Popular Forex Signals Sites – 9 Trading Signal Providers for 2024

Make no mistake about it – trading forex online and making consistent profits along the way is no easy feat. In fact, the vast majority of traders lose money. With this in mind, it might be worth considering a forex signal service.

Put simply, forex signals services provide you with trading ‘suggestions’. Each suggestion will contain the required entry and exit prices – subsequently allowing you to trade without needing to perform in-depth technical research

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In this guide, we explore popular forex signals providers of 2024. We also give you some background information on how forex signals work, and what you need to look out for before choosing a provider.

Popular Forex Signals Providers 2024

Here’s a quick list of some forex signals providers on the market.

• 1000pip Builder – Popular All Round Forex Signal Service
• Learn 2 Trade – Forex signals site for Mentoring
• CryptoRocket – Commission-Free Trading Platform
• Daily Forex Signal – Multiple Take-Profit Targets
• ForexSignals.com – Great Reputation in the Signal Scene
• Pip Chasers – Free Forex Signals
• Zero to Hero – Daily Forex Signals for Beginners
• DDMarkets – Forex Trade Signals by Email
• WeTalkTrade – Forex Signals App

What are Forex Trading Signals?

In their most basic form, forex signals are trading suggestions that allow you to place buy and sell orders without performing your own research. Instead, you will be signing up to a forex signal provider that scans the markets on your behalf and looks for price action to trade.

This typically comes in one of two forms – human or automated analysis. With human analysis, you will get access to a seasoned trader who performs manual research and then sends you their findings.

For example, they might find that EUR/USD is heavily overbought, and subsequently suggest that you place a sell order at an appropriate price.

In the case of automated forex signals, market analysis is performed by a pre-conditioned algorithm. This allows the system to scan thousands of potential scenarios each and every second across dozens of pairs. Then, when the algorithm discovers a potential trading opportunity, it will forward on the signal to subscribers.

What do Live Forex Trading Signals Look Like?

In a nutshell, forex signal providers will send you trading suggestions that contain five key pieces of information. This ensures that you have all of the required information to act on the trading suggestion in a risk-averse manner.

Here’s what a trading signal typically looks like:

• Pair: AUD/USD
• Order: Sell Order
• Entry: 0.7250
• Stop-Loss: 0.7290
• Take-Profit: 0.7150

As you can see from the above, the forex signal service provides everything you need to set your order up. Let’s explore what each metric means in more detail.

Pair

This refers to the specific currency pair that the forex trading signal is about. In the vast majority of cases, the forex signal providers stick with major and minor forex pairs. That’s because these have significant liquidity and don’t suffer from volatile trading conditions. Sticking with major and minor pairs also ensures that you are able to trade with tight spreads.

Entry

This is potentially the most important piece of information that you will get from a forex signal. After all, if you don’t know what price to execute your trade at, the signal is virtually worthless.

What we often find is that ‘free’ forex signal providers will black out the required entry price. In other words, you need to pay a premium to receive it.

Now, it is important to remember that you will need to place a ‘limit’ order as opposed to a ‘market’ order when acting on a signal. This ensures that your order is executed at the exact price suggested by the provider.

For example:

• Let’s suppose that AUD/USD is currently priced at 0.7240
• The trading suggestion has an entry price of 0.7250
• Once the order is ‘placed’, it will only go live if and when the AUD/USD hits 0.7250
• If it doesn’t, the order will remain pending until canceled

Crucially, a lot of foreign exchange trade suggestions that you receive from the provider might end up being canceled because the target entry price has not been triggered. This is because the providers only want to enter the market when conducive trading conditions have been met.

Stop-Loss

Much like the entry price, the stop-loss price is a very important part of forex signals. A stop-loss order allows you to exit a losing trade automatically before you lose too much.

For example:

• Your entry price of 0.7250 on AUD/USD is met, so the order is live
• You placed a sell order, so you want the value of the pair to go down
• However, the opposite is happening, so you are going further and further in the red
• But, as you set up a stop-loss order at 0.7290, your trade will be closed by the broker when this price is met

As you can see from the above, a stop-loss order ensures that you can trade while practicing good risk management. It limits the amount that you can lose from any single trade.

Take-Profit

The final metric that the forex signal providers will send you is a take-profit level. As the name suggests, this allows you to lock-in your trading profits automatically. It works in exactly the same way as a stop-loss order, but in reverse.

What you will sometimes find is that a forex signal provider give you two take-profit prices. This allows you to set your own trading targets based on your ‘risk vs reward’ profile.

This might look like the following:

• Take-Profit 1: 0.7150
• Take-Profit 2: 0.7120

As you can see, on a short-sell order on AUD/USD – the conservative profit target is 0.7150. However, for those of you that wish to chase larger margins, the second take-profit target is 30 pips lower. With that said, you do have the choice of setting your own take-profit price somewhere in between the two targets.

