ForexSignals.com Review: Things to Consider Before Investing

ForexSignals.com

ForexSignals.com is said to be the world’s most advanced trading room. If you join the platform, you will be able to access educational videos, mentorship, trading signals, daily live streams, trading tools, and many other services. 

Nick McDonald is the owner of this company. He established it in 2012 after identifying the need for a trading room in this market. The company has a good reputation in Forex. It also has a strong following on different social media platforms. In YouTube only, ForexSignals.com has 307k subscribers. Its Facebook and Instagram platforms have more than 70k and 50k followers, respectively. 

The service provider has employed 52 employees who work full time, but the main faces that represent the company are the three mentors: Andrew Lockwood, Mark Bennell, and Max Norbury.

The highlights of ForexSignals.com

Here are some features that, according to the company, set ForexSignals.com apart in the market: 

Trading signals

The company has mentors who assess the market daily to identify profitable trading indicators. They then share these signals with the community. The trading room also provides a platform for other traders to share daily Forex signals with fellow members. 

Access to experienced mentors

The team states that it is on a mission to assist you reach your full trading potential. This is why it has employed highly experienced mentors who are ready to help you navigate the murky waters of Forex trading successfully. 

World-class educational resources

The main claim here is that the company’s team of 3 mentors has prepared hundreds of fantastic videos for you. Through these resources, you can learn about the strategies they use for trading, technical and fundamental analysis, trader psychology, etc. 

Trading strategy of ForexSignals.com

The company uses three different strategies: 

  1. We have the naked strategy, which is described as a “powerful Forex trading stripped back to basics.” It is essentially a pure price action approach that is based on key support and resistance levels. 
  2. Then we have the FX propulsion strategy. This is an intraday trading approach that uses powerful technical indicators to forecast market movements so as to identify trading opportunities. 
  3. Last on this list is the trend surfing method. As the name implies, this is a strategy that follows the trend to spot opportunities to place trades on the charts. 

Backtesting reports

The professionals have not published any backtest reports. We would like to know if they have tested the above strategies and whether the resulting figures are favorable. The company’s sales pitch is indeed attractive, but the lack of simulation data raises serious reliability issues. For the first time, we are led to doubt the efficiency of the approaches and signals they supply their clients with. 

Trading results in real time

Live trading results are not available either. This realization further heightens our suspicions about the reliability of the services. Does the platform really help traders to improve their investment portfolios? Do the education resources, signals, and mentorship yield any tangible results? Performance statistics of a real account being operated by one of the mentors on Myfxbook should suffice to answer our questions. Until then, it will be difficult for us to be convinced that ForexSignals.com can make money for you. 

ForexSignals.com price

The company provides traders with three pricing options. There is the Professional plan, which lasts for 12 months and costs $47/month. The Apprentice and the Committed packs cost 97/month and 49.5/month, and they expire after 1 month and 6 months, respectively.

Pricing details of ForexSignals.com
Pricing details of ForexSignals.com

Customer support

ForexSignals.com has strong customer support. Their website features a live chat window that typically replies in 2 minutes. Email support is also present 24/7. All you have to do is fill in your name, email address, and any query you have regarding their services on the available form. 

Are traders happy with ForexSignals.com?

Yes, they are. The 4.454 rating that the company has received on FPA is proof that traders are happy with the available services. However, there are a few who make some complaints. For instance, there is one customer who writes a long post exposing the tactics the company has been using to swindle traders. It is from this post that we learn that the mentors have blown up the accounts of many traders. 

Negative customer review
Negative customer review

ForexSignals.com

ForexSignals.com
3 5 0 1
ForexSignals.com seems like a useful service provider. You can learn a lot from the different educational resources offered. But when it comes to more important stuff like making money, we don’t think the company can help you. It might be that the signals supplied cannot generate money, which may explain why the team is reluctant to display any performance stats.
ForexSignals.com seems like a useful service provider. You can learn a lot from the different educational resources offered. But when it comes to more important stuff like making money, we don’t think the company can help you. It might be that the signals supplied cannot generate money, which may explain why the team is reluctant to display any performance stats.
3/5
Total Score
  • Profitability
    2/5 Bad
  • Strategy
    2/5 Bad
  • Reliability
    2/5 Bad
  • Price
    3/5 Neutral
  • Customer testimonials
    4/5 Good

Advantages

  • Useful trading tools
  • Educational resources

Disadvantages

  • Lack of backtest results
  • No live trading data
  • The signals provided may not be profitable
Total
0
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