Crypto Signals Telegram Channels: Should We Trust Them?
As the world of cryptocurrency trading grows every day, it was inevitable that industry experts would come up with different tools to share with their colleagues. But contrary to what you may assume, crypto signals Telegram channels have actually been around for quite a while.
The question is: Are they worth it?
Indeed, the best way to become a successful cryptocurrency trader is by relying on your own knowledge, skills, and experience, but you can surely still use additional advice from elsewhere. So, how exactly do you figure out where to get this advice from? Here is everything you need to know about crypto signals Telegram channels.
What Is Telegram?
To begin with, you should first understand what Telegram is and how it works. Telegram is a messenger app similar to WhatsApp, Slack, and Viber. The app became particularly popular globally thanks to its user-friendly interface, speed, high security, and lack of censorship. The messenger offers numerous features, including video calls, group channels, and more.
The channels on Telegram are structured as feed-like blogs where admins can share content such as text posts, images, links, polls, etc. Due to this variety of features, Telegram gained popularity among the cryptocurrency community. Many crypto-related projects and companies have already joined the platform and use groups and channels for customer interactions and feedback.
What Are Crypto Signals Telegram Channels?
As the cryptocurrency trading community started using Telegram more, the so-called crypto signals Telegram channels sprang up. These channels vary in size with the biggest ones having tens of millions of followers. Some channels are general while others are more specific focusing on certain cryptocurrencies (e.g. Bitcoin) or trading platforms.
The point of these channels is that their admins send out signals to channel members when it is a good time to buy or sell their cryptocurrencies. Most of the time, these signals announce pumps which means that at a certain date, the admins will start buying a certain cryptocurrency and the members of the channel are asked to do the same thing. By buying the cryptocurrency, the users increase demand for it and raise its price.
Because the prices are now higher, traders can then sell some of their coins to make profit. Like the signals for buying, signals for selling are also sent out through these channels. Some admins even go as far as to tell their followers about the top price that can be applied for stop-loss orders which ensures that traders avoid loses if the prediction is wrong.
That being said, crypto-themed channels on Telegram are also known for posting different information related to the industry alongside the signals. From themed ads to industry news to token statistics, all of this information can be quite useful both to beginners and experts regularly trading cryptocurrencies.
Are These Signals Channels Useful?
So, are these signals channels actually useful and helpful? Moreover, are they even reliable? To put it simply, more often than not, these channels are not a reliable source for predictions for multiple reasons. Some channels don’t use enough indicators for predictions resulting in these very predictions to be wrong. Other channels are created specifically for making money off of the followers.
Pump and dump groups specifically have a reputation for acting quite negatively. Such groups artificially create demand for certain currencies which could lead to losses among non-involved traders when the members of the group start selling these currencies. Some admins can perform actions that negatively impact their group followers while the admins are profiting from the situation.
That being said, there are still some crypto signals Telegram channels that can be considered trustworthy though it does take some time to find them. If you avoid scammers and those spreading fake information and predictions, you can find some pretty decent Telegram channels for getting useful information about the world of cryptocurrencies and making thought-through decisions while trading.
How to Find A Good Crypto Signals Telegram Channel?
First things first, a high member count of certain channels doesn’t necessarily mean that these channels can be trusted. This means that you need to be careful with channels of all sizes. One way to check whether a channel is legit is by scrolling through their feeding and checking whether the signals they gave actually fit the recent history on the market. However, this could take a lot of time so you may want to try other ways of checking channels.
Channels that are legit are usually open about their methods of prediction, so they will provide you with information on the indicators they use for sending signals. Channels that research and promote smaller projects worthy of your attention also demonstrate that they actually put in effort into their work. Channels posting educational content can be useful too and you may also want to consider channels that promote their own tokens because that means they usually rely on their reputation to be able to promote these tokens.
Which Crypto Signals Telegram Channels Should I Check Out?
Now that you know everything about crypto signals Telegram channels, it’s a good idea to actually check out some of them to give you an idea of what these channels are like. That being said, you should still remember to be careful with what you read in these channels and make your own judgments.
For example, A Telegram Channel called IBC Signals shares trade recommendations based on momentum strategy, technical analysis, and fundamental analysis. It’s a good channel for getting information, but you should still use it as advice rather than fact.
Other Telegram channels to check out include:
- DLavrov Trading Signals & Tips
- Excavo Trading Signals
To sum up, crypto signals Telegram channels can be extremely helpful both to beginners and experts in the world of cryptocurrency trading. However, you should still take all of the information in these channels with a grain of salt.
Do your own research and rely on your own knowledge and experience while using these channels as a source of additional advice that could guide you but shouldn’t be your ultimate go-to at all times.
Melissa Mauro is a freelance writer who creates quality and original content. She is working for the companies Best Writers Online and Online Writers Rating writing services review. She believes that creativity and improvement are things, which distinguish a good writer.
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