Forex Signals

The Best Forex Signal Providers for Forex Trading (Free and Paid)

By Jason Hoe
Last Updated: January 23, 2018
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You’ve chosen your forex broker, opened your account and are finally ready to get your hands dirty in the Forex market… but where exactly do you begin? 

If you’re new to the Forex game then perhaps you’ve thought about using forex trading signals to help you place trades.  Following someone else's trades can obviously save you a lot of time and energy but it can also teach you new methods and strategies. 

Sounds great so far right? What’s the catch?

The hardest part is finding a trustworthy signal provider. Knowing this, we decided to put together this post introducing the best forex signal providers we could find. 

We've broken the list into two main categories - free or paid forex signals and included some additional information about signals to help you gain a better understanding. 

Without further ado, here are the reviews you came for.

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The best forex signal providers for 2018

Updated: Jan 23, 2018

1. JKonFX

If you're looking or forex signal service with a reliable (and profitable) track record you can't go past Joel Kruger and the team at JKonFX.

Join now: from $30 per month →

JKonFX Journal Performance Table and Statistics
Trading performance report for JKonFX.

Joel has delivered a reputable +59.18% journal performance for 2016, offering real-time technical and fundamental insights, in an extremely transparent manner, to their 30,000+ subscriber base. Considered a low frequency trader, alerts are only a small part of the overall JKonFX subscription. If you're looking for hundreds of signals, you may wish considering other options.

  • Verified Statistics: Not independently verified.
  • Price: plans from $30 per month.
  • Year Founded: 2014
  • Suitable for Beginners: Yes, (includes easy to follow videos updates).

2. Forex Signals

See the how the pros trade - live. Forex Signals, operating since 2012, offers round the clock (24hour) access to live trading rooms. Watch their team of experienced coaches execute trades and discuss the market action as it unfolds in real time.

Join now: Free 7-day trial →

Forexsignals.com SteadyCapture Trading System Results

In addition to their signals service, Forex Signals also provides you access to a profitable track record where you can invest via a managed account.

They were the only provider we could find that had independently verified statistics with links to their live master accounts on myfxbook.  Everything looks above board so it was an easy choice to include Forex Signals.

  • Verified Statistics: Yes
  • Price: from $97 per month
  • Year Founded: 2012
  • Suitable for Beginners: Yes

3. DDMarkets

Digital Derivatives Markets (DDMarkets) have been providing trade alert services since May 2014 - fully documenting their trade ideas in an open and transparent manner. 

Get 10% off any plan, use the coupon below at checkout: 

56321A78X Claim Now →

September performance report for DDMarkets trade alert service.
September 2017 performance report for DD Markets.

There process is simple: carry out extensive research, share their analysis and then deliver a trading signal when triggered. Once issued, daily updates on the trade are sent to members via email.

It's important to note that DDMarkets do not tolerate floating in an open drawdown in an effort to profit at any cost - a common technique used by less reputable providers to 'fudge' performance statistics.

  • Verified Statistics: Not independently verified.
  • Price: plans from $74.40 per month.
  • Year Founded: 2014
  • Suitable for Beginners: Yes, (includes easy to follow trade analysis)

4. 1000pip Builder

1000pip Builder is a leading Forex signal provider. They are also one of the few signal providers with independently tracked and verified results. 1000pip Builder aim to produce strong consistent results with minimal drawdown - the strategy they use has produced around 6,000 pips in 18 months.

Join now to save 30%,  Claim Now →

The lead trader Bob will do all the complex analytics that successful Forex trading requires and whenever a trade is taken on the 1000pip Builder trading fund you instantly receive an email and SMS with all the important details. All signals include entry price, stop loss and take profit level, so you can be sure that you can follow along exactly.

5. Traders Academy Club*

Traders Academy Club (formerly Vladimir Forex Signals) have been around since 2011. They offer standard forex signals, sent to you via email and a special skype group, but at it's core Traders Academy Club is online forex education center.

Vladimir Forex Signals

While there seems to be no independently verified statistics, the site does show all the past trades and signals sent out which allows you to compare with actual results. They also offer a unique live trading experience and 100's of educational forex training videos.

  • Verified Statistics: No
  • Price: $97 per year - Join Now →
  • Year Founded: 2011
  • Suitable for Beginners: Yes

*Trading records not independently verified

6. Forex Mentor Pro*

Tune into daily videos from the Forex Mentor Pro team to hear their market insights for days and weeks ahead.

 

Operating since 2008, the FMP team provide access to three forex trading systems (no performance statistics provided) and a bunch of step-by-step training videos to get you up to speed.

  • Verified Statistics: No statistics provided
  • Price: from $16.40/month paid annually, or $47/month-to-month
  • Year Founded: 2008
  • Suitable for Beginners: Yes (includes systems and training videos)

*Forex Mentor Pro provides no public trading or system performance records.

7. Honest Forex Signals*

Also offering a trade copier signal service since 2011 is Honest Forex Signals (affiliate link). They have a page dedicated to their statistics with links to show their previous returns on myfxbook but it doesn’t link directly to myfxbook so does not seem as independent as we would like. 

Honest Forex Signals

They do however, have many good reviews across the web and it would seem that other traders have found their service helpful.

  • Verified Statistics: No
  • Price: $177 per month
  • Year Founded: 2011
  • Suitable for Beginners: Yes

*Trading records not independently verified

8. Daily Forex

Daily Forex provides free signals and offers both written and video instructions which is a unique aspect. 

DailyForex

They talk you through the ideas behind the trades and what they are looking for in order to enter the market.  There is plenty of other useful information on their site and it’s well worth looking at if you are after free signals.

