There are a lot of people excited about the idea of trading cryptocurrencies, not a lot of them know how to go about that exactly. They don’t know which one of the currencies looks most promising right now or at what price it will be beneficial for them to buy it. So, this became a sort of problem, something which was holding back the integration of cryptocurrencies among the common people. The solution to this came in the form of Cryptocurrency signals or Crypto signals as people generally call them.
So, what exactly are crypto signals and how do they address this problem?
Crypto signals are just chunks of information sent to the subscribers by the service providers in the form of messages, telling them which cryptocurrency to buy and at what price i.e. entry price or buy-in price. It also tells them at what price they should be selling their currency to make profit i.e. sell-targets or Take-Profit targets. It also sends them a stop-loss target to help them avoid any losses if the trade environment is not favorable to the seller.
It further tells you the percentage of your holding that you should trade for now. These crypto signals also specify the crypto exchange thus in order to benefit, you need to have an account with that exchange. You get notifications whenever buy-in price, sell-targets or stop-loss target is met. This keeps people aware and enables them to take informed decisions. This way, People can make good returns on their investments without actually knowing or researching much about the cryptocurrency market.
How do you receive these signals?
Crypto signals are a kind of service and thus you have to subscribe to a service provider. Make sure to follow signals of exchanges for which you have an account. Binance and Coinbase are two of the popular exchanges and thus are provided by most of the providers. Once you have subscribed to their services, you will start receiving notifications. There can be a lot of ways to receive such notifications. Telegram and email seem to be a lot more popular than others. Telegram comes first in terms of preference as it keeps the user updated regularly. Emails can do the same, but people aren’t generally in a habit of checking them that regularly.
How to choose your service provider?
A good service provider:
- Would keep an eye out for news stories which might affect the values or the signals in any way. They might even generate new signals to deal with the new situations.
- Should provide you with regular updates.
- Have an option to allow you to automate your trade.
- Should provide more in-depth market analysis for knowledge savvy people.
- 5) Should be affordable.
Using cryptocurrency trading signals can be very profitable without much effort and thus people are leaning more towards such services. But as it is always suggested to take things with a pinch of salt, the same is applicable to crypto signals. Instead of jumping to take anyone on their offer to provide such services, finding a legitimate and reliable service provider is the first and most important step towards profitable cryptocurrency trading.