ForexSignals.com is a service provider offering diverse tools besides signal generation. With the trading arsenal they deliver, the company aims to equip traders with the knowledge required for profitable trading. Professional FX mentors offer market analysis reports as part of this service. The trading room allows users to share and gain knowledge from other traders.
To use this provider, you have to choose from the Committed, Apprentice, and the professional packages. These are subscription plans offering one-month, 6 months, and 12 months access to the company’s features. The cost ranges from $97 per month for the one-month plan to $47 per month for 12-month access. No money-back assurance is present, which shows this is not a reliable company.
ForexSignals.com trading strategy
As per the vendor, three main strategies are used by the company. The approaches include price action, support and resistance, use of technical indicators, and the swing method. While the vendor names each of the strategies there is no explanation of how they work in ensuring profitable trades. The lack of transparency concerning the trading approach raises a red flag for this company.
ForexSignals.com features
The vendor mentions the use of several tools all of which are proprietary. These include the risk manager expert advisor for monitoring your account, the momentum meter for assessing the currency pair strength, and the naked trading expert advisor that spots profitable opportunities.
This company also features a resource-providing facility under the trading room section. You will get more than 300 hours of video tutorials, test your knowledge with the interactive sessions, and seek guidance from the mentors.
To use the features before you pick a pricing plan offered by this company, a free trial is present. By using this free offer, you can use the service for 7 days. You can access the live streams, educational tools, and also gain access to the trading room where you can share concepts and conduct discussions.
ForexSignals.com backtesting results
We could not find backtesting results for this company. Although the vendor mentions that its trading approaches have been backtested for the past 16 years, no backtesting reports can be found on the official site.
Strategy tester reports provide a better perspective of the trading approach and the performance. Despite being based on historical data they are useful assessment tools. While it is true that the results do not predict a similar future performance, they are still a key evaluation tool for traders when choosing a trading tool.
ForexSignals.com live trading results
We could not find live real trading results verified by sites like Myfxbook, FXBlue, etc. for this provider. The reason we look for results from such sites is because of the trading stats they reveal. Info like the drawdown, risk to reward ratio, profitability, and more can be understood better with the verified results. Further, it is easy to know about the strategy effectiveness from the results. The lack of a proven track record raises another red flag for this firm.
ForexSignals.com reputation
As per the info on the About Us section of this site, the company was founded by Nick McDonald in 2012. He has partnered with Will Thomas, a skilled developer to provide the best FX service to traders. At present, the company has more than 500,000 registered members and 52 full-time employees.
The company is based in Hong Kong and the contact us section provides a location address, an email for support, and social media links. An FAQ section is present for support besides a live chat feature and an online contact form.
We found reviews for this company on the Forexpeacearmy site. While the feedback contains positive and negative comments, the recent review for this company reveals it is a scam. Here is a screenshot of the user feedback.
From the above review, we can see that the signals provided are of poor quality leading to users losing their money.
ForexSignals review summary
- Strategy – 4/10
- Functionality & Features – 5/10
- Trading Results – 4/10
- Reliability – 4/10
- Pricing – 4/10
From our analysis of the functionality, trading approach, performance, support, and other characteristics of this company, we find it is not a reliable firm. The lack of explanation for the trading approaches, absence of verified proof of performance, expensive pricing packages, absence of refund offer, and the lack of backtests are some of the main downsides we found in our assessment. In a nutshell, this is not a trustworthy service you should consider while looking to invest your hard-earned money.
