Best Forex Signals Review Is This Signal Provider Safe Or Scam

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Best Forex Signals Review: Is This Signal Provider Safe Or Scam?

Best Forex Signals Review: Is this signal provider true? Best Forex Signals is a Signal provider that came into the cyber space in June 2020. This signal provider is said to be unique because it sends its signals through Email, WhatsApp and SMS, providing one with the information on when it is safe to invest in cryptocurrencies. It is supposedly free for members, with one or two wonder packages.

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What You Should Know About Best Forex Signals:

Though Best Forex Signals claims to offer an entirely free service to members, there are contradictions in the web page which indicates that the free service is just for thirty days, labelled as free 30 days trial. Also, down the web page, we discovered there are Forex brokers integrated into the system. This means that for users to take advantage of the free 30 days trial or so, they must sign up with any of the affiliated brokers listed on the homepage. After signing up, they must send send their account and mobile numbers to a specific email which the signals provider has published on the website. This action will activate the free signals service.

Conclusion of Best Forex Signals Review:

Best Forex Signals is not been crystal clear about its operation. They claim their signals have 80% win rate but there are no performance record to prove it true. Also, they do not have any customer feedback. If you are interested in this signal provider, You should try their free service for start, as the level of confidence in them is too low to risk your money.

How To Know If a Forex Trading Signal Is a Scam

The forex market trades about 1 trillion dollars a day. With this kind of money floating in a market that is not very well regulated, forex scams are all over. Most of the popular scams have ceased to exist thanks to the enforcement of rules by bodies such as the FCA. Today more advanced scams exist in the name of forex signal service. Don’t get me wrong, not every signal service is a scam. There are some good reliable signal services and all you need to do is identify them.

Forex signal providers may be an individual or retail firm that promises to trade your account or give you signals to enable you to make a kill out of the market. Some of them will tout their experience and back it up with a few testimonies.

Signal providers will give you entry and exit signals but remember you have no idea how they came up with the entry and exit points, all you have to do is follow. With all these promises, you will be tempted to subscribe. That is the moment it will dawn on you that whatever you have subscribed to is a pack of lies.

In this article, you will be shown how well to distinguish bad from good forex signals, and at the same time know what to look for when buying signals.

How to know if a forex trading signal is a scam

1. There are no verified trading results on myfxbook, forex peace army or similar websites.

Any credible forex signal service should have been verified in websites such as the Forex Peace Army.

Metatrader backtests, as well as an MT4 statement in Pips, are not enough as they could be easily be manipulated.

Trading performance results from one signal service website. Such results can easily be manipulated.

If for example, you take a look at the above chart, it is one of the performance chart ranking high in Google. There is no criteria or method to verify the above results. The results are not in myfxbook neither in forex peace army nor in any credible website on the internet. The chart has no losing months or weeks which makes it very suspicious. It does not show records for drawdown or open trades. It means with this performance chart you cannot make any meaningful decisions and there you could be easily scammed.

Another example is like the one shown below. The charts do not even indicate the period, whether these are monthly or weekly results. You cannot establish how long these trades took before closing. There is no verification in any of the websites stated earlier. By all means, this is a Forex scam and users should be keen when dealing with such products.

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Fake Forex trading signal results

2. There is no information about current open positions

Another thing to check when choosing a forex signal is whether they have kept information public on Myfxbook. If a signal is working well, then why some of its results should be hidden? Why should current open positions be private?

Information such as equity, balance, withdrawals should be public to enhance your decision making. We need to note that not every signal in myfxbook should be trusted. If for example, a signal indicates a profit of 200 pips but the open trades indicates a loss of 2000 in an account of 5000 that is a bad signal. In this case, if you close the current open trades, then you end up losing like half your account. Some signals will only show you the closed profits and hide the gains or losses on open trades for you not to realize it’s a bad signal.

Hidden information on Myfxbook is not a good sign

3. There is no trial period or at least money back guarantee

A good signal should give you an option to test their product. There should be a free trial period or some cheap option to allow a user test and feel comfortable before making the actual purchase. If that is not available, then, at least they should offer a money-back guarantee for a period within 30 days. In this case, you pay, and if you are not satisfied with the product, you get your refund in 30 days. If this option is not availed, chances are high it’s a scam.

4. Trading signal does not match trading history on the website

In some cases, you may come across this signal that has impeccable results, but the same does happen in your account when testing it. This signal is verified on myfxbook, but you notice your results are not similar to what you see on the website. There is a possibility that the website may be displaying results from a different strategy. They are simply using these websites as baits to capture the attention of unsuspecting client/ trader. These could be results from other sites they don’t control but the good result will obviously help market them on myfxbook or even forex peace army. Such acts are very suspicious and traders need to be careful.

