Self Bank Trading Signals - TU Expert review
Trading signals are one of the best trading options for beginners and for earning passive income. Novice traders can use such signals and earn a profit, while still learning. Brokers can offer various ways of receiving signals. Traders Union analysts have prepared a detailed analysis of Self Bank trading signals. You will learn what kinds of trading signals Self Bank offers and what the conditions for using them are.
Short introduction of Self Bank
Singular Bank, S.A. (formerly Self Trade Bank, S.A.) (Spain), hereafter referred to as “Self Bank, is a subsidiary of the Warburg Pincus, LLC investment holding and a lending institution that is regulated by the Central Bank of Spain. It has been providing a wide range of banking and financial services to clients of the European Union for almost 20 years. Self Bank provides banking services and offers financial planning, savings accounts, credit and debit cards, deposits, investment funds, pension plans, indices, payroll accounts and allows traders to invest in currencies, CFDs on stocks, indices, commodities, and ETFs. According to Rankia, a leading financial portal, Self Bank was ranked as the best multi-product broker in 2019.
| 💰 Account currency: | EUR, USD |
| 🚀 Minimum deposit: | From $0 |
| ⚖️ Leverage: | Up to 1:50 |
| 💱 Spread: | From 0,0002 pips |
| 🔧 Instruments: | Currency pairs, CFDs on stocks, ETFs, indices, commodities, bonds |
| 💹 Margin Call / Stop Out: | Not indicated |
Self Bank Pros and Cons
👍 Advantages of trading with Self Bank:
•Optimal trading conditions for traders who invest in the stock market.
•Tight market spreads for Forex trading accounts.
•The minimum deposit to enter the exchange starts at $0.
👎 Disadvantages of Self Bank:
•The company provides only proprietary terminals for trading Forex instruments. MetaTrader 4 and MetaTrader 5 are not on the list of available platforms.
•The maximum leverage does not exceed 1:50.
•There are no options for generating passive income, i.e., there are no PAMM accounts, a platform for copying transactions of successful traders, and affiliate programs.
•Trading bonuses are absent.
•The broker has only one Spanish version of the site.
What are trading signals?
Trading signals are signals to enter a trade, which the broker provides to traders. They can be based both on fundamental and technical analysis.
A broker can provide signals in several ways:
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Copy trading.
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Email alerts.
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Signals through a blog on the website.
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Recommendations of a personal manager, etc.
When choosing signals, it is important to take into consideration their profitability, the list of trading instruments, the conditions of their provision – fees, markup, etc.
Self Bank Trading Signals
Experts at Traders Union have analyzed Self Bank's conditions for trading and non-trading commissions. The main trading commission of the company is the spread. When trading below specific amounts, for example, below €50,000 on the EUR/USD pair, an additional $10 fee will be charged. A non-trading fee is also charged for withdrawing funds from accounts: 0.25% (min €2): for regular SEPA transfers, 0.30% (min €20) for urgent transfers and transactions not through SEPA.
| Account type | Spread (minimum value) | Withdrawal commission |
| CFD and Currency Account | From €20 | Yes |
Conclusion
Based on the results of the analysis, Traders Union analysts have concluded that Self Bank does not have the best conditions for trading signals. The broker offers a limited choice of instruments, for which signals are provided, high fees and there are questions about signal profitability. Therefore, if you are planning to trade signals, it would be a good idea to consider another option.
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FAQs
Can I reject a trading signal?
Yes, you can. However, if the signals are provided as a part of copy trading with automatic closing of positions, you need to monitor the platform.
How do I choose a signal provider?
Consider the profitability, the list of instruments the signals are provided for and the risk level of the strategy.
Can trading signals be provided for free?
Brokers may offer free and paid trading signals.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.