What are Forex Signal Providers?
Forex signals are trading opportunities identified by a signal provider. Signal providers analyze the market, often using software, and send alerts of potentially profitable trades to subscribers. No matter your level of trading skill and experience, forex signals can help you enhance your trading activities. In addition, experienced traders have the chance to widen the scope of their profitability and experience using forex signals.
Forex signals also save trading time. Talking about trading hours the FX market is open 24 hours 5 days a week, and there are countless opportunities available round the clock. A typical forex signal will provide comprehensive trading suggestions such as:
- Entry
- Stop
- Take profit price levels
The trader only has to perform the execution of the trade. In this way, traders are able to manage their trading times so as to take advantage of the best opportunities in the market. There are many forex trading courses available to learn it well.
Types of Signals
Forex signals are majorly classified into the following categories:
Manual vs Automated Forex Signals
Manual forex signals are generated by a person who can be a professional and/or seasoned trader. On the other hand, automated signals are generated by computer software that tracks and analyses market price action based on coded algorithms.
Paid vs Free Forex Signals
Some providers offer free signals (this can be unlimited or for a trial period), while others require payment. Paid signals can be charged as a one-time fee or based on a subscription model.
Entry vs Exit Forex Signals
Some signal providers may provide only entry signals, which is a signal to open a trade position in the market, while others provide only exit signals, which is a signal to close any relevant open trade position you may have running on your trading account. Usually, on short-term intraday trading signals, a trade idea will contain both entry and exit signals.
List of the Best Forex Signal Providers in 2024
Here is a list of top Signal Providers for the current year:
- Elliot Wave Forecast
- Learn 2 Trade
- MQL 5
- FX Leaders
- 1000 pip builder
- Tools Trade
- FX Profit Signal
- Forex GDP
Elliot Wave Forecast
Elliot Wave Forecast is a trusted & reliable forex signal provider. It offers a comprehensive suite of forex trading services designed to help navigate the complex world of currency trading. They cover almost all major forex pairs and provide reliable and timely forex signals via their Live Trading Rooms and Live Analysis Sessions available under Platinum and Diamond plans.
Experienced analysts at Elliott Wave Forecast use the Elliott wave approach, a powerful technical analysis methodology and combine it with cycles, sequences, market dynamic, correlations and Fibonacci extensions to determine extreme areas to take trades in the direction of the trend. By leveraging this approach, members can gain valuable insights into the future direction of currency markets, identify low risk / high reward entry points which enables them to make informed trading decisions and maximize profits.
Below are some key features of the forex signal service provided by Elliott Wave Forecast
- Direction of the trade (Buy or Sell)
- Entry level (where to buy or sell)
- Stop loss level (Where to place stop loss to control risk)
- Take profit level (Where to close the trade for profit)
- Trade Management (How to manage the trade once it gets filled)
Elliott Wave Forecast provides a 14-Day Trial which give you access to premium forecasts for 14 days for a nominal $9.99 only.
With their Platinum and Diamond plans you can get access to trading signals for the following forex pairs or you can buy Live Trading Room Add on (Trading Signals) for $49.99 per month with Silver ($99.99 per month) and Gold ($199.99 per month) plans.
GBPJPY, EURJPY, USDJPY, AUDJPY, CADJPY, AUDUSD, EURUSD, GBPUSD, NZDUSD, USDCAD, USDX, EURAUD, EURGBP, GBPAUD, GBPNZD, ZN (10 Yr Note), USDCHF, USDNOK, USDSGD, USDSEK, CHFJPY, NZDJPY, AUDCAD, EURCAD, EURNZD, GBPCAD
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Learn 2 Trade
Learn 2 Trade is a professional service developed by Gadget Greek Online Ltd. They offer free signals and premium signals services, which are notified via the L2T Telegram group. Many signals make use of the RSI Indicator.
Some of the major services offered at Learn 2 Trade are:
- Service for copy trading.
- High profitable signals.
- 24/7 cryptocurrency trading.
- 10-minute setup with significant benefits.
- 79% Success rate.
- Up to 40 trades per month.
- Monthly subscriptions begin at £58.
