Rent A Signal
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Advantages
Disadvantages
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Rent A Signal is the latest entry to the automated forex signals market. Their business model combines the best aspects of ZuluTrade and Collective2, offering hundreds of automated forex trading systems with monthly fees set by the signal providers.
The service uses an expert advisor for MetaTrader that places the trades on the user's MetaTrader account. This allows you to use any MetaTrader compatible broker! It's not necessary to sign up for a referring broker account through Rent A Signal.
As of this writing, there are nearly 100 free signal providers available to trade, along with over 200 premium signals. Premium signals require a monthly fee, set by the provider. The fee for most signals is reasonable -- many can be found for under $50 a month! Some premium signals even offer a 7 day free trial.
An elite subscription for $12 a month gives you access to over 30 free signals from talented programmers, including EA downloads and other benefits. Most, if not all of the trading signals on Rent A Signal are generated using expert advisors, so the usual caveats for automated trading systems applies.
The Find A Signal interface organizes signal stats under three tabs of information. You can browse signals by trading style (Moderate or Extreme), monthly payment (free, premium or elite), and free trial availability. You can compare trading stats at a glance, including the total profit, the age of the trading system, and the ROI and max drawdown over the last 30, 60 and 90 days.
The signal provider information page includes the requisite stats - more than Zulutrade provides, but less than Collective2. You can view customizable performance graphs that show both equity and balance over time. Adjust the opening deposit and lot multiplier to get an idea how the signal would have performed on your account over a historical time period.
Rent A Signal looks promising for EA developers, trading signal providers and traders alike. The service is still relatively new as of this writing, being almost a year old. The detailed statistics and the ability to use any MT4 broker provides significant advantages for traders.
The only real disadvantage of Rent A Signal is that it requires the user's trading terminal to be running on their PC to receive the signals. A VPS account or a second computer with reliable power and network connection is recommended.
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