Forex Signals

Forex signals can be a useful tool for traders looking for daily insight and recommendations. Whether you opt for free or paid signals, we’ve reviewed the key considerations to help you decide on the best forex signal providers in the UK. We’ll also look at how live buy and sell signals are delivered, including the popular social channel, Telegram.

Brokers with Signals

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    AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for trading, from CFDs to AvaOptions and now AvaFutures, alongside a comprehensive education center and multilingual customer support.

  2. XTB

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    Founded in 2002 in Poland, XTB now serves more than 935,000 clients. The forex and CFD broker combines a heavily regulated trading environment with an extensive selection of 5,600+ assets and a commitment to trader satisfaction, featuring an intuitive in-house platform with superb tools to support aspiring traders.

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    Established in 1989, CMC Markets is a respected broker listed on the London Stock Exchange and authorized by several tier-one regulators, including the FCA, ASIC and CIRO. More than 1 million traders from around the world have signed up with the multi-award winning brokerage.

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    Eightcap is an award-winning, FCA-regulated broker offering industry-low trading fees. They are also the highest-rated brand by TradingView’s 50 million-strong users, who can trade directly on the platform. UK traders can sign up for a live account with an accessible £100 minimum deposit.

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    FXCC is an established broker that’s been offering low-cost online trading since 2010. Registered in Nevis and regulated by the CySEC, it stands out for its ECN trading conditions, no minimum deposit and smooth account opening that takes less than 5 minutes.

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    Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for traders at all levels.

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    IC Markets is a globally recognized forex and CFD broker known for its excellent pricing, comprehensive range of trading instruments, and premium trading technology. Founded in 2007 and headquartered in Australia, the brokerage is regulated by the ASIC, CySEC and FSA, and has attracted more than 180,000 clients from over 200 countries.

  8. XM

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    XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.

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    City Index is an established and award-winning forex, CFD and spread betting broker with top-tier global regulation, including in the UK (FCA) and Australia (ASIC). With 30+ years in the industry, 13,500+ instruments and 24/5 customer support, City Index is a solid pick for aspiring traders.

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    DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.

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    Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.

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    eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail CFD accounts lose money.

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    RoboForex is an online broker, established in 2009 and registered with the IFSC in Belize. Traders can choose from five accounts (Prime, ECN, R StocksTrader, ProCent, Pro) catering to different needs with trades from 0.01 lots and spreads from 0 pips. RoboForex has also enhanced its offering over the years, adding CFD instruments and launching its stock trading platform, plus the CopyFX system.

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    Trade Nation is a top FX and CFD broker regulated in multiple jurisdictions including the UK and Australia. The firm offers low-cost fixed and variable spreads on 1000+ assets with robust trading platforms and training materials. The Signal Centre can also be used for trade ideas.

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    Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

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    Founded in 2009, Vantage offers trading on 1000+ short-term CFD products to over 900,000 clients. You can trade Forex CFDs from 0.0 pips on the RAW account through TradingView, MT4 or MT5. Vantage is ASIC-regulated and client funds are segregated. Copy traders will also appreciate the range of social trading tools.

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    Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.

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    GO Markets is an established forex and CFD broker with multiple industry awards and accolades. The ECN/STP broker is popular with budding traders, offering competitive accounts in multiple base currencies and a range of flexible payment methods. With top-tier regulation from CySEC and ASIC, GO Markets is a trusted broker.

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    Founded in 2008, NordFX is an offshore CFD broker offering forex, stock, commodities, indices and crypto trading to over 1.7 million clients in 190 countries. Traders access markets through the MT4 and MT5 platforms and benefit from low commissions, spreads from zero and decent extra features. Minimum deposits start from just $10 and very high leverage is available up to 1:1000.

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    Markets.com is a respected broker, offering multi-asset trading opportunities through CFDs or spread betting (UK only). Established in 2008, the brand has an impressive 4.3 million registered customers and is overseen by trusted regulators, including the FCA, ASIC and CySEC. 79.1% of retail accounts lose money.

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    NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.

  22. Axi

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    Axi is a global forex and CFD trading firm, founded in 2007 in Sydney, Australia. Highly leveraged trading opportunities plus a $0 minimum deposit make it a popular choice among 60,000+ traders worldwide. Axi also stands out for its resources, including copy trading and Autochartist.

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    EagleFX is a forex and CFD broker, established in 2019. The broker uses STP execution on the MT4 platform, offering tight spreads and low commissions. With leverage up to 1:500 and no restrictions on hedging or scalping, EagleFX is an attractive option for short-term traders.

