Forex Signals
Forex signals are best described as detailed trade recommendations or ideas. The sources of the best forex signals are usually experienced investors. Many online services and websites provide forex trading signals, for a fee, or even for free. But how can you find the best? Read on for a list of the top forex signals in 2024.
Brokers with Forex Signals
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
NinjaTrader
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Stocks, Options, Commodities, Futures, CryptoNinjaTrader Desktop, Web & Mobile, eSignalACH Transfer, Debit Card, Wire TransferUSD -
3
DNA Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASICCFDs, Forex, Indices, Commodities, Stocks, CryptoMT4, MT5Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, MastercardUSD, EUR, GBP, CAD, AUD, NZD, SGD -
4
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
5
Pocket Option50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCashUSD -
6
Videforex20% to 200% Deposit Bonus
$250$0.011:500Binary Options, CFDs, Forex, Indices, Commodities, CryptoTradingViewSkrill, Perfect Money, Bitcoin Payments, Neteller, Credit Card, Visa, Mastercard, Ethereum PaymentsUSD, EUR, GBP, AUD, RUB -
7
xChief$100 No Deposit Bonus
$100.01 Lots1:1000VFSCCFDs, Forex, Metals, Commodities, Stocks, IndicesMT4, MT5Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, VoletUSD, EUR, GBP, JPY, CHF -
8
Binarium
$5$1Forex, Stocks, CryptosOwnQIWI, Yandex Money, Bitcoin Payments, Neteller, WebMoney, Wire Transfer, Visa, Mastercard, Credit Card, Debit CardUSD, EUR, AUD, RUB -
9
Coinexx100% Deposit Welcome Bonus
0.001 BTC0.01 Lots1:500Forex, Commodities, Indices, CryptocurrenciesMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD -
10
World Forex100% Deposit Bonus
$10.01 Lots1:1000SVGFSAForex, CFD Stocks, Metals, Energies, Cryptos, Digital ContractsMT4, MT5Wire Transfer, Debit Card, Credit Card, Visa, Mastercard, Google Wallet, Apple Pay, Perfect Money, Bitcoin Payments, VoletUSD, EUR, RUB
This is why we think these brokers are the best in this category:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- NinjaTrader - NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- DNA Markets - DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
- Videforex - Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.
- xChief - xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
- Binarium - Binarium is an established international broker offering binary options trading on diverse markets including stocks, indices, forex, commodities and cryptocurrencies. Traders can start trading with as little as $1 and earn payouts up to 80% of their stake.
- Coinexx - Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.
- World Forex - World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
Tobias Robinson, Reviewer
NinjaTrader Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stocks, Options, Commodities, Futures, Crypto |
| Regulator | NFA, CFTC |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD |
Pros
- You can get thousands of add-ons and applications from developers in 150+ countries
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
Cons
- Non forex and futures trading requires signing up with partner brokers
- The premium platform tools come with an extra charge
- There is a withdrawal fee on some funding methods
DNA Markets
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
DNA Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Indices, Commodities, Stocks, Crypto |
| Regulator | ASIC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- After a recent upgrade, there are now over 800 assets available to trade via CFDs, with a particularly impressive range of 120+ cryptos
- You can access low trading fees with spreads from 0.0 pips in the Raw account and zero non-trading fees
- The broker provides 24/5 customer support with response times of <2 minutes during testing
Cons
- Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
- Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
- Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
- The ProRealTime advanced charting platform is free as long as certain modest monthly trading activity requirements are met
- IG offers an extensive collection of professional and engaging educational resources, including webinars, articles, and analysis
Cons
- IG has discontinued its swap-free account, reducing its appeal to Islamic traders
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- Beginners might find IG’s fee structure complex, with various fees for different types of trades or services, potentially leading to confusion or unexpected charges
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
| Regulator | MISA |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks
- The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
Cons
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
- You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
Videforex
"Newer traders will find a lot to enjoy about trading binary options on Videforex's easy-to-use proprietary platform, as well as the broker's copy trading solution. Payouts also remain higher than most alternatives climbing to 98%."
Videforex Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Platforms | TradingView |
| Minimum Deposit | $250 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, AUD, RUB |
Pros
- Global clients can make free and fast transfers via a wide range of payment types, from credit cards to cryptocurrencies
- The firm facilitates both day trading and binary options which is great for those looking to diversify their portfolios
- Videforex allows you to enter positions with just ¢0.01
Cons
- No MetaTrader 4 integration
- The broker isn’t overseen by a trusted regulatory agency
- US clients aren’t accepted due to legal restrictions
xChief
"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."
xChief Quick Facts
| Bonus Offer | $100 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Metals, Commodities, Stocks, Indices |
| Regulator | VFSC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY, CHF |
Pros
- xChief delivers a high-quality day trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools
- The broker offers a turnover rebate scheme geared towards active investors, as well as trading credits and several other occasional bonuses
- The broker offers several account types to suit different traders, including a Cent account for beginners and pro-level hedging/netting accounts
Cons
- The broker trails competitors when it comes to research tools and educational resources
- xChief is an offshore broker with weak regulatory oversight from the VFSC, so traders will receive limited safeguards
- Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
Binarium
"Binarium is a good binary options broker for traders looking for an experienced brand with low deposit requirements and a welcome bonus."
