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Zignaly Review: Is this a Crypto Scam?

Zignaly Review: Is this a Crypto Scam?

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Welcome to the unbiased Zignaly review. This website provides copy trading service to those who want to utilize Cryptocurrency signals to initiate automated trades in an exchange. It’s like this; if you have one BTC lying somewhere in an exchange like Binance and you’d like to trade the coins, you’d simply approach Zignaly for the purpose of copying their Crypto signals and automatically transferring them into your Binance Account. If Crypto trading is your thing, we recommend using these tools because they accept your Cryptocurrencies and invest them for a guaranteed monthly return.

Some traders are already comparing Zignaly vs Cryptohopper platforms. We want to make it clear that Cryptohopper is a bot that offers Crypto trading signals. With Zignaly, they are offering Crypto signals and no bots are involved. Also, in terms of pricing, Cryptohopper starts at $19 per month and the best plan with all features cost $99 per month. In addition to this, Cryptohopper is offering free 7 days trial where they allow paper trading on selected coins only. Unlike Zignaly which offers 30 days of free trial, CryptoHopper is a little bit restricting as 7 days is an extremely short period of time to test a trading platform and make conclusions.

Zignaly review

Meanwhile, these folks have also made it possible for investors to connect to their TradingView account using the Zignaly platform itself. Besides, they claim that the company is providing an in-built terminal which gives traders the ability to create their own trading strategy from the ground up.

In this Zignaly review, we will analyze the features of the platform, the reputation they have and also let you know whether this is a legit Crypto copy trading service or a sham for that matter.

So far, we have no idea where this business is being operated from but they have listed Bart R. Bordallo as the co-founder and CEO. The team appears to be made up of real people and now the challenge is how to figure out what type of trading or development experience they have.

The background of this Crypto trading service

After doing some background investigations on Zignaly copy trading service, we discovered that the site was created in 2018 and the owners appear to be based in Madrid, Spain. The site is quite popular but surprisingly, majority of the traffic appears to be coming from countries where residents are not known to trade Cryptocurrencies. Currently, their traffic is originating from Egypt, Bulgaria and Sudan.

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What exactly does Zignaly offer?

The cloud-based service is designed to appeal to both newbie and experienced Cryptocurrency investors who simply want to use an API to connect with their own exchange where they can automatically trade their coins.

They provide a wide range of features to enable Cryptocurrency traders to execute trades remotely without many hustles.

They are offering 3 ways to get started with the service: traders can sync their TradingView account with Zignaly, use external Cryptocurrency signal providers or opt to use the platform’s in-built trading terminal where they have integrated a number of settings.

Crypto signals

So the obvious feature that comes with this platform is the Crypto copy-trading service where we can execute buy and sell Cryptocurrency signals from external providers like Crypto Quality Signals and Mining Hamster Signals.

Trading of all Cryptocurrency coins

The second feature that they want traders to learn about is that Zignaly is providing trading in all coins as long as the coin pairs are supported by their external signal providers. By the way, they claim to have integrated free and paid signal providers with their platform. It’s up to you to choose which Crypto signal provider you want to use for your trading.

The TradingView Bot

Crypto traders who have some level of experience can utilize their own signals from TradingView platform or by using Cryptocurrency Signal Finder” recommendations feature.

Trailing stop

They claim that this feature isn’t available with many exchanges but Zignaly now lets traders copy-trade using trailing stop. For starters, trailing stop is simply a feature that follows the price to lock in your profits so that even if price reverses, you’ll still retain the profits you have made even though you will have been forced out of the trade. They also provide DCA-based rebuy strategy options (have no idea what this means).

Zignaly and the safety of your funds

This is the biggest selling point for this platform. They don’t hold your funds because they reside in your own exchange account. Your coins will be traded using an API and they do not have withdrawal rights, only trading rights.

A cloud-based service

Since it is cloud-based, you don’t expect to do any installs or manual updates. The platform is managed by the operators and the job of an investor is to copy Crypto signals.

Zignaly review – pricing/fees

The platform currently has one pricing plan. You pay $15.99 per month to copy signals from the platform. They claim that this is Beta plan and they will freeze the price for users who decide to upgrade before the Beta ends. This appears to be an approach meant to persuade users to upgrade in numbers. You have to think twice before upgrading because this will mean paying more fees.

And of course there is the 30 day free trial (no credit card needed). This means that traders can test the platform’s features to see how good or bad they are. If you must use this Crypto signals platform, my recommendations is to make use of the trial period. But know that this will take time commitment and you might still end up not finding your ideal trading strategy. If this will be a challenge to you, I implore you to take advantage of this Crypto investment service instead.

Our best advice for you

We’ve not seen a single feedback from customers who use this Crypto signal service. It’s quite strange that despite the popularity of the service, these traders are not sparing a minute to tell us whether or not the service is worth it. For now we will not recommend it. We should stick with the usual recommendations. 

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