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If you’re based in the United States and want to find the best forex signals, you can generally distinguish between using key factors such as cost, strategy, results and frequency.
Read on for more information about forex signals and to check out Benzinga’s picks for the best free and low-cost forex signal providers.
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Best Forex Signals Providers:
- Daily Forex
- Forex Signals Factory
|Broker||Best For||Commissions||Account Minimum||Choose your platform|
||Spreads start as low as $1 But vary based on trading volume||$250||
1 Minute Review
FOREX.com is a one-stop-shop for forex traders. With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX.com is an excellent choice for brokers searching for a home base for their currency trading. New traders and seasoned veterans alike will love FOREX.com’s extensive education and research center that provides free, informative forex trading courses at multiple skill levels. While FOREX.com is impressive, remember that it isn’t a standard broker. You can’t invest in the stock or bond market through your FOREX.com and you cannot open an account with tax advantages. The confusing pricing and margin structures may also be overwhelming for new forex traders.
Currently no promotion
||$10 value per pip||$0||
1 Minute Review
IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U.S.-based customers, the brokerage does it spectacularly well. Novice traders will love IG’s intuitive mobile and desktop platforms, while advanced traders will revel in the platform’s selection of indicators and charting tools. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.
Currently no promotion
||$5 per 100,000 base currency traded||$0||
1 Minute Review
OANDA offers commercial and standard access to the forex market, with over 70 currency pairs to trade. OANDA’s platform is comprehensive, offering a wide range of indicators and charting tools for experts as well as a simple and intuitive layout that’s perfect for beginners.
You won’t find retirement savings or stock trading on OANDA — the platform doesn’t offer any type of trading beyond the forex market. However, the broker does forex trading especially well — though it could stand to offer more in the way of customer service and lower fees.
Currently no promotion
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1 Minute Review
This publicly listed discount broker, which is in existence for over four decades, is service-intensive, offering intuitive and powerful investment tools. Especially, with equity investing, a flat fee is charged, with the firm claiming that it charges no trade minimum, no data fees, and no platform fees. Though it is pricier than many other discount brokers, what tilts the scales in its favor is its well-rounded service offerings and the quality and value it offers its clients.
$600 cash & free trades for 60 days
||$0.005 per share minimum $1 and maximum 0.5% of trade value; volume discount available||$0||
1 Minute Review
Interactive Brokers (IBKR) is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. With access to over 125 global markets, you can buy assets from all around the world from the comfort of your home or office. Options, futures, forex and fund trading are also available — and most traders won’t pay a commission on any purchase or sale. IBKR is geared primarily toward experienced investors. The platform offers limited assistance and can be a challenge for new users to become acclimated to. The broker’s tiered pricing strategy can also be frustrating for traders who focus on hourly or daily price movements.
$200 refer-a-friend bonus
Overview: What are Forex Signals?
A forex signal is an indicator derived from a factor or combination of factors that suggest an optimal time to buy or sell a currency pair. An example would be a technical indicator signal like a moving average crossover that can indicate a point of trend reversal which might suggest a counter-trend position.
Traders with a technical analysis background commonly use a number of forex signals in their trading. One important advantage of signal trading is that you get rid of gut feeling trading, which might get you in trouble if you make a bad market call.
Most technically-inclined traders and automated trading systems use trading signals derived from technical analysis. This allows them to objectively determine when to get in or out of currency positions based solely on observations like price action or volume.
Using signals in your own trading could significantly enhance your trading results, whether you use your own signals or rely on a forex signal provider with a proven track record.
How to Use Forex Signals
One of the most basic forex signals used by traders consists of areas on the price chart where buyers and sellers tend to converge. These are known as support levels if below the current market price and resistance levels if above the market.
Traders might use these well-defined regions to place buy limit orders ahead of support levels and sell limit orders ahead of resistance levels as part of their trading plans. They might also put their stop-loss orders below support and above resistance levels.
Moving Averages (MAs)
Other technical indicators based on price include moving averages (MAs). These generate a popular trading signal when a short term moving average crosses above or below a longer-term one. If the short term MA crosses above the longer term MA, then the crossover generates a buy signal. If the short term crosses below the longer term MA, then that generates a sell signal.
Directional Movement Indicator (DMI)
Another indicator, the directional movement indicator (DMI), can be useful in getting a sense of whether or not prices are trending in a particular direction or not, as well as the strength of the trend if any.
The calculation of historical volatility can help you assess the risks involved in taking a trade based on past price action, which can also give you an idea of what sort of position size you should take on a risk-weighted basis. Higher historical volatility signals greater risk.
