Forex signals

Forex trading signals can be defined as signals informing the investor that he or she can sell or buy currency pairs, thus helping the trader to make rational decisions in compliance with the market situation. Trading signals are generally expected to help to work in the market, but they can mislead you.

You’re free to trade on your signals. So, by means of indicators, you can independently determine in the trading terminal, when to purchase and when to sell assets. The process also suggests tracking news, studying statistics, etc. It’s also possible to receive signals from the provider.


What are Forex signals?

Trading signals are very popular in the foreign exchange market, they are supplied by providers via different channels. With the help of SMS alerts, the investor gets a notification about the entry point to the market. The message specifies the type of trade, the open price, stop loss, take profit as well as other information. You need some experience to instantly grasp the very meaning of the information provided in the SMS. The same way, signals can come from the provider to your inbox. There’re also mobile apps developed by providers. What’s more, signals can also be sent to the instant messenger. Moreover, the provider can also give signals in the webinar format.

On trading sites, investors submit their signals for copying, so the recipient has an opportunity to copy them to his trading platform during trading.

Signals from providers can be paid and free. There’s a common point of view that in terms of accuracy free signals are inferior to paid ones. Free signals mostly target newcomers.


How to work with Forex signals?

Trading in the Forex market on your own, relying only on your signals, suggests a sound knowledge of the market, an ability to determine the exact signal and filter out false ones (is Forex a scam?). In the end, the signals enable the trader to make a profit or timely abandon a potentially unprofitable deal.

Before you start trading on signals from providers, you require choosing high-quality signals. That’s not easy because in most cases the signals are of mediocre quality.

You need to be cautious when it comes to using the signals offered by Forex brokers, even if they promise compensation for the wrong signal. In fact, brokers derive great benefits when traders lose their trades. Therefore, they don’t have much interest in providing traders with really useful signals. Any signals offered by brokers need to be thoroughly checked on a demo account. It especially applies to the case when the broker offers to open a trading account by a referral link with the condition of delivery of signals.

The signal provider should raise doubts if it has just appeared on the market, there aren’t any independent statistics on signals, it has a lot of only positive reviews, paid signals are too cheap, money back isn’t guaranteed in any case, their support doesn’t respond well or completely ignores user requests.

Signals offered in social networks and on forums are rarely effective. There’s a low likelihood that a trader who has developed or received a really effective signal will share it with other investors. It’s clear that such signals need to be paid. In any case, if purchasing a trading signal seems to be a potentially worthy investment, you require checking the feedback on the seller and also the effectiveness of his signals.

In the end, have spent much time looking for a reliable provider of signals, the vast majority of investors decide to stick with well-proven resources, which aren’t many in the world. However, even if the signal provider is reliable enough, in every case, the final decision on the use of signals is made by the investor. One can’t completely trust signals in trading. You should compare them with each other, taking into account such crucial nuances as the influence of macroeconomic factors, sudden news, non-market factors, etc. Open a demo account with a broker, open a trading position based on signals from the platform and see what happens.


How to independently receive signals for Forex trading

In order to obtain a signal on the trading platform and apply it, you require referring to the list of trading signal providers.

Several years ago, the search for individual trading signals started turning into the search for an investor, whose behavior in the market could be copied along with his signals. The very essence of this method is that if you copy the trader’s signal, you’ll get the same outcome and the effectiveness of the result can be checked with the help of statistics. The given approach has clear advantages – it takes less time to assess the signal and also less time to understand the market. However, the latter turns out to be a dubious advantage.

In MQL5 ( the possibility of copying trading signals is available in the section «Trading Signals for MetaTrader 5 with Automatic Execution on Your Trading Account» (the figure 1).

Copying trading signals to Metatrader 5

Fig. 1

This service enables you to copy the signals of traders for execution on your account in the automatic mode. To make use of the signals from this resource, you require signing up there. Enter the signals section and pick up the desired one. The website offers a wide choice of signals. You can choose them by various parameters, including reliability, intraday, profitability, leverage 1:100, etc.

For each signal, there’s enough detailed information, including charts, statistics, trading history as well as other aspects. On the signal display, you can observe the following indicators: a price, gains, followers, funds weeks, trades, profitable trades, PF. For more information, you should click on the chosen signal (the figure 2).

