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Best Forex Signals – Top 7 Trading Signal Providers for 2020

Want to find out about the Best free Forex Signals? Here, we share with you a product guide, pros, cons, and faqs.
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Author: Edith Muthoni
Last Updated: May 20, 2020
Buy & Sell | Learnbonds
Buy & Sell | Learnbonds

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

    Our Rating

    Learn2Trade
    • Free Signals
    • In operation for over 12 years
    • Proven success rate of between 89.54 – 93%
    Learn2Trade
    Note: The most important aspect of trading signals is their accuracy and delivery. It won’t make any sense to have highly accurate signals delivered late as they will either lock you out of profits or result in unnecessary losses. Don’t forgot to check our top rated Forex brokers to trade these signals here.

    What types of Daily Forex Signals are there?

    Manual:Automated:

    Best Forex Signals - man holding a manual - Learnbonds

    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.

    Best Forex Signals - Yellow robot - Learnbonds

    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?

    • Passive incomes:

    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.

    • Higher returns than most other investment options:

    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.

    • Allows you to profit while learning how to trade:

    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?

    Pros

    • You don’t need prior trading or market analysis experience to use them
    • Automated signals ensure you don’t miss a trade 24/7
    • Keeps you updated about the forex market trends
    • Levels the playing field and harmonizes rates of profitability for both beginner and experienced traders
    • Helps you maintain an emotionally unbiased approach to the forex markets

    Cons

    • It is pretty hard to tell off scams from reliable signal providers
    • Free signals may be highly unreliable and less profitable
    • The fact that you are not privy to the analysis or the virility of the ‘analysts’ expertise exposes you to higher risk every time you accept a signal

    What criteria did we use to rate these services?

    • Cost and reliability
    • Ease of signal interpretation
    • Ease of integration with an automated trader
    • Accuracy rate
    • Level of analysis – whether AI or human-generated signals
    • Signal delivery method
    • Technical or fundamentally analyzed trades
    • Expertise and experience of the Forex trade analysts

    Best Forex Signal 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:

    • Real-Time Telegram delivery – Trading signals will be delivered directly to your phone.
    • Trading news and analysis – Learn 2 Trade provide chart analysis and market information on a daily basis
    • Forex scalping signals
    • Clear stop-loss and take profit

    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:

    • The 1-month package which costs $25 offering 3 premium signals per day with 89% success rate live messaging service, clear SL and TL also takes 30 seconds to sign up.
    • The 3-month package costs $55 offering the same too.
    • 6-month subscription for $85. Limited slots are available and the cost is effective by saving $65 if done monthly. It offers 3 premium signals per day with an 89% success rate, live messaging service, clear SL and TL.

    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.

    Our Rating

    • Proven success rate of between 89.54 – 93%
    • Running for over 12 years
    • Signal delivery via Telegram
    • Learn 2 Trade does not offer a CFD/Forex service
    • Does not provide trading signals on other markets

    2. eToro – Best of copy trading

    eToro describes itself as the ‘world’s leading social trading platform’. It was one of the first trading companies to enable its users to copy the trades of experienced investors similar to the way that forex signals might be acted upon. While this isn't a 100% match for a forex signal provider it's very much worth considering in this group of platforms. Suitable for beginners, intermediately experienced traders, and part-time users - many will find this a highly effective way of improving their trading yields.

    eToro is a market leader in the crypto-trading across many countries and is regulated for forex, stocks, CFDs and more across much of Europe. Many traders will find their pro-trader qualification criteria a nice addition, which provides confidence that the traders being copied are genuine, experienced and successful pros. The trading platform allows you to not only copy elite traders but the market portfolio will enable you to copy best performing pooled fund/ trading portfolios.

    Step by step tutorial to joining eToro

    Step 1: Sign up to the platform

    • Create your eToro fee of charge by providing your personal details
    • Provide the usual KYC detail such as telephone number, proof of address and identification
    • Answer questions to help the platform understand your level experience trading

    Step 2: Deposit Funds

    • To start trading with eToro you will need to deposit $200, which is the lowest operating balance

    Step 3: Start Trading

    • Start by practicing trades with the complementary demo account to get the hang of the system
    • Then start placing your own trades, and see what gains you potential make

    Our Rating

    • Hosts numerous social trading features that extend beyond copying a traders portfolios
    • Maintains a highly transparent fee and price structure
    • Low minimum operating balance of $200 and a reasonable 20% profit share
    • Their customer support team that can only be accessed via email
    Disclaimer: CFDs are complex financial instruments and 75% of retail investor accounts lose money when trading CFDs.

