Signal was founded in 2015 by current CEO Kyle Kaiser, CTO Tamara Bain, and Sabby Choudhary. Signal is a platform designed to allow traders to make full use of all the opportunities for trading the range of digital assets available on Binance exchange.
Signal provides traders with a wider range of tools than those currently found on the exchange and allows anyone to easily enhance their trading activities. Using Signal allows anyone to trade efficiently around the clock and take advantage of the cryptocurrency market remains open 24/7.
The platform incorporates popular market and limit order features and also allows users to set up simultaneous stop loss and take profit orders, as well as trailing stops, and laddered buys.
Signal can also be accessed via desktop or by a mobile device which suits anyone who likes to keep an eye on their trades whilst away from their desk.
The project is based in Ontario, Canada and parent company Signal Inc. retains a business address at 151 Charles St W, Kitchener, Ontario, Canada, and the team also participated in a 2016 Y Combinator program and have since raised a seed round investment.
Despite being founded in 2015, the platform is still in its early stages and continues to develop as a cryptocurrency trading solution.
The platform is an emerging crypto trading option that allows anyone to automate their trading activity on Binance via API key connections, and Signal incorporates a number of trading options including regular market and limit buy and sell orders, as well as simultaneous stop-loss/take-profit orders, and trailing stop-loss orders.
The platform also allows its users to set up laddered buys, in addition, to easily configuring sales of their existing coin holdings. The platform can be accessed via desktop or mobile devices and provides SMS notifications, and anyone signing up is able to take advantage of a 7 day trial period with the service available for a fee of $9.95 per month from then on.
To create an account, just click the “Sign Up” tab at the top right of the home page.
To register an account, you just need to enter an email address and create a password before agreeing to Signal’s Terms of Use.
After submitting your details, you need to click on the link in the verification email, in order to verify your address and gain access to your account.
You can now set up your trading account and connect with Binance via API keys, you will need to login to Binance and have two-factor authentication (2FA) enabled. Once inside your account, you can find your API keys by navigating to the Account section and clicking “API Setting”.
From here you can name the API key and click “Create New Key”.
You will then need to enter your 2FA code and also confirm the update by following the instructions in the confirmation email. You will then see the API keys, and you can complete the setup process by returning to Signal and entering the required information.
Signal allows you to set up market and limit buys/sells and also allows you to set up simultaneous stop loss and take profit orders, as well as trailing stops, and laddered buying. To get going you need to navigate to Create Signal view and create a trade.
For example, when setting up a limit buy order, you will need to select your trading pair, e.g. LINK/USDT, enter the amount of USDT you would like to use and set your desired price. When this is done you can click the “Continue” button.
You can now add your Targets, and Signal supports up to 5 targets which can be either Limit or Market orders. Targets are also known as Taking Profit orders and are used to specify a sale price for your chosen coin.
You can also set a Stop-loss.
Before going on to review your order.
When you are happy with your instructions, you can hit “Create Signal”.
The platform can be used free of charge for a period of up to 7 days, and from then on, the service costs $9.95 a month. If you are happy with the results of the trial period then you can commit to paying a monthly fee, and you will be required to enter your credit card details in order to set up a recurring payment.
Make note that the payment of $9.95 will be automatically charged to your credit card until you cancel the service.
There isn’t a great deal of information available on the project’s security protocol’s but the Signal team are more transparent than most and have made details about themselves and their corporate structure publicly available.
This helps to develop a feeling of trust, and also provides users with a central point of contact should something go wrong, and the core team has also made their Github profiles available for inspection.
This transparency helps a great deal as the platform is still quite new and requires your credit card details in order to process your subscription payments, however, if there are any problems, these can easily be sorted by contacting your credit card provider.
The team do need to improve their overall visibility and developing their social media profiles as well as building a Telegram community will help a great deal, as well as go some way in helping to generate an even greater feeling of trust.
However, the team are committed to data security and the protection of user data and all data is protected by security integrated safeguards such as secure areas, encryption, and secure servers, in addition to further organisational and administrative measures.
Furthermore, Signal only retains personal data for as long as it is necessary for the purposes for which it was collected; although cookies are an exception as they are necessary for performance and/or functionality.
The website also states that should Signal suffer a breach, it would implement its Incident and Breach Response Plan, which includes sending notifications to individuals and/or the data collector, as soon as feasible.
User accounts are secured via standard email/password combinations although Signal’s device guard feature allows Signal to block access to your account from an unknown device, and users will be notified by email when this happens.
As ever, users should be sure to develop their own personal security protocols and keep their personal information as secure as possible as well as be sure to disable withdrawals from within their Binance account.
As with the majority of trading bots or portfolio management tools, you are not required to transfer funds over to Signal, and the platform doesn’t have any direct access to your crypto portfolio.
Everything is done via an Application Programming Interface (API) which is an interface for an application that allows it to receive and send specific data types. This allows Signal to interface with Binance and collect price and account balance data as well as place buy and sell orders.
All portfolio management platforms come with a learning curve and take some getting used to, however, Signal is one of the most straightforward crypto trading solutions currently available.
The interface is simple and easy to understand and after linking your Binance account via API keys, everything can be done from inside your online Signal account. The platform offers a simple set of tools which suit anyone looking to enhance their trading activities on Binance and therefore suit beginner and more intermediate traders.
More advanced traders may be interested in more complex features and greater options such as configurable trading bots, as well as algorithmic trading bots, and these features are currently just not supported by Signal.
The team also provide a number of resources which help to explain various aspects of using the platform and these include written guides and video tutorials. However, their online community is still under development and new users may have to “go it alone” on occasion, although the team can be contacted via their social media channels.
The 7 day free trial means that anyone interested in using the platform can test it out for a week before deciding to pay the monthly subscription.
The additional features offered by Signal are also quite straightforward to understand and include laddered buys, trailing stop losses, and an option to sell your existing coins. These features work as follows.
As we can see from our previous limit buy order example, when setting up your buy orders there is an option to enable laddered buys via the “Laddered” tab. To get started simply:
This method allows you to ladder into your position, and split your buy zone into three entry points, and when the price hits each of your buy prices Signal will purchase your chosen coin with the amount of funds you have specified (as an amount % of your total investment size).
By laddering your buys you are guaranteed to enter the trade when the price hits your buy zone, and if the price reaches the bottom of your buy zone you also “dollar cost average” in with a better price (averaged across all of your buys).
Again, from our previous example we can see that there is the option to select “Trailing” when configuring stop losses. After creating your new buy order you then:
If you were to buy 1 ETH for $100 for example and set the Trailing Stop-loss price to -10% ($90), the Trailing Stop-loss will follow the price in this way:
The Trailing Stop-loss increases with upward price movements and sells when the price starts dropping. This allows you to be more flexible and lock in profits on a coin that may trend upwards before falling in price.
Signal also allows you to create an active trade from a positive coin balance you hold on Binance, and you can use the Sell Existing option and then specify how much of your holdings you would like to create the trade with.
You will also need to enter the price you purchased the coins at as Signal uses this information to provide ROI calculations.
To use Sell Existing with Signal, simply follow the instructions below:
