Foreign exchange has evolved in many ways where self-directed trading is not the only way to profit from the markets. The methods non-active investors participate in include PAMM accounts, copy trading, and signals.

Signal providers are plentiful in the industry and come from private individuals and companies. Investors need little or no command in trading the markets to profit from these services, which is why they are so popular. 

Any innovation brought into a niche aims to provide a solution to a problem. In this case, identifying potentially profitable trading scenarios is challenging, especially for those with no experience with forex.

Hence, forex signals are one of the methods of solving this challenge while enhancing the reach of those providing them.

As with anything, the choices are abundant, making it difficult to separate what’s good and what’s not. Fortunately, this guide will briefly review the five top forex trading signals providers and offer valuable information to learn about this interesting service.

What is a forex signal?       

A forex signal is essentially an actionable recommendation provided by a trader, broker, or service to trade (buy or sell) a particular instrument with clearly defined entry, stop loss, and profit-taking parameters. 

For instance, a forex signal may look like this:

EUR/JPY BUY at 128.000, SL at 127.500, TP at 129.000

The experienced trader or broker, commonly referred to as signal providers, would give some overview of their trading style and how they go about looking for setups to provide an understanding of how they generate these ideas.

Such bodies may develop their suggestions through discretionary or automated strategies that investors should be aware of in advance. The goal of signal services is allowing inexperienced and even accomplished traders to profit from the markets with little or no mastery of forex trading itself, nor with the work required to perform analysis.

Investors will have seen proof of consistent profits before trusting the signal provider to replicate this success onto their accounts.

Important concepts of forex signals

Regardless of your mastery level of forex, there are some essential concepts to know about forex trading signals so you aren’t left in the dark. Fortunately, these are pretty straightforward and shouldn’t take long to grasp. Let’s look at these concepts in the list below. 

  • Order type: buy or sell
  • Trading instrument: By instrument, we refer to the pair being traded. In forex, markets are always quoted in pairs, e.g., EURUSD (euro against the US dollar), USDJPY (US dollar against the Japanese yen)
  • Entry price: This is the precise level at which the investor must initiate a buy or sell position. Such an order may be instant execution where you need to trade immediately upon getting the signal (even if the market is not exactly at the entry price) or a pending execution where you place it at the predefined entry price after receiving the signal.
  • Stop loss: A stop loss is an order to automatically close your trade away from your entry price at a predetermined number of pips and monetary losses.
  • Exit price/take profit: This defines the level you close or exit your position at a specified profit target based on the signal. Such an area is not set in stone as traders are free to let the trade run or close it before if they wish. However, this would be done by someone with more knowledge. 

In addition, it’s also crucial to understand position sizing when receiving forex trading signals. We should remember signals typically won’t provide the optimal lot size as everyone receiving them will have different risk capital and tolerance.

Therefore, you need to know the appropriate lot sizes for each signal and how they relate in monetary terms. The rule of thumb in forex is never risking more than 2% of your account on any given trade.

How do forex signal providers work? 

You will need to first register a live account with a reputable broker when using signal providers (in the case of signals not provided by brokers but by individuals and non-brokerage services).

One can receive signals in a number of methods depending on where one gets them. Designated services and brokers provide the signals directly through a chosen platform as add-ons, while individuals typically deliver these via instant messaging services, most often Telegram.

Some may still use email and SMS, though these can be much slower in arrival time. After establishing the means of getting the signals and the broker, you will need to make the minimum deposit to place trades on the platform.

How to use forex signals? 

forex trading using forex signals on laptop

There are generally two groups of traders who use signals in forex; newbies and those who already have some experience. It’s evident that the main purpose of signals is to generate a profit by leveraging off the skills of others, but there’s more.

Newbies with no knowledge of the markets can learn abundantly about forex through signals to better their understanding. They may decide to stop using these altogether and venture into self-directed trading at some point in time. 

Generally, there’s a lot you can derive from a signal provider, particularly if they are reputable, professional, provide reliable signals, and their inherent strategy and style resonate with yours.

Proficient traders also utilize signals where they provide a diversified strategy away from their primary one. In essence, they kill two birds with one stone by profiting from their own work and that of others.

So, you can use forex signals for generating a profit with little work on your part while gaining better comprehension of trading as a whole. Experienced folk can utilize forex signals as a diversification vehicle above their main proven strategies. 

Differences between free and paid signals

In forex, signals are offered free of charge or on a paid subscription basis. With the latter, the provider will offer the service on a monthly, quarterly, bi-annual, or annual plan. It’s more cost-effective to opt for a long-term subscription, assuming the signals and overall facility received are exceptional.