5. Anonymous company/trader with anonymous payment methods

You may come across this signal provider located in a country you have not heard of before. Then, he/she requests you to do a wire transfer into their account.

This obviously sounds suspicious.

Firstly, ensure you deal with signal service providers originating from locations you have heard of before.

Secondly, if they are genuine, their payment method should be one of the common online payment methods such as PayPal or credit card payments.

I think everyone should learn at least the basics of how to spot Forex scams.

With all these in mind, the obvious question in one’s mind should be what trading signals are worth following? Listed down here are some of the attributes to look into before following a signal service:

  1. The signal should have verified records of myfxbook, FPA, and other credible verification websites. The rule here is, if the results are not verified, just move on do not waste time or money on unverified results. Considering that in most cases, you will not know on what basis their decisions are made on, this makes the verification part very important.
  1. Focus on signals with over 6 months record of profit and with over 100 trades. If whatever is being shown as results are for less than 100 trades that means the statistics are not sufficient to make any judgment. The result should be sufficient to offer statistical significance to inform your decisions.

Again if the results are for less than 6 months, then the strategy could just be lucky and with time it will be proved wrong.

  1. Make sure the signal operates with drawdown levels you are comfortable with. This will vary from one trader to the other. Some traders have a greater appetite for risk some have low. If for instance, you take a strategy with 30% drawdown, that means 3,000$ could be in drawdown with an account of 10,000$ and you remain comfortable. So work with a drawdown that does not give you sleepless nights. Don’t just focus on how much a strategy earns, take a look at its drawdown too.
  1. Get a signal with reasonable performance or subscription fees. When you are subscribing to a signal service, make sure the fee charged is reasonable so that you are left with some profits. So if you have an account of 200$ and Forex signal service gains 20% in a month then subscribing to this service at 50$/month does not make any economic sense, you end up in losses. Unless you are doing this to test the strategy, this strategy will only make sense if you have a huge account.
  1. As earlier stated any forex signal service should offer you trial period or at least money back guarantee. If they trust their product, then they should allow traders test before buying. If that is not the case, move on and don’t do not waste your money. They don’t trust their strategy, why should you?
  1. Signals should be showing the current open positions. Remember a signal may be showing huge profits yet the current open positions are in huge losses capable of wiping the whole account.

With these in mind, I will demonstrate how signal providers can make thousands of pips in a minute and still verify them. This may sound like a lie, but it still does happen.

A signal provider will open like five positions in all possible directions. Then he will wait for one of the trades to be profitable and then close that profitable trade in different micro lots. Assume that a trade is entered for 1 lot. When it turns into profit, the trader will then close them in 0.01 micro lots creating 100 trades. This is called partial close.

The trader will then update the record in Myfxbook but instead of showing profitability in dollars, he will show the profits in pips. If in the example above, we started closing deals with a profit of 13.22 pips, and then closed the deal in micro lots it means 100 deals were closed.

This means if we update on myfxbook a total of 1321 pips (100*13.22) will be shown.

If that is repeated over a month, a user will be easily tricked by the number of pips earned. On opening the results on Myfxbook, this is what you are likely to see. As you can see, a single trade yielded 100 trades (in partial closes) and profitability and 1322 pips. In a real sense, only one trade of 1 lot was entered and yielded only 13.22 pips.

Not sure how about you but this looks more serious than just a simple repainting indicator scam.

Just like in most trading scams, the scam will not only be in the service itself but in the manner in which it’s marketed too. Most of these scams will promise you a billion dollars, and one has to stop and wonder why aren’t they billionaires?

There is that obvious temptation to follow reviews by users, remember most of these individuals know that an aspiring user of forex signals will heavily rely on what other users say about the product. They will, therefore, hire people to review them well. The rule in this game is, make your own observation, and follow the stated guidelines in this article.

Always remember, if it’s too good to be true, then it probably is. Look for a strategy that is honest, one that at some point has some losses. It is practically not possible to earn continuous profits in the long run without losses. If you look at the results below, in a span of one month, it is said to have won over a million dollars. If you look at the investment and payout, it does not add up and should obviously raise your eyebrows.

On the same note, when the signal provider only uses demo account or very small amounts to demonstrate his strategy, that should raise some questions too. Why are they not willing to use their own money if they trust their strategy. It doesn’t mean that every strategy tested on a demo account is not good, there could be some good ones, what I mean is it easier to trust a signal where the provider invests real money as opposed to those using demo accounts. In a nutshell, users of signals need to go beyond those beautiful ads all over the internet, to try and substantiate the results offered in order to come up with a working forex signal.

