Here's a good review from a guy on forexpeacearmy who sums it up very well: --------------------------------------------------------------------------------------------------------------- THIS IS EVERYTHING YOU NEED TO KNOW ABOUT THIS SERVICE.
Rentasignal are still fairly new & are no doubt trying to improve their service. It is managed & run by the owners of the Forex-TD website. Overall as an organization they are not bad depending on your expectations; but remember you are not trading the organization but independent “traders” which you have no control over whatsoever.
Customer Support. Their live chat personnel are useless and apparently don't seem to have any clue about the product they are supporting. In contrast, their email support are much more helpful. As for the service providers, they generally do not give contact details so there is little or no support from providers themselves & you are left to guess about many issues.
Web site. The site is ok but still in development. Many things do not work properly like the signal provider search etc. As for the technical information provided on the use of their product, it is lacking. Many of the questions could have been easily answered on the site if the relevant information was given & written in clear English, instead of having to ask through their support.
General service. The idea seems great. Remember though, that when a trade is executed by the provider on their copy of MT4, the signal will then be sent from their terminal to rentasignal; from rentasignal to your MT4, from your MT4 to your broker. This delay could be significant in terms of market price movement during this process. Add to that, the fact that the provider is probably using a different broker to you, a demo rather than live account, a totally different price feed... Does that all add up to different results than those shown; in general, it absolutely does.
Providers. Don't even bother considering any service that does not offer a FREE TRIAL. If no free trial, the provider knows that you will not get the same results they are displaying. Remember, rentasignal themselves do not verify the results displayed by service providers & results shown widely differ from what you may receive. Check to see if there is a clone of the signal to compare with what the provider is displaying. Service buyers generally do not allow you to contact them, except a few, even though the cost for the monthly services are extremely high. Generally most appear to be using their own EA, some are obviously using & charging for a 'commercial EA' that they have bought; only a few appear to be manually trading. If I was to guess, I would say that 95% plus are trading on demo accounts. Many of them constantly change their trading style with no notification to those receiving their signals. That means you may be trying out their signals, feel confident to use real money, only then to see that the provider suddenly changes their trading style or decides to double or triple the number of signals they spurt out. In fact the provider could be trading only one conservative currency pair & the next second decide he wants to trade five different currency pairs with wide stop losses. This means there is little or no security. After all, the provider cannot be contacted so can do pretty much as they please, rentasignal takes no responsibility for the providers; you could be in for a wild ride with your money.
Trading Styles. If you like the idea of scalping, rentasignal may not be the right service. After the delays in sending & receiving signals, not to mention different brokers, any potential profits are soon lost. If you prefer longer term trading styles, maybe the difference wouldn't be as acute.
Rentasignal comparison. Should you use this service? The prices that many of the providers are quoting are fairly high when you consider it is for one month's service, which you will be re-billed for again & again. Most are obviously using an EA. They can change their parameters at will without any notification. You generally cannot contact the provider to ask them about their service so zero support. You cannot back-test their results as you can in a commercial EA. You cannot change settings yourselves. Whereas a system could potentially work well running from your own computer on your own broker, the same system may fail miserably due to signal delays & cross over between brokers.
Final Comments. If you can find a commercial EA that shows proven results, then that will probably be your best bet. If you want to supplement your trading portfolio with this signal provider, taking into account the potential hazards, then rentasignal may be worth a look at.
As for providers, if you are after making a quick buck, have an EA you’ve made which u would never dare use on a live account, or better still an EA you have bought for $99 which you’d like to pretend is your own & charge $50 a month from people who don’t know any better, then rentasignal is definitely the best bet to make money fast.
The software EA that rentasignal provides allows you to limit the lot size of orders received from the providers, but there's no option to limit the size of the maximum stop loss. Why is this important? Well, you may be using strategies, especially scalping that use fairly large lot sizes because the stops used by the providers are generally smaller. This may also be the only way of making any significant money. So... provider enters trade, you enter trade. What if the provider's internet connection fails, which will happen, or their computer shuts down, which will happen, or rentasignal's server has a problem, which has happened... with no ability to stop the live trade on your account, say goodbye account. Currently you cannot even manually add a stop loss because the signal from rentasignal will instantly remove it. This is currently a major security flaw in their system which they may or may not address in the future. ------------------------------------------------------------------------------------------------------ Taken from https://www.forexpeacearmy.com/public/review/www.rentasignal.com
What really pisses me off with all of the 'auto-trading' solutions is that no one of them is even bothering to check/test a trading system before adding it to their systems database. Their entire interest is to make money from subscriptions or trading commissions.
