Signal start is a new service connected with Myfxbook. This service is being advertised as a professional one-stop shop signal service for both followers and signal providers. The service fee is $25 per month to gain access to a network full of signal providers, subscriptions to the providers are additional.
Today I’ll be providing a review and taking a closer look at the service and seeing if it’s the type of product the Forex robot nation readers should be interested in.
Signal Start Review
The signal start service is quite straightforward. For traders that want to get signals they would sign up and then look through a collection of different signal providers with verified results and subscribe. Each signal provider has a monthly price ranging on average from around $50-$75 per month. Even if you don’t subscribe to any signal providers you will still have to pay $25 per month to signal start in order to access this list of subscribers. From what I can see the services taking advantage of the Myfxbook API and I’ve received emails from Myfxbook that want me to become a signal provider myself.
For signal providers the signal start product provides them with an avenue to find new clients. The signal providers that are part of this network have to provide 30% of their profits back to the company. Now going to go through some of the features discussed on the website. The service provides a fully hosted account service, a platform which is accessible from any device, account analysis, a robust copying technology, a powerful user interface and multi-broker compatibility.
Review Update 2019
Signal Start continues to be a point of contention for many of the readers here at Forex Robot Nation. With over 27 comments and counting, the experiences of our readers have been heavily on the negative. Which is very disappointing to say, considering the promise this service once showed.
It certainly does not deserve a spot in the best Forex signals table, as we traverse through 2019.
In all the comments we’ve read here, only 1 is positive, which is not a good sign, and something this team certainly needs to speak to.
I hope that the vendor will leave some comments here, and discuss the reasoning as to why so many of our readers are having a bad time.
Currently, the service goes for $25/month per account. There is also a deal running that allows traders to test the service for a single week for $1.
Sign up or Not?
Sadly, at this point it’s a not. We see no reason to sign up with this program as it currently stands. The community feedback is simply too negative here, and we take the opinions of our readers very seriously.
Again I must reiterate, if the Signal Start team is very serious about their service, they will come here and address the concerns of the community.
Upon doing so, we will consider changing our mind.
Signal Start Conclusion
At this point in time I don’t have a final conclusion for my signal start review. I will say that there is potential here to find a quality signal service that you wouldn’t find anywhere else. That’s because this product hosts real traders and not Internet marketers. Normally the best systems in the Forex market are produced by real traders and that’s why the highly marketed systems often fall off a cliff quickly.
If you have something you would like to add to this review please leave your questions and remarks below the article now
Signal Start $25/month
- Trading Results
- Client Feedback
- Customer Support
Signal Start is a Forex signal service and copy trading platform that provides access to many different providers.
Bad customer feedback
I am a trader & signal provider to Signal Start owned by MyFXBook.com. I have ranked No.1 No.6 and anything down to 45 Globally. I used Signal Start as a medium for others to follow me and subscribe to copy my trades. In under 7 months, I had generated 323% Capital growth with less than 23% Drawdown with Real £10K deposits. I did 1,167 trades. When I went to extract the money I had earnt in subscriber commissions of $4,582 they only approved $580. All the Earnings had gone!! Now you would expect an explanation, Their words were as follows:
Signal Start is a monthly Subscription Service which means signal followers expect to get a full month of trades (According to the signal providers past history and trading style/consistency). If you stop trading for a period of time that is not consistent with your regular trading activity (such as trading almost every day and then suddenly missing a full week), commissions are partially cancelled for non-trading period and subscribers are eligible for a refund for said period when you make a withdrawal request.
This business model is a scam and puts traders in control of your funds to make unrealistic trading decisions to protect their commission earnings when they should be considering your capital preservation during times of market volatility. As A Trader, I will extract my skills form here. As A Subscriber, I would not risk my money here or be happy knowing my account is being traded for the retention of their subscription income. It is unethical.
What would you pay me to give yo 323% capital growth in under 7 months with only 23% drawdown in the first month with diminishing drawdown risk? My Accounts don’t blow. If I don’t trade here what sort of traders are prepared to do so?? You can do it at your peril, I am disgusted!
Having done some research everything is making sense!!
Having read all the reports of bad traders blowing their account after just 5 to 6 months when leading up to it their trading style was impeccable I can see why, it takes time for a trader like me to build up subscribers and the commission extraction fee of $40 with a minimum of $100 means you wait till you have a reasonable amount of commission earnings. So by 5 to 6 months the values here are growing nicely and I had $4582. 46 Subscribers with $1M copy funds. When I could not take the value of my subscriptions I was royally pissed off. On this basis alone I have two options, put up and forget and leave or leave with such a bang that I destroy all the earnings I have made for the subscribers. Remember we are traders, we know how to make money, its easy for us. So to blow an account to prove our point is painless and it starts to impact upon the reputation of Signal Start.
When you realise that Signal Start are steeling from the mouths that feed them it makes no sense! What a Fuster Cluck!! MyFXBook are one of the same
My experience was only good as a follower when I used the same broker and account type as the signal provider. If the signals provider is using oanda, open an account with oanda to follow that provider.
