Expert Investor
Author: Ben Morratt
Portfolio Manager
Ben Morratt

Signal Service Providers

When it comes to Forex trading, there are tools available to you to help maximise on your experience and help you to increase profitability once such tool is signal services. Signal trading services are available to help you to make trades at a specific time and price. These signals are provided by either a human or robot.

When choosing the best Forex signals provider, you must choose carefully. While there are some that give out very accurate signals that result in a profit, there are others which can lose you money. Trading signals should not be confused with automated trading where the robot makes the trade for you. This is just advice that suggests the trades that you should make.

To help you decide on a signal service provider to use with your Forex trading we offer a rating and review of the best Forex signal services. To enable us to provide advice our team of experience, traders will use the products themselves. This way we can be confident of the information that we present to you. You can then make an informed choice.

In this article, you will learn:

  • Why signal service providers can help
  • The pros and cons of using signals
  • How you can choose a signal provider

The Different Signal Services

Signals

While a signal service is essentially a real-time tip or advice to help with trading strategies along-side Forex brokers, they can still be broken down into different types of Forex signals:

News Trading Signals

How will a market react to a piece of news? If there is a significant movement in a currency pair or something likely to cause a change in the markets then you need to know this, and you need to know it fast. This requires quick reactions and a reliable service that can get that news to you in a hurry. The initial response is where the most profit can be made before the markets settle back down again.

Technical Signals

Using various forms of data, including trends, technical signals are more advanced and rely on technology. Technical signals are significant and have their part to play, but you have to be careful of other factors like market news. No matter how accurate your signals are if something happens in the markets the trends of a currency pair won't be relevant.

General Trade Signals

Different providers will offer different types of trade signals. The quality of these signals will depend on the service that you subscribe to. If you are looking for general trade signals there are plenty of providers that will offer this. The trick is to find one that provides the data in a timely and reliable manner.

Just like Forex brokers, there are also differences between signals services. Some traders subscribe to a particular service where the real-time analysis comes from one source or maybe multiple sources. If you want to go the whole hog and have the trading signals provided and the trades executed, then you need to use a automated trading robot or EA; Expert Advisor. Another growing trend is copy trading or social trading. This is where you copy the trades of a successful trader, but this does come with risks just like any form of trading.

Todays Top Traders
Trader Broker Pair Profit

Benefits of Using Signals

What exactly are the benefits of using a signal service when it comes to trading strategies, and what should you be aware of? There are many different providers all making claims to provide the most accurate technical analysis with the highest success rate. While some of the claims that look too good to be true usually are, there are benefits to using signals.

For new Forex traders, it can be overwhelming, and you really should understand the various signals and what they mean before you start using them. They can be accommodating though. For you, the trader, it can be tough to be on top of everything all of the time. That's why Forex signals can help you to make profitable trades and improve your trading strategy.

If there is a significant event that will affect particular currency pairs, then you need to know about it and fast. Having access to this market analysis quickly means that you can use a small window of opportunity to make some big money with your Forex broker. Of course this type of signal is a "news signal". Other types analyse the trends, activity, history and overall performance of the markets and produce signals based on this technical analysis. Again this is far more than a human being is capable of so it can come in very useful. The benefits of signals can be advantageous if you choose wisely and understand them.

Signals Pros And Cons

There are many pros and cons to using a trading signals to assist you using your trading platform. For some, it is an excellent tool for improving your trading success while for others it can be more damaging and you could end up losing money.

Let's take a look in further detail at some of the pros and how Forex trading signals can enhance your success:

  • If you choose the right company, then you will receive real time technical analysis to get trade ideas and make better decisions
  • You can keep up to date with the trends and changes in the Forex market with regular news signals
  • Convenient for trading on the go. Get alerts sent to you via SMS, email or via an app notification
  • Greater success overall means a more profitable and enjoyable experience long term

Now while there are plenty of positive arguments for using a signals trading account, you also have to consider the negative reasons and think seriously about whether the trading tool is worth using:

  • While there are many good signal service providers out there, there are also many who are just looking to make a quick buck, we advise you avoid free Forex signals
  • If you are new to trading and don't know what you are doing, then you could make poor trading decisions by using the signals incorrectly
  • Forex signals are there to alert you to changes in the market. If you don't act quickly, then there is no point in having the information

If you are struggling with which to choose, and want to avoid bad or poor quality free signals providers, then our ratings and recommendations will help you to make the right decision and have a better trading strategy.

Access to fundamental analysis means that you can react and make some big money.

Trending Pages

How we Find And Rate

As with all of the various features of a Forex broker, we can only bring you the most accurate, up to date and extensive information by investigating each product and trading platforms ourselves. That is why we put our team of experts to work testing every single one and getting under the skin of each provider. We don't just sit at our computers reading reviews and making assumptions. We base our information on our own experiences.

This involves opening a full Forex broker trading account and trading ourselves. We use the various robot systems and Forex signal providers on many trading platforms. Our team consists of traders that have been trading on the Forex markets for a very long time and have made significant sums of money. By using the various signals provided by the multiple providers they can measure their effectiveness before reviewing and rating them. We then present this information in a comprehensive format so that you can make a decision armed with the facts.

You may not understand signals and how they work; therefore, you can use our information to get acquainted with them. If it is something you feel you would like to try then you can choose a provider from the list of our reviewed and recommended providers. Then you can sit back and trade with peace of mind.

Frequently Asked Questions

FAQ

Are signals services reliable and trustworthy?

The key is to carry out your research, read our reviews and make an informed decision based on fact. We only recommended tried and tested providers that you can trust.

Can they predict asset movements?

While they cannot guarantee their predictions, most signal providers do have a reasonable success rate. The trick is to choose a signals provider with a reasonable success rate.

Will I need to pay substantial subscription fees?

For useful, reliable data, you can expect to pay for the privilege of a decent service. Free Forex signals exist but are mostly unreliable.

What if my signals provider gets it wrong?

Unfortunately, from time to time, they will get it wrong. That is the nature of the beast. Something unexpected could happen in the Forex market for example.

How do I find the best companies to use?

By browsing through the best Forex signals providers on our website, you will find those that we recommend. Our recommendations are based on our experiences so you can rest assured.

Meet The Author
Ben Morratt
Ben Morratt
Portfolio Manager

Ben’s contributions as a freelancer to the site since 2013 are highly valued. He has a real talent particularly within short-term speculation, making many successful trades on the directions of the global financial markets.

Related Pages