How do Forex Trading Signals Work?

So now that you know what forex signals look like, we now need to explore how the underlying process works. That is to say, how do forex signal providers actually get their information? Crucially, this comes in one of two forms – human analysis or automated algorithmic analysis.

Human Analysis

Human-run forex signal services are somewhat of a rarity in the online space. This is because human analysis is far inferior to the capabilities of an automated algorithm. Nevertheless, the service provider will normally be managed by a seasoned forex trader that has a wealth of experience in the space.

They will manually research the currency markets through a combination of fundamental and technical analysis. Then, when a potential trading opportunity has been found, the human trader will distribute their findings.

Automated Algorithm

In the vast majority of cases, your chosen forex signal provider will utilize an automated algorithm to find trading opportunities. The underlying technology will likely be supported by the likes of AI and/or machine learning, alongside technical indicators.

The general consensus is that automated algorithms are significantly more capable of outperforming the forex markets, because:

• There is no limit to the number of pairs that an automated algorithm can analyze concurrently. This ensures that you have access to forex signals from a wide variety of pairs.
• Unlike human traders, automated algorithms can scan the forex markets 24 hours per day, 7 days per week.
• Automated algorithms follow pre-defined conditions. Therefore, it does not make irrational decisions, nor does it suffer from emotion. There is no risk of fatigue, either.

The forex signal providers will tweak and amend their automated algorithms on a regular basis. This ensures that the system is able to stay ahead of the curve in an ever-changing global forex scene.

Semi-Automated or Fully-Automated Forex Trading Signals?

Additionally, you also need to consider whether your chosen forex signal provider offers a fully-automated or semi-automated service.

• Semi-Automated: Most forex signal providers offer a semi-automated service. This simply means that you will receive a forex signal, and then be required to place the trade yourself with your chosen forex broker.
• Fully-Automated: You might also come across a fully-automated forex signal service. This means that your chosen platform will place trades on your behalf.

Popular Forex Signals Providers 2023

As great as forex signal providers are, the main challenge is knowing which service to sign up with. After all, there are literally hundreds of options available in the market. In truth, most of these providers are nothing more than a scam, not least because trading results rarely meet the platform’s bold claims.

With this in mind, we are now going to discuss some of the forex signal providers currently offering their services online. As always, make sure you perform your own research before signing up with a new provider.

Free Forex Signals vs Paid Signals

So now that we have explored the best forex signal providers of 2024 – we now need to discuss the costs involved. That is to say, some providers in the space offer free forex signals without registration, while others offer their services on a subscription-based basis.

To help clear the mist on which option you should consider, we are going to explore what free/paid for signal services typically offer.

Free Forex Signals

Put simply, by using a free forex signal service, you will receive trading suggestions without having to sign up for a plan. Instead, everything is sent on a fee-free basis.

Now, as we briefly covered earlier, it is common practice for ‘free’ forex signal platforms to ‘blackout’ key information attached to a suggestion.

For example, you might receive a signal like this:

• Pair: GBP/USD
• Order: Buy
• Entry: 1.xxxx
• Stop-Loss: 1.xxxx
• Take-Loss: 1.2905

As you can see from the above, you know that you need to place a buy order on GBP/USD, and that your take-profit target is 1.2905. However, the free forex signals provider has blacked out the entry price and stop-loss price.

As a result, the forex signal is worthless, as you don’t know what price to execute the trade at, nor do you have the required stop-loss price to mitigate your risks!  And of course – if you want to get your hands on these two prices of key information, you will need to pay a fee. As such, the forex signal isn’t ‘free’ like the provider said it was.

With that being said, not all free forex providers operate like this. On the contrary, some offer a completely free forex signals online with real tie service that comes with no hidden fees or upgrades.

Try Before You Buy

We should make reference to the Learn 2 Trade platform, not least because for all-intents-and-purposes, it does offer a top-quality free service. As we covered earlier, this will get you the very same service as its premium plan, albeit, you will only receive 3 signals per week.

This allows you to test the signal service out before making a financial commitment. Then, if you are confident that the product mirrors your expectations, you can upgrade to the premium account to receive 3-5 signals per day. Some providers also offer a demo account with the entry point for the forex signals blacked out.

Paid Forex Signals

In the vast majority of cases, paid signals come in the form of a subscription service. This means that you will need to pay a monthly fee to continue using the provider. For example, you might need to pay $50 per month, which is taken from your payment method automatically until you cancel it. In some cases, you might come across a provider that charges a ‘one-off fee’.