Binarium Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stocks, Cryptos |
| Platforms | Own |
| Minimum Deposit | $5 |
| Minimum Trade | $1 |
| Account Currencies | USD, EUR, AUD, RUB |
Pros
- Segregated client funds
- Flexible payment methods and account currencies, including support for crypto payments
- Demo account with virtual funds
Cons
- Unregulated
- No industry established trading terminals
- Lower payouts than other binary options brokers
Coinexx
"Traders seeking highly leveraged CFDs with a broker that uses crypto as a base account currency will find a good match in Coinexx. The ECN model also offer tight spreads from 0 pips. On the downside, traders should note the weak regulatory oversight."
Coinexx Quick Facts
| Bonus Offer | 100% Deposit Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Commodities, Indices, Cryptocurrencies |
| Platforms | MT4, MT5 |
| Minimum Deposit | 0.001 BTC |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD |
Pros
- MetaTrader 4 and MetaTrader 5 integration
- Full range of investments including cryptos
- 100% deposit bonus for new clients
Cons
- No regulatory oversight reduces safety
- No fiat account funding options - crypto only
- Limited educational materials for new traders
World Forex
"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."
World Forex Quick Facts
| Bonus Offer | 100% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Regulator | SVGFSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- 10+ accepted payment methods
- VPS hosting
- Copy trading solution
Cons
- Weak regulation
- Withdrawal fees apply
- No negative balance protection
Introduction To Forex Signals
Because a forex signal is essentially a small bundle of text-based information, it can be transmitted through a variety of channels.
Forex signal providers deliver their recommendations through live messaging, email, Skype, YouTube, Twitter, Reddit, Instagram, Facebook, trading forums, dedicated apps or even on WhatsApp groups with a straightforward sign-up link. There are even forex signal Telegram groups.
The FX signal ecosystem has created fully-featured, dedicated trading environments as well. These signal-based investing solutions allow providers to use interactive charts, stream videos and monetize their activities.
Importantly, profitable trading is the Holy Grail of many investors and the most straightforward path to returns is arguably through forex signals.
If you are looking for a dedicated, specialist service, see our list of forex signal providers below.
Forex Signal Providers
How Forex Signals Work
Forex signal systems are one the most important tools in the arsenals of many profitable traders. Beginners, as well as advanced and experienced investors, use them. In fact, there is an entire industry built around trading signals and investment recommendations.
Key Considerations
Quality forex signals do not just tell you when to jump into a certain trade and the direction of said trade. They also include detailed information on the configuration of your Stop Losses and Take Profits.
The best way to make certain that you are dealing with quality trading signals is to test them on a demo account. This way, you will not lose real money if it turns out your forex signals are subpar.
Time Frames
You should also pay attention to time frames. Due to their transmission nature, forex trading signals do not work well for strategies like scalping. By the time you receive the signal, the scalping opportunity has probably already come and gone. That said, there are scalpers out there who still use this type of service.
Every FX signal system is a reflection of the personal methods and preferences of the signal provider. Therefore, each system is different.
With that said, there are two key categories into which most forex trading signals fit:
- Technical analysis (TA) based
- Fundamental analysis-focused
TA-based forex signal systems derive their trade ideas from past price movements coupled with various mathematical formulas and trend recognition techniques.
Signal providers analyzing current events and deriving investment opportunities from the impact of these events are in the second category.
Finding The Best Forex Signals
The quality of your forex trading signals can make or break your profitability. Since there is not much skill involved in applying them, the only variable in the equation is the selection process.
Go through this checklist:
- Time Zone – Before you start, take a look at the time zone of the provider. You want your forex trading signals to trickle in while you are awake.
- Free Trial – Sign up for a free trial period. This will clue you in on the quality of the service, without requiring you to pay “tuition” in the form of losses incurred on bad signals.
- Compare – Continue looking and comparing the FX signal services that suit your trading style and risk appetite. In the end, pick out the best one.
- Track Record – Look at the track record of your provider. This should tell you everything you need to know about the setup performance-wise. Only track records verified by a 3rd party should be considered. Also look for the best forex signals reviews online.
