In its most basic form, a forex signal provider assists all types of traders in identifying trading opportunities that are accessible at a given price and at the appropriate time. All of the hard work is done for you by such platforms; all that you have to do is place an order in order to make money. However, the market is saturated with an overwhelming number of foreign exchange trading signals services, making selecting the most appropriate source a hard endeavor.
Best forex signals list
When it comes to the information they supply and how they derive trading signals, Forex signal providers differ widely from one another. Some suppliers will just supply an entry price together with a profit target price and a stop-loss price. But there are many who go into considerably more detail, such as the volume of a trade and how risk management is being implemented. As a result, you should proceed with caution while dealing with signal services providers. The following is a list of the most reputable signal providers:
TechBerry
TechBerry uses its neural algorithm to create its own profitable strategy after collecting and analyzing data from numerous MT 4 and 5 accounts. The platform was founded in 2015 and is known as the best social trading analytical platform requiring a minimum deposit of only $5000. There are multiple offers available for the subscription ranging from $19 to $499 annual cost.
Members can access the real-time performance to witness the win rate and current results. The extensive capabilities of the platform in data collection help identify profitable trading opportunities. The company provides technical support and offers full loss reimbursement via FIDC-insured banks.
Strengths
- The platform has the following advantages:
- Verified trading results
- Multiple plans
- Reputable among brokers
- Average monthly gain above 10%
- Insured funds
Weaknesses
- The disadvantages of the algorithm are as follows:
- Data integration is only possible with MetaTrader 4/5 platforms
Zero to Hero Forex Signals
Founded and operated by a group of London-based Forex traders, Zero to Hero is one of the leading Forex signals service providers. The website provides a premium subscription service for trading signals that covers all Forex currency pairs and crosses. For $97 a month, you may get access to the signals service. A free trial is available for a period of seven days.
Strengths
- The signals they provide are based on both fundamental and technical analysis.
- They also provide signals for entry price, stop loss, and take profit levels.
- They cover major and cross currency pairs.
Weaknesses
- Because they were only launched in 2019, they have a limited track record and may not be able to persuade some traders of their reliability.
- It is relatively pricey when compared to other service providers, with a monthly fee of $97.
1000pips Builder
1000pips Builder is one of the top Forex signals providers and has established a very strong following from traders. The long term performance of the signals has been outstanding and what is most impressive is that the results have been independently verified by MyFXBook.
Strengths
- The fact that MyFXBook keeps track of their FX signals means that you can feel confident about the signals you receive.
- Exceptional track record of delivering high-quality Forex signals.
- One-on-one customer service from the lead trader is made available.
- Signals derived from both fundamental and technical analysis.
- They cover the London, New York, Tokyo, and Sydney sessions, allowing their clients to take advantage of a wider range of trading opportunities.
- There is no minimum account balance.
Weaknesses
- A $97 monthly fee may be considered excessive.
- From some of the customer reviews, their email response time is excessively long.
- They are unclear on the specific markets on which they trade.
WeTalkTrade
WeTalkTrade has been in business for over a decade and is well-known in the industry. The vendor’s trading indicators are connected with the MT4 and MT5 platforms. Their trading signals are delivered in real-time, and they provide quick notifications when there are signal revisions or market fluctuations. They communicate via email, Telegram, and the WeTalkTrade app.
Strengths
- There is immediate notification of signal changes and market fluctuations and their trading signals are delivered in real time.
- With their premium subscription, they provide customer service around the clock.
- Copy trading is included in the premium subscription.
- There are signals available for 12 main currency pairs.
- Provides a free subscription alternative.
Weaknesses
- There is no fx blue account for them, and the seller does not disclose performance results.
- They are not forthcoming with information on the trading strategies they employ.
- They are not forthcoming with information on the trading strategies they employ.In comparison to the usual market price of $25-$30, the premium plan costs 79 US dollars per month.
