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A fruitful foray into Forex is possible only when you have the skill, proper tools, capital, and patience. Understanding the market and making accurate analyses and approaches are part of success secrets. Ensuring all these can be a daunting task even for a seasoned trader not to mention the plight of newbies.
Fortunately, you can use a few shortcuts that make your work easier and effective. Forex signals are one of the tools that can ensure you have an easy and successful time. The recommendations and ideas provided by this tool actually forms a crux of the industry. Here is a detailed guide on this specific FX tool and our list of the best Forex Signal Providers.
In this review…
We have assembled some of the best signal providers in 2021. The top provider will make your task a walk in the park as they provide all the pertinent info essential for spotting accurate trade entries and exits. With the detailed info they provide, the only work you need to do is entering the order to make a profit.
But how will you know which provider is the best? This is where we can help you. Our team of expert analysts and developers has compiled the finest providers available now. This review is our attempt to furnish you with all information you need to decide correctly on the finest signal provider.
So, here we have the list of our hand-picked brands.
List of the best forex signals providers:
- TechBerry
- Learn2Trade
- Forex GDP
- Forex Signal Factory
- FX Leaders
- WeTalkTrade
- ForexSignals.com
1. TechBerry
TechBerry offers support for more than 50 regulated brokers and provides over 10% gains each month. The platform has been operational since 2015 and is completely risk-free via loss reimbursement. The funds are kept in FIDC-insured banks for additional safety. It has multiple offices worldwide, and there are no restrictions on any nationalities at joining. To witness the performance, it is possible to check the real-time trade monitoring available on the website.
TechBerry combines incoming data from thousands of trading accounts and uses its advanced algorithm to formulate a profitable strategy. To join, subscribers need to sign up on the website and choose one of the 5 plans. They include Green, Silver, Gold, Platinum, Diamond, and Infinite. The service fee starts from 40% and can be as low as 15% for Infinite. A personal manager is also present for subscribers starting at the gold plan.
| Pros | Cons |
|---|---|
| A free trial is available | The details of trading strategy are tough to understand |
| Decent 10% gain each month | |
| Risk-free platform |
2. Learn2Trade
As the name suggests this company provides an education center for traders. It provides information related to market analysis and updates on market conditions in addition to detailed guides. Signal generation in real-time is one of its main services. Other services include diverse strategies, trading courses, and more. The company is based in Malta and provides a registration number. For support, an email address is present.
As per the vendor, professional trades with experience of more than 15 years conduct market analysis and supply accurate signals. The vendor claims that its subscribers earn 1000s of pips in profit every month.
Two options are present for the service, a free and a premium subscription plan. After identifying the signals, they are sent to members through the Telegram group of the company. The info provided in a signal includes the currency pair, signal, entry price, order, SL, and TP. Advanced charting instruments and technical indicators are the main sources this company utilizes.
| Pros | Cons |
| Provides 3- 5 signals per day | Profits are not as high as the vendor claims |
| Free and paid plans | Accuracy of signals are not high |
3. Forex GDP
Forex GDP provides signals that have technical and charts analysis ensuring traders operate confidently irrespective of the type of transaction they make. The company offers a free trial service besides its premium and supreme paid plans. While 2-5 signals are present for the free trial, the paid plans include 8 to 25 signals. A winning ratio of 80% to 95% is promised by the firm. With the free plan, a profit of more than 150 pips is targeted and info provided in the signals includes entry price, SL, TP, and technical chart analysis along with a detailed explanation of the sell/buy decision.
In the paid subscription plan, trading concepts, market insight updates are added to the basic info. The trade opportunities are more with the paid plans. Different signal types including Bit Trade, commodity, trend reversal, and Jackpot entry are made available to the premium and supreme members.
| Pros | Cons |
| Free trial offer | No verified results |
| Diverse strategies used by the vendor | Vendor transparency is not present |
| High frequency | The paid plans are expensive |
4. Forex Signal Factory
This provider boasts a global community of more than 45,000 traders and serves as a link between retail and professional traders. Signals are delivered directly to the trading platform you hold an account in. The company claims that since the traders’ team uses their own money to trade live accounts, they have to ensure high performance with minimal risk.