For each signal, there’s enough detailed information, including charts, statistics, trading history

Fig. 2

Use the service «Signals» at the bottom of the web terminal to download the chosen signal to the platform. For a subscription, you require choosing a suitable trading signal of all the available ones. If the signal is paid, you can pay for them using Visa, MasterCard, and UnionPay bank cards, to say nothing of various e-wallet options. After this, you’re expected to configure the copying of trades, specifying the deposit amount for operations with a signal, the size of the spread, and the minimum deposit at which copying will be over.

We should note that all the signals presented on the trading platform are paid. If you’re particularly interested in free signals, reach out to the MT5 community (

To receive signals on the eToro platform, you require choosing the appropriate market. Then you should go to the «Traders» section, where signal providers whose strategies can be copied are represented (the figure 3). Traders are distributed according to various parameters, such as risk indicators and profitability. Moreover, there’s a filter for extra parameters.

Trading signals on the eToro platform

Fig. 3

Having picked up a trader, you require going to his profile, where copying will be offered (the figure 4). To be able to copy trades, you need to have a completed profile and deposit the appropriate amount to your account.

Trading signals of traders on the eToro platform

Fig. 4

A similar scheme of work is offered by ZuluTrade. You are free to choose various rating parameters of signal providers for copying, including advanced search (the figure 5).

Signal providers for forex trading in the platform ZuluTrade

Fig. 5

To activate the subscription, deposit your account. After the subscription, the copied trader is available in your portfolio. Moreover, in your account settings, there’s an option «Get Traders’ Signals» (the figure 6).

ZuluTrade platform: subscription to traders signals

Fig. 6

On the Myfxbook platform, you can copy trades automatically in the AutoTrade section ( Here you can also take advantage of signal providers – these companies are available in the section «Overview», in the subsection «Providers of trading signals» (the figure 7).

On the Myfxbook platform, you can copy trades automatically in the AutoTrade section

Fig. 7

Moreover, there’s a rating of signal suppliers. The rating is built around a simple principle – the number of user votes in favor of one or another provider.


Free Forex signals

There’re many free trading signals in the Forex market now, and the suppliers of such signals actively advertise their services. Generally speaking, the choice of free signals suggests distinguishing bona fide suppliers, which are rare in the market from providers of worthless signals or simply scammers. The benefits of free signals from Forex brokers are quite questionable because brokers really have no particular advantage in providing effective signals to their clients. If you decide to use such signals, you’d better try them on a demo account and review the feedback from customers who have already utilized such signals.

Receiving signals for opening an account via a referral link is questionable too because it makes no sense for the provider to share useful signals with traders in this format. If you decide to use such suppliers, you require checking on which broker’s resource a trading account will be opened. Get familiar with the reviews about the broker and the provider.

In any case, the provider supplying free signals should be a real trader or company and you can check this fact in the network. Such a provider should be known on large trading platforms and services. Moreover, it should have a confirmed history of successful trades on signals, while examples from demo accounts are worthless here. Certainly, such a provider should be present on the market for a long time, at least for a year.

As a provider of free signals, you can consider Tradingview (, on this website, you can find a large amount of information, which can be utilized to trade online. You can use the screener without registration. However, having registered, you’ll enjoy the extended possibilities of the service. ( provides free signals online. Having registered, you can subscribe to email signals, but it’s a paid service.

The provider of free signals Traderblog ( sends signals to an email by subscription. You can easily subscribe on the very first page of their website.

Within the Autochartist application, the trading platform Alpari sends free signals. To receive these signals, you require registering with Alpari and finding the subsection «Technical Analysis» in the section «Forex Analytics».

For an experienced trader, free, but extremely signals are represented by economic as well as political news, data of various indicators and oscillators, support and resistance lines, events that take place during trading and which resemble events, which have occurred before, points of view of reputable people in the financial industry, etc. Furthermore, the signals are often required only to further confirm what the investor already knows or intuitively feels.