- Full Analysis – Go for the total package. Low-effort providers, such as those only giving you the entry price and the SL/TP, should be ignored. You need to know why it is supposed to work. To that end, you need your FX signal provider to provide supporting charts and market analysis.
- Focus On You – Make sure the style of the forex signals fits your trading needs. There are short- and long-term signals focused on intraday breakouts and reversals etc. Profitability should always be your top priority, along with how the trade idea is delivered, be it via WhatsApp, social media, or email.
- Extras – If possible, choose a provider that offers additional services. These can be educational or social trading-oriented. Provided you are dealing with quality trading signals, such perks can add a great deal of value to the setup.
Note, finding MT4 forex signals is a different story. In the Terminal window, select the Signals tab. This section features scores of forex signal providers with handy graphs of their trading performance.
Comparing Forex Signal Providers
Run a search on forex signal rankings. There are scores of websites out there comparing signal services. Pick a few off the top and read the reviews. Alternatively, see our detailed rankings.
Sign up for any trials they offer and use the checklist above to determine how well they stack up. Take into account the communication channels the providers use. Do they deliver their trade recommendations through Skype, email, SMS or Telegram? Do they use specialized platforms?
Forex Signal Providers
How To Use Signals
Opening a position based on a forex trading signal is simple:
- Your first step is to log into the provider’s channel
- Grab the data delivered and copy it to your account
- Wait for the trade to close and pick up the proceeds
What Is Included In The Best Signals?
More precisely, a forex trading signal should tell you the following:
- Comments, charts and explanations concerning the recommended trade setup.
- The instrument/currency pair you will be trading (EUR/USD, BTC/USD etc).
- The direction of your trade. Next to the actual asset price, a BUY or SELL action should be indicated.
- The entry price is self-explanatory. It is the price level at which the provider recommends that you should jump into the trade.
- The take profit (TP) is the price level at which your trade is automatically closed if it goes your way. Taking your profits at the right time is as important as protecting yourself through a stop loss.
- The stop loss (SL) is where your position will automatically close if the market turns against you. This is a damage control feature and as such, it is important for long-term profitability.
- The status: forex signals can be Active, Get Ready and Closed. Active signals can be put to use immediately as they are. Get Ready signals are not yet active, but they may become shortly. They may also disappear. Keep your eyes on them, but do not act unless they become Active. Closed signals are expired.
Trades can be closed in three different ways. Besides the automatic closure triggered by the SL or the TP, the provider can close it manually as well. In such cases, an explanation is provided in the comments section, together with the closing price.
Under certain circumstances, the signal provider may even recommend the extension of the TP, to increase the profit margin.
How To Use Different Types Of Forex Signals
To maximize the potential of your trading signals, you may want to tweak some of the variables.
Take Profit And Stop Loss
Moving your take profit is an obvious way to expand profit potential. Most services use a fixed pip amount when setting the take profit level as well as the stop loss. They rarely jump in to tweak these variables as the trade unfolds.
If you deem the potential of the trade better than what the profit level allows, you can move it. In some cases, completely removing the take profit may be justified. Just remember not to hold the signal service liable if your bold move backfires.
Moving your stop loss may in some cases save an otherwise doomed trade. Like the profits, the stop loss is normally set to a fixed pip limit. Furthermore, it sometimes lands just below a moving average or a resistance level. In such cases, moving it above the critical level may be a good idea.
The entry price is not set in stone either. In this instance too, many services prefer to err on the safe side. As the price evolves, a better entry price may develop as well.
Manually closing a trade may be the right course of action when the asset price is rattled by a sudden real-world event. There is no way for the forex signal provider to predict such events. If one does come about, the bets are obviously off.
Trade Size
Tinkering with the lot size is another signal-optimization avenue.
Some of the FX signals provided by a service will offer a higher probability of profits than others. As you rack up experience, you will be able to tell which investments are which.
Increasing your traded lot size on high probability signals makes good sense. The same is true for decreasing your traded amount on low probability signals.
Correlation
Keep an eye on correlated FX pairs. If you get a signal for the AUD/USD for instance, the same signal can probably be applied to the NZD/USD pair. Sometimes the trade “derived” through this method will turn out to be more profitable than the original recommendation suggested.
Investors sometimes forget to take the spread into account when setting their stop losses and take profits. Adjust your automatic closing points accordingly. Keep in mind that the spread is different from one FX pair to another.
Free Forex Signals
Signal service providers generally use free forex signals for promotional purposes. They will make them available while looking to sell some sort of service or product further down the line.
As a promotional vehicle, a free forex signal cannot afford to be of inferior quality. Sometimes, however, that is exactly what transpires.
