Forex Signal Factory Review 2024
Find out all you need to know about the free signals service, Forex Signal Factory. This review will outline how it works, its trading results, fee structure and more. Discover whether Forex Signal Factory could benefit your portfolio.
What Is A Forex Signal?
A forex signal is a recommendation to enter a trade on a currency pair at a certain time and price. The signal may be generated by a human analyst or bot and published by a signals provider.
A signals service will identify lucrative positions, saving you the time and energy of having to evaluate the FX market yourself. They’re widely used by traders but making sure your signals come from a reliable and informed source is critical to long-term trading success.
Forex Signal Factory Overview
Forex Signal Factory is a free forex signals service. The aim is that retail clients benefit from the expertise of professional traders, helping them to strengthen their positions and achieve consistent results.
The platform regularly releases buy and sell signals aimed at beginners and experienced traders. The signals published can be used on a range of forex pairs, from majors and minors to exotics.
Forex Signal Factory has been in operation for over a decade and is based in the UK. 45,000 traders use its services and the platform has a considerable following on Facebook and Twitter. While there are no guarantees of success, the website receives good customer reviews online.
How It Works
Investors can utilise the signals service via their live trading account. There is no sign-up process, all you need to do is follow the Forex Signal Factory on Twitter to view their recommended positions. Here you will find every signal ever provided.
Somewhere between 10 and 20 signals are shared each day. Positions are listed alongside entry prices, optimal trading times and recommended stop-loss and take-profit levels.
Deciphering the success of the positions shared is down to you. For those that have the enthusiasm, evaluating the positions from the past month will give you a good idea of whether they consistently provide winning trades. An alternative would be to use the service with a demo account. That way you can give it a go, without having to risk capital.
Unlike some signal providers that advertise a free plan and then charge to actually benefit from the service, Forex Signal Factory offers zero fees. There are no upfront charges, hidden fees or service costs to worry about.
That being said, the price you do pay is reduced transparency and no easy way of analysing the success of signals.
The fact that it’s a free signals service is arguably the biggest draw of choosing Forex Signal Factory. However, there are some other benefits too:
- Professional guidance
- Easy access on social media
- Average of 15 signals per day
- Compatible with desktop and mobile apps
- You can use with your existing trade account
Any trader considering using Forex Signal Factory should also consider the following:
- Undisclosed strategies
- Limited information on the analysts and their credentials
- Lack of transparency regarding the company and its operations
Forex Signal Factory offers customer support via Twitter, Facebook and Telegram. The channels generally receive positive reviews. Although there is no phone number published on the company’s website, its Facebook page offers a contact number – 020 8068 1786.
Unfortunately there is no live chat, email or office address to contact the management team with.
Forex Signal Factory offers little insight into who the company’s signal providers are, including their experience, risk appetite or trading strategies. It is unusual for a company to share so little and is a cause for caution, if not concern.
As a result, we can’t say your money will be secure using Forex Signal Factory’s services. We’d recommend doing your own backtesting and trialing the provider’s forex signals in a demo account before risking real money.
If you are deliberating between using a paid solution and a free signal service, improved transparency is a positive to be found with paid services. For more information regarding paid signal services, check out our reviews of ForexSignals.com and 1000PipBuilder.
Final Word On Forex Signal Factory
Given that the signals offered by Forex Signal Factory are free, it’s difficult to critique too harshly. On the whole, its positions are strong and the company is well-regarded. It’s a front runner amongst free forex signal services.
With that said, it would be good to see more detail from the company surrounding its analysts, strategies and reporting. And while a viable option for beginners with limited capital, we’d recommend using a paid forex signals service if possible. Traders can expect a greater degree of transparency and support.
Is Forex Signal Factory Legit?
Forex Signal Factory offers a free and legitimate signals service. The signals offered are traded on the provider’s live accounts using their own money. This encourages the provider to combine the best performance with low risk. However, the company is not licensed or registered as an investment consultant.
How Much Does Forex Signal Factory Cost?
Forex Signal Factory is a completely free service with no hidden costs, unlike other free signals providers that act as an introducing broker.
How Do I Sign Up With Forex Signal Factory?
There is no official sign-up process on the website. Anyone can access signals on their social media pages, you simply need a Twitter, Facebook or Telegram account.
What Signals Does Forex Signal Factory Provide?
Most signals provided by Forex Signal Factory are on major or minor currency pairs. However, their Telegram channel also provides more detailed but infrequent analysis on exotic forex pairs, stocks, indices, commodities and crypto.
How Does Forex Signal Factory work?
The website provides forex signals that you can apply directly to your account. The service claims to have a network of profitable professional traders that provide signals, which are showcased on their Twitter, Facebook and Telegram platforms. You will need to manually input the recommended entry price, stop loss and take profit levels.
|Forex Signal Factory offers free trading signals to investors looking to speculate on the FX market.