On the other hand, free signals from a trusted provider are really required by a novice investor, still learning to properly interpret information from signals. In any case, losses are inevitable, so adding to them losses from the purchase of expensive and quite uncertain signals can hardly be a rational move. As for the feedback from traders on the services of free signals, we should note that a huge number of positive reviews is a bad sign. Reviews on the providers’ websites should be ignored. Instead, you’d better pay attention only to reviews available on independent web resources.

Every supplier has negative reviews. Well, if they dominate, that’s a bad sign too. On the other hand, if the reviews ascertain that «they’re scammers» without a clear expiation and proof, then you can hardly rely on such reviews too when choosing a provider. Nevertheless, the feedback from the trading community as for the suppliers of free signals is a very crucial factor of choice. A lot of investors illustrate the downsides of the provider in detail and you can’t underestimate this information.

When choosing a provider, you’d better stay away from the laudatory descriptions of the signals from the providers themselves. No matter what they dare to boast: the amount of gains, pledges of inevitable a fast and stable income, remain skeptical about all of this quite suspicious stuff.


Paid Forex signals are considered to be more informative and useful than free ones. However, not all investors, experienced ones agree with this common point of view. The most popular providers of paid signals can be found in the ratings. However, you should treat them with great caution, in particular, if they evidently focus the user’s attention on just one provider.

If the website of a paid provider offers too much information with enormous profits, that’s another bad sign. On the contrary, a large number of reviews on independent trading platforms is a positive sign. Moreover, it’s a good thing if the provider responds to traders’ claims on such web resources and demonstrates the readiness to help.

In addition to the already mentioned providers of paid signals, known in the market, we should also point to Signal ( The service provides a subscription to a huge number of trading signals as well as signal packages on different conditions, including SMS, email, the user’s personal page. It provides solutions for automated trading on the MT4 and MT5 trading platforms.

Instaforex is a provider of signals as well as other information for investors in a large amount. As follows from the information on the website, the signals are provided by the most experienced traders, so-called «stars» of this complex platform. The service presents a catalog of signal providers, listing signal providers as well as services for copying. By the way, among them, there’re also free resources. These services particularly help to trade on the Instaforex site.

You’re welcome to try services provided by Forsignal ( In order to use their signals, you require registering and opening an account with Instaforex, after which the possibilities for copying ForexCopy signals will become available.

Сopyfx ( appears to be a service for copying trades nearly without the direct participation of the trader in the process, who in this case becomes just an investor. The investor pays the provider-trader a percentage of total profit on all closed trading positions. Accordingly, it’s possible to use this service only after registering an account on a resource and making a deposit.

Signal Start ( is a full-fledged service for both signal providers and recipients. Keep in mind that when registering, you should be aware of the fact that the service doesn’t properly recognize the full name, so you should write it in Latin, and the middle name isn’t necessary.

Having activated the account, you should connect the trading account by filling out the corresponding form. By the way, in the form, in the line «Platform» only Metatrader4 is pre-installed. As for the signals, they’re picked up in the corresponding section (the figure 8).

Signal Start is a full-fledged service for both signal providers and recipients Trading signals for Forex Trading on the Signal Start Platform

Fig. 8

As you can see, the service offers a modest choice of settings by which you can choose the desired signal. However, in the list below the settings window, the choice of signals is large enough and the parameters enable any trader to choose signals. Choosing the desired signal in the list and clicking on it in the signal profile, you can get familiar with its data and add to the already viewed ones or copy (the figure 9). Signals are paid. It follows from the service description: «Signal Start is an online store providing a signal service for subscribers as well as signal providers».

In the Control Panel section of the Signal Start service, you can find «The Top Performers» and «The Newest Signals». This platform for providing signals is quite popular with traders.

Signal Start platform: parameters allow you to select signals to any trader

Fig. 9

Another signal provider, ForexSignals (, provides signals by mail. It has a high reputation, many positive reviews, although there are enough negative ones. There’s a one-week free trial period, active support, and an opportunity to get a valuable piece of advice from an experienced trader on signals. By the way, registration on this web resource is possible only with confirmation of the phone number.

Broker Builder FX Signals ( also has a lot of positive reviews. It emails signals and also sends them by SMS. It specifies the price to enter the market, not to mention stop loss and take profit. In this case, registration is only paid.