Learn2Trade
Forex traders service Learn 2 Trade was specifically designed to provide forex signals. It provides forex trading signals to its subscribers over a private telegram channel. The vendor transmits market indicators in real time.
Strengths
- Free and paid subscription plans are available.
- Provides signals on major, exotic, and minor currency pairs.
- It provides real-time signals.
- A $35 monthly subscription fee is reasonable and competitive.
Weaknesses
- The vendor does not offer strategy tests.
- The vendor does not offer strategy tests.
- There is no way of verifying their results because they are not linked to Myfxbook or FXBlue websites.
ForexSignals
ForexSignals is a multifaceted trading platform created by renowned FX trader Nick McDonald in 2012. Traders can interact with one another in their trade room and receive comments and help from expert mentors via live streaming, chats, and videos.
Strengths
- Their trading strategies are well explained.
- The Trading Room enables wider interactions among traders.
- It is a platform that not only sends signals, but also educates traders on how to trade.
- 7-day free trial available.
Weaknesses
- Monthly subscription fees of $47 is above the market average.
- Lack of linkage to myfxbook.com makes it difficult to verify their success stories.
- One-on-one sessions with expert traders not available during trial period.
Forex Signal Factory
The Forex Signal Factory is a free service that provides forex signal analysis and trading recommendations. The program publishes buy and sell signals on a regular basis, with signals geared at both new and experienced traders.
Strengths
- Provides free signals on major pairs, minors and exotics
- No signup needed. All you have to do is follow their Twitter account.
- Large following of about 50,000 on Twitter and Facebook means that they are highly regarded by many traders.
Weaknesses
- The vendor does not reveal the strategies they use, making it difficult to objectively evaluate their signals.
- They have no dedicated customer support telephone number, email or chat service.
- The vendor does not divulge details of experience and expertise of their analysts.
- No verified results since they are not linked to myfxbook.com.
FX Premiere
Foreign exchange trading signals are offered by FX Premiere, a company with a wide global reach. It delivers daily trading signals to consumers through a single Telegram channel.
Strengths
- They provide signals based on both technical and fundamental analysis.
- They have a free trial period.
- Customers can pay for subscription using cryptocurrencies.
- Live support available.
Weaknesses
- The vendor does not reveal the strategies they use, making it difficult to objectively evaluate their signals.
- There is no way to independently verify their results.
- The vendor has not integrated its signals to a trading platform.
Daily Forex Signals
It’s hard to tell how Daily Forex Signals works because there aren’t many details available. They promise to provide the best forex signals, backed up by a staff of 7 professional traders with years of expertise in the financial markets. They do not, however, provide any information about these experts.
Strengths
- They have a relatively large expert team, consisting of 7 analysts.
- A monthly subscription fees of $30 is quite reasonable.
- Their signals are accompanied by detailed explanations to help traders decide whether to execute or not.
Weaknesses
- Limited information on the trading experience of its analysts.
- They do not provide a means to independently verify their 90% success rate claim (no data on Myfxbook).
Benefits of forex signals
- Trading signals provide opportunities to learn about and expand one’s expertise in the markets.
- Traders that use forex signals from reputable sources will typically find that they may reduce their exposure to risk in the markets.
- They have a more extensive market reach: Automated trading systems can concentrate on all currency pairs, which is something that no human can do on a daily basis.
- They simplify trading, especially for novice traders.
- They help save massive amounts of time that would otherwise be spent analyzing markets.
- There are several forex signal sites offering free signals daily.
Drawbacks of forex signals
- Some signal providers charge expensive fees.
- The market is flooded with several scammers posing as forex signal providers. It is not easy to identify the qualified analysts from unqualified ones.
- Relying on forex signals denies novice traders a chance to learn how to trade.
Are forex signals reliable?
Forex trading signals are a great way to trade, especially if you are keen on making short-term profits. Long-term success, on the other hand, should not be wholly dependent on trading signals. The final decision on whether or not to act on signals rests solely with the trader.