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    Founded in 2015, VT Markets maintains its position as a top Australian multi-asset CFD broker. With 1000+ tradeable instruments and support for the MetaTrader 4 and MetaTrader 5 platforms, this broker delivers a wide range of trading opportunities to over 200,000 clients worldwide. VT Markets is regulated by the ASIC, FSCA, and SVGFSA.

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    Tradeview is an offshore forex and CFD broker based in the Cayman Islands and regulated by CIMA. Traders can access over 5000 instruments with a minimum deposit of $100. There are several third-party platforms on offer, including MetaTrader 4 (MT4) and cTrader.

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    FXDD is an established forex and CFD broker founded in 2002. Regulated in Malta, Mauritius, Peru and Malaysia, the broker provides secure trading platforms, competitive ECN spreads and reliable 24/7 customer support. Competitive pricing and ultra-low latency is also offered via the broker's Direct Market Access execution model and tier 1 aggregated liquidity.

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    FXTrading.com is global broker offering highly leveraged CFDs on 10,000+ assets, including forex, stocks, indices, commodities and cryptocurrencies. Competitive prices with raw spreads and low to zero commissions are available. Traders can use the popular MetaTrader 4 platform and will have access to a suite of additional analytical tools and other resources. The multi-regulated brokerage is authorized by the ASIC and VFSC.

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    Founded in 2010, ThinkMarkets is a reputable CFD and forex broker with regulation from several top-tier bodies including the FCA and ASIC. The broker provides services to over 450,000 accounts from 11 global offices. Traders can use a bespoke platform, MT4 or MT5 to access a wide variety of assets including 3500+ stocks and ETFs, 46 forex pairs and over 20 cryptocurrencies.

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    M4Markets is an award-winning broker regulated by the CySEC, FSA and DFSA. Although relatively new, the broker continues to improve its offering with a range of innovative tools, platforms and accounts. Beginners can start with just $5, whilst experienced investors can access leverage up to 1:5000.

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    Trade.com is a trustworthy online broker with a global presence. The broker offers 2,100+ CFDs in major markets, as well as futures, options and more. The broker offers best-in-class platforms and superior analysis tools for experienced traders. The broker is also regulated by top-tier authorities including the FCA and CySEC.

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    Grand Capital is a MetaTrader broker with welcome bonuses, trading competitions and an intuitive copy trading service. Several account types and 400+ assets provide trading opportunities for various types of investors and strategies. New users can also open an account and start trading in a matter of minutes.

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    IronFX is a multi-regulated forex and CFD broker founded in 2010. This award-winning firm offers 500+ markets to over 1.5 million clients across 180 countries. Traders can access various account types with competitive pricing on the MT4 platform, as well as 24/5 customer support in 30 languages.

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    Dukascopy is an online broker operated by a Swiss-regulated banking group. It offers a good selection of 500+ markets, with forex, stocks, gold, ETFs, indices, bonds and cryptocurrencies available. It also offers flexible trading opportunities through the choice of CFDs or binary options. Traders will use MetaTrader 4 or a proprietary platform that is well-suited to automated trading.

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    4xCube is an online forex and CFD broker registered and licensed in the Cook Islands. Clients can trade on popular financial markets and choose between three accounts based on their capital and trading strategy.

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    Launched in 2017, Videforex offers access to stock, index, crypto, forex and commodities markets via binary options and CFDs. The proprietary platform, mobile app and integrated copy trading are user-friendly and will suit new and casual traders, and the market analysis tools and trading contests provide good ways to improve your trading skills.

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    FXTM is a top-rated forex and CFD broker established in 2011 and operating across 4 continents. The company is secure and regulated by leading authorities, including the FCA and CySEC. Offering 1000+ trading markets and three account types, they cater to all levels of trader.

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    xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.

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    GoFX is an unregulated CFD and forex broker that covers instruments from currency, stock, index, commodity and crypto markets. Traders can sign up to a variety of account types with deposits as low as $1 and will trade using the popular MetaTrader 4 platform. Exceptionally high leverage up to 1:3000 is offered on the standard account, while traders with the low-spread account can access leverage up to 1:1000.

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    Focus Option is an offshore broker that specializes in binary options as well as CFDs. Binary options trading on forex, cryptos and three commodities is done through the broker's simple web-based platform with average payouts between 70% and 95%. The broker also offers a mobile app for trading CFDs, with 300+ tradeable instruments.

