Cryptocurrency trading is a very profitable but complicated industry. Trends can change at any moment and only expert traders with years of experience can predict where the prices will go.
Many beginners, who were serious about making money from crypto, sought out help from these trading experts by asking for advice or directions on what to do and where to start.
Some veterans took advantage of this opportunity and started offering trading signals to willing clients. This led to the rise of Trading Signal Groups on Telegram.
What Are Telegram Groups
Telegram is a messaging app that lets anyone create a dedicated channel to talk about different topics. What makes it unique is that one channel can host thousands of users at once.
This makes it an excellent platform for cryptocurrency signal traders who want their trading signals to reach as many people as possible.
Typically, the signals include suggestions on which cryptocurrency to buy, the best price to buy it at, the price targets to sell it at, and points to place your stop loss at.
It’s also important to know that suggested signals are applied to a specific exchange the group members are using, and not a general signal you can use anywhere.
Pros and Cons of Joining Telegram Cryptocurrency Groups
For those who want to trade crypto but have little to no knowledge about the industry, joining legitimate Telegram groups and taking advantage of their free trading signals is a great place to start.
1. You can make money from their FREE Trading Signals
High-quality trading signals aren’t usually for free but some telegram groups post signals as a way to attract new members.
If you’re lucky, you can come across signals that could bring in some serious amounts of money.
Just keep in mind that you need to do some research on the group leaders and the channel involved.
If you didn’t, it’s entirely possible that you might have unknowingly joined a pump-and-dump group or some other type of scam that plays itself like a legitimate signals provider, just waiting for some sucker to fall into their trap.
Remember, there ain’t no such thing as a free lunch.
2. You can ask questions
Telegram is, in essence, a messaging app. So, depending on the channel, you’ll be able to talk with a few people from the group if ever you need any help.
The admin support and community members are usually responsive to questions, unless it’s a huge group with thousands of members asking multiple questions at a time.
They could offer tips on how to maximise your profits and trade more efficiently! But again, make sure that you’re asking the right person to help you with your trades.
Telegram groups are great for those who want free signals but if you’re planning to become a premium member for any of these channels, then there are major cons that you should consider.
1. They’ll hype up worthless coins
In the cryptocurrency world, shitcoins are assets that have no value. Usually, these coins have very low trading volume and aren’t widely recognized by major exchanges such as Binance, Kraken, Coinbase, etc.
However, their low value means people with enough money can easily raise its price through massive purchases. This hype could build up and raise the price even further.
Once it reaches a certain level, the traders who first bought out the coins will sell them off to make a profit.
If you bought into it but weren’t able to sell it at the right price, then you’re out of luck. You might be stuck holding worthless coins for months on end!
2. Lifetime memberships are not worth the risk
Some Telegram groups can be very aggressive with their marketing and will push you to become a lifetime premium member by offering free coin giveaways or high-profit signals.
Be mindful of this sort of upselling technique because these kinds of marketing strategies were designed to get you into their premium channels.
Here are a few more reasons why a getting lifetime membership may not be a good idea:
Premium signals aren’t always guaranteed to be better
Signals posted on premium channels may not be as profitable as you might expect because group leaders place more effort into getting as many people into the program.
That means their free signals are meant to perform better to attract more users to join their lifetime membership. It’s a common marketing tactic used by popular Telegram groups.
For example, the Palm Beach Signals would sometimes post free signals that could net you 40% or more in profits and once you’ve won a few trades you decided to become a premium member. However, you might not get the same, high-profit signals as you’ve come to expect.
Now, what you do with your money is up to you but, do keep in mind that signals posted on their free channels won’t always produce the same high-profit results as their free signals.
High membership fees
Lifetime membership fees can get very expensive. Joining established premium groups would sometimes cost you thousands of dollars!
Less popular channels have lower fees but it doesn’t guarantee that they will last long enough for you to earn back the money you spent.
3. Less popular premium channels could shut down at any moment
Established channels have been proven to stand the test of time but membership fees are very steep.
But, if you’re looking to save some money, it’s not advisable to join lesser-known groups. If they’re not gaining traction or reaching their target number of members, they will most likely close down the premium channel without warning.
Don’t Worry, There’s A Better Alternative
Fortunately, Telegram groups aren’t the only ones offering cryptocurrency trading signals.
There are legitimate trading platforms out there that offer unlimited and high-quality signals. Many of them don’t have lifetime membership plans since most adopt a monthly premium model.
Their monthly membership plans often cost just as much or even LOWER than what a well-known Telegram group will typically charge you for.
More than just offering you some signals, legitimate crypto trading platforms also have a lot of resources that can help you improve as a trader (such as technical analysis tools and some have educational videos that you can watch to upgrade your skills).
The best part is that some tools even have an automated trading feature which will allow you to very easily set your trades, leave it for a few days, then check back after a few days to check if you made some money!
And since the software takes care of the trading for you, that means even total beginners will be able to make money from crypto without having to monitor the market prices and avoid some of the most common mistakes that traders make.
If you’re serious about making some money, then using automated trading platforms is the better option.
Bottom Line: Following trading signals is still DIY or manual because you have to catch them when time is right and set the trades yourself to the exchange.
Autotrading tools can do almost everything for you! Best of all, it costs just as much or even lower than becoming a premium member on a popular Telegram group!
Following free trading signals from Telegram groups is easy. But, you’ll have to know what to do with the signals or else it’s not going to be of much use to you. At the end of the day, you still have to figure things out for yourself.
If you want a solid foundation that gives you profitable signals AND never lets you miss a trading opportunity, then it’s better to start your crypto career by using a good automated trading platform instead.
It’s not at all difficult to learn (even complete beginners with no cryptocurrency-related knowledge can use it) as it offers tools that you can use to upgrade your trading skills if you want, and once you’ve set your trades, you’ll be able to spend more time doing what you love the most!