As a trader, you may be asking yourself if becoming a signal provider is right for you. Many new traders turn to copy trading as a way to learn from more experienced traders, and get access to different strategies. But why would signal providers want to share their trading secrets? In this article, we will explain what signal providers do, how they can create additional income streams for themselves and the benefits of becoming a signal provider and sharing their trade secrets with others.
What does a signal provider do?
A signal provider is a person who allows other traders to copy their trades on the Copy Trading app. The provider may earn income from charging subscribers a subscription or performance fee, but this is optional and completely up to the provider. If you are interested in learning about how to become a signal provider click here.
What is the Axi Copy Trading app?
The Axi Copy Trading app (developed in partnership with Pelican Exchange Ltd/London & Eastern LLP*)is an app that allows clients to link their MT4 trading account and copy the trades of other traders featured on the app. It is a straightforward way to copy top traders around the world, whether you are a beginner who lacks the time to focus on becoming a trader or an experienced trader who wants to diversify their overall strategy. At the same time, it is a platform for successful traders who would like to earn additional income by allowing others to copy their trades.
Refer to our article on "What is Copy Trading?" to understand more about this exciting avenue. All traders who intend to become a signal provider must sign up with London & Eastern LLP directly.
5 Benefits of becoming a signal provider for copy trading
- Multiple streams of income. If a trader is already profitable and happy with their performance, why not scale the business and create additional streams of income for yourself? As a signal provider, you can charge users a subscription fee (creating a fixed income stream for yourself) as well as performance fee (creating an income stream that will depend on how well you perform as a master trader).
- Scalability of the business. As a consistently profitable trader, you will be featured in the Axi copy trading leader board, which will strengthen your reputation. You are more likely to gain new followers and scale your business further, without actually having to invest in marketing yourself. Instead, you can focus on your trading performance and making money for yourself and your followers.
- Build a reputation. Think beyond the horizon. In the short-term, your focus will be on keeping up your trading performance and building a large follower base, which will allow you to scale your business. In the long-term, you could encounter various other business opportunities as profitable signal providers. You might get approached by large investors or become part of an exclusive prop trading program.
- Benefit from the community. With enough followers, you may realise at a certain point that you have built up a small community around your signal service. This can be useful as you might be able to exchange ideas and experiences with some of your followers. Some of them might have an expertise that could benefit you - such as how to market your services even better. It is not only beginners that are using copy trading services. Experienced traders also turn to copy trading for diversification purposes.
- Improve as a trader. As a successful signal provider, you are essentially running a business. What happens on your trading account does not affect only you anymore, but also your followers, who are paying for the service through the subscription and/or performance fee. This means more responsibility, which can help you develop yourself as a trader and improve your trading psychology.
Which copy trading platform should I use as a signal provider?
The Axi Copy Trading app allows you to easily connect your MT4 account and start providing signals to a wider audience. The in-built leader board will give you quick insights about the top provider's performance and helps you build a reputation and gain new followers.
Did you make it in the top six signal providers? Congratulations! We will also list you on our Top Traderspage, through which you get further exposure.