I also never follow with 1.0x but I use 2.0x . I have extra funds that I can internal transfer into my account if I get a drawdown alert ( look for Equity Protection Alert tool robot). You can get alerts on mobile mt4 when your account reaches a certain drawdown. Then I can more funds to ensure I never margin call.
I use the 2.0x multiplier to ensure I get all the signals that the provider opens.
And a whole year later how has the experience been overall
Red alert to anybody follower this signalstart website. I spent 2000$ subsciption fee for them but the only profit account they missing many orders to copy. at first they blame that because of 3 pips price variation limit to copy.
But after I capture the screen with strong evidence that the price only get better to copy. They start silent, not any return can fix it or not.
Very be careful, Can not have profit with this signal provider. Many Scam Signal, Don’t have any mechanism to filter Scam Signal, don’t have enough KPI for customer ranking the signal. For the signal can have profit, they will be missing or copy wrongly lead to very less performance compare to signal.
Very poor support, they will fool you with tricky reason.
this website is not professional. I loss almost 10k usd from my followers.
they freeze my account without giving an explanation. really unprofessional. they robbed followers of their money. while they freeze the provider account
You left this same review on forexpeacearmy.com
You updated it with a positive review. Can you do the same here.
I cant comment on the actual signals as I can’t use them
Signed up with them – but I selected the wrong server in error – every time I asked for it to be corrected as you can not change servers yourself I was told fund the account its $0 – very frustrating that they don’t read emails. HORRIBLE CUSTOMER SERVICE
So I thought well maybe the easiest way is to delete the account and redo it – WRONG ! now I have to pay the $25 monthly again and now they don”t respond to transfer the service I just paid for over. In the meanwhile my signal service is useless and money wasted.
VERY BAD EXPERIENCE WITH SIGNALSTART AND AMAZING EURO
had a 2k account and signal opened a 7.19 lot account which closed with a 1.6k LOSS last week
however there was no corresponding signal from Amazing Euro, how is that possible?
when i queried this Signal Start eventually responded but did not answer these questions:-
– where was the corresponding signal from Amazing Euro?
– why is Amazing Euro still showing over 100% for this month, i am 70% down
– i have asked for a full refund
they are no longer responding to emails on these questions
VERY POOR SERVICE
VERY DODGY TRADING PRACTICES
Hi, also lost a ton on Amazing Euro. As the draw down increased, the trader deposited $20k into an existing trading account of $10k. Eventually the market turned and the trader still made money, but all its copiers would be wiped out due to margin calls, unless they also happened to have a lot of money laying around and deposited into their accounts on a timely manner. The traders other account, Amazing Pound, was wiped out, presumably along with all the copiers
What stands out to me that Signal Start is hosting scam signals are:
1) Looking at the history of signals, the initial trading is about 1 or 2 trades / month and gradually ramps up to about 40 trades / month for the last 2 months, generally speaking. Therefore the signal provider is building an amazing return/month, while somehow having a very low drawdown. I think somebody is preparing many signals in this way and the couple that are profitable are then listed while the losers are silently discarded.
2) All profitable signals are generally less than 8 months old. The longer they’re on the platform the less the changes are that they stay profitable, thereby wiping out copier accounts as a general result.
3) The SL amount is generally 2x to 3x the TP value. Hitting a couple of SL’s generally wipes the account.
4) A low drawdown value for the signal provider means nothing. MasterForex (a signal proveder) had a drawdown of 8% for a signal that is 8 months old. When the first real loses occurred the drawdown went up to 50% in a single trade. SignalStart doesn’t show the maximum drawdown during a trade in the history log. You can therefore not
see what the real risk for that trade was.
The biggest flaw of SignalStart: You can set a multiplier when copying a trader. The logic being, if the trader had a historic drawdown of say, 10%, then setting the multiplier to 2x would mean a ‘theoretical’ drawdown of 20% for you, while also doubling the profits. The problem is that the drawdown shown is real losses, not floating drawdown during a trade. If the trader had a floating drawdown of 50% during the trade then your floating drawdown would be 100% (2x). Your account gets wiped while the trader eventually closes the trade at a profit.
Likewise, reducing the multiplier to a fraction, say 0.5x, also doesn’t help, since the minimum lot tradeable is 0.01. Most of the traders make multiple simultaneous trades, all at 0.01. – If your balance is lower than that of the signal provider, then all the trades are opened in your account, at 0.01, not 0.005. Therefore, with your potentially much smaller equity, you have now as many trades open as the signal provider. A small drawdown wipes your account while the trader moves on to be potentially very profitable.
Hi anyone know how to cancel this service. There is no info about cancellation on their website.Very worrying.
On your dashboard settings remove account
Bad. Unfortunately NO SIGNALS were being copied and I emailed them every day for a week, they don’t respond. It’s so disappointing and strange that they invested all this money into software and employing providers and then it seems that project was abandoned, their app is not even in the app store anymore (apple). I’m just super annoyed. Had to dispute charges with my bank. Never again.
Not happy. The signals lost 90% of my account overnight but all showed a profit. When i complain the emailed me back saying there was a problem with the account not updating. Not good as once the trade is closed you can’t tell who it was that made the losing trade.
