Starting a Signal Providing Business - Pt.1: The basic tools & platforms you'll need.

List out the tools & platforms they need e.g. TradingView, Telegram, a payment gateway (Paypal), a verified website, a Social Marketer, an experienced Market Analyst...

Posted by Admin on September 18, 2020

If you think that you are an experienced and reliable signal provider who is good enough to start your financial advisory business, you will definitely fail right from the beginning. To be an individual successful Forex trader, you must dedicate your time to learn and practice different trading strategies. To start and operate your own signal proving service is far more effortful as your trades are going to be the others’ trades. Fortunately, thanks to the Industry 4.0, which connects physical with digital, will help to manage and optimize all aspects of your business regarding collecting and analyzing real-time information, Trading platforms, Customer Relationship Management and Financial Management. The question is which tools you will need to be well prepared to win in the competitive financial markets.

Please note that all tools listed below are all must-have ones that will form a "solid foundation" for your business.

Let’s get started!

  1. Trade copier software

This is the very first thing you should think about when you are serious to develop your own advisory business. If you make searches online, you will see that there is a number of software that offer the trade copying service. Choosing the right one that matches with your service standards is not as easy as you think. Here are some useful tips to ease your selection of trading provider platforms:

    • Consider among the top 5 most popular platforms: Mydigitrade, Etoro, Zulutrade, Ayondo and Tradeo because they already own a big number of potential customers.
    • Choose a platform that allows you to trade on different brokers. This is a convenient way for your followers to copy your signal without having to open a new account.
    • Pick a platform having a Forex signal ranking that suits your trading portfolio. More specifically, each trade copier platform has its specific ranking system that will evaluate its traders to create the top list of signal providers to facilitate the selection of potential followers.
  1. Verified website and payment gateways

Building a professional website to promote your own signal providing service is a must in the era of 4.0. In fact, in 2020, creating a website is not an option but a must. There is no better way to increase your online presence than investing in a "right" website. Potential customers will surely leave your website at a glance if they are engulfed in non-sense phrasing and irrelevant pictures. A successful website requires a number of criteria but first it needs to be "verified" especially in the world of financial trading where scams are popular nightmares. In short, please remember these three keywords to build your business website: secured, informative and convenient.

  • Secured website: your potential customers have to feel safe enough to subscribe to your signal providing service.
  • Informative website: you should share as much useful knowledge about the financial world, your trading experience and your skills to drive traffic to your site. It allows you to be "closer" to your prospective customers.
  • Convenient website: your site should set up flexible payment gateways. The flexibility of payments includes credit card payment, debit card payment or via PSP (Payment Service Provider). The more payment gateway you offer, the more attractiveness your site will have in this competitive business market.
  1. CRM plugin (Customer Relationship Management)

Have you ever heard of an old verse "Make new friends, but keep the old"? This verse has highlighted the crucial role of a CRM. If you have only one or two followers, don’t think about using a CRM. However, nobody starts a business to have only one or two clients. Let’s imagine that you own a list of 100 followers. How can you remember their profiles? How can you send trading signals to them in real-time? How to send your market analysis and reports to them in a timely manner? How much time is enough for your team to communicate manually with 100 customers each day? These are what a CRM can handle for your business. Reducing manual workload to ensure the effectiveness of selling trading signal processes.

  1. IMS (Invoice Management System)

Billing and Invoicing are tiring tasks but are essential for the operation of any business. The truth is that if you do not have an IMS, your customers will not rush to settle their payments. How can a business, especially small and midsize businesses, survive with negative cash flow? An IMS is an ultimate solution to remove your pain in billing and collecting payments. A good IMS should:

  • Offer different options for receiving payments.
  • Send automatic invoices to customers every month.
  • Record all sale transactions to calculate your revenue.
  • Keep track of customers 'payments to automate notices.
  1. Telegram channel

If you would like to integrate quickly into the Forex trader community, creating a channel on the Telegram is a wise choice. This is one of the most well-known social media platforms that traders worldwide are using. Here are some reasons for its popularity:

  • Attract a huge number of traders to use for their communication.
  • Send and show charts and graphics.
  • Provide the highest level of information security.
  • Accept as many participants as you want for your Forex channel.
  • Accepted by most Governments.

These tools are not a guarantee that your advisory business will be successful, but to be well-prepared can absolutely reduce chances of making mistakes and thus; having a higher chance of winning!