Signal Factory is a platform providing live Forex trading signals. It sends the signals directly from the merchants’ accounts into your trading platform. As the signal providers invest their own funds into live accounts, they are committed to ensuring decent performance and low risk.
Detailed Forex robot review
The presentation on the official website is not very professional. The vendor has not clearly explained the features of this system or the strategies that are used for generating the signals. We have some recommendations from the vendor and the particulars of the pricing packages.
There is virtually no data on the parent company and its history. We don’t know where it’s located or when it was founded. The vendor has not revealed the developers and traders who are behind this signals provider service. We have no way to verify whether the individuals generating the signals have had adequate exposure to the foreign exchange market.
Signal Factory avoids using risky money management techniques like martingale. The performance of each provider is measured in terms of net pip change, as opposed to percentage or profit. While evaluating the performance, the lot size is ignored.
The vendor claims that they display the profitable accounts on the website. However, we cannot see any accounts shared on the webpage, so possibly it is something that only members can access. In case the signal provider’s account falls below the starting balance, Signal Factory stops offering its signals until the account becomes profitable again.
Signal Factory has some preliminary conditions based on which it allows people to become signal providers. However, we don’t exactly know what these criteria are. You don’t need to open a new trading account to utilize the signals of this service provider. You can simply use your existing account and trade as per your favored style.
You don’t need to pay any commission or sign up with a particular broker while working with Signal Factory. This means the spreads in your account will remain unchanged.
Signal Factory strategy tests
The vendor has not shared any information on the trading scheme used by the traders generating the signals for Signal Factory. We don’t know anything about their trading styles, and it is unclear how frequently they generate signals for live trading.
EA vendors normally test their automated systems using archival data. These tests go on for several years, thus revealing the durability of the system and its ability to deal with different scenarios. Since this is only a signals provider, the vendor has not shared the historical test results.
Real account trading results
Here, we have a live trading account on FXBlue showing the trading statistics for the Algobot Signals Package. This account has a short trading history of 23 days, during which it has conducted 57 trades, winning 33 and losing 20. It currently has a win rate of 62.3%, but we can see that the closed profit for this account is -312.45, which means it is currently running at a loss.
The monthly and weekly returns for this account are -3.9% and -0.9%, respectively. It has a very low profit factor of 0.50 and a poor risk/reward ratio of -2.75.
As is apparent from the recent trading record, there have been several days where the account has suffered heavy losses. On 16th December 2021, it lost 3.1% of its account. This tells us that the system follows a high-risk trading scheme.
There are four distinct packages for Signal Factory. You can purchase the Telegram News Package which costs $49.99 per month. The monthly fee for both the Algobot and Algobot Gold Trade Copier is $199. Finally, there is the Algobot Signals Package that carries a monthly fee of $99.99. The vendor does not offer money-back guarantees for any of these plans.
On the Forex Peace Army website, we came across a few user reviews for this signals provider. Some of them have stated that this is a scam service that sends unprofitable trading signals. They also say that the seller urges them to pay more in order to recover the losses suffered.
As we can see from the live trading results, the trading account for the signals provided suffers heavy losses frequently. We know nothing about the parent company and many users have claimed that it is a scam service.