Debates continue over whether free signals are worthwhile or not. It’s clear to realize that free signals carry little financial risk since you aren’t obliged to pay anything to receive them. Generally, it’s challenging to find anyone providing legit free signals with no strings attached since there is no financial incentive to do so.

As a client, you shouldn’t expect to receive professional assistance in this regard, if any at all. Still, you can benefit and profit from the markets if you find free signals proven to work in the long run.

There is a financial commitment with paid signals which some may not afford to make. Yet, assuming the provider is legitimate, you should receive commendable service and customer support.

There is also a trend amongst premium signal providers to offer their signals free of charge by letting potential clients open a live account with an affiliate broker. At this point, you only need to fund your account with a defined minimum. 

Some experts have argued this presents a conflict of interest in that the provider may encourage you to trade often to collect commissions, but this is not always the case. Even so, it is still a fair deal, and traders aren’t forced to carry out more trading activity.

Furthermore, trading conditions through an affiliated broker remain the same as you would expect had you signed up ordinarily.

How to choose the best forex signal providers?  

forex trading concept

It is quite challenging to find reliable forex signal providers since scams are plentiful in the industry. Choosing the most optimal service is a critical decision to enhance your chances of success using signals. Here are few considerations to observe beforehand:

Means of obtaining the signals          

You’ll want to stick to a provider offering the quickest means of obtaining signals. Email and SMS are viable options, but users can be late to the party considering how fast the markets move.

Hence, a much more efficient method is through Telegram, which many providers prominently use.

The reputation of the provider or trader  

The best forex trading signals services should have a proven track record and mostly positive reviews, which is often challenging to confirm. Nonetheless, the reputation of the signal service should be favorable, particularly if they offer paid alerts.

Of course, no user would want to waste their money on a sub-par facility. The best way is to test the waters, and there are several ways of achieving this. 

For starters, it would be wise to do some background research on the provider in question by looking at their credentials, office location, social media following, and reviews from sites like Forex Peace Army and Trustpilot.

You may be lucky to join the provider’s email list or similar to assess if they can provide any value without any financial commitment. At this point, potential clients could check out the kind of trading they carry out in their signals.

Free trial

Where possible, prioritize a signal service offering a free trial or free signals for some period. This method is probably the only way to assess the quality of the signals without any financial risk.

Sadly, not all providers offer this option. The less proficient one is, the more they should look for services with a free trial or providing free signals for a limited time.

Track record of performance  

Accessing the track record of signals is tough in forex since they are hard to verify through a statement-publishing facility like Myfxbook and FX Blue. Some providers do offer this option, but they are few and far between.

It’s more common for signal facilities to provide a history of their past signals, despite not being externally audited. Regardless, you should prioritize providers who can give you concrete information on:

  • Signal frequency
  • Success history of past signals
  • Type of style and strategies used 
  • Average win percentage
  • Average risk to reward

Alternatively, you can also ask others using the signals to give you their personal, unbiased experience and the actual performance of what they received.

Why use forex signals? 

There are primarily two reasons traders use forex signals. The first, which is the most obvious, is to generate profit with minimal effort on their part by leveraging off the skills and experience of others.

As already briefly mentioned, another motivation has to do with diversification, a point which applies to even active traders. For instance, someone already profitable by themselves may use the best forex signals by allocating a portion of their capital to these services to profit from an unrelated strategy.

Which are the best forex signal providers to choose from? 

Now that we’ve covered some applicable educational content, let’s look at some of the top forex signal providers:

In some of these companies Forex signals are not the main product. Others came to existence for the sole purpose of providing signals. It doesn’t necessarily mean, however, that one is better than the other. Rather, you should focus on how close a signal provider meets your personal needs and expectations.

FXLeaders: Best Forex Signal Provider With Signal Reports


FXLeaders is not a run-of-the-mill forex signal provider. The service is essentially a content portal primarily covering currencies, indices, commodities, crypto, and delivering news, market analysis, and strategies for traders globally.

They deliver free and premium signals. The free version does not include the entry price, meaning you may as well consider the latter option to unlock the entry price. Clients can expect to pay $39 monthly or $117.60 yearly (which works out to $9.80 a month).

Alternatively, you can get 1-year premium membership by funding a live account with at least $250 through AvaTrade, their affiliated broker. As a premium member, you receive signals (about 100 monthly or five daily) via mobile and email alerts and 24/5 customer support. 