    3. 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:

    Step 1:

    Start by creating your account on CryptoRocket homepage. The broker asks only for an email address and password during the account creation process.

    Step 2:

    Choose your preferred trading platform during account creation, the MT4 desktop version or MT4 WebTrader which does not require installation.

    Step 3:

    Deposit funds to your account through a variety of payment options: Bitcoin, wire transfer, and credit card.

    Our Rating

    • Private and secure trading system
    • CryptoRocket is an STP (Straight Through Processing) broker
    • Allows traders to deposit and withdraw funds via bitcoin
    • CryptoRocket does not offer commodities and ETF trading

     

    4. 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:

    • The currency pair to trade – for instance the USD/EUR
    • The type of trade execution (either a buy or sell order)
    • Trade entry price (for a buy or exit for a sell signal)
    • The stop loss level
    • The take profit level
    • Suggested minimum deposits for maximal profits
    • The signals will then accompanied by a detailed analytical report explaining the reasoning and research that went into deciding to settle on the signal.

    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:

    Step 1:

    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.

    Step 2:

    Decide on your preferred forex broker

    Step 3:

    Fund your account and decide on the mode of signal delivery (keeping in mind that SMS are only available to United States residents)

    Our Rating

    • Proven reliability
    • Thoroughly analyzed and highly accurate Forex trading signals
    • Follows multiple currency pairs making it possible to diversify your Forex investments
    • Doesn’t offer brokerage services ensuring you have to work with third parties
    • Despite the analysis, Premium FX Signals aren’t immune to market downturns and the risk of loss

    5. BinBot – US friendly signal service

    Binbot is a Forex robot that works by automating the Forex market analysis and signal automation for the binary options investors. It works by automating the forex signals generation process and their execution while giving you a level of control over the execution aspect of the trade. Through its friendly user interface, you can set the amount of capital to dedicate to any trade as well as the number of currency pairs the Forex Signal automation tool can trade simultaneously. Plus the robot has a launch/stop button that allows you to turn it on or off.

    How does it work?

    Ideally, BinBot is a collection of automation tools that are available for free to the binary traders. Here, you are presented with a choice of more than ten Forex robots to choose from. The difference between these bots lies in their trade settings, the native Forex trading indicators embedded therein, and their profitability. They are then split into either specialist bots that will trade currency pairs like the EUR/USD.

    How to work with a BinBot?

    Step 1:

    Initiate the registration process by clicking on your preferred Forex robot on the BinBot website. Fill in your name and email address and choose your preferred binary options trader

    Step 2:

    Activate the trading bot by funding your broker’s trading account at least $250

    Step 3:

    Launch the Forex trader adjust the trade settings to suit your trading needs

    Our Rating

    • The relatively straightforward registration process
    • Highly intuitive user interface
    • You can only contact the support through email as they don’t have a phone number

    6. Centobot – Best for US option traders

    Centobot is an equally effective market analysis, signal generation, and execution tool. But unlike Binbot, Centobot will only trade cryptocurrencies. It, however, functions like any other Forex automation tool in coming up with trading signals. The collection of trading robots uses different market indicators to determine trade patterns and come up with trading signals that can then be vetted and manually or automatically executed by the trader.

    How does it work?

    CentoBot is also a collection of highly individualized trading robots that draw their uniqueness from the native indicators used to develop them or their trade settings. There are also specialist bots like Bitcoin Algo that will only trade Bitcoin-related crypto pairs. Ideally, centobot’s list of trading robots were meant to be fully autonomous but their friendly user interface makes it possible to control the trading bots activities, right from how many trades it executed to when it executes them.