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    MultiBank FX is an established broker offering forex and CFD products since 2005. With 20,000+ instruments, plenty of local payment methods and 24/7 multilingual customer support, the broker is a popular choice among traders globally. New clients can also access a variety of bonus offers and access the hugely popular MT4 and MT5 trading platforms.

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    Pacific Union Prime is an FSCA and offshore-regulated multi-asset broker offering competitive fees and direct market access on forex, commodities, stocks, bonds and indices. The broker supports the popular MetaTrader 4 and MetaTrader 5 platforms and a proprietary mobile app. Fees vary by account type with no commission and spreads from 1.9 pips on the Standard account and $7 commission per lot and spreads from 0.4 pips on the Prime account.

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    SimpleFX is an online broker specializing in CFD and cryptocurrency trading, with multi-currency accounts, STP execution, low pricing and no minimum deposit. Bringing innovation and gaining recognition at numerous industry events since 2014, SimpleFX now caters to retail traders from over 190 countries, boasting a client base exceeding 200,000 active users.

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    Errante is a Cyprus-based and regulated forex and CFD broker with leveraged trading on multiple assets, tiered accounts including a zero-spread option, and copy trading support. The broker offers leveraged trading up to 1:30 under its CySEC-regulated branch and 1:500 from an offshore branch, and supports the MetaTrader 4 and MetaTrader 5 platforms. Errante's asset list is relatively limited but it does offer fast execution and low latency, and it is a trustworthy brand.

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    ActivTrades is a UK-headquartered CFD and forex broker established in 2001. The brokerage is heavily regulated with licenses from the FCA, SCB, CSSF, BACEN & CVM and CMVM. Over 1000 CFDs are available spanning 7 asset classes. Over 93.60% of orders are executed at the requested price. ActivTraders also offers a selection of leading trading platforms, including MT4, MT5, TradingView and ActivTrader platforms.

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    FXPrimus is an award-winning CySEC-regulated brokerage offering CFD trading on 200+ instruments via the MetaTrader 4, MetaTrader 5 and cTrader platforms. The choice between a competitive commission-free account and two affordable raw spread options make this an accessible broker for anyone seeking forex, stocks, indices and commodities with high leverage.

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    Anzo Capital is an offshore broker that offers leveraged CFDs on 100+ instruments including forex, stocks, indices and metals. The MetaTrader 4 and MetaTrader 5 platforms are supported, and traders can choose between an STP account with spreads starting from 1.4 pips and zero commission, or an ECN account with a $4 round-turn commission and spreads from zero. A decent range of payment methods are accepted, including crypto deposits.

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    Fortrade is a multi-asset, multi-regulated broker with branches regulated by the FCA, CySEC and ASIC among others. The brand offers trading opportunities on a wide range of instruments including stocks, bonds, commodities, forex, indices, cryptocurrencies and ETFs, with competitive fees and support for MetaTrader 4 and a proprietary platform.

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    FXOpen is a multi-asset broker with regulation from several trustworthy bodies including the UK's FCA. The broker offers CFD trading on forex, stocks, commodities, indices, cryptocurrencies and ETFs via the MetaTrader 4 & 5 and TradingView platforms.

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    Kucoin is a crypto exchange that offers trading on 1000+ tokens as well as leveraged trading opportunities via futures and perpetual swaps. This exchange has a slick trading platform that supports robots, allowing traders to implement automated strategies. Other attractive features include a demo account, flexible funding methods and DeFi features like staking and mining.

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    Admirals is an FCA- and ASIC-regulated broker with an excellent range of leveraged instruments, including forex, stocks, indices, ETFs, commodities, cryptos and more. The broker supports the MetaTrader 4, MetaTrader 5 and TradingCentral platforms. With both spread betting and CFDs available and thousands of instruments, this broker provides more flexibility than most rivals.

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    TMGM is an ASIC-regulated forex and CFD broker with a vast range of tradeable assets covering forex, stock, index, crypto and commodity markets. The account types on offer provide a flexible choice between no commission or zero spreads, with competitive pricing all-round.

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    Infinox is a UK-based and FCA-regulated broker that offers diverse trading products thanks to its STP and ECN account types and support for MetaTrader 4, MetaTrader 5 and a proprietary platform. Clients can also benefit from a free VPS that can support automated strategies and a social trading platform, catering to both beginner and seasoned traders.