Their signals seem to be based on strategies from common indicators like Bollinger Bands, Moving Averages, oscillators, etc. FXLeaders is different from most signal providers in giving detailed reports of how their signals have performed over the last several years, which is not provided by most. 

Hence, users can have more confidence in using such a transparent service. Yet, the downside is such performance records are not externally verified with an analytics service like FX Blue or Myfxbook.


  • Provides free signals (but excluding the entry price)
  • Delivers more than just signals 
  • Signal reports available for premium users
  • Users can get free signals through an affiliate link


  • Signal reports are not verified
  • Doesn’t have the best customer support
  • No refund offered after purchase
  • No live verified results available

Forex Signals: Best Forex Signal Provider Offering More Than Just Signals

Forex Signals

While it may sound like Forex Signals primarily deals with signals, the website also offers an immersive platform for forex education, strategies, trading tools, and courses to help clients be part of the 1% who succeed in the markets.

Essentially, the service is a ‘Trading Room’ for all forex things, an interactive online forex community with tens of thousands of users worldwide learning from qualified mentors with decades of combined experience. 

The site was established in 2012 and boasts one of the most popular forex-related channels on YouTube. It’s important to note Forex Signals provides daily live streams, educational material, mentor help, a community platform for discussing ideas, and more, over and above just signals.

As a user, you can expect to fork out $97, $49.50 (billed at once as $297; equivalent to 6 months contribution), or $31.33 monthly (billed at once as $564; equivalent to 18 months contribution).

Based on reputation, is a viable option for forex signal providers (particularly if you’re brand-new to trading) and offers value for money.


  • Well-established
  • Provides a 7-day free trial
  • Has a detailed educational resource platform and thriving online community 
  • Offers more than just trading signals
  • 24/7 mentor support and 24/5 customer support provided


  • Not much info is provided beforehand on their signals, results, etc.
  • No verified track record of signals
  • No refunds are offered
  • Packages may be a little too expensive for some

Learn 2 Trade: Best Forex Trading Signals Provider With Money Back Guarantee

Learn 2 Trade

Based out of Malta, Learn 2 Trade describes itself as the ‘world’s best forex signal provider’ with thousands of subscribers. They are a premium forex signals service and provide up-to-date news on the latest happenings in forex and crypto, along with beneficial educational and review material related to these markets.

With Learn 2 Trade, you can expect to receive around two or three signals sent daily via Telegram with defined entry, stop loss, profit levels, risk-to-reward ratios, and monetary amount to risk per position.

Furthermore, you have access to their Myfxbook profile, where you can see favorable statistics of how their signals have performed over time.

Traders have the option of choosing from their monthly paid (£35), quarterly (£65), bi-annual (£95), and lifetime (£250) plans or can receive free lifetime access to their signals if they deposit a minimum with one of their affiliated brokers. 

If you want to try their services out, they offer three signals weekly for non-premium users.


  • Provides forex and crypto signals with Myfxbook-verified performance
  • Offers a maximum of three forex signals weekly for non-paying members
  • Lifetime access available by signing up to one of their recommended brokers
  • Offers 30-day money back guarantee
  • Claims a 76% success rate
  • Has a signal group strictly for swing traders
  • Users receive signals via email, phone, or Telegram


  • Signals are a little on the pricey side compared to other providers

FXStreet Signals: Best Provider For Transparent And Verified Signals


FXStreet is similar to FX Leaders and the like, providing top-notch analysis on a variety of markets, charts, and other beneficial tools. Started in 2000, FXStreet is one of the most popular forex-related websites with over a million users.

Many might not know they also offer an expert forex trading signals service established in 2020, where you can expect the same level of professionalism as their parent site. 

What sets apart FXStreet Signals is transparency, where you know how many signals you receive daily (5 on average), the trading style, time-frames, strategies, the analysis used, and more. 

You can view past results of their signals according to the strategy used, win rate, net and average profit, average loss, average trade duration, number of winners, and losers. FXStreet Signals are available on three paid plans.

The cheapest one comes in at €35 monthly. Furthermore, a quarterly subscription will set you back €94.98 (equating to €31.66 a month), and a yearly subscription will cost €319.92 (equating to €26.66 a month). Moreover, clients are eligible for a full refund within ten days of subscribing should they feel the service doesn’t meet their expectations.