As per the company info, it is a broker-independent operation and hence claims that your spreads are intact when you use the service. This is a free service with no hidden costs. The signals are provided via Telegram, Twitter, and Facebook.
While the vendor claims that it does not support the Martingale approach and performance is based on the net change in the pips only. The lot size and profit percentage are not used for assessing performance. Since it is a free service, we suggest using a demo account before trying the signals with a real money account.
| Pros | Cons |
| Team of professional traders | Very little info divulged about the service and its performance |
| A huge community of users | No details are provided about registration and use of the service |
5. FX Leaders
FX leaders deal in market news and analysis, trade concepts and recommendations, and FX signals. The firm consists of expert analysts skilled in all types of markets including indices, cryptocurrencies, and commodities. The main focus of this firm is on manual management of signals as the company claims that manual generation has more value.
Short- and long-term signals are part of the services here. The time frame used ranges from minutes to an hourly timeframe for the short-term category with the pips ranging from 15 to 50 pips. For the long-term trades, the pips range from 80 to 250 pips with the timeframe starting from a day up to a month.
Besides the FX signals, the company also generated signals for other commodities like crude oil, palladium, platinum, etc. It also covers cryptocurrencies. Subscribers receive alerts via mobile, email, and sound alerts. A free trial and a premium paid plan are offered here. The premium plan costs $9.80/month for the annual plan which includes trade alerts, long-term signals, unlocks entry price and more.
| Pros | Cons |
| The free trial plan | Does not provide a verified track record |
| Signals for FX and non-FX instruments | Free service does not have many useful features |
| Relatively high frequency | A vague explanation of the trading approach |
6. WeTalkTrade
WeTalkTrade provides services for the amateur and the expert trader. The main features this company focuses on include live signals, push notifications, and an economic calendar. A free app for its live FX signals is present which offers all asset classes, instant alerts, average success rate, and limited technical support.
With the paid plan which costs $79.99 per month all asset classes are covered with copy trading, instant alerts, 24/7 support, and a high rate of success. We could not find proof of the high success rate in the form of myfxbook verified results. Furthermore, the vendor does not disclose the trading approach used. For prospective subscribers, the free option and a demo account trading are the best choices available for testing the reliability of this company.
The dedicated app is an exclusive feature that makes this firm maintain a competitive edge. Moreover, it supports Android and iOS devices.
| Pros | Cons |
| Free trial service | Does not provide verified results |
| Dedicated app | Expensive price |
| Instant alerts | The strategy is not disclosed |
7. ForexSignals.com
Despite the name, this company provides not only trading signals but also proven strategies, the guidance of experienced traders, and other potent tools to ensure good returns. Important features the vendor focuses on include market analysis from experts, the ability to do a real-time review of currency pairs, share trading concepts with community members, and more.
The trading room is an interesting feature of this vendor and includes more than 300 hours of video lessons for newbie and professional traders and interactive quizzes. A few of the trading approaches this vendor uses include the naked strategy, FX propulsion, and trend surfing, which include various popular methods like price action, indicators, and swing trading methods.
The risk manager EA is one of the FX tools this company provides to monitor your account. With the momentum meter, you can gauge the currency strength. The pricing of the service is of three types. Of the three, the first one is named the Professional pack. It gives 18 months of access to the service at the cost of $31.33 per month. With the Apprentice plan, billing is done every month at $97 and provides access to the trading room, live trading sessions, sentiment analysis, and more. A 6-month plan is the third pricing plan and is named The Committed and costs $49.5 per month. It offers additional features like mentor guidance and brokerage access.
| Pros | Cons |
| Provides additional services besides signals | Does not provide proof of performance |
| Guidance by expert analysts | Price is expensive |
| The trading room | The monthly subscription does not provide access to all the features |
Some providers offer informative guides and tips that can improve your approach and help in getting better returns.
What are forex signals?
A trading concept or endorsement for a particular financial asset that is carried out at a fixed time and price is termed a Forex signal. So, with a signal, you can easily achieve the most complicated task of finding out the right trades at the exact time.