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    RoboMarkets is a Cyprus-based forex, CFD and stock broker aimed at traders from Europe. The broker offers thousands of instruments across six asset classes and provides access to four leading platforms, including MetaTrader 4. With ECN pricing, Cent accounts and algorithmic trading tools, RoboMarkets caters to a range of trading strategies and investing styles.

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    AdroFx is an offshore ECN/STP broker that has offered CFD trading since 2018. The firm supports 100+ tradable assets on the popular MetaTrader 4 platform as well as a web trader, Allpips. Eight live accounts are available with no restrictions on trading strategies.

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    Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.

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    EZ Invest is a CySEC-licensed broker, launched in 2008, that offers trading on popular financial markets through leveraged CFDs. Traders can choose between multiple respected platforms, including MetaTrader software and a user-friendly in-house app. The reliable multilingual customer support team are also on-hand to support new users.

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    Saxo Markets is a multi-award-winning trading brokerage, investment firm and regulated bank. With a huge 72,000+ trading instruments, plus investment products and managed portfolios, clients have no shortage of opportunities. The trusted brand also offers transparent pricing and top-tier regulatory protection from 10+ agencies including FINMA, FCA & ASIC.

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    Amega is an offshore STP broker offering CFD trading on forex, stocks, indices and commodities with very high leverage up to 1:1000 and a zero-commission pricing structure. Traders access markets through the MT5 platform and can test the broker's services through a demo account.

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    Just2Trade is a reliable multi-regulated broker registered with FINRA, NFA and CySEC. The company has 155,000 clients from 130 countries and stands out for its huge suite of instruments and additional features, including a social network, robo advisors and a funded trader programme.

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    World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.

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    FXCentrum is an offshore broker that offers highly leveraged, commission-free trading on diverse instruments with tight spreads. Traders can access forex, equity and commodities markets via MetaTrader 5 or the proprietary FXC platform and use the award-winning ZuluTrade platform for copy trading.

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    Exinity provides flexible low-cost trading in FX, commodities, indices and equities alongside unique education and support provided by teams located across the world. Now operating in the Middle East, through regulation from the Financial Services Regulatory Authority in Abu Dhabi and the Financial Services Commission of Mauritius, Exinity provides a range of services to traders and investors looking for new opportunities in the financial markets.

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    LegacyFX is a multi-asset broker offering an MT5 download & free signals.

Traders that are happy with their current broker and don’t want to switch just to get signals, can use a separate, dedicated forex signal provider.

Forex Signal Providers

Autochartist is a technical analysis tool that assists with trade set up and patterns, as well as providing signals, market reports and other useful features.
Forex Signal Factory offers free trading signals to investors looking to speculate on the FX market.

Introduction To Forex Signals

A forex signal is an idea or recommendation for a trading opportunity. The main types of forex signal are either manual or automated. The generator of the manual signal is usually a professional trader, whilst the automated signal is a bot which is programmed to produce live buy/sell signals.

Some provide entry signals, which recommend opening a position at a certain time and price, whilst others provide exit signals, which suggests when to close. Some signals provide both, especially within the intraday market.

For example, a trader might want to initiate a forex signal for EURUSD or USDCAD which might suggest taking a long position if it drops to a certain point. You can also get signals on many other instruments, such as oil, gold (XAUUSD) and popular indices like the FTSE100 and US30.

MetaTrader forex signals

MetaTrader forex signals

The purpose of a forex signal is to help traders identify the optimum conditions to make a trade, which is arguably one of the biggest challenges. The quality of forex signals is largely determined by their timeliness, reliability and transparency.

There are different ways that beginners and veteran traders can benefit from forex signals in the UK. If you’re still learning about the markets and trading strategies, then forex signals could be right up your street. However, traders should thoroughly review their options before committing, as there is an abundance of forex signal scams out there.

An introduction to how it works is explained below, along with some popular UK providers and what to look for when shopping around.

How Are Forex Signals Delivered?

Messaging

Forex signals can be delivered in a number of ways, but today, they are often sent via Telegram, WhatsApp, email, push notifications, or SMS messaging. Whilst these communications channels are typically free to use, the forex signals are usually offered as a paid subscription or membership.

When signals are received through a messaging service, it’s up to the trader to manage their account and enter the recommended positions into the trading platform. As a result, this type of signal offers a greater level of security, because no third-party has control of your account.

Copy Trading & Social Trading

You can also receive forex signals through copy-trading platforms, including MetaTrader 4, MetaTrader 5 and eToro. In this case, the signal provider’s account is linked to the trader’s account, so trades placed in the former are automatically placed in the latter. Similarly, social trading platforms like Myfxbook and ZuluTrade offer signals from live investors.

