Estimated reading time: 6 minutes
There is mixed reaction concerning a service known as Signal Start(Signalstart.com). Some traders say that it is a scam, while others say that they are not necessarily a scam. Who is telling the truth? And what are the indications that Signal Start can be trusted?
Well, first of all, we cannot overlook what both sides of the divide is talking or criticizing about this signal service.
Basically, Signal Start is a platform that brings together signal providers and traders who are looking for such services.
This platform charges a fee regardless of whether you are a signal provider or a trader looking to buy signals from providers.
Now, that is also where the problem starts. Let’s look into these problems in details.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
The first thing you need to realize is that even though some traders make profit with this signals service (depending on how lucky they are in picking the right provider), others fail terribly with this platform.
The fact of the matter is that a big number of the population here are a disappointed lot. The truth is, Signal Start doesn’t tell traders whether they have some sort of vetting process before they can welcome providers aboard.
We contacted support on this matter and till now, we haven’t received any reply. We wanted to know if Signal Start has a criteria for accepting providers on their platform. Now, we haven’t gotten an answer, and we don’t think that we will ever get a clear answer on this.
So the blame here is partly on Signal Start and their providers as well.
Signal Start has simply failed in its duties to work with reliable providers. It’s the reason may users on the internet are calling it a scam.
On the other hand, many signal sellers on this platform are not very transparent. They cheat users with fake statistics.
As you can see on the screenshot, every signal provider on this platform has their equity curve climbing steadily. Every provider has impressive gains, and nearly all of them have acceptable draw down.
We can also see that almost all of these signal providers are using a real account to trade their signals, although a couple of them use a demo account.
So why is it that some traders are crying foul that they lost money with Signal Start?
We got a hint somewhere that this service accepts signal providers when they have earned profit consistently for a period of 30 days and are not using Arbitrage or Martingale.
Okay, maybe this will answer the question that we initially asked their support. But does this mean that providers who fulfill these conditions are safe to copy trades from?
That’s a challenge because first, we can see a couple of blown accounts which are sitting at -99% balance. This means that even though Signal Start has some form of minimum requirement for joining as a signal provider, they still don’t have the full capacity to verify if indeed their providers are fulfilling and sticking to these conditions.
How do people blow accounts? Well, they must be using some form of Martingale or other high-risk trading strategies for this to happen.
The point is, most signal providers who join Signal Start are prone to losing, and thus you cannot trust them to copy trades into your account before conducting due diligence.
In fact, there is no difference between searching for a signal provider and conducting this research on your own and picking one provider among the list that is presented to you by Signal Start.
Those who lose with Signal Start simply incur this loss because they trusted that Signal Start would only recommend the right providers — which is not the case.
So the first thing to do is to check what other traders are saying concerning a particular provider. Are traders saying negative things about them?
You should be concerned with draw down and the general quality of the signals which are delivered by the particular provider that you’re investigating.
Again, a signal provider might not necessarily be a scammer. But they may require ridiculous broker conditions to work — and these brokers might not even exist.
Secondly, some providers here are using a demo account. In this case, trading conditions in a demo account tend to be different from those on live market conditions.
It would be nice to work with a provider who trades with a real account.
Providers can come up with a monthly rate that traders must pay them in order to copy their trades. However, if this particular provider who charges a fee connects their account with myfxbook, the platform shall deduct 30% of that.
The problem with Signal start is that there is no loyalty program where providers can be rewarded if they stay longer or acquire more followers.
In fact, this is one criteria that traders should be looking for when picking a signal service on this platform. If a provider has more followers, then it means that their service must be worthwhile, hence the following.
Speaking in terms of providers who use this service, we realize that there is no motivation for keeping them on this platform.
This could also explain why a good provider may all of a sudden start delivering bad signals. Some form of loyalty reward would suffice.
While this platform claims to have put in place some form of minimum requirements for joining as a signal provider, most dishonest providers can still cheat to make a quick buck on this platform, and it’s actually very easy.
You should never trust any rising equity curve, thinking that the signal provider must be really profitable to follow.
These can be faked, and the provider can still use Martingale system of trading to make the equity curve rise super fast.
They simply open a real cent account, then leverage it to the maximum and practice Martingale system of trading on it. Once that account has some profit, they simply hedge everything and withdraw everything with the exception of the margin that runs open trades. At the end of the day, they will close the trades after withdrawing everything. This will make that account record abnormal profits.
The point is, there are still many ways of cheating to make traders believe results. Some of these providers can even survive with this trickery for so long before customer complaints can catch up with their dubious services.
The truth is that if you follow Signal Start blindly, you will lose money. On the other hand, there is no guarantee that you will pick the right signal provider who will make profits for you.
It takes a lot of time researching to establish who is speaking the truth and who is being dishonest. To save you from that headache, we decided to carry out that research on your behalf, and these are the only Forex trading products that we are recommending. However, with Signal Start, there is still a lot of loopholes which providers can take advantage of. Therefore, it’s quite difficult to find a good signal provider here. It’s nearly impossible.
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