Premium
A premium forex signal service needs to deliver from the very beginning. Since premium forex signals represent the bread and butter of the service provider’s offer, they are usually high quality.
Let’s not lose sight of the fact, however, that no forex signal provider can ever guarantee winners.
Live / Daily Signals
Live/ daily trading signals are in essence run-of-the-mill forex signals, which are delivered with higher frequency. Such signals are suitable for intra-day trading.
Notable Services
- 1000PipBuilder.com – Rated 5 stars based on user feedback across multiple platforms. Regular trade advice and full, ratified results
- Forexsignals.com – Live streaming and promo cash giveaways, forexsignals.com offers signals and education in equal measure
Copying Trades & Social Investing
Social trading or copy trading is about using the forex signals provided by successful investors. As mentioned, MT4 offers a Signals section, where it displays the trades and statistics of those who decide to share this information with the community.
The system rewards investors for their “signal-providing service” through fees paid by their subscribers. The Signals page displays the most successful forex signal providers at the top. This way, it more or less takes care of the selection process for users.
There are quite a few similar (and even better) trade copier services out there. eToro is a good example in this regard.
Forex Signals For Technical Analysis Traders
TA is generally suitable for investing over the short-term across supply/demand inefficiency-induced price swings. Fundamentals, on the other hand, typically lend themselves to longer time-frame positions. The best forex signals often take fundamental factors into account as well.
Price Action
Forex signal providers churn out most of their hot tips based on price patterns, which mostly consist of support and resistance levels. Other technical indicators and price structures/patterns can be used as well. This is ultimately the very definition of TA-based forex signal generation.
Forex Signals For Scalping
While longer-term trading signals aim for hundreds and even thousands of pips in profits, some FX signal providers will settle for a few pips at a time. Short-term forex trading signals lend themselves well to scalping.
Note that despite their short-term nature, scalping signals are not based exclusively on technical analysis. They can incorporate a fair share of fundamentals too. This way, they combine indicators such as trend lines, support and resistance levels and stochastic oscillators with economic news, data releases and announcements.
Scams
The pseudo-science behind the forex signals industry is by no means an exact one. Therefore, it is conducive to scamming. Crooked operators have plenty of room to maneuver in this vertical. While we have already filtered out scam-suspicious services, you should be able to spot a forex signal scam yourself:
- Services with unrealistically good (and unverified) track records are almost guaranteed to be scams
- FX signal providers offering to trade in your stead, with your money, are most definitely scams as well. Such a setup is no longer signal-based trading, but auto-trading on a hijacked account
- If a provider uses various pushy and underhanded promotional methods to sell forex signals for binary options, for example, it should arouse suspicion too
If you feel something does not add up about your forex signal provider, just forget about it and move on to the next one.
Bottom Line
There are many forex trading signals available today. The best options will suit your financial goals, investing style and risk tolerance. Read online reviews and have a selection process in place before purchasing to ensure the service provider is of high quality. A good signal service can impact your profitability.
Use our list of the best specialist forex signals providers to get started. Alternatively, check out our ranking of online brokers that offer forex trading signals.
FAQ
Are Forex Signals Available Worldwide?
Yes, many services are available internationally in countries such as Canada, Australia, Malaysia, South Africa, and many others. The best forex signals in the world will be the ones that suit your goals and trading style, not to mention producing high profits.
What Is Forex Signal 30?
Forex Signal 30 Gold Edition is a no repaint service offering price movement indications for when an investor should open or close a position on an FX pair. It is a paid service, so make sure you read the reviews before purchasing. There are also other free forex signals for pairs like the EUR/USD.
Where Can I Find Live Forex Signals Without Registration?
Today, there are many free forex signals with no registration requirement. First check with your direct broker as such robots may already be part of your account as a factory setting. You can also look for honest reviews be it regionally specific, such as daily forex signals UK reviews, or international rankings.
Are There Apps For Free Forex Signals Online With Real-Time Data?
Yes, there are many iPhone, Android and APK forex signals apps available online. You can find them by doing a simple Google search. Before downloading an app, make sure you read the reviews to ensure you get the best quality possible.
Where Can I Find 100% Accurate Forex Signals?
It’s easy to get daily tips from social channels. Many claim 99.9% and higher success rates, but that’s not always the case. Social media sources may not always give the best winning forex signals. Instead, investors can seek pdf ebooks, courses (such as Vladimir Forex Signals), investment clubs (provided by a reputable company), subscriptions and software from established firms. Make sure you check the live reviews before making a purchase.
What Is The Forexsignals.com Trading Room About?
The website offers a selection of forex signals, educational videos, daily live streams, and promo codes as part of its trading room. They aim to educate investors on how to trade on the forex market.