Arbtrader ( appears to be a broker, on whose website you can register with the free version. Notwithstanding the obsolete and not very convenient interface, the service enables you to both obtain signals and copy the signals of traders-providers. However, there might be difficulties with registration, as practice has shown.

A broker Algo Scalper specialized in scalping. It offers a trial period for those who want to get access to the signals as well as all other functionality. You only need to send a letter to the address specified on the website. The service is designed for trading on MT4. Certainly, the signals are paid.

Traders Elite Forex Signals ( is believed to be a free signal provider. Nevertheless, it implies a regular fee. The trial period is quite cheap, but for the permanent use, you’ll have to pay. However, most reviews about the service are positive.

The complex trading platform TradingCentral ( is a well-known resource. Here you can try working in the test mode, in the mode for newcomers and also for experienced traders. However, to a greater extent, that’s a site for investors who understand all the pitfalls of the market. So, it’s a provider of analytics, rather than signals.

On the Collective2 trading platform (, you can also copy the trades of traders-providers. Moreover, a long free period for newcomers is provided. Here providers also pay for the opportunity to present their signals as well as strategies, which is considered to be an extra guarantee of signal quality.

We can also note such signal providers as 4xsignal, Algofy, App-Forex-Signals, Binary Signals, Currensee, Forex MAM, ForexTIMOBI, Free Forex Membership Club, Live Forex Trading as well as many others.

Basically, technical signals are provided as paid signals. So, that’s data built around technical analysis. However, there’re also resources that provide urgent news trading signals for investors who make use of news trading strategies. Some traders have enough common trading signals. These are the signal, showing the general state and dynamics of the market based on a combination of technical and fundamental analysis.


How to filter false Forex signals

Considering the dynamics of the foreign exchange market, filtering false signals is of supreme importance now. There’s a temporal method of filtering signals. The very essence of it is that after the formation of a certain signal, you should wait some time for the signal to be confirmed or debunked. Unfortunately, this easiest way is quite mediocre in terms of efficiency. It’s because it’s hard to determine when a reasonable expectation will result in losses.

There’re graphic filtering methods. For instance, in the case of trading on the candlestick or bar chart, a trader can open a trading position only after the candlestick closes above or below a certain level. The given method is utilized along with a moving average.

Additionally, a trader can enter the market only after the closing of two consecutive bars or candlesticks aimed in the right direction. A trader can wait until a bar or a candlestick is less or more than a certain point combined with indicators of a moving average.

There are also technical methods that help in filtering signals. These are oscillators and Forex indicators. For example, you can take advantage of the Williams fractals indicator. The given tool confirms or refutes the signal to open a trading position, provided by another indicator. Graphic and technical methods are quite problematic due to the fact that it takes time to confirm a signal. In the end, the best way to identify and exclude the false signal is the trader’s experience.


The best Forex signals

On trading sights and signal providers resources there’re lists of the best signals or the most successful ones. They’re determined by profitability or some other parameters for a certain period of time. However, no one can tell for sure which signal appears to be the best. Investors pick up signals first by ratings, according to the feedback of other traders, and finally stick with signals they feel comfortable to work with in tandem with their own trading strategy.

It’s believed that one shouldn’t rely just on one signal in trading, even if it has proved its efficiency. Ideally, you should utilize several signals, thus conducting a cross-check. However, the most crucial thing is how professional the trader is. His capability to correctly interpret signals really matters. If a trader is capable of interpreting the required information and using it in trading, then the use of only free signals will suffice. An experienced trader can also become a signal provider since services for selling self-developed signals are already available on numerous resources as well as trading platforms.



Conclusions: should you rely on your own signals or trust what is offered by someone? Many folks are eager to know for sure whether they should trust their own trading signals or stick with the products offered by professional providers. Well, that’s the question of how well you’re capable of trading independently. If a trader is quite confident in his abilities and he boasts a productive trading strategy, then third-party signals aren’t required for him since he can successfully trade on his signals, on indicators, on news, etc., no matter what others think about it.

However, on the other hand, even the experienced trader also requires extra information. That’s not necessarily a signal to buy or sell an asset from another investor, but something different, such as rumors, information in social networks, points of view of reputable investors – all of this affects the market. In other words, these are all signals and therefore, they need to be considered when trading.

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