    How can you join Centobot:

    Step 1:

    Start by creating choosing your preferred trading robot and binary options broker on the Centobot website

    Step 2:

    Fund the broker’s trading account with a minimum of $250 to activate the trading robot

    Step 3:

    Launch the trading robot and control such factors as the number of crypto pairs traded or capital allocation to different pairs on at the user interface.

    Our Rating

    • Doesn’t call for prior trading experience to operate robot
    • Attractive returns on investments – as much as 300% ROI
    • Will only work with binary options brokers

    7. ForexSignals.com - Best for reliability

    ForexSignals.com was started in 2012 and has over time claimed a top spot as one the most reliable trading signal providers. The signal provider doesn’t explicitly state the average rate of return for their signals but claims to belong to the top 1% category of successfully Forex traders. It is a paid service and costs $97 per month after being treated to a 7-day free trial. It stands out from the competition with its level of reliability and transparency whereby they give their clients access to their live trading rooms as they discuss and execute different trades 24/7.

    How can I join?

    Step 1:

    Head over to their website and fill the simple registration form therein – only requires a username and email address.

    Step 2:

    Decide on your areas of interest; copying trades, inviting in successful traders, learning how to trade or mentorship

    Step 3:

    Complete registration by filling your name and phone number

    Step 4:

    Decide on how you would like to receive the signals – SMS or email – and fill in the payment details.

    Our Rating

    • Exposes you to advanced trading features like copy trading or investing in highly successful traders
    • Beginner friendly
    • Verified past trade statistics that link back to Myfxbook account
    • One may consider the platform relatively expensive

    8. 1000pip Builder – Best for transparency

    1000pip Builder easily passes as one of the most transparent sites you will come across today. A reputation they have built over the past three years by sharing with their clients and prospects their past records through on-site links that direct you to their independently verified trading results on myfxbook.com. It is also one of the most profitable sites we have come across, having produced over 6,500 pips in the last 24 months. Gaining access to their signals will nonetheless set you back $97 per month. They are however currently running a limited-time 30% welcome bonus discount campaign for new subscribers.

    How to join 1000pip Builder:

    Step 1:

    Head over to the 1000pip Builder website and choose your subscription plan – $97/month, $227 for three months or $697 per annum

    Step 2:

    Fill in your email address on the signup window, decide on a billing method and make your payment

    Step 3:

    Complete registration by filling your name and your preferred signal delivery method, either email or SMS (for United States residents only)

    Our Rating

    • A straightforward registration process
    • Fast signal delivery
    • Highly accurate trading signals
    • Limited signal delivery mediums as they only support email and SMS

    Paid or Free services?

    • Free forex signals:

    Free signals  are delivered to your inbox and trading list free of charge. You don’t have to pay a monthly subscription, but you may have to register with the service’s recommended broker (and make a small deposit) in order to be eligible for lifetime access.

    • Paid services

    There are also highly experienced professional traders and groups of forex market analysts who have started businesses around signal service provision by charging a monthly fee for the recommendations. These have established systems and come up with some of the most advanced artificially intelligent forex market analysis tools that they use to scan the industry in coming up with highly accurate trade signals.

    Their prices range from relatively affordable to outright prohibitive and are in most cases, pegged on the signal provider’s historical performance and the rate of accuracy. The upside of joining a paid forex signal service provider is that they are more reliable in their delivery of signals and also put more research into it and, therefore, more accurate while their key downside lies in the fact that the charges may not always reflect their trading signal accuracy.

    How do you decide on the Best Signal Provider?

    • Vet their accuracy:

    When looking for the best provider, you will want to start by vetting the rate of their signal accuracy, especially for the paid forex market analysts. The last thing you need is an expensive service provider whose returns on trades can’t cover the subscription costs.

    • Apply for a trial period:

    There is no better way of testing the efficiency of a trading signal service provider than through the trial period. If possible give preference to signal providers that offer a trial period.

    • Vet their compatibility with your style:

    Are you a day trader or a position holder and do your interests align with your preferred trader’s style of market analysis? Confirm this compatibility before registering for their service.

    • Time zones:

    Trading signals, no matter how accurate and profitable they may be are only as good as their apt delivery and execution. They will not help you much if they are delivered while you sleep. It is, therefore, imperative that you work with a provider that operates within your time zone.