The key features of this signal service:
- Ensures up to ten profitable signals per day
- Daily trading tips and technical analysis
- Many forecast articles per week
- Real-time alerts delivered via Telegram
- The developers claim that their team has over 15 years of experience in the Forex market
- Traders are provided with extended access to performance reports
- All signals have the same format: symbol, reason, direction, Entry Price, SL, and TP price
Free Signals service comes with 3 signals per week, no payments or card details are required. It supports major, exotic, and minor currency pairs. Premium Service offers up to an 82%-win success rate and an average gain of thirty up to forty percent. They add that with the help of this package, traders will get from three to five premium signals per day as well as unlimited access to their VIP Telegram group.
The details of their payment plans are:
- £ 40 per month which offers:
- Up to 5 Signals are Sent Daily
- 76% Success Rate
- Entry, Take Profit & Stop Loss
- Amount to Risk Per Trade
- Risk Reward Ratio
- £ 30 per month which offers
- Up to 5 Signals are Sent Daily
- 76% Success Rate
- Entry, Take Profit & Stop Loss
- Amount to Risk Per Trade
- Risk Reward Ratio
- £ 18.5 per month which offers
- Up to 5 Signals are Sent Daily
- 76% Success Rate
- Entry, Take Profit & Stop Loss
- Amount to Risk Per Trade
- Risk Reward Ratio
- £ 50 per month which offers
- Up to 3 signals per week
- Daily Video Analysis
- Weekly Webinars
- 84% Success Rate
- Swing Trading Signals Only
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MQL 5
MQL5 community features unique services for users of MetaTrader 5 and MetaTrader 4 trading platforms: the WebTerminal for a full-featured technical analysis and trading, a social trading platform (with copy trading signals), the Market of trading applications, the virtual hosting service, and much more.
MQL 5 marketplace specializes in forex signals, expert advisors, forex indicators, and much more. They provide a platform where dozens of new automated trading applications appear in the MQL5 Market every day. Users get to choose any app amongst the 10,000 products and forget about unnecessary routine operations of manual trading.
It provides all visitors with an opportunity to freely communicate and discuss issues related to programming in MetaQuotes Language 5 (MQL5) and MetaQuotes Language 4 (MQL4), trading, automated trading systems, strategy testing, and the use of technical indicators in MetaTrader 5 and MetaTrader 4.
Users will find here the full description of the language, articles on different topics, the forum, automated trading programs written in MQL4/MQL5, and many other things. They can easily communicate with the authors of articles and applications or ask questions in the forum where you will certainly receive an answer from your fellow traders.
The website homepage features the most popular trading signals, products from the Market of trading applications, orders for the development of trading robots, the latest articles, and forum discussions.
- WebTerminal
- Documentation
- CodeBase
- Articles
- Freelance
- Market
- Signals
- Virtual Hosting
- Forum
- MQL5 Cloud Network
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FX Leaders
FXLeader provides forex and CFD trading and offers several account types. They offer a rich and diversified product portfolio. FXLeader offers trading in quite a lot of currency pairs and a wide range of CFDs: on commodities, indices, shares, as well as the most popular cryptocurrencies (Bitcoin, Ethereum, Ripple, Litecoin, and others).
Their analysts rely on many indicators including support and resistance levels, Fibonacci levels, Bollinger Bands, Breakouts, Moving Averages, Oscillators, and Stochastic lines.
At FX Leaders, they have a team of professional traders and analysts who generate new forex signals every day. The team is constantly working to improve them. In 2017/2018, FX Leaders introduced new trading signals on commodities, indices, and cryptocurrencies, allowing traders to diversify their trading portfolios. As a user following FX Leaders, you may notice the connection between their live market updates and their forex signals. Besides issuing signals, the team also tries to accompany the signals with the strategies and reasons behind them.
However, they are a few downsides to using their services:
- It is not regulated by the Estonian Financial Supervisory Authority (EFSA), which is in charge of financial service providers in their country of operations.
- Its website does not specify any relevant information, such as leverage levels, minimum initial deposit, spreads, etc.
- The spreads provided by FXLeader, are rather high.
- A simple forex trading platform lacks any advanced features, such as good charting, indicators, automated strategies, etc.
- The lowest account type at this broker requires an initial investment of $200, which sets the entry bar a bit high.
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1000 pip builder
1000pip Builder is a signal generator that offers up to 7 signals a day to subscribers across different trading sessions. The best forex signals are sent by SMS, Telegram, and email for market placement with clear instructions that are suitable for both inexperienced and seasoned traders.
