Have you ever asked yourself if you want to become a signal provider? As an experienced trader, it’s sure this has crossed your mind, even for once. In the forex market, proficient traders are always conveyed as a source of help and knowledge for novice traders.
Based on this concept, advanced trading solutions like copy trade were designed to allow beginners to benefit from the expertise of successful and skillful traders. But how can you become a signal provider? What are the perks of sharing your experience with others? This is what we will discuss in this article, but first, let’s clarify what signal providers do exactly.
What is a Signal Provider?
The signal provider helps traders identify and spot potential trading opportunities through trade alerts generated by trading systems or trade recommendations. Either trade setups include entry and exit points for recommended currency pairs.
For professional traders, choosing the right trading idea can be easier, as they become more confident and experienced enough to identify ideas that match their analysis and own perspective. However, non-professional traders can safely rely on signals from signal providers. It is a good way to learn from experts how to seize market opportunities.
Using Copy Trade, beginners are able to follow, execute and generate profits similar to professional traders, known on our platform as Money Managers.
AximTrade’s Money Managers are a selective list of top and professional traders with rich trading history. Each Money Manager (MM) or Service Provider has an individual trading profile with a distinctive strategy and preferred trading instruments. There are no limits to the number of strategies a money manager can implement.
Who Can Become a Money Manager? Any trader can become a money manager. There are no specific requirements for minimum balance or experience level.
How Copy Trading Works?
Copy trading allows for following professional traders who have a track record that other traders would like to emulate. This trading technique is a popular strategy that enables a less experienced trader to emulate your positions for generating profits. Therefore, the follower trader is able to monitor and learn from the strategies of successful traders. Copy trading best suits traders who don’t have time to keep up with the market or still lack the experience to trade on their own. However, by following their experienced peers they become more knowledgeable and get exposed to different strategies.
- Money Manager: the trader whose trading activity is being copied. Usually referred to as the signal provider.
- Follower: the trader who is following and copying the trades of another investor. Often referred to as the copier.
Copy trading comes with a package of trading benefits to allow traders to explore a variety of investment goals with lower risks. Investors are usually keen to discover opportunities while they have limited access to advanced technical analysis or they might be at the beginning of their trading career. Therefore, copy trading can expand the opportunities and secure the risks to the minimum level. On the other hand, service providers have the opportunity to share their trading records, strategies, and experiences while making extra profit.
Advantages of Becoming a Signal Provider
1. Expanding Your Business
You’re definitely a businessman if you’re a serious successful forex trader. Becoming a signal provider takes your trading business to the next level. By scaling your business into a service provider, your decisions not only affect your result but the results of your followers as well. This requires you to develop a successful trading mindset that allows you to keep moving forward and keep your trading business on track.
2. Multiplying Your Income
Establishing a well-built trading career will also multiply your income streams. As a Money Manager on AximTrade’s Copy Trade Platform, you’ll earn commissions for trading. There are no maximum profits, it depends on how profitable your performance is. And the more followers you have, the higher your returns will be.
In this regard, you will have to work on expanding your follower base in order to scale your business. As time passes this little base will turn into a community in which you can exchange experiences and ideas within.
3. Building a Reputation
Consistent performance is critical to building a good reputation as a signal provider. Your accomplishments and trading performance will be shown on your profile, and you may be ranked accordingly. Without investing capital in self-marketing, this will likely help you acquire new followers and expand your business easier.
How to Become a Signal Provider with AximTrade
Our advanced Copy Trade platform provides the opportunity to traders to open their Money Manager account and start offering their trades for followers to copy. Each signal provider or Money Manager profile shows the trading activities and performance charts for followers to compare and select. Open a Forex account and follow the following steps to step up your Money Manager account.
1: Log in to your Member Area and click the “CopyTrade” tab.
2: On the Money Manager list, click this “Become Money Manager” button. This is the option to become a Money Manager and transmit automated trading signals to followers.
There is no requirement for minimum balance or experience to become a Money Manager. However, every new Money Manager has to display 30 days of trading history on his accounts and his request needs to be verified by the appropriate department. The procedure can take up to 48 hours.
3: You will be redirected to a page where you will create and set up the strategy as a Money Manager. This is where you will customize all the parameters (Strategy Name, MT4 Account, use history from, Minimum Investments, Performance Fee, Agent Reward, and Strategy description) for your future followers and describe your strategy.
Before applying for Money Manager, please make sure that all the trades on your trading account are closed and that you have at least 30 days of trading history. Our team will review your application within 48 business hours and will either approve your Money Manager request or will get back to you with additional requests.
4: Once all the parameters are set and all filled up, you should press the “Create Strategy” button, which immediately brings the confirmation message. You will have to agree to trade in such a manner that delivers the best possible trading results to his/her followers.
5: Once your trading strategy was created, there is a confirmation green box that will pop up in the upper part of the screen. The request has been successfully submitted, however, it needs to be reviewed and verified by our company within the following 48 hours, to be found and added to the List of Money Managers.
6: Once you become a Money Manager, (your strategy and history were reviewed and approved by the risk team of the Company), then the new section “Money Managers” appears in the left-side general menu of your Member Area. The Money Manager tab contains information about active strategies and the option to add new strategies.