The usage of cryptocurrency trading bots has gotten so popular that it has become the new norm. Whether someone is a novice trader or a professional speculator, looking into automatization is more of a necessity than a luxury for them.
Why wouldn’t it be?
Bots help users make deals according to market conditions, even when they are not able to keep an eye on the market.
By selecting different trading strategies and market signals, traders could ensure that their buying and selling transactions are made the way they want – while not even having to execute those trades themselves.
Signals.network is one such trading platform that lets its users build and execute their own strategies with ease.
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Launched in 2018, Signals is a strategy building platform that lets traders create their own algorithms. These algorithms could then be used as trading bots on supported exchanges.
The tool lets its users leverage data, algorithms and Signals to develop custom strategies through its strategy building module. These strategies could be utilized to automate personal trading, or shared with other users to allow them to do the same.
While Signals’ eventual intent is for these strategies to work on supported exchanges, it is prudent to note that the service does not support any exchanges at the moment.
It’s because it is still in beta, and its functions have not been fully rolled out yet. With that being said, the platform intends to serve more segments than experienced traders who want to buy and sell cryptocurrencies. It also aims to cater to trading experts who want to monetize their strategies; data scientists who would like to utilize algorithms for their research; and novice traders who could benefit from the experience of others’ strategies.
The platform also has its native token by the ticker of SGN, which was used during an initial coin offering (ICO) to raise funds in March-April 2018. It was through the ICO and the ERC-20 token that Signals.network came into existence and gained the traction that it currently has.
How Reputable is Signals?
It was launched just over a year ago, and its final product is still in beta. Seeing these aspects, it is understandable that the platform doesn’t have much popularity as a trading bot.
While Signals is inactive as a bot tool, it remains active as a strategy builder in its beta test. But even this distinction has not earned the platform enough brownie points for many people to talk about its services – other than its successful ICO that got the service to this stage.
For now, all the reputation that Signals has is dependent upon its success as an ICO than as a trading bot. Since its strategies builder has been launched in limited form, it seems like a minimum viable product (MVP) when compared to other bot solutions that have been providing fully-fledged services since a while.
What Exchanges is Signals Going to Support?
As mentioned above, it doesn’t support any cryptocurrency exchanges for trading at the moment. There’s no information available about the exchanges that the platform will support in the future either. For now, everything seems to be under wraps because the tool hasn’t really spread its wings.
With that being said, Signals.network does trade its SGN token on Liquid as well as IDEX. But this is no indication about the platform supporting these exchanges as trading partners in the future.
It’s because many other platforms that are listed on some cryptocurrency exchanges do not always use the same exchanges as trading partners. This is mainly because those do not hold as many users.
For now, it remains unclear which exchanges will Signals.network support in the future.
Is There Any Information About Signals’ Pricing?
Unlike many other strategy creation or bot platforms, it does not outline a monthly fee against its usage for now. It is safe to say that this is due to the website being in its beta test. But seeing that some trading bots only charge users on a per-usage basis, Signals could go that route as well.
For now, the platform is open to those who want to sign up and check its services for creating, sharing and testing their strategies with others.
Other than that, Signals outlines that its native token SGN is used to fuel the network’s operations. This means that whenever a trader or expert wants to create a strategy, they would need to pay through SGN.
This requirement also applies to those who are using different data sources from the platform to build their strategies. But other than that, there’s no precise information available that actually applies to the pricing model that Signals might follow in the future.
How Easy to Use is Signals.network?
The service has been built with ease of use in mind. This reflects on the platform’s intuitive user interface (UI) that so far shows off its abilities to create, share and choose trading strategies.
But even as the UI remains quite easy on the eyes and seamless to operate, it cannot be said whether it would remain as simple after the website introduces its additional services in the future.
For now, Signals seems like it’s heading in the right direction. But to say anything about its overall UI in its current condition would be unjust to other platforms that are operating their full products with complete integration into their UI.
What Settings Does Signals.network Offer?
What sets Signals apart from many other competitors is how it promises to be more than just another trading bot.
Apart from technical analysis and basic signals, which are currently available in the beta phase, it promises to introduce many other features in the near future.
These features include but are not limited to:
- Sentiment analysis, which analyzes social activity and traders’ perception through news and other aspects.
- Machine learning, which would integrate automatic algorithms that suggest the best course of action by themselves.
- Custom indicators, which would allow traders to integrate their own indicators through custom development.
But all of this remains on paper for now, since the beta version doesn’t boast of these qualities. What it does have is backtesting capabilities, through which created and shared strategies could be tested for their performance through simulation.
How Secure is Signals?
For now, it remains a secure platform that is hosted over the web. But once again, it remains to be seen if the service would retain this security once it moves to connecting with real exchange accounts.
At that point, it would be essential for the platform to have additional security measures in place, such as the usage of no-withdrawal API keys and two-factor authentication (2FA).
How is the Customer Service on Signals?
The level of customer service cannot be predicted at this point. But the development team seems active for now, with the media team also posting about a new feature each month – something which the platform kept going as recently as June 2019.
How Profitable Will Signals Be?
Speaking of Signals’ profitability is something that would be a shot in the dark at this point in time. The platform would have to roll out its features, obtain enough users, and have some time for assessment before anything could be assessed in this regard.
Should You Use Signals.network?
While Signals remains a work in progress, anyone who is interested in automated trading should keep it on their radar. If anything, it provides users with the promise of an innovative bot that includes features such as machine learning and sentiment analysis.
For now, those who are intrigued by Signals’ offerings could check the product for free at its official website.