Forex signals are like a gold mine if you’re able to get a consistent return from it. Even though the Forex Market can be unstable for a trader, the entrance cost is very low and the leverage you get from the commission and the broker you pay far outweighs other financial markets. So the question isn’t so much why to use the Best Forex Signal Providers but how do you use them for your benefit! At the end of the day, it comes down to the quality of the provider.
In this article, we’ll focus on the best of the best. The only metric that matters to this list is Quality. So, if you’re a beginner and you’re still just getting a feel for this market, I strongly suggest you read this article. After you get more experienced, you’ll want to upgrade the quality of your providers. With that said, now we'll dive into the best forex signals in 2020:
1. Etoro – Our Top Alternative Recommendation.
Etoro is a well-known fintech startup founded in 2017 who's credibility has been raising over the past years. Etoro is regulated by the CySEC authority in the US, the FCA in the UK, the FinCEN in the United States, and by the ASIC in Australia.
An Alternate Way of Forex Signals Providers
Etoro's key advantage over its competition is the copy trading, perfect for beginners and those who don't have much time to trade. Copy-trading lets you copy the movements of experienced traders and take the burden of decision off of your shoulders. Only 75% of traders lose money in Etoro, which may seem high but is less than the average platform.
In the beginning, they had very few offerings in terms of financial instruments. Starting trading in Israel, Etoro's growth has been remarkable! In fact, they have been widening the range of offerings and tapping into different markets at a rapid pace. It's no surprise then that they've become one of the market's giants.
Founded back in 2012, Forex Signals has now over 40,000 members and a staff team growing every day. Their idea is simple: “To help clients make money by offering the most profitable forex signal site and online trading room in the world”.
Forex signals is more than just a forex signal provider. They believe giving you just signals is not enough. You shouldn't trade alone here. That's why Forex Signals created the Trading Room. Here, you can join 24/7 hundreds of forex traders around the world.
Like in Etoro, you can copy their trades and strategies. In terms of strategy, is usually one of three:
- Naked Trading Strategy: Pure price action and key support and resistance levels;
- FX Propulsion Strategy: An intra-day trading strategy that uses powerful indicators to identify strong moves in the markets before they happen;
- Trend Surfing Strategy: A swing trading strategy focused on big home-run trades. Focused on cutting losses quickly and let the wins ride the waves;
Learn2Trade has become one of the forex signal providers with the best reviews online. That comes with no surprise, considering the amount of transparency they focus on. They basically show you every step from the research analysis until they reach their signals.
Most Valuable Asset
This platform was initially a trading educational website. Although still heavily focused on the educational aspect, Learn2Trade most valuable asset is their forex signal provider service. You will receive tips on the entry prices and estimated ranges to set the stop-loss and take-profit orders.
- Free service: If you choose to go for the free service, you will be well-served. In fact, you'll have access to real-time alerts, via Telegram. Up to 10 accurate and profitable signals per day, you'll be able to easily access Forex and Crypto signals. You will also have a 1,000 member community at your disposal with daily technical analysis and trading tips.
- Premium service: If you choose to go for the paid service, you won't regret it. With the premium plan, you unlock entry price, you'll have mobile notifications of all signals, you'll have alerts on economic events, and exclusive access to closed signals performance reports. Plus, if you join with their LongHorn FX, you'll be able to access Learn2Trade VIP Forex Signals for free for an entire year.
4. Forex Hub
Forex Hub is a UK based forex trading signal service. Their key advantage that allows them to stand out from the competition is their autonomous checked outcome. The signals can be sent by Whatsapp or Telegram.
Forex Hub offers three types of products (signals) for you to choose from. Each one has different advantages and key points to pay attention to:
1 – Forex Silver Pack: The Silver Pack is for small traders who want to keep lower investments with lower risk appetites. The Forex Silver Package consists of calls that suit the clients’ investment up to 1000 USD with minimum leverage 1:50.
2 – Forex Gold Pack: The Forex Gold Package consists of calls which suit the clients’ investment up to 2000USD with minimum leverage 1:50.
3 – Forex HNI: Forex HNI Package is for High Network Investors. This is their premium package for who wants big capital with large risk taking potential. The investment required is $ 5000 minimum and the profit is up to 900 pips.
Forex Hub Signals
Forex Hub signals can be classified into three different groups: News based trading signals, Technical signals and General trading signals. Their results are tangible and open for everyone to see. In 2019, Forex Hub recorded more than 11 000 pips. Their monthly results ranged from 750 success pips to as high as 1400 while leading the market with more than 85% – 90% accuracy.
This forex trading provider is one of the best in the world. In conjunction with the previous MQL4, these integrated programming languages are designed for developing trading robots. This platform contains a lot of resources where you can get info on forex trading, being the trading signals the most important one by far.
If you don’t have a well-formed trading strategy formed yet, you can make use of the freelance section. Here, you’ll get programmers and experienced traders to help you develop trading strategies and set up unique automated trading systems. If you do have experience and you like helping other beginner traders, you can always sign up and become a freelancer yourself to make some extra money on the side.
Quantity Doesn’t Equal Quality
The reason we gave this platform a 3 out of 5 was because of the same reason that it makes it good… The extensive amount of offerings. MQL5 is definitely a good tool to add to your repertoire but only if you know what you’re doing. As we said, there is an extensive amount of offerings which means not all of them are good. A lot of robots have incredible high risks and often operate with martingale, which can break your account.
Always remember to make your own backtests and always with more than one broker (if possible). You have to make sure the expert is not addicted to a set of price data. This will ensure you avoid the bad offers and always benefit from the good quality ones.
Paid vs Free signal providers
First of all, whether a service is free or paid, you’re advised to start with a low amount – low-risk strategy. After you’ve seen its consistency you can make a better-informed decision on the right move to make. With that said, the key advantage of paid services relies on its necessity to prove results. There is an obligation to show subscribers what they are paying for. All in all, paid forex signals are more reliable.
As a potential subscriber, always demand a strategy performance record of actual trades, as well as back-test results for strategies that are recently developed. Use critical thinking to base your decisions on and you’ll be on your way to a successful journey. Happy trading!