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Signal Start Review – Potential Scam?

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Signal Start Review – Potential Scam?

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.

signal start pricing

Now, that is also where the problem starts. Let’s look into these problems in details.

Signal Start Review: Is this a scam?

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.

signal start providers results

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?

The truth with Signal Start service

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.

For signal providers

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.

The possibility of cheating still exists

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.

Our best advice for you

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.

3 Replies to “Signal Start Review – Potential Scam?”

  1. × Alert!
    • - Can't withdraw your funds from this fraudulent company?
    • - Have they asked you to pay excessive withdrawal fees or to deposit more funds?
    • - Or is there an excessive delay in processing your withdrawal?
    • - Are they trying to push you into depositing more money with them even without withdrawing the one you've already put in?

    It's a CONFIRMED scam company, recover your stolen funds by clicking the button below, then fill out the form and you will get a FREE Mychargeback consultation today:


    Click the button below, fill out the form to recover your lost funds from this scam company


    Click Here To Recover Your Stolen Funds
  2. Signal name from signalstart: Musikalisches Opfer
    REAL ACCOUNT HISTORY:
    2 YEARS 4 MONTH
    Promise low drawdown of below 30%, account margin call after subscribing for 2 days. Be careful with all these signals, do not trust them even with real account and verfified MYFXBOOK

  3. Nice review guyz …but my question is this provider ,do they not provide thier size of euity ,amount withdraw, running Trades and open order, etc ,I believe with all this info one should be able to pick the wright signal provider…
    Thanks

  4. I am a trader & signal provider to Signal Start owned by MyFXbook.com. I have ranked No 1. No 6. and anything down to 45 Globally. I used Signal Start as a medium for others to follow me and subscribe to copy my trades. In under 7 months, I generated 323% capital growth with less than 23% drawdown with real £10K deposits. I did 1,167 trades. When I went to extract the money I had generated in subscriptions of $4582 from their subscribers; they only approved $580. All the earning have gone!! Now you would expect an explanation, Their words were as below:

    SignalStart is a monthly subscription service which means signal followers expect to get a full month of trades (according to the signal provider’s past history and trading style/consistency).
    If you stop trading for a period of time that is not consistent with your regular trading activity (such as trading almost every day and suddenly missing a full week), commissions are partially canceled for
    the non-trading period and subscribers are eligible for a refund for said period when you make a withdrawal request.

    This business model is a scam and puts traders in control of your funds to make unrealistic trading decisions. As A Trader, I will extract my skill from here. As A subscriber, I would not risk my money here or be happy knowing my account is traded for the retention of their subscription income and not profit.

    What would you pay me to give you 323% return in under 7 months and only 23% Drawdown? My Accounts don’t Blow! If I don’t trade here, What sort of traders are prepared to do so?? You can do it at your peril, I am disgusted! I wont stop here either. Israel here I come. I recommend Charging Back all of your fees.

    Updated 11-03-2022
    Everything is making sense now. Having read all of the reports of bad experiences I can see why. It takes time for a trader like me to build up their subscribers and the extraction fees makes you think as a trader to wait till you have a descent amount of money before you take out your subscriptions earnings. So by the time you have traded 5 to 6 months here the values to extract are worth while mine was $4582. I had 46 Subscribers $1m in copy funds. When I could not take the value I had made in subscriptions I was royally pissed off. On this bases alone I have two options put up and forget and leave or leave with such a bang that I will destroy all the earnings I have made for the subscribers. Remember we are traders, we know how to make money, its easy for us. So to blow an account to prove our point is painless and it starts to impact upon the reputation of Signal Start. When you realise Signal Start are steeling from the mouths that feed them it makes no sense! What a Fuster Cluck!!! MyFXBook are one of the same.

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