1000pip Builder targets reliable performance achieved through the lowest drawdown possible. The signals generated are based on three strategies, each designed to trade in different market conditions. The primary strategy is ‘Trend Capture,’ and the other two are ‘Range Trap’ and ‘Momentum Rider.’
The focus for trading is the major currency pairs with a specialism towards Yen crosses, including USD JPY and EUR JPY. Stop losses and take profits are not adjusted when a trade is placed on the forex market with trust in the scientific analysis of correct trade levels. Once 1000pip Builder has identified a market trade and placed it on their trading account, the signal is sent out to subscribers with a clearly defined trade entry price, and both take profit and stop-loss levels.
1000pip Builder is a low-cost easy-to-operate signal generator. Key features of the signal provider are:
- Monthly or annual payment plans are available
- Trading signals offered to traders operating in all trading sessions
- Between 2 and 7 trade signals per day
- Signals across 15 major currency pairs including Yen crosses
- A focus on generating gains of 350 pips a month
- Easy-to-understand instructions on using the Forex signal service
- Clear, simple-to-read trade signals sent by SMS, Telegram Messenger, and email allow trading both at home and on the go
Benefits of using 1000 pip builder:
- Very easy to execute forex signals for manual placement
- Freedom to use any forex broker to place the signals
- Any trading platform can be of use to place trades including MT4
- No software to install or Forex robots to connect to use the service
- No copy trade system to worry about and risk of incorrect trade placement ensuring the trader has full control
- No minimum size is required to trade a Forex signal
From our research, there appear to be few disadvantages to using 1000pip Builder, but we do feel that we should highlight possible weaknesses:
- The volume of FX signals provided may not be sufficient for some traders using the service who trade in small sizes and need more frequency to be profitable.
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Tools Trade
Tools Trade has been providing signals to its members since 2012. They provide signals twice a day from Monday to Friday.
In addition to signals, their site offers many other features. From market reviews and the latest news from the financial world to guides and economic calendars, they are here to ensure users get a complete and all-around trading experience. Their chat representatives are available 24/7 to answer all questions and queries of members.
Their paid plans include:
- Standard Plan which offers:
- Free of Cost
- 7 Signals
- 7 Major Pairs
- Commodity
- Currency
- Accurate
- Quality result
- Currency
- Pro Club Plan
- Monthly Success 74%
- Activation time 3 min
- Activate 7 Signals
- 19 signals
- 1 on 1 trading
- Power Signals
- 19 Major pair
- Commodity,
- Currency
- Stocks
- Accurate monthly result
- 24/7 Live support
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- Unlimited Plan
- Monthly Success 81%
- Activation time 8 min
- Activate 19 Signals
- UNLIMITED PLAN
- Unlimited signals
- 24/7 Live support
FX Profit Signal
FX Profit Signals is a forex and binary options signal provider that offers a wide range of free and premium signals. It is a kind signal provider in the sense that they provide multiple plans such as free, VIP, Platinum, Binary VIP, +30 pips, etc.
FX Profit Signals is a subscription-based signal company that provides signals of all kinds. Their team of analysts are all experienced with more than 10 years of experience in the financial markets.
They have a 100% profitable track record in terms of months and have accomplished 1,183 trades per year and 23,834 pips profit over 1 year.
The key features of FX Profit Signals:
- FREE Forex signals
- Signals contain extra details
- 5 different types of account
- Each account offers a variable subscription plan
- Get Signals through email and telegram
- EA and Indicator service
- Enriched education center
- Exclusive commodity signals for platinum users
- 1-2 free signals daily
- 24×7 email support
- Dedicated Signal instructions
- Transparency in signal result
- Cash-back offer
- Super short-term signals
FX Profit Signal offers the following signal services plans:
- Free
There are 3 types of free signals provided by FX Profit Signals: Binary Options signals, Forex signals, and +30 pips signals. The best part about the free signals is that it is very detailed with explanations. Here are the details that a signal contains:
- Time: The date and time at which the signal was posted
- Instrument: The trading instrument for which the signal is made
- Action: Whether to buy/sell the underlying asset
- Stop Loss: The stop loss level in case the prediction goes wrong.
- Take Profit: 3 take profit levels are provided.
- Status: Whether the signal is active or inactive.
