They have some advantages that I will talk about in a minute with that said there is a big turn off which is that it costs $99 to join.
Almost all of the social trading networks out there with most of them are more advanced with much more solid platforms than Signaltrader.com are free of charge. With that said Signaltrader.com decided to charge $99 per month for their membership.
That alone was a deal breaker for me. It's already a risky business and it sure won’t feel right if I followed a trader, had a bad month and on top of that I pay $99 membership fees.
In that business it's all about testing, it's about checking track records of traders carefully and based on their performance I start following some experts. It might as well take a while to find the traders that suits my style and needs. Paying an extra $99 per month will certainly not help me at all.
On a side note Signaltrader.com have some strict rules when it comes to signal providers they partner with. So they only accept live traders with a real account of at least 8K in balance, at least 3 months of history and a maximum of 15% drawdown. Those kinds of filters are essential to make sure that the signal providers are for real and are in for a long term business not just amateurs that join for some quick bucks.
Even though, with those filters applied the sad truth is that there will be bad traders, but quite frankly I won’t be paying a membership fees to test and see if there are providers that will work for me. If they are willing to offer a 3 month free trial period, at that time I would be happy to test their signal providers and make a judgment on how they perform on my account. If I find traders that will make me profitable then I won’t mind paying the monthly fees at that time. Till they make that change there are other solid networks that are free of charge and I am happy to keep them.
Mohamed Rabea - ForexFaqs.Net