There are several varied evaluations of forex trading signal providers, as you might have found out through a fast search on the web. Trading signals has its ups and downs, with some traders having unpleasant experiences while others have been pleased with the outcome.
Because of this, you should conduct your own assessment before signing up with a forex signal provider.
Forex signals summary
Using forex signal services might help you get the most out of your trading. However, you must ensure that you select a credible and trustworthy provider of forex signals with a high win record. This will make it possible to make successful judgments even if you don’t have enough free time or expertise to spend in analyzing markets.
Pros:
- They simplify the trading process, making it easier for traders to understand.
- They offer an excellent way to learn based on the recommendations.
- They are an effective way of mitigating risks.
- They help save time in trading.
Cons:
- Some signal providers can be expensive.
- There are many online scammers who can easily lure unsuspecting traders.
- In some cases, signal providers do not divulge their strategies, thus denying traders explanation behind signals
- Trading exclusively on signals may deny traders a chance to learn.
Table of Contents
What are forex trading signals?
A forex signal is an alert message sent by a signal vendor, usually an experienced trader, informing the recipient of a profitable trading opportunity. The signal usually informs the recipient the entry price, stop loss, and take profit for a specific currency pair. The signals can either be fully automated or executed manually.
Trading signals from a reputable Forex trading signals service will always include an analysis of the chart to explain the technical reasons behind the signals. When forex signals are accompanied by analysis, it gives traders confidence that they are taking the right positions.
Key takeaways
- Forex signals typically transmitted by a specialized signals provider.
- By using Forex signals, traders can keep tabs on a wide range of potential investment possibilities.
- You have the option of implementing signals either automatically or manually, depending on your preference.
- Traders that use forex signals can make better use of their trading time. They simply need to carry out the actual execution of the transaction.
- The bottom line is that even while trading using the greatest forex signals, traders should adhere strictly to their objectives.
How can forex trading signals help traders?
Whether you are a seasoned trader or a newbie, good forex signals can help you become a more successful trader. Expert traders can also benefit from forex signals by increasing their profit margins , reducing their risk exposure and gaining new skills and knowledge.
For those who are new to currency trading, Fx signals are beneficial because they help them to make money while also learning about the market. By understanding the trading possibilities that the signal is based on, traders can accelerate their learning curve.
What are the main types of forex trading signals?
Indicators-based signals
If you’re debating whether to buy or sell a currency pair, factors such as the market momentum, the strength of a trend, trading volume, and volatility are all elements that can help you make an informed decision. By assessing indicators, expert traders can tell with greater accuracy the trajectory that an asset is likely to follow in the future. These signals are then transmitted to the various customers subscribed to the signal vendors.
Moving averages signals
By using moving averages to smooth out recent price fluctuations, traders can perceive less “noise” when analyzing past trends for a certain pair. There is a lot of background “noise” in the forex market because of the short-term changes that occur all the time. A smooth indication instead of one loaded with noise results as a result of this process.
RSI (relative strength index) signals
Signals based on the Relative Strength Index (RSI) measure the strength of a moving average. There are two aspects to examine while analyzing the scenario: the price movement in a particular forex pair, as well as how quickly it changes.
Chart pattern signals
Chart pattern signals are associated with distinct patterns that can be recognized while examining a chart’s pattern. Everyone who trades forex has access to a chart, which may be configured to display the trend for a few minutes, several hours, hours, days, weeks, or even months.
What do live forex signals look like?
Here’s what a trading signal typically looks like:
| Pair: | EUR/USD |
| Order: | Sell |
| Entry: | 1, 2194 |
| SL: | 1, 2230 |
| TP: | 1,259 |
Pair
This refers to the relevant currency pair being traded in the market. Each pair consists of a base currency and a quote currency. For example, in EURUSD, the euro is the base currency while the US dollar is the quote currency. Therefore, if you encounter something like EURUSD-1.3745, it means that one euro will cost you 1.3745 in that particular market at that particular time. Currency pairs can be majors, minors or exotics.