Oscillators are technical indicators often used in technical analysis to determine overbought and oversold market conditions. One of the most popular technical indicators of this type that can be used to generate forex signals is the Relative Strength Index (RSI).
Relative Strength Index (RSI)
The RSI is a bounded momentum indicator that has a range of 0 to 100, and it can signal that a possible trend reversal is likely when it moves into extreme territory.
A reversal in a rising market can be signaled when the RSI indicator is overbought above the 80 level, while a reversal in a declining market can be signaled by an oversold condition when the index falls below 20. Divergence between the price and RSI when the indicator is in extreme territory above 80 or below 20 gives an even stronger market reversal signal.
Where to Get Forex Signals
One of the easiest ways of obtaining forex signals is from a signal provider through software that scans the forex market for trading opportunities or it can be a company that provides trading signals to its clients, often via SMS text messages, Telegram messenger, WhatsApp, email or online platform notifications. Many online brokerage companies also provide trading signals to their customers.
No matter how the trading signals you follow are generated, or if you are just focused on forex trading or also want to trade the stock market, ultimately the most important factor — and the best way to invest in a signal provider — is to find one that gives the most profitable trade signals over a given time frame.
To use a signal provider, you usually just enter orders manually based on what the signal provider suggests to you. Some providers can automatically enter signal orders for you, which can prevent the market moving away from you between the time the signal is sent and when you get around to trading on it.
Our Picks for the Best Forex Signal Providers
Despite the many claims of accuracy found on signal providers’ websites, many signal providers do not publish independently verified results of live trading using their own signals. If you subscribe to this type of service, you’re ultimately responsible for making the signals work for you and must use your discretion when selecting a provider and trading based on those signals.
Best Free Signal Providers
Clients of FOREX.com, which is arguably the best forex broker based in the United States, have free access to the broker’s Advanced Trading Platform tools, which provide trading signals you can use to enter and exit trades, such as Pivot Points.
The broker’s Autochartist tool automatically scans the forex market to highlight trade opportunities you can use as trading signals. It identifies chart patterns that occur in the markets you prefer to trade. It also gives a forecast of what could happen next based on the traditional technical analysis interpretations of those patterns. This is based on how they resolve when trigger points are reached under certain conditions.
FOREX.com also offers a free Recognia technical analysis portal that makes it easier for you to plan trades. It displays short term trading opportunities based on pivot points, support and resistance levels and a diverse range of indicators that technical analysts use.
It gives you a clear and detailed reason why the trade makes sense and even proposes alternatives if market conditions change and displays the trading opportunities on charts in a visual manner.
2. Daily Forex
With more than half a million monthly visitors, Daily Forex takes our second spot among free forex signal providers. Daily Forex publishes daily forex signals for all the major currency pairs and Bitcoin.
Through Daily Forex, each currency pair gets a dedicated page on their website that includes a risk evaluation percentage, times for optimum trading and signals with specific directions to buy or sell at given price levels. Entry, exit and stop-loss price points are provided with each signal.
Forex Signals Factory
This free forex signal provider is truly free, unlike some other signals providers that advertise a free plan and then charge for services in order for the signals to be useful. This signal provider also has an impressive social media following for its type.
Forex Signals Factory provides about 15 signals a day in all the major currency pairs and several other assets. Weekly and monthly signals can also be accessed, as well as technical and fundamental market forecasts. The provider averages 66 monthly signals with a 76% success rate and a risk/reward ratio of 1:3.
Best Low-Cost Signal Provider
MQL5’s signals page is one of the main trading signal resources for traders using the MetaTrader 4 or 5 trading platforms. The site offers a large roster of signal providers who are individual traders you can copy automatically in real time using your MetaTrader trading platform.
MQL5 allows just about anyone to provide trading signals, which might put off some potential users of the service since it is unfiltered. Still, each trader’s performance is evaluated and rated with respect to their return on investment (ROI) over time, number of trades within a given time frame (trading frequency) and the maximum drawdown experienced in their trading account.
In addition to the wide range of diverse strategies, the MQL5 market verifies all of its providers’ trading results, which other forex signal providers may be reluctant to disclose.
The site also provides software to filter the numerous traders by many variables such as ROI, maximum drawdown and net profit. You can do your own filtering to select the best performing traders to copy.
While the service itself is offered free of charge, to get signals from individual traders, you must pay a signal fee of $20-$50 to most of them, although some star traders do ask as much as $500 for their signals.
