With tall claims of 90% winning trades, Gold VIP Signal service lures traders who want to get the best results without being involved in the trading process. Many traders are not comfortable or effective in performing market analysis adeptly. This service takes advantage of this need in traders by providing signals and account management.
A team of professional traders belonging to the service manages client funds, but clients will have sole access to the funds and accounts. Signals generated by the service are sent via WhatsApp. Market analysis is done 24/7 and is combined with proper money management to provide effective results.
Gold VIP Signal: Characteristics
This signal service is managed by a team of professional traders based in several parts of the globe including South Korea, Singapore, Bangladesh, Switzerland, India, and Nigeria. As per the vendor info, the team analyses market conditions and develops its daily strategy based on the conditions. The process helps them generate the best signals. A full-time 24/7 monitoring of user accounts is done. While the service manages the funds, the access to the user’s trading account and the funds lies with the user. All funds are held at reputed banks and brokerages.
Currency Pairs, Strategy & Timeframe
The trend-following approach designed to work on the H4 timeframe is used by this service. Their alerts are based on this approach. Potential target points are identified with the help of many trend-based indicators along with the use of oscillators. Support and resistance levels are also taken into account besides using Fibonacci expansion.
The signals generated do not include spread or swap. A pending or instant execution order is given to the trades. A target of 100 to 300 pips is fixed for the entry signals. But the target does not need to be reached every time as price movement influences various changes.
Gold VIP Signal Trading Performance
No backtests are provided by this signal service. However, a real account trading result verified on the myfxbook site is present on the official site.
From the above screenshot of the trading result, we could see the account is a real USD account using manual trading with the leverage of 1:500 on the MT4 platform. A loss of 95.23% is shown for the account with an absolute profit of 204.78%. A huge drawdown value of 99.38% is seen which is certainly too high and not at all acceptable. The daily and monthly stats show losses with the balance, equity, and interest showing nil value.
For the trading that started in March 2021 up to May 6, 2021, a total of 437 trades have been executed with a profit factor of 1.45. From the trading history, we could see the lot size is 0.50. With the account running at a loss, it has stopped trading on May 6. 2021. The huge drawdown reveals the strategy used is not working in favor of the account.
How Much Does It Cost?
No subscription or license fee is present for this service. Instead, for managing funds of clients, this service charges 40% of the funds that are withdrawn. A minimum deposit of $1000 is required to start a trading account managed by this service. Most of the managed account services charge 35% so the charge here is a bit high.
Reviews from Customers
No user reviews are found for this signal service on reputed third-party sites like Forexpeacearmy, Trustpilot, etc. We look for reviews on such sites, as they provide an unbiased perspective of the service, its efficacy, customer support, and other relevant details. Without feedback from users, we are unable to assess the service properly. Further, the lack of user reviews also indicates that it is not a popular service among traders.
Should You Use Gold VIP Signal?
|Account managed by professional traders||Poor performance|
|Ability to withdraw funds whenever needed||No user feedback|
|Price is expensive|
From the above pros and cons of this signal provider, we find that while the signals are manually done by professional traders, the poor trading results indicate it is not a reliable service. The trading stats do not instill confidence in the service despite the vendor’s claims of using expert market analysts for the signal generation.
As a signal provider, Gold VIP Signal falls short of its claims of high profits. The trend-following approach used by the service does not appear to be a sound strategy. Although the vendor provides a detailed explanation of the strategy and trade execution, the trading results reveal that the approach is not effective. The high drawdown and loss percentage indicate that the performance is very poor.
While the vendor maintains that the trades are managed by professional traders, the results are not satisfactory. The service charge being a bit on the higher side when compared to the competitor rates is another shortcoming we noted. Additionally, the lack of user feedback and backtests, serve to confirm our suspicions that this is not a reliable service.