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- VIP
Underpaid signals offer 4 different types of VIP subscription plans. Each of these subscription plans has different packages depending on the duration (1, 3, 6, 12 months). The longer plans have more advantages in terms of features and cost-effectiveness.
The price ranges from 45 Euros to 150 Euros respectively. VIP plan mainly offers short-term signals and you will get 5-7 signals daily under this plan.
FX Profit Signal claims you will receive 1000-2000 pips per month from these signals. That means you will earn 1000-2000 pips from 150-210 trading signals per month.
- Platinum
The platinum trading signals are the premium signals offered by FX Profit Signals. platinum trading signals are long-term signals. These signals are trend reversal signals indicating when the trend would reverse. Another distinctive feature of platinum trading signals is that there are signals for silver, gold, platinum, Brent, and currencies. Members earn anywhere between 2000-3500 pips/month which is quite higher than VIP trading signals.
There are 4 subscription plans for Platinum signals: 1, 3, 6, and, 12 months. The price ranges from 60 Euros to 230 Euros.
- Binary VIP Signals
There are 4 different types of binary VIP signals: 1, 3, 6, and 12 months. Members will get 10-20 binary options signals. The price ranges from 69 Euros to 220 Euros.
- +30 pips Gold Signals
This signal is exclusively for trading currencies. The signals are very short-term in nature. You will 2-4 trading signals here which include only one stop-loss and one-take profit level.
Forex GDP
Forex GDP offers free forex signals with no financial commitment. Each signal is given with chart analysis that helps you to trade with confidence on your account. Forex GDP team worked with Major banks, Financial Institutions, Liquidity providers, and Forex brokers in different job positions such as Equity Dealer, Fund Manager, Senior Market Analyst, Risk Manager, and other major roles in Forex Trading Companies.
The reason for choosing Forex GDP is:
- Quality over Quantity – The team of analysts is a strong advocate of the Quality of Trade signals.
- Low-Cost Services – Providing the service from Zero cost – 100% FREE to try our signals to boost your profits.
- Strong Technical Analysis- For each and every signal their analyst team carries out fundamental news research and technical analysis.
- In-depth Information – They provide all of this chart analysis and a clear explanation for buy/sell which helps you to trade with confidence on your account.
- WhatsApp, Email, Telegram Signals -Follow the signals wherever you are. They will send forex signals straight to your device by WhatsApp, Email, or Telegram.
- Success Ratio Is 80-95% -The aim is to provide forex signals only at a confirmed trade setup with the chart analysis and the reason for buying or selling the trade. We don’t send you signals for sake; all signals are well analyzed and easy for you to catch the best profit trades.
Their plans include:
- Free provides 2 – 4 signals with 90 – 150 pips per month
- Entry and Exit setups
- Trade Ideas
- Trade our signals with all brokers in the world
- WhatsApp Signal (Receive signals in individual messages)
- Signals with entry price, take profit and stop loss
- Premium provides 8 – 14 signals per month with 300 to 700 pips at a cost of $ 74 per month
- Entry and Exit setups
- Trade Ideas
- Trade our signals with all brokers in the world
- WhatsApp Signal (Receive signals in individual messages)
- Signals with entry price, take profit and stop loss
- Email signal (Long term signals)
- Bid Trade Signal
- Email Support
- Supreme provides 16-25 signals per month with 700 to 1500 pips at a cost of $ 147 per month
- Entry and Exit setups
- Trade Ideas
- Trade our signals with all brokers in the world
- WhatsApp Signal (Receive signals in individual messages)
- Signals with entry price, take profit and stop loss
- Email signal (Long term signals)
- Bid Trade Signal
- Email Support
- Commodity Signal
- News Trading Signal
- Jackpot Entry Signal
- Trend Reversal Signal
One of the major reasons why Forex GDP is a good option is the very low cost of as low as $ 20 per month if users purchase the whole 1-year plan. However, there are also some downsides like the free signals come with limited data.
Should we Use Forex signals in trading?
It all depends on your trading goals and ambitions. While using forex signal providers all trading decisions are determined by a third party. And the responsibility for the outcome of the trades is actually on the trader. Meaning if your trade ends successfully, you get to enjoy the full profits; yet if you lose a trade, the full loss is yours and not the loss of the signal provider.
So ultimately it’s a personal decision of the trader!
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