The FX signal is formed using single or multiple factors that make available suggestions on the proper time you can trade a currency pair. Various types are present for this tool which include
- Manual: These are formulated by a professional or expert trade specialist
- Automated: A software programmed to analyze the market with the help of algorithms generates the signals
- Entry and Exit: In the case of assets possessing a longer trending period, only the order opening or closing positions are given. But in the case of short-term trading, both guides are present.
How to use forex signals?
The usage of the FX signals is simple and involves the aspects given below:
- An endorsement or concept for effective trading is provided by a service or a company.
- The company/service delivers the recommendation to you via Skype, email, or other through apps like the Telegram channel, WhatsApp, etc.
There are four significant parts that you need to be aware about in the case of manual trading. With automated forms, this is not necessary. The four key steps are:
- Action: This indicates the action you should take like selling or buying a currency pair
- Stop loss: This denotes the closing or exit point. It is very important as it helps safeguard your principal. In the case of automated products, a trade is automatically stopped when the fixed level is reached.
- Take Profit: As the term implies, this is a level that will indicate the point at which you close a position to make a profit.
- Entry price: The specific price level at which you can make an entry is signified by this information.
What is the importance of forex signals?
The signals form a significant tool for a majority of traders due to the various perks they provide. These include:
- You can identify the transactions that give you the maximum possible returns in real-time
- Beginners who are not familiar with the analysis and other connected info will find the signals valuable.
- Veteran traders utilize the FX arsenal to sharpen their approach and skill.
- You will be able to apply miscellaneous trading approaches such as technical, sentimental, and other methods
- You get to save the time required to analyze the market for identifying the right orders.
How to select the best forex trade signals?
A vast majority of people expect all signals to be effective. To succeed using this FX tool, you need to verify the worth of the signals. This can be done by verifying whether the following factors are met fully by the FX signals you receive:
What is the time zone?
Ensure that you get the signals in your particular time zone. They will be of no use if you get them when you are asleep.
Is the performance acceptable?
Look for performance verified by well-known and authentic sites like myfxbook. Such sites inform you of the effectiveness of the signals
Do they furnish a complete analysis?
Besides the SL, TP, and entry rate, you need to have full market analysis and charts for making a more successful transaction.
Are there added perks?
How to avoid scam signal providers?
With a vast industry like Forex, it is easy to fall prey to scamsters. To avoid such scam services, ascertain of the following factors:
- Choose the right broker
- Make use of the demo accounts before using the real money accounts
- If the service promises an improbable high return like over 100% return, the chances of the company being a scam are more.
- Find out whether there is a free trial. With such free perks, you can test the efficacy on the demo account and if they are trustworthy, you can acquire them.
What are the best signal providers?
Due to the stiff competitiveness in the FX market, you can find numerous providers competing with one another for providing their services. Finding the right one is like picking a needle from a haystack. To make your task easier, we have compiled the following tips:
Look for skill
Gather info on the experience the provider has. An experienced firm can be consistent in its service and performance. Look for the info on the team of experts and their qualifications to ensure you get your money’s worth.
Quality is key
While it is imperative to mull over the quantity of signals offered daily, the value is more important. This will ensure you increase your returns with minimal losses.
Do your research
A simple online search will help you know about the various companies offering such services. But be wary of scam businesses. To avoid choosing the wrong business, you can read the reviews that guide you on the best-rated businesses. For example, our list of the best signal providers is a good place to start. You can gather plenty of info like trustworthiness, performance, support, etc.
Automated vs manual
With an automated system, you can copy the trades automatically. Once you set your parameters, the computerization will take over the entire trading. In the case of the manual format, the signals are created by manual traders and sent to you via email or SMS. You can choose either option or in some cases, providers use both manual and automation methods, which is also a choice to consider.
Final thoughts
When you choose the best signal provider, your potential profits are bound to increase considerably. You will also be able to make better long-term returns. Our list of the best Forex signal providers can help you make an informed decision. Make sure you consider your budget, style of trading, and tolerance to risk when you pick from the choices present. Using the signals will help you gain a better understanding of the market and you will be able to make better predictions of the trades accurately. Successful transactions will not be difficult or unattainable anymore when you have such a powerful arsenal at your disposal.
