If you are new to the forex trading world, then you have probably heard about or thought of using forex trading signals to help you speculate on the prices of the currencies. It is true that following an expert’s forex signals can save you a lot of time and energy, and it can help you learn new trading strategies and methods.
Top 5 Forex Signals Providers Shortlist:
These top five forex signals providers have been chosen after in-depth research from our team. These options are some of the leading providers currently available in the market.
- Learn2.trade is the leading premium forex signals provider as it uses an algorithm that can conduct numerous research and generate trading signals.
- eToro CopyTrader is the top copy and social trading signals provider, allowing users to copy various signals from leading traders.
- Forex.com offers free trading signal tools to its customers, making it easy for them to trade the currency pairs.
- ForexGDP is one of the best low-cost signal providers, offering customers a free subscription that comes with up to four signals per month. Calls
- MQL5 is another leading social and copy trading signals provider that grants you access to trading signals and strategies from thousands of traders globally.
What are forex trading signals and forex alerts?
A forex signal is an alert sent to traders on a trading opportunity in the currency market. However, the alerts are not only limited to the forex market as they are also present in other financial markets. The forex signals are provided by expert traders or specialized companies for free or a certain fee via written messages. The trading signals help new traders utilize accurate transaction details as recommended by experts.
Trading signal providers are companies that tell you when to buy or sell an asset and where to set your profit and stop-loss limits. This is to help you take profit or close a trade at an acceptable loss level if the market goes south.
There are two major forex trading signals; the fundamental and technical trading signals.
Fundamental forex trading signals: these are trading signals that are generated based on economic events and market news. These events and news can influence the price movement of currencies. A fundamental signal is usually generated after events such as interest rate announcements, employment data, GDP growth, and more.
Technical forex trading signals: this type of signal focuses on chart patterns and the historical price movements of currencies. By referencing the previous performance of an instrument, traders can predict how they might perform in the future should similar patterns occur. A technical signal is taken when a chart pattern shows that the price of a currency is going to move positively or not.
Learn2.Trade- Best Trading Signals Provider with Various Charts
Learn2.Trade is a premium forex signals provider. The platform generates multiple trading signals for various currency pairs, making them easily available to the traders and users. Learn2Trade also makes it easy for traders to get free trading signals. The moderator has a Telegram group where free trading signals are posted regularly. The signals are generated by the expert traders and the novice traders can leverage it to make profitable trades. They can also use it to learn the various trading strategies and methods deployed by the top experts.
Some of the trading charts deployed by Learn2Trade include the Fibonacci Retracement Levels, Support And Resistance Levels, Bollinger Bands, Moving Averages, and more. Learn2Trade supports other financial assets such as cryptocurrencies, stocks, CFD, and more.
eToro CopyTrader- Best Social Trading Signals Provider
eToro’s CopyTrader system is one of the major reasons it is considered a leader in the forex trading world. The idea behind the CopyTrader software is simple; select the traders you wish to copy, choose the amount you want to invest, and copy all their strategies automatically and in real-time with a single click of a button.
The copiers get the option to copy all the open trades of the expert traders. The copiers who choose this method will get to enjoy the open trades of an expert trader if the trades they selected have been closed. The minimum amount to invest per trader is $200, and you can copy up to 100 trades simultaneously.
|Type of fees||amount charged|
|Conversion fees||from 50 pips|
Forex.com- Best Trading Signals Broker
Forex.com has been one of the best forex brokers in the United States. It offers free access to its Advanced Trading Platform-tools, which provides trading signals for traders to use to enter and exit trades.
The AutoChartist tool of forex.com automatically scans the forex market to pinpoint trade opportunities traders can use as trading signals. It identifies chart patterns present in the forex and other financial markets. It also gives a forecast of the next market movement based on the traditional technical analysis interpretation of the patterns.
This broker also offers a free Recognia technical analysis portal designed to make it easier for traders to plan trades. The portal showcases short term trading opportunities following pivot points, various indicators, and support and resistance levels. The Recognia gives traders a clear and detailed reason why the trade makes sense and list alternatives if market conditions change.
|Type of fees||amount charged|
|Withdrawal fee||$25 for local and $40 for international|
|Conversion fees||Based on transaction|
ForexGDP- Best Low-Cost Signals Provider
ForexGDP is another excellent forex signals provider. It is a low-cost provider that offers customers a free subscription that comes with up to four signals per month. Calls on this provide generate around 90 and 150 pips profit. Their free signals include information such as the basic entry and exit levels that are sent to the traders through the WhatsApp social trading network. Those that wish to enjoy extra features and high profits potential need to sign up for paid plans.
|Quarterly||$197 ($66 per month)|
|Bi-annually||$347 ($57 per month)|
|Annually||$447 (37 per month)|
MQL5- Multiple Signals Provider
MQL5’s signals page has become one of the major trading signal resources for forex traders using the MetaTrader 4 and 5 trading platforms. The site has a large number of signal providers who are individual exert traders. You can copy any of the expert traders automatically and in real-time using your MT4 or an MT5 platform.
However, a downside to this platform is that it allows virtually anyone to provide trading signals. This might put off some users as the services are unfiltered. Regardless, you can evaluate the performance of each expert trader by their return on investment (ROI) over time, trading frequency, and the maximum drawdown they experienced in their trading account.
Features to look for in a forex signals provider
When choosing a good forex signals provider, look at the following features;
When choosing a forex signal provider, one of the most important things to consider is the reliable nature of the provider. Reliable FX signal providers have a consistent performance record. While they may not be profitable every month, they show consistent results over time. You should also check the reliability of their platform as it would determine if you get your notifications on time or if they carry out in-depth research on the buy and sell signals they issue.
Check the reputation of a forex signal provider before you work with them. You can easily find out all the necessary information about the provider when you Google them, check their track record, or sign up for a trial run. This way, you can easily determine if the signals provider is trustworthy or not.
Quality over quantity
Most traders focus on the number of signals they will receive from a provider. However, that shouldn’t be the case. Traders should prioritize the quality of signals over quantity. Because you stand to make more profit when you trade quality signals over a large number of signals that are not worth much.
There are several ways for a provider to send out FX alerts and signals to its members. The most common means of communication are via SMS, email, mobile app, and member forums. Make sure that you choose a broker that provides the communication method you are convenient with. The leading forex signal providers offer various communication methods, and it is left for the trader to choose which the means that works best for them.
Pros and cons of using a forex signal provider
Advantages of using a forex signals provider
- Allows traders to spend less time doing research and looking for profitable trading opportunities
- Serves as an excellent learning opportunity for novice traders as they get to see how expert traders interact with the market.
- Ability to view the historical track record and performance of the provider and decide whether the risk-reward profile is in line with their criteria.
Disadvantages of using a forex signals provider
- Some services are not run optimally and don’t consider the best interest of the subscriber
- Some of the forex signals providers generate auto-signals with zero human involvement, and these systems sometimes have drawdowns.
- Using a forex signal provider will not help a trader to become self-reliant as they will also rely on the research and testing of other traders.
Comparison of the best brokers that provide forex signals
|24/7 customer support||Yes||Yes|
|Free deposit and withdrawals||No||No|