SignalStart is a signals aggregation service that allows signal providers and signal copiers to come together on a dedicated platform to trade on currencies, indices, and commodities. Stock CFDs and cryptocurrencies are rarely traded on SignalStart.
SignalStart has the distinction of being one of the very few trading signal portals which are independent and provides verifiable performance data on each signal provider’s trading results. This enables the signals copier to properly evaluate any signals service before subscribing.
SignalStart is simply an aggregator. The company behind the portal does not generate or provide signals. Rather, it is the signals providers who provide copy trading services to their subscribers, for a fee.
It is presently unclear where the company operates from. However, this is not a problem as the trader only pays a monthly access fee to gain entrance into the portal.
Assets Traded in SignalStart
The SignalStart copy trading service features signal providers that trade on various asset classes. The commonest asset class traded is the forex class, followed by commodities and indices. Cryptos and stock CFDs are also traded, but rarely.
There is no limit to the number of assets that can be traded. It depends on what the signals providers are trading at any point in time, and the signal copiers’ selections.
SignalStart Trading Platforms
The SignalStart platform is based on signals that are generated from trading the MT4 and the MT5 platforms. The MT4 platform is the platform of choice for most of the signals providers.
How Does SignalStart Work?
SignalStart operates a copy trading aggregation service. Signals providers are active traders and it is their trades that are actively copied to the trading accounts of the signals copiers. This is how the process works.
The first step is for the intending signals copier to register an account on SignalStart. This step is free of charge and enables the signals copier to evaluate the platform, learn the processes, the study signals providers’ statistics, and also decide on how to proceed with the copy trading venture.
Once the signup is completed, the signal copier is sent the login details that he or she selected during the registration process.
The next stage comes up when the signals copier has decided on the signal provider(s) whose trades will be replicated. In other words, the choice of whom to copy is made and the next step is to activate the copy trading process.
There are two steps to this. Firstly, the trader intending to copy signals will need to pay a registration fee of $25 to SignalStart. This fee is charged monthly. Secondly, the signals copier pays the monthly fee that is charged by the signals provider.
Signals providers do not charge the same rate. Some charge a little, and others may charge quite a lot. Here, cost does not always translate to better results, so the trader needs to decide based on trading results and not simply on cost.
Signals are copied straight to the copier’s account and any trades, complete with limit or stop entries, stop loss setting and take profit targets, are replicated on the signals copier’s platform.
How Much Does the Service Cost?
The SignalStart platform has no affiliation with brokers, so signals copiers and providers do not pay a hidden charge has to take care of the broker’s end of things. That is an advantage.
The only fees paid by signals copiers are the monthly service fee to SignalStart for using the aggregation service, and the cost of renting a signals service from a signals provider.
Subscription to the SignalStart platform starts with a 7-day trial for $1. This is followed by a $25 monthly fee which the signals copier has to pay to continue using the service.
After this is paid, the signals copier pays for a signals service according to the price stipulated by the signals provider. Price can range from as low as $20 to as high as $1000.
The screenshot below shows a listing of several signals providers, complete with a small line chart detailing recent performance and the cost of their signals services per month.
Pros and Cons
What are the pros and cons of using the SignalStart signals aggregation service?
- One of the pros of the SignalStart service is that the trading results are verifiable on Myfxbook. Indeed, the SignalStart service also appears to be the same company that manages Myfxbook, which ensures instant integration of data that can be used to evaluate the performance of a signals provider.
- SignalStart also has a leaderboard and a Gainers’ chart, which immediately shows the top gaining traders on the platform. A choice of who to follow can be made from here without having to spend time and energy searching on Myfxbook.
- The process of integrating the trading platform of the signals copier with that of the signals provider is very easy and can be completed in very few steps.
- The signals copier still retains full control over the trading account on which signals are being traded. It is possible to enable/disable copy trading with a touch of a button. It is also possible to adjust the trade size you want to be committed to each trade.
- The signals copier has to pay for both access to the SignalStart aggregation service, whether profits are made or not. If profits are not made at the end of the month, this can demotivate the user from using the service any further.
- Also, you can never really judge future performance on past performance alone. The signal copier may choose a seemingly profitable trader, only to have performances drop off, leaving the copier with an unprofitable situation.
- Following on from the last point, there are no refunds from signals providers who have collected payments in advance but fail to deliver on their profit mandates.
Customer Support
The quality of client engagement and customer support on SignalStart leaves a lot to be desired. Some of the customer support representatives have been known to sound disconnected and lacking in empathy when attending to distressed clients.
Customer support is mostly by email, connected to an online form. Responses are slow, with a typical response could take up to 48 hours.
Ratings
How does the SignalStart signals service measure up to other providers? Here is how SignalStart measures up with others in terms of the quality of the signals provided, cost of subscription, customer support, and profitability. These ratings are compiled based on the real experience of the writer.
| Overall | ★★★☆☆ |
|---|---|
| Signal Quality (by traders) | ★★★☆☆ |
| Cost | ★★★★★ |
| Customer Support | ★★☆☆☆ |
| Profitability | ★★★☆☆ |
Conclusion
The SignalStart signals service is a well-packaged product which sadly, has a lot of room for improvement, especially in the area of customer service. In terms of signal quality, there are great providers out there who are doing a phenomenal job. You will see persons who have grown accounts from very small amounts. There are those who start with conventional amounts such as $5000 or $10,000 and pull profits along the way. There are also those who trade profitably, then get sloppy and crash and burn.
As a final word, here is the view of the SignalStart service. You will still need to stay on top of things when using the service if you are to get the best out of it.
