Unfortunately, there are many scams that exist these days in the crypto and stock markets. This normally happens due to the fact that the crypto market is not yet regulated and therefore unverified companies suggest financial services to the public with little control. Some trading signal providers and automated trading robots, for example, claim they can generate high returns with no significant effort from the investor side.
One trading signal service that has recently emerged in the market and claims it is able to provide accurate market predictions and guaranteed profits for users is Backstreet Bets. However, based on our research, this site is not entirely legit. As such, in this review, we are going to analyze the Backstreet Bets crypto trading signals service and help you find out if is it a scam and what other trading signal providers you can use instead.
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What is Backstreet Bets?
Backstreet Bets is allegedly a group of crypto and stock analysts that offer live trading signals for their members. On its site, they claim to offer daily trading signals and pump alerts, technical analysis investment advice, and insider resources.
On this platform, users can sign up for the VIP plan or the Premium plan. According to the Backstreet Bets site, they also provide a complete crypto course although we cannot find any proof of this course. Further, the team also claims it has, so far, provided 22250 cryptocurrency signals and it has 18,004 registered members.
Notably, the Backstreet Bets site lacks crucial information such as privacy policy, terms of use, contact, the location and regulation, and licenses of the group behind Backstreet Bets.
Is Backstreet Bets a Scam?
From this review, we can confirm that Backstreet Bets is indeed a scam. We could not find any evidence that Backstreet Bets has developed a successful trading signals service and the lack of crucial information online about this company leads us to conclude that it is not legit and trustworthy.
According to the Backstreet Bets official website, you can make high and consistent returns using their service, however, based on our test and research, that is also a false statement. It appears that this site is not genuine and the claims made by Backstreet Bets are not true. Some of the reasons that lead us to conclude that Backstreet Bet is not legit include:
- There’s not much information about the company on the site and over the internet
- There are no reviews from other reputable sites and users online about Backstreet Bets, including TrustPilot and Reddit
- All the images of winning trades are fabricated
- Backstreet Bets does not disclose the name of the company, reliable contact sources, and legal information such as the terms of use, privacy policy, etc
- Despite the claims of Backstreet Bets, the results of this platform are all negative
- There’s no way to contact the team behind Backstreet Bets
To sum up, we cannot verify that Backstreet Bets offers a legit service. From our test, the signals are not accurate and thus, there’s a big chance that you lose your money when using their service. Further, the fact that the website is not transparent and the Backstreet Bets does not provide any information about the safety of funds, terms of use, and privacy policy – are all major concerns.
Real Crypto Signals Providers
Even though Backstreet Bets is proven to be a scam application that has cheated investors, there are many other real crypto signal providers in the market that can help users get accurate alerts from some experienced cryptocurrency analysts. To help you find some of the best and most reliable cryptocurrency trading signals providers, below we suggest some options for you to get started:
1. Cryptosignals.org – Most Trusted Crypto Signals Provider
Cryptosignals.org is certainly one of the best choices in the market if you want to get accurate alerts from professional traders and programmers that use in-depth technical analysis, AI algorithms, and fundamental research. Essentially, this trading signals provider gives you all you need in order to start trading cryptocurrencies including a very useful news section, integration to leading crypto brokers, and a connection to various trading groups.
Crucially, this signal provider offers you to get alerts on five crypto coins – Bitcoin, Ethereum, Binance Coin, Cardano, and Polkadot. When it comes to the success rate of this service, Cryptosignals.org claims it has an accuracy rate of 82%, which is higher than most providers in the crypto and forex market. Their goal is to achieve around 1500 pips per month on Bitcoin alone. Also, it enables you to use the Risk-Reward ratio that is one of the most basic and effective risk management tools for any type of trading. As such, every trade with Cryptosignals.org works on a 1:2 or 1:3 ratio so that you effectively manage your risk.
As mentioned above, Cryptosignals.org funnels to one of the brokers it partners with. This includes eToro, Capital.com and AvaTrade – three of the best CFD platform in the world. This means you get to trade on a regulated platform because all Cryptosignals.org partner brokers are heavily regulated across the globe. You are, therefore, required to open an account at one of the brokers and sign up with Cryptosignals.org in order to unlock daily cryptocurrency signals.
The signals are sent via Telegram so you instantly get the signals to your mobile phone. Cryptosignals.org also gives you the option to choose the plan that is most suitable for your needs – Monthly, Quarterly, Bi-Annually, and Annually.
To sum up, Cryptosignals.org is, in our view, the best option to get started with a crypto trading signals provider. It reveals all the necessary information including its location, communication channels, and terms and conditions. Finally, the user reviews online are mostly very good, and we found many users saying they were able to generate consistent profits when using Cryptosignals.org.
2. Learn2Trade – Top Leading Crypto and Forex Signals Service Provider
Learn2Trade is another valuable option for those who are looking for a top-notch crypto signals service. Originally, this platform was founded as an education hub, offering a variety of courses for trading forex, and stocks. But, in addition to being a trading education platform, it is also one of the most popular forex signal providers with over 20 years of experience in the market. And, since the crypto boom started in 2017, Learn2Trade has also become one of the best digital assets signals providers.
