Forex signals are operated by professional traders who recommend buying or selling a currency at a certain time and price. After that, the shared trades are copied out by other traders on their trading platform manually or automatically.
These are useful because you do not have to go through the tedious knowledge-grabbing process of strategy, risk management, and psychology. Signals maintain a symbiotic relationship between the provider and the receiver. The provider gets a share of profits or a defined fee out of it, while the receiver benefits with gains.
You can go for either free or paid ones. The best forex signals providers who offer free services:
Daily Forex
This aims to offer free signals that are as reliable as paid ones. When you visit the main page of the website, you can see a list of the top brokers, editor’s choice including articles on different subjects of trading, browses by currency pair option, and daily market analysis.
Apart from offering signals, it provides a separate section named “Browse by category”. In this section, you can search for certain instruments, such as Bitcoin, EUR/USD, and more.
MQL5
These signals are operated by MetaTrader, one of the most well-known trading platforms. The software company includes the ability to copy signals from traders while they trade their accounts.
Traders can filter and search signals according to several customizable settings such as broker, trading software, maximum profit, reliability, profitability within a month, intraday, and more.
During your search, you need to be careful with the high gains as shown by some providers. Looking at the equity/balance/drawdown, trading history, curve, etc. can be helpful for you in order to filter out unnecessary noise.
Forex Signal Factory
This is one of the best service providers with more than 45000 followers. The provider does not have any hidden cost mentioned on its website interface and it claims that it does not force traders to open an account of its choice like other free trade providers.
You can follow a small Telegram, Twitter, or Facebook link to land on the trading pages of Forex Signal Factory where its executions are posted.
To stay updated on the signals, you may follow its accounts. While looking at the trades, you can see that profits and proper stop losses follow strict risk management. The risk-reward ratio is 1:2 in all positions.
You will receive notifications when you close the trades, and you can also see the number of pips you have gained or lost. It shows the transparency of Forex Signal Factory.
eToro
This is one of the most reputable providers and forex brokers. The brokerage gives out trades to clients in terms of copy trading. After you open an account here, you can deposit some money and select a top trader with a good background to copy signals from.
Plenty of information about a trader can be gathered by taking a look at their portfolio, which includes percentage gain, risk, number of copies, and more.
This has an ideal system that enables you to get a deep insight into filtering every trader search input based on your requirements. However, be careful of traders having a high return on their accounts as it indicates that they most likely use a risky strategy.
Forex GDP
Forex GDP considers itself a scam-free provider as it invites its clients to test out its services with zero-cost programs. Trades are given out including technical and fundamental analysis so that traders can understand the reason and meaning behind an open execution.
The winning ratio of the provider is pretty impressive at 80 to 95 percent and its risk/reward ratio ranges from 1:1 to 1:5. However, it is a claim by Forex GDP but no proof is provided with it. Take profit orders to start from 30 pips and are available up to 600, while stop losses range between 10 and 100 pips.
Two to four signals are offered with the limited free program per month alongside trade ideas, a max gain of 15 pips, entry/exit, and email support.
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