Who are the Signal Service Providers?
There are literally hundreds of copy-trading providers in binary options out there. All of these offer all kinds of different services. Most of them are perfectly reliable and safe. To convince yourself about this please consider the things described below.
Software developers and platform providers
The first category of binary options signal service providers are that of the companies that have developed the mirror trading platforms. These companies do not actually offer the signals. They have merely developed the technologies that allow others to use signals to trade binary options.
These companies usually make money by licensing their platforms to traders. In order to use these platforms, traders will have to pay a certain fee per month or week. Most commonly these fees range between $10 and $100. More expensive is not always better quality.
And then there are the professional traders who actually provide the signals to other traders. The only thing these people will have to do is to sign up to become a signal provider and interlink their broker investing accounts with the mirror trading software provided by the company.
These professionals will be rewarded with a commission that is charged on the profits made by the traders who automatically copy their actions. Professionals who signed up to become signal providers don’t actually have to do anything other than just continue trading.
As said, they will ONLY make money in case they provide successful signals to their followers. Traders won’ be charged any commission at all on unsuccessful trades that were executed by the signals provided by professionals.
Are the Signal Providers Really Professional?
Yes, those people who become signal providers in financial trading are actually real professionals. This is because otherwise no one would make any money at all. As explained above, the people who provide the signals will only make money if they provide winning signals to traders.
The company that has developed the copy betting software most of the time functions on a subscription model. This means that it won’t make any money if the traders who are subscribed decide to cancel their subscription if the signal providers offered by the company suck.
As such, the companies that offer binary options copy trading software will always make sure that only those people will become signal providers that can prove that they are real professionals with a long-time track record of many successful trades.
Likewise, if a provider of binary options signals turns out to provide too many bad signals, then the company behind the platform will remove him or her. Only those will be kept that are able to provide the subscribers with successful signals both in the short and long term
How to become a signal provider?
You can only become a signal provider and make money on the successful trades executed by the people who follow you if you are actually a real professional trader who can generate consistent winnings all the time.
If you are a trader like that, then you can apply at a company that offers binary options copy trading services. After this, the company in question will ask you to prove your identity and credentials. It will also request you to show your past 6 months to 1 year track record of trades at a mainstream broker.
Most of the time only those people will be allowed to become signal providers who can prove that during the past 6 or 12 months have managed to generate profits of around 70% to 80% taking in consideration the volumes they were investing with.
So, this again shows that copy trading in financial betting is really legitimate and can be used to successfully generate considerable amounts of money without really doing anything.
But remember that mirror trading is intended to generate profits overall, after executing a large number of trades. Traders may still lose on individual contracts since no professional is that good to have a 100% success ratio.
For this reason, it’s recommended to trade with small amounts of money initially. This will ensure that you will be able to purchase much more contracts initially, in case the very first trades you made based on the signals provided were unsuccessful.
Also, please read our additional guides and tutorials on binary options copy trading. These will teach you the most optimal strategies and guides in order for you to be able to profit form this fantastic concept, much like many others have done so in the past.
If you want to register at a binary options signal trading service provider then you should check out the ones that we display on this page. We genuinely think that these are the ones that offer the cheapest kind of services but more importantly the most accurate signals in the financial betting business.