Much like Cryptosignals.org, Learn2Trade has a success rate of 82% of its trades, and it offers 3-5 signals per day. It also has a similar pricing structure as Cryptosignals.org, although it provides an additional lifetime subscription at a cost of £250. Besides the option to unlock the daily crypto signals and get them directly to your mobile phone, another option is to get lifetime access to the Learn2Trade VIP crypto signals service for free. To do that, you’ll have to register and sign up with one of the brokers that operate in collaboration with Learn2Trade – eToro, Longhorn, or Capital.com
Once you have registered at one of the partner brokers and got access to Learn2Trade crypto signal service, you will then be able to join their free Telegram group and get daily technical analysis and weekly webinars, alerts on economic events, mobile notifications, Telegram alerts on all signals, and three VIP signals per week.
All things considered, there’s a reason why Learn2Trade has recently won the Best Crypto Signal Provider in 2021 award. Also, they have excellent reviews online including a rating of 4.3 from 368 reviews on TrustPilot.
3. ForexFury – Best Cryptocurrency Automated Trading Robot
Unlike Cryptosignals.org and Learn2Trade, Forex Fury is a group of experienced traders that aim to create an accurate trading robot based on sophisticated trading algorithms. Hence, this is not a pure signals provider but instead, it is a forex and cryptocurrency trading robot that is compatible with most trading platforms in the market including NFA, FIFO, MT4, and MT5. According to Forex Fury, they have a 93% winning track record with verified Myfxbook accounts, which clearly makes them one of the most effective automated trading software in the forex and crypto markets.
Managed by Patrick Ryan, Joe Damien, and Hossein Nouri – Forex Fury has a different approach to help its users make money. First, the team asks you to determine the maximum amount you are willing to lose. Then, the team opens trades at 4-5 pm EST when there’s less volatility in the market, which is ideal for their trading robot to win most of the trades. It also reduces the chances of the robot losing money as it is in and out of the market within just 1-2 hours every trading day. Generally, the team says it expects 5-10 trades per day and they can make a return for investors of 20%-40% per month.
In terms of the cost, Forex Fury is a bit more expensive than the other trading signals providers. You can sign up for the Gold plan that costs $229.99 and gives you 1 live account license, unlimited demo accounts, free updates, high-performance settings, and lifetime settings. Otherwise, you can choose the Diamond plan that simply gives you the same features but with access to 2 live account licenses.
4. 1000pipbuilder – Trusted Signals Provider with Outstanding performance
Founded in 2016, 1000pipbuilder is also one of the most trusted and successful trading signals providers in the FX and cryptocurrency market. With this service, users can expect 2-7 trades per day, and a monthly target of 350 pips. This comes at a cost of $97 for the 1-month plan, $227 for the 3 months plan, and $397 for the 1-year plan.
Unlike its competitors, 1000pipbuider’s signals are sent by email, Telegram, and SMS. They also claim to generate outstanding results with minimal risk. 1000pipbuider’s team states on its site that they have made 6,500 pips over the past two years, which certainly proves that 1000pipbuider’s team knows what they are doing.
Overall, 1000pipbuilder claims to have one of the best trading signals service in terms of performance, and their claims are backed up by user reviews. Indeed, this turns out to be the case as 1000pipbuilder signals service has a score of 4.6 from 87 reviews on TrustPilot, and lots of positive reviews online.
5. CoinSignals – Free Crypto Signals
Finally, another excellent crypto signals provider that uses artificial intelligence and machine learning technologies to predict trades in the crypto market is Coin Signals. Basically, Coin Signals has developed a machine that scans multiple crypto exchanges around the clock, providing entry and exit points, and then sends successful trading signals to its users. This platform supports Binance, Bittrex, and Bitfinex exchanges and the following cryptocurrency pairs on these exchanges – Bitcoin (BTC), Tether (USDT), USD Coin (USDC) & US Dollar (USD).
From our list, CoinSignals is the only crypto trading signals provider that offers alerts for free. However, this includes the most basic services – basic signals, news & events, and market updates. Otherwise, you’ll have to pay 0.01 BTC for the 30-days plan, 0.03 BTC for 90-days, and 0.1 BTC for the 1-year plan.
To get started, you need to open a Binance, Bittrex, or Bitfinex account and a Telegram account in order to be able to join the Coin Signals Telegram group. Then, you can either manually insert the orders directly to the exchange or use Coin Signal’s third-party bot for trading called Cornix, which is a telegram-based trading robot.
Conclusion
Taking the above into consideration, it is disappointing that there are still scam companies like Backstreet Bets offering high returns without any guarantee. From our Backstreet Bets review, we can clearly say that it is not recommended to sign up for this service.
That said, it does not necessarily mean that you cannot effectively use other trading signal providers. After all, if you are a beginner, trading signals are an excellent way to get into the cryptocurrency market and can be also very useful for experienced traders that need a feed of trading insights.
From our suggestions above, the best options available in the market right now are Cryptosignals.org and Learn2Trade. These top trading signals providers offer you a reliable connection to regulated brokerage firms and a success rate of 82% on all cryptocurrency trades.
