When it comes to Forex trading, there are many tools at your disposal. These will help you better understand your trading strategy and thus generate more profit. Free Forex Signals are one of the most powerful and used resources in the arsenal of successful traders. The quality of these signals will make or break your success in forex trading therefore it's crucial to use the best service.
The Best Free Forex Signals Providers Are:
- IG Group
- MYC Forex & Commodities Signals
What are Free Forex Signals?
Free Forex Signals are recommendations to enter a trade on a specific currency pair. These suggestions are based on the analysis of technical information. When you receive one – usually through text, email, website, etc. – you are getting a “tip” on what trading strategy you should act on, at a specific time with a specific price.
Before you join a forex signal provider, there are a couple of things to keep in mind. You should always know the traders who are giving you this information. You should find out what their strategy is, their profitability rate, and their transparency policies.
What must be considered?
- Time zone: Make an effort to know the time zone of your provider. You want to receive these signals while you are awake. Otherwise, you´re kind of defeating the whole purpose of this strategy.
- Free Trial: If you're still a beginner, consider joining with a free trial. That way, you are reducing your exposure to bad signals, and you will start to get a feel for the language and the processes being used in said providers. (or make sure you choose a trader with high success rate if you're using the copy trader method.
- Don't settle: Don't go for the first forex signal provider you see. There is a wide variety, and you should choose the one that fits you the best. If you are still beginning, though, this can be a little overwhelming, so we created a list of the Best Free Forex Signals in 2020.
Best Free Forex Signal Provider #1: Etoro
- Best place for beginners;
- Possibility to copy the network’s top traders automatically;
- Website and mobile app very user-friendly;
- High minimum required: $200
- Spread for cryptocurrency trading fairly high;
If you are a beginner, this is the best place to start. Etoro is accompany founded in 2007 in Tel Aviv. Nowadays, it has registered offices in Cyprus, Israel, the UK, the USA, and Australia.
Signals in the form of copy trading
This platform enables investors to view and, most importantly, copy the network’s top traders automatically. You can follow their recommendations, making it the perfect place to start if you’re a beginner. It’s important to know that copy-trading doesn’t offer any guarantees on its success (it can certainly increase it though).
The website and mobile app are nearly identical, and both user-friendly with an attractive laid-out easy to navigate the system. The U.S. citizens have access to all of the big cryptocurrencies in the market, including Bitcoin, Ethereum, Tron, Ripple, and many more. Find out more about Etoro here.
Placing a Trade
Etoro's trading experience is effortless. To do this, while viewing the coin you chose on your watchlist, all you need to do is click the “Trade” button. You can close an entire position or part of it, but only if you've purchased it in several lots. For example, if you buy $30 of Bitcoin, you can't just sell $15 of its worth. You must sell all of it.
That said, Etoro is not the perfect platform, and it definitely has its challenges. We want to give you all of the relevant information possible. That way, you'll choose the one that most fits you.
Etoro doesn’t really motivate traders who don’t have a lot of money to invest to join in. It definitely has high minimums required for most copy trading. For example, to buy any cryptocurrencies there’s a minimum of $25. On top of that, the spreads for trading cryptocurrencies are somewhat wide.
Free Forex Signals #2: IG Group
- CFD trading specialist;
- Low spread costs;
- Great customer service;
- CFD’s fees above average;
- Doesn’t offer negative balance protection;
IG was founded in 1974 by Stuart Wheeler. IG is currently ranked as the top CFD provider, and it is a global leader in the online trading market. It has more than 178 000 users across the five continents, and it’s perfect for those who want to trade CFDs.
Its motto is “go big or go home.” This is not something a small company could have done. Low spread costs, a great focus on customer service; this is the perfect platform for U.S. brokers.
IG offerings cover a wide range of variety, and it has a great emphasis on education and actionable research. It’s considered low-risk, operates a regulated bank, and is authorized by six tier-1 regulators (high trust), three tier-2 regulators (average trust), and one tier-3 regulator (low trust).
Signals through extensive market analysis
With IG's trading signals, you will get free real-time trading ideas for your chosen markets. After you create an account, you'll get continuous access to extensive market analysis. Their signals come from third-party providers, including Autochartist, the market leader in automated technical analysis, and PIA-First, an award-winning analysis with over 45 years of experience.
As mentioned above, IG is perfect for trading CFDs. That said, their fees for trading CFDs are above the market’s average. It doesn’t offer negative balance protection. THIS IS IMPORTANT. You may end up losing more money that you have in your account, and you´ll be owing money to the broker.
