Trading Signals on Telegram. 7 Selection Criteria
How to Start Trading Crypto?
What does it take to start trading cryptocurrency? How do you make money with cryptocurrency if you have never dealt with it, or with trading in general? After reading this article, you will understand that being enthusiastic and eager to learn is enough. You will need a lot of enthusiasm and persistence to become a successful crypto trader and make money on Bitcoin. Becoming an expert in this area is possible, though requirements include reading a vast amount of literature, studying an immense amount of information, analyzing the economic aspects of the project thoroughly, exploring its business constituent, as well as mastering the basics of technical solutions and transactional analysis. Unfortunately, if you go this route, time will be your enemy - as the market will be changing much faster than you will be learning.
In case you want to learn how to make money more quickly by trading Bitcoin, the best advice we can give you is to use the experience of trader-consultants whose names are well-established in the market. Get in touch with those traders who trade in, and give recommendations and advice to other members of, the market. These traders earn extra money by sharing their experience and do not invest any of their funds in this activity.
However, when you find a trader you think you can trust, you should always keep in mind that the information they share could be truthful and helpful, or could be nothing more than a scam. The fact that someone knows how to profit from Bitcoin and decides to earn money on their knowledge does not necessarily mean that what they share is valid. You should be careful at all times because listening to the advice of scammers could cost you all of your investments instantly. For this reason, you need to understand whom you can trust and who it is better to avoid at all costs.
What Telegram Crypto Channels To Trust
If you already have some experience in trying to make money with cryptocurrency trading, you must have noticed that the pace of the market is rapidly increasing. This market attracts a lot of beginners, experts, and a lot of scammers as well, which is a pity. Furthermore, I will explain how you can choose successful, trustworthy trader-consultants to work with and keep your investments safe from fraudsters. This post will cover only Telegram channels that offer both free and paid signals. You will find recommendations on how to choose crypto signals in this article as well. All of my recommendations are based on my experience.
If you search for cryptocurrency channels on Telegram, you will be overwhelmed by the amount. It is hardly possible to find the best crypto signals on Telegram on your own if you do not know what criteria to use while searching or how to make the right choice. Another issue is that the stock exchange, ICO, cryptocurrency, and trading markets in general act as a massive magnet for fraudsters and scammers of all types. Relying on my personal experience, I can say that less than three out of ten Telegram channels can help you make a profit. However, to figure out which channels are trustworthy and profit-generating, you will need to spend money on subscriptions and buy signals some of the time. I suggest that you use the following seven search criteria when seeking out trustworthy trader-consultants.
7 Criteria of Trustworthy Telegram Channels
Analysis of statistics. Firstly, I would like to advise you to rely on your research first and foremost. Perform thorough research of past cryptocurrency trading signals, which will be available on the free channels you decide to join. As well, go to the stock exchange, or coinmarketcap.com, and check the stats there. By doing this, you will see whether or not the signals worked. Don’t make up your mind too quickly after seeing several profitable signals ( those are often referred to as red herrings in cryptocurrency trading terminology). Use Blockfolio, or any similar tool, to get a full picture of the channels you investigate. If the channel does not show complete statistics - stay away from it. This behavior is usually a sign that the administrators have something they are sweeping under the rug. Another way to check the reliability of the channels is to go to the SafeTrading.com platform, as it lists channels based on their rating and subscription cost. There you can also view the actual statistics of the channels; the data is taken directly from the corresponding channels. You will not find channels that only result in losses or that do not work at all.
It is quite possible that when you take a closer look at the stats of a given channel, you will see that their trading is in the red, but that when it comes to the end of the reporting period, several signals work. I would recommend that you stay away from these channels as well because they can hardly help you make a lot of profit and are very likely to leave your balance in the red. Identifying the best crypto trading signals on Telegram is an arduous process that takes a lot of time and effort.