In most cases, traders can intervene if they wish, but they may not feel as secure with a third-party having partial control of their account.

Expert Advisors (EAs)

Some online platforms like MT4 and MT5 also offer automated forex signals using an Expert Advisor (EA) which is an online trading robot that generates signals with real-time quotes. Some EAs use technical analysis such as 30 chart indicators, whilst others are designed to use fundamental analysis by tracking global economic news and market sentiment. EAs are for sale on the MetaTrader marketplace but some are also available for free.

Note that fully automated signals will place trades for you, but you can also opt for semi-automated signals, which simply highlight the opportunities and leave the rest up to you.

Most top forex brokers offer Expert Advisors on MT4 or MT5, but some provide forex signals through other third-party platforms. XM, for example, offers forex volume signals through Trading Central and Autochartist. You can check out a detailed XM broker review for more information.

Key Features Of Forex Signals

Whether you opt for a free or paid forex signal service, there are a few things you should consider. We’ve listed a few below, but it’s worth researching other areas that you may wish to prioritise.

Free Trial

A decent signals software provider or owner should offer a free trial or demo, which will allow you to test the quality of the information and service in real-time conditions, without risking any capital. For automated signals, some trials also allow you to conduct backtesting, to see how a strategy performs in different market conditions.

Reputation

It’s also worth looking out for signs of a good track record, including comments and analysis that support the provider’s signals. A good company should be willing to provide you with previous verified results and audited information. Traders should be cautious about any who are reluctant to do this.

MetaTrader 4 forex trading signals

MetaTrader 4 forex trading signals

Communication

The last thing you want is to sign up to a forex signal and never hear from them again. A good provider will offer multiple ways to interact with you, whether it be via a 24/7 live chat or email. Some providers also offer a community chat or forum, where traders can share advice and ideas.

Cost

Paid forex signals are usually available for a monthly ‘Premium’, ‘Elite’, or ‘VIP’ subscription, which can charge up to $100 per month. Note that there are a lot of ‘free’ forex signals out there, but this often means that the cost is compensated elsewhere. Some providers require you to sign up with a brokerage of their choice, meaning they earn a commission for every trade you place.

Comprehensive Analysis

Does the signal provider utilise a full package of analysis tools and charts, or is it only providing the entry or exit price? A provider that uses a good range of strategies and market analysis tools is your best bet.

App

Some signals are delivered through an iOS or APK mobile app, which can be extremely useful for those who like to trade whilst on the move. The best app would allow you to access free live buy/sell signals, plus real-time daily news, analysis and trading alerts. The forex trading app should also be available to download for free via Google Play or the App Store.

Strategies

It might also be worth considering how forex signals might fit into your own strategy. For example, some trading signals can be used for scalping, whereby dozens of trades will be performed in one day, with the aim of gaining a few pips. Forex scalpers usually hold on to the trade for less than 1 minute, so a reliable and timely signal in this case is essential.

Extras

It’s always a good sign if the signal provider also offers additional tools and resources to complement the signals. This might include an education hub with YouTube webinar tutorial videos, for example, or perhaps a blog, PDF guide or forum with daily tips or webinars.

Best Forex Signals Providers

There is a vast choice of forex signals providers and websites. We’ve provided a ranking of the top 5 free and paid-for forex signals apps below. These are just a few examples, so make sure to do your own research before making a decision.

MQL

The MQL programming language used by MT4 and MT5 facilitates over 3,000 free and paid signals, which you can access under the Signals tab in the platform. The feature acts as a social community where any trader can essentially become a signal provider, so take your time in selecting the best one for you.

MT4 forex signals

MT4 forex signals

eToro

eToro has a proprietary copy trading platform which has been a popular choice for beginners. The platform allows you to follow top verified investors manually, or copy their trades automatically. Best of all, the copy trader is free of charge for eToro clients.

Learn 2 Trade

Learn 2 Trade is a UK-based platform aimed at beginners and advanced traders. Among other educational tools, chart analysis and market trends, the platform delivers bull forex signals on a group Telegram channel. New traders can also opt for the VIP signals on Telegram which are free for the first year.

PipBuilder

With 10 years of experience, 1000pipbuilder.com offers daily forex signals across all time zones. The provider’s data is also independently verified by Myfxbook and signal providers on the platform are highly experienced investors who have been trading for years.