Free Forex Signals #3: Learn2Trade
- Great Educational Platform;
- Transparent and honest service;
- Great research resources;
Because we are committed to giving you the best value possible, here is a bonus list for you. This list will define the Top 3 Forex signal providers who focus solely on giving Free Forex Signals.
Learn2Trade is primarily a trading educational platform. The most valuable resource though is their signal service, which combines AI with machine learning to give you information when an opportunity appears in the market. They offer all major selection of currencies pairs where you will receive tips on the entry prices and estimated ranges to set the stop-loss and take-profit orders.
Learn2Trade has distinguished themselves through their transparency. The platform is honest and open on how they reach their signals, whether through support and resistance levels, the Fibonacci retracement, or moving averages. Their algorithm is praised for a great job in research and their signals are helpful to lots of users.
Signals through tips and advice
You have two options: Free forex signals provider or the premium service. The free service will get you 3 signals per week, and the premium will get you up to 5 per day sent through Telegram. If you're an experienced trader, maybe the premium will serve you best and be worth your money. Whether you choose the premium or the free plan, Learn2Trade is one of the best services out there to stay on top of the market conditions.
Bonus #4: Darwinex
- Unique social copy trading community;
- Easy and safe to use;
- Doesn’t accept U.S. traders;
- Minimum $500 deposit;
- Limited trading tools;
Darwinex was founded in 2012 and is a London based online brokerage that offers over 300 assets including Forex, Cryptocurrencies, Stocks, Shares and many others.
Signals through copy trading
Darwinex is not publicly traded and does not operate a bank. It does have an FCA authorization, one tier-1 regulator (high trust). The reason they made this list is for the social copy trading community offered. This is their main benefit as it will enable you to follow signals or copy the trades of experienced users.
Darwinex offers the Darwinex online trading school. This educational asset was created to share their knowledge with traders in order to help them understand and improve their trading skills. This program includes interactive educational material and a reward system based on the achievements of objectives.
Copy trading aside, Darwinex is not the ideal choice for self-directing trading. In fact, you will have to use the MetaTrader to trade individual stocks and CFDs. With MetaTrader, you will have a higher price, weaker research, and no available extra tools beyond the average experience.
Bonus #5: MYC Forex & Commodities Signals
- High-quality Signals;
- Great customer service 24/7;
MYC Forex & Commodities Signals also offers both a free group where users receive high-quality signals or a paid group where you'll receive more of these high-quality signals. The quality when it comes to the production of forex trading signals is imperative and the main focus of this group.
Signals through technical analysis updates
MYC's approach is all about consistency. A steady sustainable return to their users through forex trading signals, signals to commodities like oil and gold, and post technical analysis updates so everyone understands why a certain trade is being placed. Once you sign up, they'll work with you to make sure you follow their signals as easily as possible. If you have any problem though, you should contact them their customer service open 24/7.
To get started, all you have to do is join their Telegram group. Search @MYCForex, receive free forex and commodity signals, and see the quality for yourself. If you don't have Telegram, you can also contact them via email and they walk you through the process of getting started. You can also join their premium channel: MYC Forex & Commodities VIP. You can pay for the membership via any cryptocurrency of your choice or via card.
Bonus #6: AltSignals FX Trading Signals
- One of the largest groups;
- Opportunity to learn how the market works;
AltSignals is one of the biggest and most recognized Forex trading signal providers on Telegram. This platform has over 80,000 happy users who continue to follow their free forex signals because AltSignals's main goal is quality over quantity.
Advice based on in-depth market research
In fact, if you decide to join this group, you'll quickly see they don't exaggerate with the number of signals sent. The focus is a good steady profit. Furthermore, they release monthly reports to show customers which were the best trades. This is good for expert traders and even more so to newcomers as they'll start to understand how the market behaves. The group is at a premium service but you can still benefit from the tons of free information AltSignals gives to its users. For that reason, this signal provider made the last spot on our list.
AltSignals offer a wide range of currencies, which can improve your trading strategy and reduce your exposure to risk at the same time. Last but not least, their customer service is recognized as very supportive as well. Information is provided in several languages, including English, Russian, Spanish, and the team is always ready to answer any clients' questions that want more information about specific trades or how the signals work.
With this article, we hope you have a better idea of the Best Free Forex Signals at your disposal. We encourage you to keep doing your research and to make your decisions consciously and well-informed. Forex signal is something that can be very beneficial to your life if used properly. NEVER STOP LEARNING.
Search our website or other websites for more articles and keep learning. Keep improving, and don't get stuck. We are here to give all the information you need so you can rip the benefits of a successful trader life. Happy trading!