    Bottom line

    Premium FX Signals has done all legwork coming up with algorithmic traders to generate actionable signals and then delivering them to you for fast execution. For fast delivery, the forex signal service provider almost always go for such mediums as text messages that offer instant and hard to ignore alerts. And with the rise in the cases of scammers preying on both beginner and experienced traders, it is important that you only settle for a highly reliable signal service provider like PremiumFXSignals.com.

    Glossary of Forex Terms

    FAQs

    Do I always have to pay to access the services?

    No, there are two types of forex trading signals; the free and paid forex signals. The difference between the two is that paid signals require you to subscribe to the service with a premium services provider while the free signals are freely availed on the internet and on the analyst’s websites.

    Can I make decent incomes from trading signals?

    Yes, while you don’t stand to make as much as you would when using the paid provider. For the longest time, these free forex signals were considered unreliable and largely unprofitable given the little effort their providers put towards market analysis. Today, however, reputable free signal providing companies have cropped up and are continuously churning out profitable signals that compete favorably with their paid counterparts.

    Do I need a Forex trading background to benefit from Premium FX Signals?

    No, the forex signals concept is built around the idea of helping beginner traders and the overly busy individuals make passive incomes from trading the Forex exchanges. You, therefore, don’t have to have prior forex market analysis experience to start trading signals. You only need a trading account with a forex broker and basic trading skills that help you decrypt the signal, paste it onto your trading account and launch/stop the trade.

    How do I receive these Premium FX Signals?

    In most cases, forex signals will be received through text messages or email alerts. How you receive your signal is largely dependent on your location and your choice of the delivery method when signing up. According to Premium FX Signal, they will often go for such mediums of delivery as SMS and email alerts as they are hard to ignore.

    What is the difference between a fx signals and a Forex brokerage?

    As the name suggests, a forex signal provider refers to an individual or group of individuals that conduct Forex market analysis and share their findings with others either for free or at a fee. They are simply offering suggestions and recommendations on the best currency while a Forex brokerage gives you access to the market.

    How do currency market analysts decide on the most important Forex signals?

    Forex signals are either generated by the artificially intelligent trading systems or experienced human analysts. And while either has its fair share of strengths and weaknesses you are better off trading with forex signals from a service provider that guarantees both AI and human involvement in signal selection. In such a case the most viable signal is generated by the AI trade analysis but vetted by an experienced human analyst before being delivered to the traders.

    Is trading signals risky?

    Yes, forex trading remains one of the most volatile money markets. The fact that you trust an online stranger to provide you with thoroughly researched signals further compounds the risks associated with forex signal trading. However, Premium FX Signals providers has embraced several risk management practices aimed at helping protect your bottom line. These include the incorporation of stop-loss orders for every pair and recommendation on the amount of cash you need to commit to a particular trade.

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
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    Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, commodities, forex, indices, bonds, and cryptocurrency investments. She holds a Masters degree in Economics with years of experience as a banker-cum-investment analyst. She is currently the chief editor, learnbonds.com where she specializes in spotting investment opportunities in the emerging financial technology scene and coming up with practical strategies for their exploitation. She also helps her clients identify and take advantage of investment opportunities in the disruptive Fintech world.

    10 Comments

      • Whereas it is advisable to consult a signals provider as a means of passive income generation, due diligence is advised. Signals providers are market analysts and not necessarily financial advisors
      • As an investor, you are advised to analyze the performance index of the signal provider before investing or using the signal service. However, many signal providers issue a disclaimer that past performances exhibited by the service providers is not necessarily indicative of the future performance.
      • Most signal providers will charge a subscription fee which may vary depending on the terms of the agreement. The investor may also reach an agreement where the signal providers are paid a commission of the total profits earned from their signals. This kind of arrangement will shield you from paying unnecessary payments in the event of losses.
      • Hi Henry, your earnings will be subject and constituent to several factors. These factors include; your amount of capital, risk appetite, ROI, prevailing market conditions and a bit of luck.
      • Well, a trader, be it forex, Binary and Crypto analyzes the markets and executes trades. A trader has direct access to funds. A signal provider on the other part does market analysis and shares high probability trade setups, they are not liable to any trade outcomes.

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