  • Verified Statistics: No - free service offering market feedback
  • Price: Free
  • Year Founded: 2006
  • Suitable for Beginners: Moderate

9. Baby Pips

With possibly the most entertaining ‘About Us’ page on the internet, Baby Pips offers lots of information and training for forex beginners.  They also provide some market analysis and signals, which can be found under the ‘pick of the day’ section.

BabyPips

Their goal is to help you understand the ‘why’ behind the decisions so that you can learn to choose your own trades.  You can receive the signals via the blog on their site, through twitter and on facebook.

  • Verified Statistics: No - free service offering market feedback
  • Price: Free
  • Year Founded: 2005
  • Suitable for Beginners: Yes

10. Forex Peace Army

Probably better known for its review records on all things forex, the Forex Peace Army also offer some free trading signals.  

Forex Peace Army

They have a forum style set up and make a post each trading day with instructions on how to act on a specific piece of news depending on its immediate effects.  They summarise the tradable pieces of news via a weekly post so you know what’s coming up.

  • Verified Statistics: No - free service offering market feedback
  • Price: Free
  • Year Founded: 2006
  • Suitable for Beginners: Moderate

Disclaimer

We may received compensation from some of the providers mentioned in this article. We do not make recommendations with affiliate relationships in mind. Transparency is the key to trust. Read below to see our criteria for choosing these signal providers.

Remember, trading foreign exchange carries a high level of risk and may not be suitable for all investors. Leverage can work against you as well as for you. There is a possibility that you can lose some or all of your investment so don’t risk more than you can afford to lose. Seek independent financial advice if necessary.

What are forex signals?

Let’s start right at the beginning - what is a Forex Signal?  A basic explanation is that it’s a trade alert for the Foreign Exchange market.  These signals can be obtained from companies that offer subscription services or simply present the information on their sites.  These will either be free or available for a monthly premium which varies between providers. And there are a lot of providers. This makes it difficult to know who is actually trustworthy, who provides good signals and ultimately, who you should use.

Forex Signals help traders like yourself by providing you with the exact details of recommended trades being taken by the signal providers, in real time. They will tell you when to buy or sell and where to set the exit positions (‘take profit’ and ‘stop loss’’) to either take profit  or to close the trade at an acceptable level of loss if the market moves against you. This means it’s a great way to try some new strategies and see how other traders make decisions. By mirroring the trades of those you follow - who should be traders with a good track record - you increase your chance of making winning trades with minimal time effort on your behalf.

Different providers will tell you about the trades they are recommending in a few different ways. These can include performance trackers, email, sms messages and online alerts. Some providers will offer a couple of methods free and have you subscribe for additional alert methods so you need to read the fine print when looking at specific offerings. There can also be varying levels of reasoning behind the trade recommendations. Some provide details so you can understand the thought process while most simply deliver a recommended trade for you to enter. There is a lot of trust involved in just following the signal you are receiving which is why it's important to select a trader who can justify their trades with valid reasoning - you want to receive signals from someone who you believe has a sound strategy and logical reasoning behind their trades.

It’s important to also remember that your ability to put the signal recommendations to good use depends on how efficient your broker's service is. You need to be able to act quickly and trade at the recommended positions suggested in the signal. For some comparisons of different brokerage firms check out our broker comparison tables.

How do they work?

There are three main ways of putting the signals to best use and what you use will depend on your own goals, time available, how active you want to be and your personal risk profile. What you use could also depend on what is actually offered by the signal provider you choose as some will only offer the signals on one of the formats below:

Follow along/ Self-directed

You run your own account and simply follow the advice provided by the signals when you receive them. For example, you receive a trade alert signal that you want to follow so you sign into your account and enter the trade according to the conditions given.

Trade copying

Even simpler is using a ‘trade copier’ whereby your accounts are linked and when a trade is placed by your signal provider it is automatically entered in your account.

Through a managed forex account

Slightly different from a signal, the managed forex account allows a professional manager to trade your funds on your behalf for either a salary or a fixed share of the profits.  

How to choose a good provider

Choosing the best signal provider for yourself can be a daunting task. And for good reason.  There are a lot of scams and ‘cowboy’ traders to wade through. You want a reliable signal provider that doesn’t manipulate results or offer false statements. So how do you even compare the almost infinite number of services out there?

As with all things, you have to start somewhere.  For us, that was deciding to differentiate between Paid subscriptions and Free signals.  This was a great first step as they really are two different products which would have been tricky to compare directly.

Our next step was to set forth a few key data points that we needed in order to get a good comparison. These included the subscription price of the paid services, how long they have been in business and whether there’s an established track record.  We wanted to see verified statistics to show past performance. This is one of the most important things to look for in a provider. Results need to be verified by an independent third party and available to the public. We also read through hundreds of reviews, on as many different sites as we could find, to get the best overall idea of what real users thought of the services they were subscribing to. After compiling all this information we could begin to understand which providers offered the best total service.

We also found a few not so good providers. These were the ones that seemed too good to be true which as you know, means they usually are. They often used similar baits and offers to attract attention and we have compiled a list of these which could help you to recognise potential scams in your own research.

100% winning trades 

This should be a warning right from the get-go.  With a record like that why would they even need to sell subscription services to Forex Signals. You should be wary of any grandiose claims of super high winning rates. You need proof. Search their websites for actual verified statistics (you probably won’t find any) and be very careful before proceeding with anyone who makes such claims.

Raining money

Pictures of extreme wealth and opulence with no work required.

Lots of statistics but nothing with proof. 

You want verified statistics and not simply pictures of bank accounts that can easily be faked.

These recommendations are based on our own time spent trawling through Forex Signal provider reviews and sites.  We would just like to advise you to be a little cautious when you see offers or statistics like these being thrown around.

Written by Jason Hoe, content contributor at MFXC. Last updated on Jan 23, 2018 @myforexchart