experienced traders prefer this mode of execution because they desire to have the final say on what trade is opened on their account. Such traders also believe that their extensive trading knowledge and experience deserves to play a role in their trading activity. Still, manual trading ensures a trader cannot take advantage of the speed and efficiency when trading fast and dynamic assets such as cryptocurrencies.
In automated execution, a crypto signal provider’s software is directly linked to the platform of your trading account. The software will generate crypto signals and will simultaneously execute them in the market. The obvious benefit of this mode of trading is speed as well as the elimination of subjective trading. Automated execution also ensures that you never miss any quality trading opportunity that surfaces at any given time in the market. The disadvantage, though, is that the trader is completely out of the decision-making loop. However, some automated crypto signals providers ensure that traders have the option to toggle between manual and automated trading, so you are essentially in full control of your profits (and losses).
Best Crypto Signals
As explained above, crypto signals are trade suggestions for trading the price changes of cryptocurrencies. It is important to choose a signal service that will help you attain your investing goals and ambitions, because not all providers are worth your time and money.
Here are some tips to ensure you will choose a crypto signal service that is best suited to your needs:
Nothing is a substitute for thorough research; your money is on the line anyway. Cryptocurrencies are a fast and dynamic asset class, with rather weird price action. It is therefore important to assess the performance of the service (both historical and present). While past performance is never indicative of future success, a solid track record is a good start. It is also important to go through multiple reviews of the crypto signals provider to ensure you do not get burned before you get started.
- A Good Team
Profitable crypto signals can only be generated by profitable traders. As a new and popular asset class, cryptos have no doubt attracted unethical companies. It is therefore important to examine the team behind a service.
A good crypto signal service will undoubtedly attract a good community around it. This is a group of investors and traders that have used the service and actually found trading success out of it. A good community will also ensure that ideas and knowledge will continually to be shared among members. As discussed above, crypto signals should offer you the opportunity to earn and learn.
While there are free crypto signals around, your trading capital will always be on the line when you decide to sign up with any service. It is therefore only logical to sign up with a company that will allow you to try out the service so you can ascertain whether it will be a good fit for your needs. A trial can be in the form of a limited time frame or the chance to use the service on a demo account.
- Good Broker
No matter the crypto signal service provider, you will have to execute them on a broker’s platform. A reputable, trustworthy and reliable broker is a perquisite to successful trading activity. Profitable crypto signals can easily generate losing trades if executed on a rogue broker’s platform. Selecting a good broker whose platform is advanced and supports automated trading will also promote efficiency of the signal service.
The Best Crypto Signals 2020
We have tried and tested some of the reputable and profitable crypto signals. Algo Signals has consistently come out top on every parameter that was considered.
Here are the parameters:
- Success Rate
Success rate is perhaps the most important parameter for investors and traders; you are in this for the money anyway. While the strategy details for the software is black-box, Algo Signals have revealed that their tool is integrated with Artificial Intelligence to allow it to adapt seamlessly to the ever-changing market conditions in the crypto world. This has enabled the software to achieve an unheard-of success rate of above 95%. This offers huge opportunity to literally make abnormal profits considering the big moves cryptocurrencies can make at any given moment.
- Impressive Broker Selection
Algo Signals offers its investor and traders a large selection of licensed brokers who support the optimal application of the software. Trading with a reputable, licensed broker is very important when trading online financial assets. It ensures the safety of your funds as well as the availability of a fair and transparent trading environment at all times. All the brokers recommended by Algo Signals have advanced trading platforms that allow the software to operate at its optimal best. The brokers also support VPS to enable best execution as well as non-interruption of trading activity at any given time.
- Great Team
Algo Signals creators are experienced crypto investors and enthusiasts with documented success in the nascent industry. The founding members were among early investors of Bitcoin and have taken advantage of multiple other altcoins that have emerged along the way. Such a great team can only guarantee great things to Algo Signals investors.
- Detailed Signals
Algo Signals generates more than 100 signals daily, ensuring that every individual investor can find an appropriate strategy to apply in the market, depending on their risk appetite or profit goals. Additionally, all trading signals are detailed, and traders can view more information on any suggested trade idea. This comes in handy for all traders that wish to learn the rationale behind the generation of quality and very high probability crypto signals.
Algo Signals is free of charge. Yes, you read that right. You pay no dime to start using a crypto signals service with near perfect success rate. Algo Signals also allows investors and traders to try out the software risk-free on a free and unlimited $1,500 demo account. This will allow traders to forward test the software and make an informed decision on whether it is worth incorporating Algo Signals into their trading arsenal.
Features of Algo Signals
Alongside the above parameters, Algo Signals has its own unique features that make it suitable for the modern crypto trader who wishes to leverage the possibilities of signals trading.
Here are the major features:
The major risk of using crypto signals is that a trader relinquishes control of their overall trading activity to a third party. With the customisation capabilities of Algo Signals, the trader is in full control of all decision making concerning their trading account. From your desired broker and trading strategy, to execution type and risk management, you will always be the steward of your trading resources at all times.
- Reverse Trading
An innovative feature unique to Algo Signals, Reverse Trading, allows the software to take opposite trades for a specified period of time when there is a period of extended drawdown. Reverse Trading is essentially a risk management feature that can help traders implement a hedging strategy easily and quickly.
- Broad Asset Base
Algo Signals delivers quality signals on all major cryptocurrencies, as well as other asset classes such as forex, stocks, commodities and indices. This allows for a rich and more dynamic portfolio that minimises risk and enhances profitability.
Are Crypto Signals Worth It?
It is not easy to find a reliable crypto signals provider, but when you finally pick out a good one, such as Algo Signals, it will definitely be worth your time and money. Cryptocurrencies are a lucrative asset class with unique price movements. Crypto signals reduce the pain of analysing and validating quality, high probability trade opportunities in crypto coins and tokens. They also free the time of investors whose aim is simply to execute profitable trades on their accounts. As well, they can help other investors to improve their overall trading knowledge and experience. Ultimately, crypto signals can be beneficial for all types of traders, no matter their experience or success levels.
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