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LeapRate interviewed the guys behind innovative binary signal platform community SignalPush, they are based in Austin, Texas. The company provides 3rd party validated performance history from signal providers in which they offer to their subscribers. The openness helps binary traders vet performance histories and help prove which services they feel are the best for them and which they want to emulate in their accounts through SignalPush’s proprietary technology. The firm is most interesting because SignalPush was the first integrative signal dashboard and binary option trade copier which connected those providing signals with those looking to invest and trade. Read the full interview below:
Where are you based, when was the service started and why?
SignalPush is based in Austin, TX. We started our service after realizing the number of scam signal services that were reeling customers in with fake performance results, just in efforts to get affiliate commissions. We wanted to provide a 3rd party validated performance history to help prove which services were the best. In building the technology that would allow providers to send their signals to us for validation, we were able to build the infrastructure needed to turn these signals into instructions on the various binary option platforms. SignalPush was born. We were the first integration signal dashboard and binary option trade copier and continue to be the industry leader. Our customers couldn’t be any better and are the reason for our success. They help drive our products in the direction that’s most beneficial to the community.
We have a variety of services:
- A signal marketplace where clients can see all of the public providers on our marketplace along with their verified performance. Some of these services offer the option to forward these signals to the clients binary option platform.
- A private automated services where providers who have a closed group of friends, family, or associates that they wish to send signals to can operate using our technology without having to be listed on our marketplace.
- An API that allows signal providers and individual traders to connect with multiple binary platforms with one simple to use API. For instance, they can send signals to various binary option platforms with the push of a button within Metatrader.
What is SignalPush’s relationship like with the brokers?
We have two levels of engagement with the binary platforms. Standard affiliate agreements, which we do for the purpose of being able to provide customers with the option of free signals or API credits. Some customers are new to the industry or new to trade copying, so they want to try things out. Since they will be opening an account with the platforms anyways, we decided it would be beneficial if they got something out of that. We take the affiliate revenue received for them and pay the provider for the cost of the subscription they pick. We did not initially offer this but after being continually asked by customers for free trials, we decided that this would be the best way. We never accept any revenue share deals as that would then put us at a conflict with our customers. Affiliate commissions account for less than 5% of our revenue, unlike many other services who are built solely around them.
The second level of engagement is a more technical one. We sign an agreement with the platform where they essentially are promising to take good care of our customers, provide high-level contacts to us to help resolve any client or technical issues, and provide us advanced notice of any changes to their platform or if they decide in the future to no longer allow SignalPush on their platform. This type of agreement helps make sure SignalPush works optimally on their platform and helps eliminate and concerns about a platform suddenly disallowing an automated service.
Is there a conflict of interest between the SignalPush platform and signal subscribers?
Not at all. We make money from subscriptions fees. So if a subscriber isn’t happy and they don’t stick around, we lose. We want the subscribers happy. The happier they are, the larger subscriptions they will have, thus the more we make. The vast majority of our subscribers have multiple providers on multiple platforms so they don’t have all of their eggs in one basket. We also generate revenue from our API, where each successful request is charged an API credit. This API is used by individual traders who have built an automated EA or are simply using it to assist them in connecting to the binary platforms.
Is there a conflict of interest between signal providers and their subscribers?
Just like with SignalPush, it’s in the best interest for signal providers to do their best and make the subscribers happy so that they stick around and want to increase the size of their subscriptions. Signal providers only make revenue from the subscription fee’s and it’s against the agreements between SignalPush and the signal providers to have any revenue share agreements with the platforms. All in all, SignalPush and the providers work together to make sure the subscribers are happy and spread the word.
How exactly does the signal technology work to replicate in a traders option account?
Well we can’t give away the secret recipe 😉 but a high level overview should do. There are two ways signal providers can send signals to SignalPush. The first one requires a browser plugin that essentially listens to the network traffic between the provider and the binary platform. When it senses a trade being accepted, it copies this data and sends it to SignalPush where we first validate it and then send it globally to the subscribers of that service. The second way is through our API which allow a provider to create an automated system, such as within MetaTrader (MT4/MT5), that sends the signal automatically to us based on their configured systems.
Does it work on all brokers?
Technically, it can but it requires us configuring each one. We currently have over 130 available.
Is it compatible with all the major platform software providers? (SpotOption, TradoLogic, TechFinancials, etc.)?
It can be but right now we have SpotOption, Tradologic, and Panda Systems. We also support custom platforms such as MarketsWorld, uBinary, and StockPair. We currently do not support TechFinancials because of their desire to not allow or work with automated systems. They continue to deploy counter measures designed to prevent automated systems. Our technology can get around all of these counter measures but it would leave us in a place where we cannot comfortably guarantee the future successful operation of the integration. That said, if TechFinancials wishes to work with us to enable a solid integration, we would happily proceed.
Who is behind the SignalPush service – what are your backgrounds?
A team full of bright individuals who love technology, trading, and working with our amazing customers! The founder, CEO, and technical leader comes from a strong background. Ryan received a Bachelors of Business Administration in Information Technology from Colorado Technical University as well as a Masters of Science in Network Security from Capital College which is widely recognized by the National Security Agency and Department of Homeland Security. His software and interface designs have received editorial coverage in Readers Digest, New York Times, Wall Street Journal, SmartMoney, Prevention Magazine, and the British Medical Journal. Additionally, Ryan has been an active trader for over 12 years. His trading experience is in the Forex, Futures, and Binary markets.
How do you see the Binary Option sector moving forward, do you see evolution and expansion of the product?
More and more regulations are starting hit for binary options, especially in the United States. We do provide manual signal services for US clients and we’re working towards integration of US regulated platforms such as NADEX in efforts allow clients in the US to take full advantage of the services that we offer. We hope that these regulations will continue to help drive the industry to better protect the customers in ways that they have done with the Forex and Futures markets. One of the biggest issues with the binary options industry is all of the affiliates who try and push the “get rich quick” scams and create products that just don’t work, all in efforts to make their money from affiliate commission. Even some binary option platforms themselves are running their businesses poorly. Doing all they can to get customers in the door and then slowly starting to slow down withdrawals and limiting profitable clients. Similar to the way casinos work if a player is hitting it big at the tables or slots. However in some cases, if they get bad reviews or get caught, they simply re-brand and do it again. Unfortunately, these practices can mean a lot of money for these brands, but it has forced competition and innovation in the industry as well which has gotten it to where it is today.
While not all platforms practice these methods, it’s hard for new traders to pick out the good from the bad. Our customers can discuss their experiences with each other so that they can have a better idea. Regulations are an important step in helping solidify the future of this industry and drive it in the direction it needs to go.
What is the ultimate plan for SignalPush going forward and are there any new things or upgrades coming down the pipeline for you?
Other than our affiliates, we don’t really do marketing so it’s important to have a happy customer base so that we can get the word out there about our service and get the attention of the best signal providers. Having the best signal providers and technology in the market is important to the continued success of our business.
We will continue to bring more platforms online as quickly as possible as well as develop more industry leading features in our product. Our SigConnect API is popular and we are working on building more trader oriented tools just like it. We will soon be launching myBinaryBook, which will allow any individual trader to track their performance and share their 3rd party validated performance. We will also be launching a few other secret projects we have under development. Please follow our blog or social channels for more information as it develops.