In the last decade, the best Crypto Trading signals on social media have grown into a giant that’s hard to ignore. From companies to financial advisors alone, social media is becoming a major avenue for trading tips.
From the third quarter of 2021 to 2022, around 3 billion people logged in to Facebook in one month. Many of them are active traders. Meta, the company that powers Facebook and Instagram, had over 3 billion active users in the same quarter.
Best Crypto Trading Signals Twitter leads the number of monthly visitors:
Twitter leads the number of active monthly visitors. The company has around 397 million monthly visitors who can prove invaluable in the trading game. Telegram has emerged as a home for traders who want to learn how to short PrimeXBT cryptocurrencies and all manner of other tradable instruments. The company enjoys an overall user base that almost doubles that of Twitter, making it a must-visit for trading signal seekers.
Things to consider before relying on social media for trading signals?
Cheater:
Many consumer reports have published highlights depicting social media as a haven for scammers. The scam takes the form of ads, messages, or a post that blocks the victim once they follow the links or start a conversation with the promoters. It is estimated that up to $770 million is lost annually through social media fraud alone.
Before you jump on any of the signals being sent out, it’s important to do some background checks on the people giving the signals.
Fake Gurus:
Fake trading gurus have plagued social media sites with their misleading expert advice. Some gurus use the tactic to gain an audience for monetization on platforms like YouTube. Others create a voice for products and services they subtly promote. Fake gurus have no experience and their signals come from false speculation that often results in huge losses when wagered.
Easily Spot Scams And Fake Social Media Trading, Gurus:
Scammers and fake gurus reinvent themselves every day, beating the algorithms designed to stop them. Their dynamic tactics make them difficult to catch, even though the use of human moderators.
Too good to be true Social media narratives often have bad intentions; those looking for trading signals should turn their backs on them whenever they appear. Signals promising quick profits are a way to catch a fake trading guru. An overly positive message that screams high returns in every sentence is a sign that the street vendor is a scammer.
Inaccurate profiles are signs of scammers. Profiles demanding down payments or initial investments on social media without legitimate proof of return are a sign of scammers.
How to spot a good trading signal on social media?
- Blue ticks or verification badges issued to legitimate individuals on social media platforms are a start in finding trade information.
- Legitimate traders with years of experience don’t hide behind a false mask on social media.
- Ads from a legitimate trading platform are a great way to find legitimate trading signals and information.
- Thus, Many trading platforms have a strong social media presence.
- The social media pages moderated by the platforms have a number of blogs that explain various tools they offer and legitimate ways to take a stand to make money.
- So, Financial news sites like Coin-Base have a strong social media presence.
- The websites provide a good way to get the right signals that will help in entering various trading positions.
It is worth noting that not all information submitted by unconfirmed people on social media is false. However, before indulging in unconfirmed signals, it is imperative to do further research via a Google search on legitimate locations before making any commercial move.
Customization and Leverage:
The world is evolving fast and social media provides a platform for traders to interact with Prime XBT and get great results in different trading positions. However, many social media websites have become home to scammers and fake gurus. So, Aspiring traders need to know how to spot scams to avoid becoming prey.