We would strongly suggest avoiding such providers. The reason for this is that once the provider has taken your money, they have no financial interest in keeping you happy. That is to say, there is no motivation for the provider to ensure that its signals continue to outperform the market, as it does not have the capacity to earn any more money from you.

Crucially, those that operate a monthly subscriptions service must ensure that they remain ahead of the curve. Otherwise, they will very quickly lose their subscription base. In order to do this, they will continually make tweaks and adjustments to the underlying algorithm.

Forex Signal UK

If you’re based in the UK and you wish to benefit from a top-rated forex signal service, then it’s best to stick with providers that operate domestically. As we cover in more detail further down, this is because of the respective timezone that the signal provider sends it suggestions.

• For example, it’s no good signing up to a provider based in Washington, not least because the US state is 8 hours behind the UK.
• In turn, this means that most of your live forex signals are going to be sent during the night.
• Unless you plan on waking up at unfavourable hours, you’ll want to use a UK forex signal service.

At the forefront of this is UK-based signal provider Learn 2 Trade. You will receive the vast majority of suggestions during standard UK hours, with the odd exception. We say this, as the Learn 2 Trade algorithm is constantly scanning the currency markets and thus – it operates 24/7. As such, you might receive the occasional signal outside of standard hours if a profit-making opportunity presents itself.

Forex Signal Telegram Groups

You might notice that many of the top forex signals providers, like Learn2Trade, use Telegram to deliver signals to subscribers. In fact, forex signal Telegram groups have become one of the most popular ways to get signals to traders.

There are several reasons for this. First, Telegram is secure. Only subscribers can join a group, so there are no free riders and no trolls to worry about. Only the signals provider can send messages, too, which ensures you don’t have to deal with spam or comments in between signals.

Another reason why forex signal Telegram groups are so popular is because messaging on Telegram is instantaneous. When a new forex signal is released, everyone in the group receives it at the same time. That ensures that no one has an unfair advantage, and the signal goes out in real-time before market conditions change.

How to Choose a Forex Signals Provider

So now that we have covered the ins and outs of free and paid-for providers, we are now going to give you some handy tips on how to choose a forex signal service yourself. After all, the space is largely dominated by rouge operators that make bold claims that will never be realized.

Proven Win Rate

When you come across a forex signal provider, the platform will often make bold claims as to how much it can make you. In most cases, this is known as a ‘win rate’. In its most basic form, the win rate refers to the percentage of signals that are profitable. It goes without saying that the higher the win rate, the more successful the signal provider is.

For example:

• Let’s suppose that the signal service provider has an average monthly win rate of 80%
• The provider sends out 50 signals throughout the month
• In theory, this means that 40 signals returned a profit
• As such, 10 signals returned a loss

There are two key considerations to make here. Firstly, the win rate doesn’t let you know how much you are likely to make. This is because it all depends on the size of the profit/loss applicable to each trade.

For example, you might make 2% gains from your first trade of the day, and then make a 3% loss on the second. If your stakes remain constant, then you would have lost more in your second trade than you made in your first.

Secondly, it is all good and well for the provider to market a win rate of 80%. However, how do you know that these claims are valid? With this in mind, you need to find a way to verify the legitimacy of these claims. The most credible providers out there will publish a transparent record of their trades, so that this can be verified by a third-party source.

Pricing

In the world of forex signals, you really do get what you pay for. That is to say, you should never go with a provider just because they offer a low-cost service. Once again, you need to take a step back and think about what goes on behind the scenes.

If using a provider that has built an in-house automated algorithm, this would have taken many months or even years to perfect. Then, the provider in question will need to continuously amend and improve the algorithm to ensure it continues to thrive in the markets.

As a result, those that charge a higher monthly price often do so to reflect the expertise and dedication that has been injected into the product. At the other end of the spectrum, a provider that takes a somewhat ‘blasé’ approach to the underlying algorithm and ongoing maintenance is likely to offer both a budget price and service.

Timezone

This is a metric that is often overlooked by newbie traders, but it’s fundamental to the financial markets nonetheless. So, when you use a forex signal service, providers will often operate during standard market hours. For example, if you are using a provider in the UK, then signals will likely be distributed between the hours of 8 am and 5 pm – GMT.

However, if you’re based in California, this means that you will receive the signals at unfavourable hours. As a result, you need to explore what timezone the forex signal provider operates on. In an ideal world, you will be using a provider that operates on a 24/7 basis – meaning that you will not miss out on profit-making opportunities.

Conclusion

In summary, forex trading signals give you the opportunity to make consistent profits without needing to have an inch of experience. Similarly, you don’t need to know how to read charts or perform technical analysis – as the entire process is typically passive.

This is because you will be provided with the required entry and exit prices to act on the suggestion at the click of a button. With that being said, the most difficult part is finding a legitimate provider that is able to meet the bold claims that it makes.

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