The best signals can’t be free. Accept it as it is. So many people around the world are trying to make money trading cryptocurrency, but only a small group is succeeding in doing so. Successful, profitable traders earn a lot of money, and it is natural that they require decent compensation for their advisory services. However, this doesn’t necessarily mean that an expensive channel cannot be a scam imitating signal profits. Currently, expensive channels charge over 0.05BTC for a monthly subscription. Of course, you might find free channels that are profit-generating, but in most cases, they advertise for their paid services.
Communication is the key. When buying and selling Bitcoin, you will be communicating with all kinds of people. Always be attentive to how quickly the administrators of the channels answer your questions, how good their answers are, and what general impression the communication creates. Level of English is another important factor to consider. If the administrator’s knowledge of the language is poor, you cannot be sure that they are competent in the sphere. After all, most cryptocurrency news in the sphere is in English.
Ask traders as many questions as you can. It is the only way to learn! Ask about:
- user count in the paid channel
- monthly subscription cost
- lifetime subscription cost
- the terms of the signals
- supported languages
- team size
- team experience
- team’s country of origin
- stats of the latest signals
- transparency of services
Don’t be afraid to annoy the administrators; it is better to ask an extra question than to lose your money because you were too shy to ask what you needed to. You can also go to cryptocurrency chat rooms on Quora, Reddit, and other platforms to pose your questions to a wider audience.
Open chat and/or a website. Don’t believe any channel that doesn’t have an open chat or an outer website. If you have no opportunities to express your feelings about the channel and contact the other members, there is probably a bad reason for it. It usually means that the channel does not want the members to communicate and leave their feedback. Stay away from these channels at all times!
When channels offer open chats and websites, you can talk to the other members, ask them questions, and seek advice whenever you need it. As well, you can ask other members about their experience with the channel. Based on my personal experience, about five out of ten people reply to a friendly message.
Beware of snitches that imitate growth in the open chats. They are usually advertising for their covert scam schemes.
A branch on Bitcointalk is a good indicator of the reputation of the channel. Check the negative threads first.
An account on Tradingview is a place where you can check the professional & technical analyses of the channel.
Website for the channel trader will give you additional information about their approach, value, and status.
5. Signals in times of major market fluctuation and rapid growth. In times of unpredictable market bear or bull, experienced traders avoid giving signals. If a channel continues to provide signals under such circumstances, you risk a lot in following them.
6. The amount of cross-marketing in the channel. If you notice that a given channel has an abundance of advertisements and cross-marketing posts, you should question its reliability. It is quite possible that the channel administrators do not earn enough money on subscriptions. It could also be possible that the channel is low-quality, making marketing and advertising their only way to make a profit. There is always the possibility that different channels belong to the same scammer-administrator as well.
7. Check the actual RESULTS the channel brings. There is a huge amount of cryptocurrency trading on the Internet. If you decide to dive into the business, you should follow the news on ICO, blockchain, and cryptocurrencies in general closely. It is a good idea to visit major relevant events as well. There are a great number of experts who can help you, but also scammers who can cost you your investments. Regardless of your level of experience, trading cryptocurrency is like playing poker - you need intuition and a good grasp to succeed in the game.
Having shared these tips with you, I sincerely hope that they will help you in your trading efforts. When I was a beginner, I ran into a scam and lost my portfolio in a very short time. I was so devastated by the fact that I was not the only one to get into this pump and dump. For this reason, I decided to explore the topic in my article, which can be found here. In this post, you can find honest feedback about scammers that they would never publish in their cryptocurrency groups. This information is a must-read for every beginner with a limited budget portfolio.
Check out the project I’m currently working on here. It aims to provide traders with trustworthy feedback about cryptocurrency channels. My website helps people make money with cryptocurrency by showing the channels one can trust and the channels one should avoid. Don’t waste your time and money on scammers, make a profit with experienced traders! Even though the crypto market is saturating rapidly, there is still a lot of time left to make money with Bitcoin.