How IdealSignals Helps You Pick Better Trading Alert Services

Benzinga, a leading news and data provider, will be holding its annual Benzinga Global Fintech Awards, a day of dealmaking, networking, and recognition in the financial technology space, on Nov. 11, 2021.

The event will award Benzinga Listmakers, those top companies part of Benzinga’s Global Fintech Index, for their accomplishments innovating, as well as merging the best of finance and technology.

In recognition of those disruptive innovators creating positive and diverse change within the financial services space, Benzinga chatted with IdealSignals.

About: The business of trading signal subscriptions is worth more than $25 million. That’s according to representatives at IdealSignals, a fintech looking to bring transparency to the space.

“If you were to audit and have something where all the trades that are posted are tracked by the last traded contract price, I’m sure you’d see a lot of Discord servers out there that are actually unprofitable,” an IdealSignals representative told Benzinga.

Founded in 2021, IdealSignals is a provider of proprietary software that allows trading alert room subscribers to follow analyst alerts and convert them into live trades. The company prides itself on helping traders make more informed decisions regarding alert service choices.

“We essentially allow users to make their own team of traders and get verified statistics to ensure they’re picking people that are genuinely going to help them out.”

Core Product: Using IdealSignals’ software, users can copy top-performing traders, instantly replicating and executing trades with integrated brokerages like TD Ameritrade.

“Users can see the signals that come through on the dashboard and they can click copy trade,” the IdealSignal rep said. “We’re compatible with TD Ameritrade and we’re in talks with Tradier, right now,” with the goal of also integrating Interactive Brokers and tastyworks.

Core features include:

  • CopyTrader: Convert alerts into trades.
  • Automated News: Real-time, concise news.
  • Analysis Tools: Trade statistics via TraderSync.
  • Server Catalog: Browse and pick the best alert services.

“Users can even have a trailing stop, instead of a regular stop-loss,” the representative added. “They can see all their open contracts and pending orders. They can cancel pending orders, sell entire contracts, or scale out with a scale percentage they set for that specific trade.”

How It Works: If a server wants to validate and increase alert transparency, they would solicit IdealSignals for a Discord bot link.

IdealSignals would then scan their alerts to derive verified statistics such as win rate, profit factor, max consecutive losses, the average number of trades per day, cumulative return, and more.

“The CopyTrader and analysis tools are the cornerstones, and then, we have the real-time news to tell our users, in one concise sentence, why a specific stock is moving and why that analyst is trading that stock.”

Innovation Outlook: Once out of beta, the IdealSignals subscription will cost users $150 per month; “It depends on the server’s pricing structure. They can either sell their alerts and have the IdealSignals licensing included with it, or they can have it separated.”

Going forward, IdealSignals is looking to register itself as an IRA to fully automate the CopyTrade process, transforming itself into a dynamic sizing, algorithmic trading interface.

“We’re trying to build an AI to make a proprietary algorithm that takes the best from all the analysts and makes you as profitable as possible.”

Posted In: FintechExclusivesInterviewIdealSignals