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Profit with Signal Trader Forex Mirror Trading
Whereas this site is primarily focused on “binary options signals”, if your primary objective is to invest funds and earn reasonable returns, then it is wothwhile also looking at services being offered in the forex industry. Most binary options autotraders are outright scams whereas in the forex industry there is a greater level of transparency and maturity where these types of systems are concerned.
Launched in 2009, Signal Trader is a top notch forex social trading network that links investors with a small elite group of forex signal providers who have all been previously vetted by the network. The platform offers clients an advanced auto-execution mirror system that enables them to copy trades of their preferred prop traders, by executing orders based upon signals sent by them. This article gives you a detailed review of Signal Trader.
How does Signal Trader work?
Signal Trader is not a broker itself, but provides a technical platform which links your broker account with those of experienced traders. A decent selection of parthered forex brokerages is offered, including some of the big names in the industry. In order to live trade with Signal Trader, you need a minimum of $2,000 in your trading account. Until early 2015, this requirement used to be $5,000. The platform allows you to open an account with different currencies, which is certainly an advantage over some platforms where you can only use USD. While users are required to deposit a comparatively substantial sum, it is worth noting that the service is free, with the network making money from IB fees.
To start using Signal Trader, all one has to do is:
- Register with Signal Trader
- Open and link a brokerage account to Signal Trader
- Select Trading systems to autoexecute
- Track and analyze your trades in real-time
Who are the traders?
The key to successful social and mirror trading network is the expertise of the traders you can follow and duplicate. Signal Trader refers them as “Trading Systems”. The platform employs the tagline “Real Real Time, Money, Real Trades,” which is one among their differentiators. The traders that you can copy use their own money to generate signals. They need a minimum balance of $8,000, though some trade with the balance in excess of $100,000. Unlike many of its competitors, users on Signal Trader can actually view the balance amount of these traders.
Are there risks?
As with all types of trading, Copy/Mirror trading involves significant risk to a traders’ cash. With the minimum deposit rule, only serious traders with confidence will be risking such a huge amount. Signal Trader has however tried to lower those risks by placing potential signal providers through their screening process. Every trader must be able to show a successful track record. He/she must have made more than 3% over the lifetime of their account. Also, they are not allowed to have more than 15% drawdown. In return, these traders are paid $0.5 per mini-lot traded, though only for profitable trades.
How do you sign up to Signal Trader?
Signing up for Signal Trader is totally free, and there are no success or management fees required. However, when you sign up for the live account, you have to do this with one of their supported brokerages. This is how they make money, because as a referring broker, they receive an Introducing Broker commissions from the brokerage accounts they refer. To try this social trading platform you can open a free Signal Trader demo account. This account enables you to try out the platform for a month before testing the waters with real funds.
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What’s Signal Trader’s support like?
Signal Trader only provides the technology solutions which allow traders to conduct their trades on their accounts. So they do not control the entire trading environment, which limits the support they can offer. So far, we haven’t heard of any issues with Signal Trader’s platform since their systems hardly ever go down. There’s currently no telephone support but you can contact them easily through e-mail and live chat. Their customer support team is friendly, reliable and knowledgeable and will answer any question you may have.
Why does it stand out?
With Signal Trader, no prior knowledge of the Forex market is required. The platform doesn’t require users to learn tricks about trading systems in order for them to start trading. Users rely on mirror systems which have already been tested and proven. The chances of you losing your money are close to none, as you will be able to let professional traders do the job for you. This signal providers will be constantly scanning for opportunities 24 hours a day, eliminating the need to search for profitable trades in the market. All you need to do is pick the trading system that are right for you. Unlike with many other social trading platforms, simply choosing the highest ranked traders is a fairly sound strategy.
In conclusion, Signal Trader is an excellent option for people who want to jump into mirror trading in a big way. The platform is aimed at serious investors. Although the minimum deposit requirement is much higher than other similar services it is justified by the high returns that are made possible.