ForexSignals.com

Established in 2012, ForexSignals.com offers a desktop or mobile app Trading Room community, where thousands of traders can access educational videos, workshops and private mentor sessions. ForexSignals.com also offers a free trial, so make sure to review their service risk-free before you login with a membership.

Other names include ZForex, Xtreme Trader, InstaForex, ForexSignal30, Forex Kings and Signal Factory, but make sure to do your due diligence and check online reviews before deciding.

Key Considerations

Before you start using signals, it’s important to understand how forex signals work, what your risk tolerance is, and how to read common signal types and networks.

Understanding Forex Signal Providers

As we have seen, there is a variety of different forex signals providers in the market and as a result, the quality and success rate of each one varies dramatically. Make sure to understand exactly what you’re signing up for before you commit. Scammers will easily capitalise on those with less experience in the forex market.

Understanding Risk Tolerance

Risk is part and parcel of forex trading and it is possible to quickly lose your capital at any point. Before committing to a forex signal, make sure you understand the associated risks and how much you would be comfortable with losing if the market moves against you.

Understanding Common Forex Signal Types

There is a vast array of signals out there, but four common ones include:

  1. ‘Action’ – Usually in the form of a direct buy or sell statement, this is a straightforward call-to-action signal
  2. Stop Loss – The Stop Loss signal indicates an exit point which pulls you out of a trade to protect your investment
  3. Take profit – Take Profit signals are triggered when profits reach a certain level
  4. Current Market Price (CMP) – CMP acts as a notification which helps you compare the price of a currency pair at the time of a signal, against the actual price at the time of placing the order

Forex Signal Scams

With the popularity of forex signals among many traders, there are now plenty of opportunities for scammers to take advantage. A lot of services now offer information tools and guidance containing false information on successful trade moves. Some forex signals can look legit and verified, but they only ever benefit the broker.

Some scams also set up a forex signals business on a website or on Twitter, Instagram or even via WhatsApp group links. They then advertise seemingly useful and successful forex tips. They might also present statistics and records of previous trading successes, marketed as signals with ‘90% accuracy’ or even ‘100% accurate’ trade ideas.

If the provider does not give any kind of disclaimer to state that these successes are not always ongoing, then traders should be extremely cautious. Traders with less experience in the forex world are particularly susceptible to this kind of scam.

To avoid these scams, make sure to thoroughly check online reviews of the provider’s services. If you choose a signal through your broker, always ensure they are a trusted and established firm, preferably with FCA-regulation if it’s operating in the UK.

FCA regulated forex signals

FCA regulated forex signals

Final Word On Forex Signals

Now that we’ve covered the definition of forex signals and various points to consider when choosing a provider, you should have a better understanding of what your top priorities are. The best part about signals is that you don’t have to be a forex trading guru to understand them, but it is essential that you thoroughly research your options before deciding.

Traders should always look out for the quality of the buy and sell quotes and whether they are supported by comprehensive analysis. Traders should also be wary of any providers offering seemingly lucrative conditions or forex signals with unrealistically high ‘99.9% accuracy’ that cannot be backed up. Scams are rife within the market, so if you’re new to trading or not a natural risk manager, forex signals might not be the best option for you right now.

FAQ

Forex Signals: How Does It Work?

Forex signals are manual or automated suggestions of trading opportunities. A professional trader or automated bot will track live buy and sell prices and will generate entry or exit signals for traders to follow. Daily signals can be delivered via a mobile app, a trading platform, or through a club or group on a free social channel like WhatsApp or Telegram.

Can Forex Signals Make You Rich?

Forex signals allow you to observe the trades of successful traders and invest using their expertise, which means it is possible to make a profit daily. However, this ultimately depends on the quality of the signal and does not necessarily mean that the previous success of a signal will be ongoing. You should always review your risk tolerance before committing.

Are Forex Signals Worth It?

There are varying opinions on whether forex signals are truly worth it for the trader. Forex signals can be worth it if you can make money over the long term to cover the costs of the service, which can be quite high. It’s always worth trying out a provider using a free trial before you commit real money.

Should I Use Forex Signals?

This will depend on your risk tolerance, your trading requirements and your personal preference. There are numerous kinds of forex signals available, so you should get as much information on them as possible, to find out what would suit you. If you’re a new trader, be very vigilant and look out for scam signal sellers.

What Is A Forex Signals App?

A forex signals app allows you to receive recommendations to your device whilst on the move. This is particularly useful for individuals who trade remotely and who already use their trading platforms on their mobiles.