Forex GDP is our second low-cost selection and offers customers a free subscription plan with up to four signals a month. Calls generate between 90 and 150 pips’ profit. The free signals include basic entry and exit levels that can be received through the WhatsApp social trading network.
The provider offers a free signal service you can try out with two to four trade ideas you can act on each month with a target of 90 to 150 pips. If you want additional features and higher profit potential, its paid plans might suit your needs better.
For a reasonable subscription price of $84 per month, the Premium plan gives you 8-12 trading signals with a target profit of 300 to 700 pips. It also gives you specific entry and exit points and offers email support for as many as 6 more trade ideas in addition to the trading signals.
The Premium plan price goes down to $69 per month for a 3-month subscription, $59 for 6 months and $49 for a 1-year subscription.
For $147 a month, you can get the Supreme plan with 16-25 signals with a target of 700-150 pips. The Supreme plan price declines to $126 per month for 3 months, $111 for 6 months and $99 for a whole year. The Supreme plan also includes signals for commodities.
This signal provider is worth looking into as it’s owned and operated by veteran trader Joel Kruger. The differences between JKonFX and other signal providers are quite impressive, and it caters to novice and seasoned traders alike.
JKonFX’s services are based on six market analysis disciplines that include technical analysis, fundamental analysis, dashboard analysis, a trade journal, trader psychology and bank reports. Each one of these six fundamentals, as they are referred to, get addressed daily via a video presentation or information published on the provider’s website.
The signal provider offers two plans: a $30 monthly plan that includes 5 weekly technical and fundamental analysis reports, at least 1 weekly Market Movers Report and at least 10 Daily Bank Reports. For $45 a month, you get all of the previous offerings plus 3 Trade Finder Dashboards, priority customer service, an Export Trade Journal History and Instant Trade Alerts.
Best Forex Signals – Top 7 Trading Signal Providers for 2020
Forex signals are suggestions and recommendations sent to a trader by a signal service provider advising them on the best time and price to enter or exit a currency price trade.
In most cases, these signals are generated by an experienced human Forex analyst or artificially intelligent trading systems (or both) and then passed onto the Forex signal service providers’ subscriber list.
The effectiveness of these signals is time-limited, and maximal profitability or loss avoidance is pegged on their near-instant execution. This explains why they are delivered through some of the fastest mediums possible like text messages, telegram notifications, RSS Feeds, Direct tweets, emails, and website updates.
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FX signals, as a form of currency trading, have gained popularity and massive adoption from both experienced and beginner traders who rely on experienced industry analysts to conduct the analytical and fundamental analysis of different pairs and furnish them with actionable information on the most profitable trades.
There is however, more to these signals than just their mode of delivery or their execution. And understanding them all starts with looking at the different types of signals, why you need them and the best providers currently available.
Our Best Forex Signals Provider 2020
What types of Daily Forex Signals are there?
The only difference between manual and automated signals is in their mode of execution. And as the name suggests, manual forex signals refer to trades that must be executed manually. These signals are delivered through an easily accessible and hard to ignore mediums like an SMS, email, or a direct message on a private social media group/channel. They have everything laid out starting with the recommended entry/exit price and the currency pair to trade as well as the market direction – long or short – to assume. Some will also feature several risk management tools like stop loss orders.
But you have to copy these trade settings from this medium and paste them on your trading account and launch the trade. The upside to this is that you have absolute control over the forex trades you pursue while the downside is that missing the signal or late execution may lock you out of profitable trades.
Automated Signals, on the other hand, refer to those that are executed by auto trading bots. The investor here starts with linking their trading account with the signal provider’s bot. Once the signal provider releases a new currency signal, the bot picks it up and executes the trades immediately, as long as your account meets the recommended settings like having enough trading balance.
Unlike the manual signal interpretation and execution where the tip can be delivered by any method, automated signals must be delivered through a medium that allows for immediate capture by the trading bot such as a telegram notification. The upside to automated Forex signal trading is that it executes trades in real time, thereby maximizing your profitability and minimizing the impacts a negative market downturn may have on your trades. One of its limitations, however, is that you have limited control over how many trades it executes in a given period and this may expose you to above average risks.
Why would you consider subscribing for trading signal provider?
Forex signal trading presents you with an opportunity to earn wholly passive incomes. The fact that you are not actively involved in the currency trade analysis means that you can benefit from Forex trades, regardless of your experience.
Most fx signal service providers post an average of 10%+ returns on investments annually. This is way higher than the less than 2% p.a posted by the safer high yield savings account.