I can for example find an EA on the web, and use it as my own to start charging for it on their website. Not only they don't check the system, they don't show you who's behind it which is also important.
I would definetly stay away from any services as such.
big thx for these kind of answers but it doesnt helpful for me and the question.i will tak care of real users from this service and which signal they take simply experience with using this kind of trading..
Ray, I did try their service and to tell you the truth, it's really hard to stay profitable with these kind of services.
Firstly, the trader makes money off of you even if the trading is non profitable, by collecting the fees, so he's not in your best interest.
Secondly, the systems shown are a bit misleading - they don't have any long-term successful systems. The chart might look good, but it's only indicative for a few weeks.
Moreover, the connectivity to their platform is vary shaky - it's based on an EA which you must attach to your MetaTrader and keep it open to receive signals. This by itself create another issue.
When you subscribe to a system and it differs from the results shown on the website - here's the psychological factor kicks in - you naturally want to stop the signal provider from making anymore trades since it doesn't look right (which is caused by the points mentioned before).
robert17 posted: Hi, i hear all the comments people have made, but if this is true then why are we on myfxbook? is it nor for the purpose of trading, being able to have access to other traders etc?
Im looking to access good traders with a track record or EA's
I'm here because of the quick analysis capability but obviously you can find here ea's and traders who can manage your account.
Nevertheless, I'm sure you can agree with me that it's much more reassuring to know who's the real trader behind a system and the fact you can contact him, discuss about his trading and make a much more educated decision unlike on sites where you don't know if it's a real trader behind the system or just a kid who built an ea and has no idea whatsoever about money management.
i ever use their service before. Personally speaking, not very good in all aspect.
1st, a good signal provider charge very expensive but they do not have long term trading record to show on the website.
2nd, their analysis are not accurate. I give you an example: the start trading date is not accurate, start trading date is actually the date the user register on the website. It is not the date of trading history. A signal provider can register today but start trading after 6months. Then everyone think that the signal has been 6months old. Another parameter, this week pip: It is not update correctly. It is different from the actual trading result.
3rd, we cannot contact the signal provider unless the signal provider post his personal contact on the signal description page.
4th, most of the signal provider, i can say they are professional in trading forex, but i am sure they are not professional in selling or doing business. Most of them are not responsible. Example: You have started subscript to a USD100 signal. You expect to receive the signal 5days per week, 20days per month. However the signal provider may go to holiday for 1 week, then he will stop trading for 1 week. Then as a subscriber, we paid USD100, but we only receive signal for 15days (which suppose receive 20days signal). For a subscriber every minute of time is money, we have paid them !!!. What i mean is signal provider are not responsible, they simply claim that their pc has problem so stop trading for 2days.
5th, signal provider are making profit from subscription fee but not from their trading profit. i assure you most of them.
I used to be signal provider and subscriber as well. Thats why i know!
Not the same service, per se, but I did try out fxdd-auto a couple of years ago. Numerous 'systems' were provided, against almost any currency pair you might wish to chose. There was a charge of 2-3 pips, per trade, depending on the system utilized. The biggest problem that I found was that none of the systems seemed to pay attention to major news announcements. The systems were trading on technical analysis (nothing wrong with that), but no intelligence to exit the market ahead of news. There were some trades that were in a nice profit position, only to go 'south' after FOMC, unemployment, &c. announcements.
If these services were calculated on performance they would be worth a try, it costs them nothing to sit there all day and decide what trades to get you in or out of so if they could set up something where they gaurantee you X pips a month or the fee is waived they I jsut might be interested. This way you know that if you are charged a monthly fee as they have acheived say 100 pips you know you have it covered but to pay on months were they break even just makes no sense irrespective if the previous month they acheved double there publised perfomance levels.
We are already risking our money with the signals why should we also pay a fee when we are losing??
I have been looking the rentasignal's facebook and i found this :
Why Signal Providers will EARN MORE with Autotrading? Because they will receive an extra compensation soon based on the client’s profit generated through Rentasignal Autotrading. Rentasignal is the first FX signals marketplace doing this. We want the best FX signal providers without any exclusivity or condition. If you make money with your trading, open a signal provider account, it’s free.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.