Hi Waerth, doesn’t sound fair at all. I wish you luck moving forward.
They will show high percentage profit. But you will not get it.
The reason they show high percentage profit is because a large number are using cent accounts. I got caught in that trap as well. Look at the initial deposit in the history. If the actual amount deposited is small and they are using lot sizes way to big for the deposit value, it is a cent account where lot size is 10,000 and not 100,000. There are some good signals, unfortunately, they are not the norm.
what are these good signals please?
I found this site from google search “signalstart not responding to emails”.
Basically I’ve paid for their service and paid for a signal but the signal is not being copied to my account. I emailed twice but no response (checked spam server – nothing there either) second time I included my own mobile.
I will send another email via their website and come back in about a week to update my post here.
Thanks David, I hope they start responding.
My experience with them has been extremely good. I have found a couple of signal services on here that I like. I started with a low account size and one conservative signal, then when that signal had earned its own monthly fee, (about two weeks at my trading level), I added a second. In 3 weeks, my account has grown over 100 percent, and I have earned more than enough to withdraw the 2nd month’s signal fees. I am very happy with my decision to try this, especially after being taken on many scams and systems that do not work.
My advice is to (a) never invest more than you are willing to lose, (b) start with a small conservative deposit into a dedicated account, (c) start with one signal, and expand to another when that one is in profit, and finally, (d) choose signals with low historical drawdowns.
Hi David, pls what signal’s do you use at signalstart now and what has your 2017 experience been?
Hi guys,there is nothing wrong with them its just that you have to read each signal data CAREFULLY before choosing one, you have to check how much real money did the trader make, how much did he withdraw how much did he diposit and also the % of gains and total number of trades
By the way am a signal provider over there you can check my 3 accounts minyar.signalstart.com
Their fees are so high, it’s hard not to call them a rip off. Given the increased risk of trading with signal providers, I would avoid them.
Three times I lost lost lots of money following a signal which had shown steady and save (drawdown less than 3 % for 8 months, 100% wins!!!) signal. Within two days after putting tens of thousands of euro’s (of course I have my own responsibility as well) the drawdown of this signal went to 50%!!, losing eventually 25% of the invested amount. This happened three times in two weeks with comparable signals. Very, very, strange…. And again, you have your own responsibilities as well, but my trust in this service has been lost completely and forever. Please watch out all fortune seekers…!
Thanks for the update Mark. I wish you success in the future.
The main flaw is that you cannot insert your own stop loss at the signal start website, let’s say at 1 or two percent from the entry point. Copying the entry is one thing, copying the signal provider’s stop loss is quite another. As it is now, you would have to monitor your account 24 hours a day, since then you would be able to see an entry of a signal provider. Then you could put your own stop loss in your own account at your broker. So you would have to untick çopy ‘stop loss and take profit’ orders from the signal provider.
I’ve been using them for quite a while as a signal receiver. There are few problmens with them in my opinion.
1) Customers support (slow, no telephone number)
2) Fees. God, if you want a decent basket you have to spend up to 6.000$ per year in subscriptions fees. And this makes the investment not suitable for most of the customers (unless you have 50/100 K to invest.
3) Margins (This is a big problem) Many of the good systems (good risk-profit Ratio) are trading on account 10-40K and some of them use 1:500 leverage. SO, unless you have an account with 50K Minimum you will be unable to follow them properly, or at all.
Saying that, anyway they are probably one of the best signal provider platform, compared to most of the scam around…
Same here. Left message on their website and emailed them also. No reply. Disappointed!
P.S. I tried to register this forexrobotnation with my facebook but could not connect.
Very disappointed in this service. Im a signal provider have clients on board that i provide a valued service for. Account size over 110k, when it comes time to wthdraw they allow only 1 per calendar month in total. SIgnal Start deducts 30% as fees from each client they charge the provider $25 once off start up, take $25 off each client who wants signals plus whatever the provider charges. So Signal Start has nothing to lose as a provider there is no incentive to trade high accounts to be allowed only 1 withdraw total per calendar month. This is a BS system and does not provide us with an incentive to trade on this platform. If they can take money from subscribers and providers upfront then pay us when the calendar month is finished for each client . They need to be Fair and furthermore they do not reply when u send them an email
i have the feeling the systems have bugs. signed my first signal with a risk(volume) less then 100% and for some reason my risk was set at 120% which caused me losing lots of money.
Though it was impossible to proof for me that i did not set by mistake at 120%, so i keep continue this service. But then i paused the service for 1 month in settings i could change this, but now they keep on billing me for the inactive month. And cannot continue without paying the bills. The settings seems for the second time not to do what i exptected.
Hi. So far I have had about 3-4 email exchange with them, they always responded within a day. Anyway I don’t think a delay in response is a good enough reason to cancel a service. I’d love to hear more about them from people who have tried.
I signed up on Friday morning and immediately had a question for Customer Servcies – it took until Sunday late pm for them to reply. This is unacceptable for live FX trading. I have requested my money back and will wait for the service to gain users and tightenup support services – a phone number would be good manned 24/7!
Hi Doc, thanks for the update, they are definitely early in the process but should be ready to respond to you. Your expectations are fair.