Best Forex Signals – 5 Best Trading Signal Providers for 2021
Make no mistake – trading Forex online and making steady profits along the way is no easy feat. In fact, the vast majority of traders lose money. With that in mind, it might be worth considering a forex signal service.
Simply put, forex signal services provide you with trade “offers”. Each offer will contain the required entry and exit prices, which will subsequently allow you to trade without the need for in-depth technical research.
In this guide, we are researching the best forex signal providers in 2021. We also give you some background information on how forex signals work and what you need to look out for before choosing a provider.
Best Forex Signal Providers 2021
Here is a shortlist of the best forex signal providers on the market.
- Learn 2 Trade – Best All-in-One Forex Signal Service
- 1000pip Builder – Best for Mentoring
- Etoro – Automatic copy trading
- CryptoRocket is a commission-free trading platform.
- Daily Forex Signal – Multiple Take Profit Targets.
- com has an excellent reputation in the signal market.
What are forex signals?
In their most basic form, Forex signals are trade offers that allow you to place buy and sell orders without doing your own research. Instead, you subscribe to a forex signal provider that scans the markets on your behalf.
This usually happens in one of two forms – human or automatic. As for the first one, here an experienced trader will do some manual research and then send you their findings.
For example, they may find that the GBP / USD is heavily overbought and subsequently suggest that you place a sell order at a suitable price.
In the case of automated forex signals, the study is carried out according to a previously prepared algorithm. This allows the system to scan thousands of potential scenarios across dozens of pairs every second. Then, when the algorithm detects a potential trading opportunity, it sends the signal to its subscribers.
How do Forex trading signals work?
So now that you know what forex signals look like, now we need to study how the main process works. That is, how do forex signal providers actually get their information? Most importantly, it comes in one of two forms – human analysis or automated algorithm.
Human analysis
This particular type of forex signal service is very rare in the online space. This is due to the fact that human analysis is much inferior to the capabilities of an automated algorithm. However, the service provider will usually be run by an experienced forex trader with a wealth of experience in the field.
They will manually probe the forex markets with a combination of fundamental and technical analysis. Then, when a potential trading opportunity is found, the trader will circulate his findings.
Automated algorithm
In the vast majority of cases, your chosen forex signal provider will use an automated algorithm to find trading opportunities. The underlying technology is likely to be supported by artificial intelligence and/or machine learning as well as technical indicators.
By all accounts, automated algorithms are significantly more efficient than the forex markets because:
- There is no limit to the number of pairs that an automated algorithm can analyze at the same time. This will ensure that you have access to forex signals from a wide variety of pairs.
- Unlike human traders, automated algorithms can scan forex markets 24 hours a day, 7 days a week.
- Automated algorithms follow predefined conditions. Therefore, he does not make irrational decisions and does not suffer from emotions. There is no risk of overwork either.
The best forex signal providers will regularly tweak and modify their automated algorithms. This ensures that the system can stay ahead of the curve in the ever-changing global currency scene.
Semi-automatic or fully automated?
In addition, you also need to consider whether your chosen forex signal provider offers fully automated or semi-automated services.
- Semi-automatic: Most forex signal providers offer semi-automatic services. It simply means that you will receive a forex signal and then you will need to place trade yourself with the forex broker of your choice.
- Fully Automated: You can also come across a fully automated forex signal service. This means that your chosen platform will place trades on your behalf.
We would prefer to opt-out of a fully automated provider as you don't have the ability to personally evaluate the signal and you also can't choose which broker to place trades with.
Best Forex Signal Providers 2021
As good as the forex signal providers are, the main problem is knowing which service to subscribe to. After all, there are literally hundreds of options available on the market. In truth, most of these providers are nothing more than scams, not least because trading results rarely match the platform's bold claims.
With this in mind, we are going to discuss some of the best forex signal providers currently offering their services online. As always, make sure you do your own research before signing up for a new provider.
