ForexSignals.com is a service offering a comprehensive solution for traders covering signals, tools, tested strategies, and a community of veteran traders. The vendor states that more than 83,000 FX traders trust the company. Some of the offerings include market analysis by professionals, daily live streams and review of currency pairs in real-time, and sharing ideas with other traders in the Trading Room.
As per the vendor info, the service was founded by Nick McDonald in 2012 to build a transparent and inclusive FX trading site. He partners with Will Thomas and the company now employs 52 staff and has more than 500,000 members. The vendor provides a location address, email, and social media links for support. There is no phone number present.
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As per the vendor info, the main features that the company claims make it stand apart from other similar firms are:
- The Trading Room feature where you can share information with numerous other FX traders.
- Access to the daily live streams that provide the market trends, financial analysis, and other related info.
- The trading professionals of the company have a collective experience of more than 55 years helping you trade successfully.
With the Trading Room feature, you get access to more than 300 hours of video tutorials ideal for newbie and advanced traders. The interactive quizzes further help in testing your FX knowledge.
To make use of this FX trading service, you need to choose from the three subscription-based packages here. The Professional is claimed to be the most popular with 12-month room access at the cost of $47 per month, the Apprentice package that allows one-month room access at $97 per month, and the Committed pack that costs $49.5 per month for 6-month room access. A 7-day trial is present for all three packages. When compared to other similar subscription-based packages, the cost of this service looks expensive.
How it works
To use the service, you need to register and choose a plan from the packages present. With each you get a seven-day free trial which you can use to try the services and find whether it is suitable or not. The trial offer includes access to informative resources, sharing of trade ideas and other info within the member forum, and daily live streams. The main focus of the company is on providing trading instruction and training members with trading skills rather than providing FX signals. As per the vendor, the community which you can access via the Trading Room shares the best FX trading concepts and other info. You get daily alerts for the signals.
As per the info on the official site, the company uses several trading approaches like FX propulsion, and trend-based methods. The approaches include price action, support and resistance, indicators, and swing methods all of which help in spotting trading opportunities as they occur. We find the strategy info provided is vague and does not explain the approach used clearly. Furthermore, there are no backtests to assess the efficacy of the approach. Both shortcomings raise a red flag for this company.
We could not find proof of trading performance for this company. Although the vendor maintains that the firm provides mainly educational tools, having the in-house traders post their trading performance is not a difficult task. The failure to reveal a verified track record makes us suspect this is not a reliable service. We prefer performance verified by sites like myfxbook, FXBlue, and FXStat as these sites are reputed for their unbiased reports. Without test results for proof, we do not find this service reliable.
We found user reviews for this company on the Forex Peace Army site. Here are a few of the responses:
From the above feedback, it is clear that the service is ineffective and unreliable. Users feel that this is a fraudulent company cheating users of their hard-earned money. When viewed with the lack of backtests, verified live trading results, and vague strategy explanation we find that the users’ opinion of the site being fraudulent looks true.