  • Highly professional with a transparent team showing credentials
  • FXStreet boasts an impressive following on several social media channels
  • Transparency given in how signals are generated, along with verified live results and history
  • Provides a 10-day refund period for unsatisfied clients
  • You can receive the signals on the FXStreet app from the Apple Store and Google Play


  • No free trial
  • FXStreet Signals’ Myfxbook account hasn’t been updated in close to two months

Signal Factory: Best Forex Signals Provided Free Of Charge

Forex Signal Factory

So far, all the facilities we’ve listed offer their best forex trading signals at a premium. Unfortunately, some aren’t so honest about their performance. Luckily, Signal Factory is one of the exceptions in this regard as their signals are totally free with no string attached.

While little information exists on their website about the team’s credentials and origins behind Forex Signal Factory, the creators are most likely from the UK or USA based on their Facebook page. 

We could also gather whoever founded Signal Factory creates other paid products in the realm of copy trading and robots. Fortunately, for the free signals, they are pretty active on Facebook and particularly on Twitter. 

They’ve posted over 110 000 tweets since January 2009 and have close to 98 000 followers on the latter platform. You can receive their signals from Telegram as well. Although, again, little material exists on the frequency of the signals or the strategies behind them.

Nonetheless, you can expect between 10 and 20 signals daily, all with entry, stop loss, and exit price parameters.


  • Signals are totally free with no catch
  • The service has a large following on Twitter


  • Not much info available on the developers behind the service, signal frequency, strategy, etc.
  • Signal performance is not verified in any way
  • The website is pretty sparse with not much content and support

Forex signals: scam or not? 

It’s natural to assume some forex signal providers are a scam. There is no shortage of fly-by-night services and traders in the industry using unscrupulous methods of luring traders to give them money.

This challenge is further amplified since no regulation or licensing is required for anyone to provide signals, which is technically considered financial advice. So, the answer to this critical question is no, forex signals aren’t scams, but this comes with a caveat.

Generally, it’s riskier to take paid signals from an individual than from a company. A company with a team of dedicated individuals should at least be registered to conduct business and adhere to providing signals as often as promised. 

From a legal perspective, it’s easier for clients to hold that firm accountable for any wrongdoing. Achieving all these qualities with an individual is a lot harder.

Another tricky thing about signals is that unlike copy trading and robots where you can verify some performance statistics before investing, you often have no real track record of true long-term profitability. Thus, you are generally relying on social proof.

There are no foolproof solutions to this problem, but you might consider two things. You’ll want to use services providing some free trial to have an idea of how the signals work and perform. However, this is perhaps a short-term fix as it gives little reliable indication of how the signals perform in the long run.

Alternatively, it is wiser to attempt to find a member within the group or ask the leading traders providing the signals to give you a verified report (preferably at least showing six months of trading activity) from a facility like Myfxbook or FX Blue.

Lastly, you may want to test the signals on a demo account first instead of a live account. 

Conclusion: should you use the best forex signal providers?

We’ve created this material through rigorous research into the most reputable signal providers on the market, accounting for their veracity, performance, and reputation. Sifting through the innumerable forex signals can be a cumbersome process, which is why we’ve made this guide.

So, who’s the clear winner amongst all the services offering the best forex signals? We should first consider that perhaps transparency is the most important element in choosing a provider. In this regard, we are impressed by what FXStreet Signals offers despite being a relatively new entrant in the industry.

They provide clarity in how their signals are generated, the trade history, and you can see the skilled and knowledgeable team behind FXStreet, the parent brand. They also offer a full refund within ten days of the subscription, an added bonus.

On the downside, the service still needs more work on verifying their live results through Myfxbook. Another viable alternative would be Learn 2 Trade. Unlike FXStreet, you can view this provider’s results on Myfxbook before joining the service. 

You also receive a 30-day money back guarantee. Sadly, their package is slightly more expensive than FXStreet, but they do provide much about the strategies behind the signals. Signal Factory is worth considering for free signals as they provide the biggest advantage of not having any financial commitment. 

How reliable their signals are is much harder to witness without trying them first. While forex signals do work, you also need to educate yourself about them and how the markets work in general. This method is brilliant in getting the best from using such services.

Frequently Asked Questions

Can you get forex signals for free?

Yes, you can, but as already mentioned, these services don’t generally provide the best experience. Signal Factory is one of the few providers that are worth exploring.

Are forex signals illegal?        

No, signals are legal. However, you will need to determine the legalities of the service providing the signals and whether that matches your risk tolerance and preferences.

Can you get rich off forex signals?

Theoretically, you can, depending on your starting capital and level of skill. Though in reality, it is not possible, particularly if you are new to the game.