Forexsignals.com uses multiple trading strategies to capitalize on the markets. They have numerous tools available on the website that they present out to traders for trading. We will observe all of the pros and cons of the company to see if retail investors can benefit from the service.
Forexsignals.com strategies and tests
It is simple to use the service. The whole process is:
- After you purchase one of the packages offered by the company, the moderators will send you the login id and password.
- Traders can enter the trading room after accessing the credentials.
- After logging in, it is possible to follow trades and start trading.
The company does not reveal its trading strategy completely to traders. They follow three different approaches to the markets:
- Naked trading strategy. It employs price action along with support and resistance levels for trading. The developers state that it follows a simple approach to the markets.
- FX Propulsion strategy. This employs a few indicators and an intraday trading strategy to point out moves in the markets before they are about to happen.
- Trend surfing strategy. As the name indicates, it trades along the direction of the leading market momentum. This also employs Trend Surfing EA for trading the charts.
Unfortunately, the company is not willing to share the details of their trading history with us. We can not use records to see the average trade duration or other statistics.
The service has the following features:
- It has many subscription packages that traders can select.
- Traders can follow different strategies.
- Multiple algorithms are available with the program.
- Various mentors are available to guide traders.
- There is an inbuilt dashboard that details all the services neatly.
The company does not provide any backtesting records for its algorithms. They are not willing to keep their records transparent which is alarming. This raises concerns for their output and makes us believe that they are scamming customers.
Forexsignals.com live trading account review
There are no live records available that we can use to see if the services offered by the company are fruitful in the current market conditions. This lack of transparency is a common practice of many signal providers. They use such an approach to hide their lack of profitability.
There are multiple mentors at Forexsignals.com, and none of them are willing enough to give out their records. Retail traders should be careful while selecting such types of programs.
The signals can be purchased for an asking price of 79 Euros per month which is billed every 30 days. It is also possible to select services for 6 and 12 months, which comes at a recurring cost of 41.5 Euros 39 Euros each month.
Is Forexsignals.com a scam?
Forexsignals.com is not transparent on many factors, including failure to provide backtesting and live records. We cannot trust their service now and would like to believe that it is a scam that retail traders should stay away from.
The company has a rating of 4.452 for a total of 162 feedbacks at Forexpeacearmy.com. A trader states that others should stay away from the company and that the providers had never had a profitable year in their lifetime. They have blown up thousands of dollars in customers’ money. The company has deleted all the old threads where the reviewers have left undesiring statements.