Order (buy or sell)
These signals are simple “buy” or “sell” instructions sent to traders. For the most part, the best signals are those that indicate clearly when price movement is likely to happen, giving traders a well-timed chance to enter or exit a trade.
Entry
This is a signal that informs an investor the appropriate price at which to enter the market and take their position. The entry price is usually higher or lower than the current market price, but you do not have to wait for the price to reverse. Once you get the entry signal, you only need to place a pending order, which will be automatically executed by your broker once the market price reaches it.
Stop Loss (SL)
The stop-loss signal is a way to preserve your money by indicating when to get out before things go south. If your signals are automated and based on a predetermined price, they will take you out of a trade before your losses start to mount. While using a stop-loss is always a good idea when opening a position, you have the option of using trailing stop-losses to protect your profits if prices move.
Take Profit (TP)
A take profit signal is activated when a profit margin reaches a predetermined level. Take profit signals are used to automatically exit a trade when a currency pair reaches an agreed-upon level, as opposed to manually exiting a position.
It is common for stop-loss signals to also be employed in executing a take-profit order, but other signals can be utilized to detect potential take-profit opportunities as well.
How to use forex signals to become rich?
There’s no denying that employing forex signals services can enhance your overall trading results. However, you must make certain that the forex signal service you choose is reputable and trustworthy, as well as having a high winning percentage. When using forex signals, you run the risk of having a third party dictate your trading decisions while you are still fully responsible for the results, whether they be profits or losses.
What is the difference between semi-automated and fully-automated forex signals? Fully-automated signal use computer software to not only track and analyze market activity, but also execute trades based on pre-programmed instructions.
The signals generated by semi-automated trading systems, in contrast, only alert traders to winning trading opportunities. Whether or not to take positions indicated by the system is entirely up to the discretion of a human trader.
What forex signals are more reliable?
If you’re looking for trading signals that demand manual input from you, moving average and relative strength index signals are both popular choices.
Copy-trading signals, on the other hand, can be extremely beneficial, particularly for those who are new to the forex market. These signals provide you with the opportunity to benefit from the knowledge and expertise that professionals in the field have accumulated. The Relative Strength Index (RSI) is an easy to use and reliable indicator of market momentum; a number below 30 indicates oversold conditions, and a reading above 70 indicates overbought conditions.
How to make an optimized choice when choosing forex signals?
Consider the success rates and techniques of different providers before making a decision. In some cases, signal providers will let you try their service for free first. It is good practice to do backtesting on automated trading techniques in order to determine how the system would have performed under various market conditions. As a precaution, it is recommended that traders test signal services on a demo account before investing real money. Important considerations for selecting a signal supplier include the following points:
Win rate
It’s easy to decide whether or not to use a company’s service after looking at the performance history of signals. Be firm and insist on looking at both the company’s profit and loss records.
Look through their account history to see if their signal results have been verified. Don’t be fooled by what you read in the service’s advertisements. Examine the signal’s success rate for yourself by taking advantage of their free trial.
Fees
Trading commissions may appear insignificant at first, but they can quickly add up to huge sums over time. Consequently, you should seek a signal provider whose fees will not consume your profit margins. However, this does not imply that you should skimp on the level of service you provide. Strive to strike a balance between providing exceptional service and offering competitive rates.
Refund policy
Signing up with a signal provider means that you are exchanging money for an agreed level of service. Signal providers depend on computer programs and transmission systems which may at times fail to live up to expectations due to human error or technical malfunctions. Therefore, you should find out the circumstances under which your service provider can issue a refund, to ensure that you get good value for money.
Verdict
Trading by relying on forex signals is a legal and viable way of making money. However, it is upon you as a trader or an investor to do your due diligence to ensure that you sign up with a legitimate, proven and trustworthy vendor. It does not matter whether you are an expert or a newbie. Fx signals when transmitted by a trusted and competent source can significantly boost your returns.