ForexSignals.com is an information site specializing in selling trading signals for earning in the forex market. You apply for a paid subscription → receive an alert → follow the instructions provided and make a profit. There is no need to make any efforts since the entire exchange analysis, along with entry and exit points for the transaction, has already been prepared for you by a group of experienced professional traders. You need to remember to renew the subscription and use the signals on time. Link to go to the official website: https://www.forexsignals.com/. It looks simple and incredibly effective. Let’s check if this is a super service worth investing in – we will review and share our conclusions about ForexSignals.com.
Reviews and first impression
During the preparation of the material, we decided to start by looking at the reviews and were very surprised at this moment. If you mistakenly indicate the site “ForexSignal” in the search engine (do not add “s” at the end), you will get a lot of negative comments and stories with merged deposits. If you enter the correct query (“ForexSignals”), then flip through many pages to find at least something terrible. What is alarming here is that these are approximately the same services with a similar set of services. We hardly believe that on one signal, all users slip into hell, and others replace the trip to Eldorado. In our experience, similar services should have approximately the same advantages and disadvantages. There is no such thing. Perhaps at this stage, we don’t understand something. Therefore we skip the version with cleaned reviews and evaluate the service only by its functionality.
Here are a few reviews of the ForexSignal service: terrible technical support, broken signals, and the lack of a refund mechanism.
And these are ForexSignals: the best service, the best signals, the best everything.
Note: examples of reviews go after machine translation, but this affects the meaning. In the first case, everything is terrible, and in the second, there are no problems.
General project information
We move to the “About Us” section and read the following story: many years ago real estate agent Nick MacDonald heard many funny stories about how a lot of people changed their lives in a short time using the forex market. Nick liked the idea; he pumped it through various training, began to earn a lot, and on May 1, 2012, decided to found ForexSignals.com. It is a special place where traders can share their experiences and work together to move towards success. The following is about unprecedented growth, various partnerships, and Nick MacDonald’s desire to form a million-dollar trading portfolio. Nick is also proud of the fact that many members of the community managed to gain financial freedom through Forex trading according to ForexSignals.com signals. In the end, you will be asked to join the community and achieve unprecedented results.
Further on different pages of the site information is duplicated that experienced traders develop trading signals and you can choose any of them:
- You fill out a simple application form and create an account.
- Go to your account and see the list of traders who provide signals. You can choose any participant you like.
- You go to the profile of the selected trader. If you wish, you can study his trading ideas and click on the “Follow” button. After this, the subscription becomes active, and when the selected trader does something, you will immediately receive an email with the details of the transaction. You will know which levels, entry points, and protective orders to use. You will also see a marked schedule and description of the investment idea itself, on which the trader plans to earn. If you don’t like something, then you can skip the deal and next time choose another trader.
The rest of the site contains educational content on the basics of Forex trading – all material is published in English and is freely available. There is also a section with an affiliate program that allows you to receive passive income for attracting customers to the project. We are not interested in education and affiliate programs now so that we will focus only on signals.
An example of a trading signal of ForexSignals.com service. We are offered to open a fifteen-minute chart (M15) of the EUR / AUD currency pair and place a BUY Limit order from the level of 1.49090. Stop Loss should be at the level of 1.48450 (64 points) and Take Profit – 1.50600 (151 points). The expected Profit is 2.5 times higher than the probable Loss. The screenshot was taken from the official site and we did not find any better images with detailed display of signals in free access. The downside here is that the chart does not have a date, and we can’t understand whether this signal turned out to be profitable. So it goes.
In the next section, we will try to implement the instructions for connecting trading signals, as the ForexSignals.com website offers a 7-day trial period during which you do not have to pay for anything. That is, theoretically, we can register, test the signal, and evaluate their effectiveness.
Registration and getting started
To activate the trial version, we are asked to indicate a name, mail, and come up with a password. Fill in and click on the start button. As soon as we do this, registration continues, and we are asked to indicate three additional details:
- We are asked about the availability of a brokerage account.
- Next, we are given the choice of four services that the ForexSignals.com service has: copying trading signals, investing in other traders, developing or improving your trading strategy, and individual training with a professional trader. We should tick off everything that interests us.
- In the end, we should write a message about why we are interested in the forex market. If we do not complete everything, then we will not be able to move on to the next stage.
We fill out the form as follows: indicate that we have a brokerage account, we want to copy trading signals and come to forex for money. We don’t touch other options, but we conclude that the four-point website focuses only on copying trading signals. Additional services are poorly presented.
After entering the data, we need to choose the appropriate tariff plan, which is presented in the form of a monthly and annual subscription. For the first option you need to pay $ 97 per month, and for the second – $ 249 per year. We select a monthly subscription, get to the payment page, and learn about an additional rule: to activate the trial period, we first need to pay. Next 7 days we will work for free and if you like everything, then only from 8 days money will be debited from us. It is impossible to verify ForexSignals.com signals without making a payment in any way, and we do not recommend doing this on a paid basis. In the next section, you’ll find out why.
You will not be able to take advantage of the signals until you complete the payment.
Why we do not recommend registering a trial period ForexSignals.com
We open the user agreement and note the following points for ourselves:
- To resolve all disputes, you need to contact the courts of Hong Kong – this is the only jurisdiction to which the company is subject.
- The administration of ForexSignals.com does not bear any responsibility for possible losses and does not guarantee the result.
- The administration has the right to block any user at any time. No particular reason for this is required since the site representatives at their discretion can decide who and when violated the rules.
- Refunds after a 7-day trial period are only possible if you provide information about the reason for the return.
Here is the most straightforward fraud scheme that looms up here: you pay money and start working with signals → after a few days send a letter asking for a refund → you get a response asking you to indicate the reason for the return → you write that you didn’t like it or that the signals lead to a loss of deposit → on the eighth day you get a refusal, because they did not confirm the reason documented (they did not add screenshots). Expired and you can’t claim a refund. It is one of the options but remembers: if you need to pay for a free period, then there will always be a scheme for laundering your capital.
The conclusion from this is this: if you sign up and do not want to use signals, then no one will return the money. If you’re going to challenge this, then pack your bags in advance for a trip to Hong Kong and get ready for the fact that you cannot find the real owner of ForexSignals.com. In this offshore zone, there is a simplified regulation for such financial firms, and it is possible to draw up documentation for the front owner. Everything is inexpensive and costs up to $ 5000 per year – check with any Hong Kong registrar for details.
How to check ForexSignals.com signals without money
Go to the “Blog” section and look at the reviews of strategies that the ForexSignals.com service traders offer – these people position themselves as professionals. Therefore they are unlikely to display deliberately unprofitable algorithms. At your discretion, choose absolutely any strategy, open a demo account in any brokerage company, trade for 1-2 months and look at the result – we decided the 5-Step Scalping strategy and lost four training deposits. If you conduct a similar experiment, you can save money and make sure the signals are useless (or prove the opposite).
What is the result
ForexSignal.com is a well-advertised resource whose representatives actively monitor their reputation and clean up all negative comments. The site has a lot of free educational material, but you can’t check the trading signals themselves. At your discretion, you can issue a paid subscription, which does not guarantee a return on investment and can lead to a loss of deposit. There is no information about the trading signals themselves either: there are some traders who analyze something and give an excellent result. There is no data on the used trading strategies, and the official blog is filled with unprofitable algorithms. For all of the above, we do not recommend using the ForexSignal.com service, since this is not a magic tablet, but a way to be disappointed and lose your money. If service representatives do not agree with this, we will gladly accept a free weekly subscription to signals as a gift and honestly publish the results of all transactions. Good luck to all!