Long gone are the days when you first needed to commit to training how to trade or perfecting a trading strategy. Today, both the free and paid services make it possible to earn a decent income from currency trading while learning about the industry or perfecting a strategy.
What are the pros and cons of using free signal providers?
What criteria did we use to rate these services?
5 Best Providers for 2020
1. Learn 2 Trade
Learn 2 Trade, a foremost tech innovation, is a UK based digital platform for Forex and cryptocurrency. Its rich content makes it a learning hub for beginners, intermediate and advanced traders. Learn 2 Trade provides signals on Forex pairs and cryptocurrencies including scalping signals and hedging. The team takes pride in 92% signal success and is offering free signals for the first year.
The platform exudes a colorful, user-friendly interface that is not limited in scope. On its website, it arrays a news section on forex, cryptocurrency, technical and fundamental, releases, broker reviews press statement, etc. In addition, Learn 2 Trade is also offering an ongoing day trading course for its clients.
It also provides a rich, up to date library of informative materials on Forex and cryptocurrencies where you can also find useful links to brokers and information on their deposits, bonuses, critical reviews and online support.
Market Leading Forex and Crypto Trading Signals 2020
The Learn 2 Trade Signal team has been providing trading signals to independent financial traders worldwide for over 12 years. It is one of the leading Forex trading signals provider in the world with over 2860 active members.
The Learn 2 Trade signal service will allow you to enjoy these features:
Learn 2 Trade Risk Management
Learn 2 Trade offers a 30 day, 100% money-back guarantee if you are not satisfied with the results. The Learn 2 Trade team is comprised of professional traders who have a success rate of between 89.54 – 93% with trading signals.
Step by step tutorial to joining Learn 2 Trade
Step 1: Choose a package
Choose a package – Learn 2 Trade offers three packages:
Step 2: Checkout
Once you chose your package, you will be transferred to the cart page. Click on the proceed to checkout button.
Step 3: Fill in your details
Fill in the registration details: billing details, phone, address, and your payment method. You can complete your payment with a credit card, PayPal, and cryptocurrencies.
2. CryptoRocket – Best for crypto and CFD trading
CryptoRocket is a new broker in the industry and has already captured the market with unique trading feature and conditions. The broker offers a variety of trading products including currency pairs, cryptocurrencies, stocks, and indices.
CryptoRocket offers the following features that set the broker apart from other brokers in the industry: private trading, high leverage ratio, encrypted wallet, secure trading platforms, and Straight Through Processing (STP) execution.
The broker offers the most popular trading platform MetaTrader 4, which is available as a desktop and web-based platform. CryptoRocket also allows traders to deposit and withdraw funds with bitcoin.
How can you join CryptoRocket:
Start by creating your account on CryptoRocket homepage. The broker asks only for an email address and password during the account creation process.
Choose your preferred trading platform during account creation, the MT4 desktop version or MT4 WebTrader which does not require installation.
Deposit funds to your account through a variety of payment options: Bitcoin, wire transfer, and credit card.
3. Premium FX Signals – Simple and effective
Premium FX Signals comes off as our most preferred Forex signals services provider because of their reliability, highly accurate signals and a rich history of helping their subscribers score high returns on investments. We are also drawn to their fast signal delivery methods, in form of both text messages and email alerts, as well as the level of research they put into the analysis of every signal sent out to their clientele as evidenced in the signal analysis report that accompanies every Forex signal. More importantly, their analysts are keep tabs on different currencies and this offers a level of Forex investment diversification.
Analysis and signal delivery
The Premium FX Signal team comprises of some of the most experienced Forex market analysts who are constantly following currency market trends, with the assistance of some of the most advanced financial market analysis algorithms. Here, the signals are vetted and tested by an experienced human before they are delivered to you for execution. Ideally, the Premium FX Signal will have such features as:
Risk exposure and management
The Forex industry, though highly profitable, remains one of the most volatile sectors of the money markets. Easily swayed by such factors as news and global economy dynamics, the forex industry is constantly faced by unpredictable downturns that expose you to huge risks. To address this, Premium FX Signals always suggests the stop loss order level in their forex signals. They will also send out counter signals every time the market moves against their analysis and forecasts.
Step by step on how to join Premium FX Signal services:
Fill in the registration details on the Premiumfxsignal.com website. This process is quite simplistic and will only ask for your Name and address, Email address, valid Phone Number, and password for your new account with the signal service provider.
Decide on your preferred forex broker
Fund your account and decide on the mode of signal delivery (keeping in mind that SMS are only available to United States residents)
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