When choosing from a number of providers, the focus should not be on who among the providers makes more money. Instead, you should get that provider who gives good results but with a high level of consistency.

ForexSignals.com Review Visit site

Live discussion

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ForexSignals.com profile provided by ForexSignals.com, Apr 3, 2020

Founded in 2020, ForexSignals.com is a portal for aspiring forex traders to follow and learn from professionals, in real time.

The 24hr trading room features 5+ live daily streams from a team of experienced professional traders. During these streams the traders discuss the market live, take trades and provide trading advice to members within the room.

In addition to the trading room, there is also a comprehensive forex educational academy across 100+ instructional videos which take students from beginner to advanced trading techniques.

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Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Consumer Reviews

Service use: Live

Length of use: over 1 Year

Service use: Live

Length of use: 0-3 Months

Service use: Other

Length of use: 0-3 Months

Service use: Live

Length of use: over 1 Year

Unfortunately, it seems you have not watched any of our walk-through videos or looked around the trading room properly.

Yes, members of our community can post signals and trade ideas for others to view and for the mentors to comment on them, but mentors themselves contribute trading signals and it’s entirely up to you who you follow for their signals.

In fact, we offer a feature that allows you to get direct email notifications when a mentor publishes a signal or a trade idea.

Please feel free to reach out to our chat support if you feel like you need any help navigating the trading room or understanding the products! We’re available 24/7.

Best regards,
ForexSignals.com team

Service use: Other

We’re sorry you had a less than satisfactory experience with ForexSignals.com – please allow me to clarify some of the details.

Firstly, we do NOT charge your account before the trial expires. Only after your full 7-day free trial is done and you decide to stay we then deduct the amount, based on your plan, from your account.

The pricing is as follows – $97/month for the monthly plan, $297/6 months for the half-yearly plan and $567/year for the yearly professional plan. These allow you access to various levels of benefits (for example, we include a free 1-on-1 with Andrew Lockwood in the yearly plan!).

Our Trading Academy is designed for beginners as well as more advanced traders, that’s why you will also find very basic videos in there – we don’t want to leave anyone out! :)

Please accept our sincere apology for your inconvenience and should you decide to give us another shot, we’re happy to give you another free trial so you can experience the great value our service offers properly this time and stress-free!

Best,
ForexSignals.com Team

I visited the site the first time and went through it.

Length of use: Have not used

Service use: Live

Length of use: 3-6 Months

Service use: Other

Length of use: over 1 Year

Terrible name, Brilliant site to learn.
Well, 2 years past in November, so from not knowing anything, where am I now? Im 2 years into a 4 year degree is the short answer. Yes it takes 3 to 4 years to be successful at trading . I started with Andrew, then moved on to Mark. And there I will stay, focused on one style of trading . I would now consider myself a good trader, But there is so much more to learn to be consistent in a changing market. 2020 was hard for me, but that made me concentrate on the process. Thanks everyone associated with this site. Howard.

Oct 28, 2020 – 5 Stars I often drive 4 hours to go fishing with a Guide. He teaches Me how to fish, What to look for, Where to cast and what technique to use. I have been with forexsignals.com for almost 12 months, I have only been trading for 12 months, before that I had only heard vagley about the FX market. I was a complete newby. The Mentors , Especially Mark , Have taught me how to fish ! and I am now making a consistent Profit ! If your looking for somewhere to give you fish, this it not the place!
You must put in the effort and learn yourself !! I took this on as a business ,and structured It that way. I treat the education side as equivalent to a 3 year uni course ! Hard work, but I am dedicated to it. Everything you need to do this is supplied via over 100 videos ! Also you can message any of the mentors with a question. If it is to hard to answer in written form, They will show you in their next stream. The mentors stream at least once each a day. As I am in Australia , Mark is fist up in the morning for Me ! He looks at every pair before the stream and picks out potential trades, then shows you why he likes it , what To look for to enter, and what areas for your stop loss and take profit. He teaches you to fish for yourself .

Jun 2, 2020 – 5 Stars Well, It has been a gruelling 7 Months for me, But I can now comfortably trade on my own! Something that should have taken years. Yes I have been on the computer 12 to 14 hours a day, looking at charts, Using the training that Mark Andrew and Joel have provided. I knew nothing when I started, Never had anything to do with economics or trading of any type. I started from scratch, and these Mentors and the Forexsignals members took me under their wing and helped train me Well . You don’t need to go anywhere else to learn properly. But don’t expect free signals, They are there, But you are encouraged to learn and make your own analysis of the signals provided. Many of the signals go into detail as to why the decision was made to trade that pair. Trading is now My business, And forexsignals is a crucial part of it.

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