If you want to find the best forex signals, you can generally distinguish between signal providers using key factors such as cost, strategy, results and frequency.
Read on for more information about forex signals and to check out top picks for the best free and low-cost forex signal providers. Searching for simple tools that help you make informed choices is the duty of every investor. No matter how much money you make every day or long you’ve invested, there’s always something new to learn.
Quick Look: Best Signal Providers for Forex Trading
- Best for MyFXBook Tracking Verification: 1000pip Builder
- Best for Trade Ideas: FOREX.com
- Best for Copy Trading Signals: eToro
- Best for Hybrid Traders: FXGT
- Best for Advanced Suite of Trading Tools: ChartPrime
Best Forex Signals Providers
Take a look at the forex signals that made the list. When reviewing each signal provider, remember that these sites often provide additional services. Choose the signal provider that seems to dovetail best with your investing style.
1. Best for MyFXBook Tracking Verification: 1000pip Builder
1000pip Builder is one of the best forex signal providers available. They have a long history of providing high-quality Forex signals and have reliably performed in the most challenging market conditions. The key benefit of 1000pip Builder is that they can prove their performance with independently verified historical data. Very few forex signals services can provide this but 1000pip Builder have such confidence in their signals that they have MyFXBook tracking their FX signals. This verification means that you too can have confidence in the signals that you will receive.
Why We Picked It: As an established forex signals provider, 1000pip Builder has built a very loyal following over the years and are highly recommended by their members. There are numerous user and expert reviews across the internet. As well as the high performance of the signals, members are often impressed by the one-to-one support that they receive from the lead trader, Bob James. It is this additional support that has enabled members to not only benefit from the signals but also significantly improve their own trading. If you are serious about advancing your forex trading then 1000pip Builder can help.
2. Best for Trade Ideas: FOREX.com
- Best For:Earning Cashback on TradesVIEW PROS & CONS:securely through Forex.com's website
FOREX.com provides 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.
Why We Picked It: 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.
3 Best for Copy Trading Signals: eToro
eToro is a prominent trading and investing platform known for its copy-trading features, which enables users to replicate the trades of other investors on the platform.
Why We Picked It: With eToro you can utilize a variety of user-friendly trading indicators to identify entry points in both trending and range-bound markets. These technical indicators are versatile and can be applied to any asset class, including forex, stocks, commodities, and cryptocurrencies. eToro is a great broker for those wanting to utilize social trading signals to help them up their trading game.
4. Best for Hybrid Traders: FXGT
FXGT.com offers a unique blend of cryptocurrency and traditional forex trading, providing a wide range of products to its users and making it a great hybrid broker option. The platform supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), ensuring traders have access to effective and reliable trading tools.
Why We Picked It: FXGT utilized MQL5 for it signals and traders can become signal providers, allowing others to "copy" their trading signals for a fee. When you subscribe, the signals are automatically copied and executed on your Live MT5 trading accounts. Each subscription lasts for one month, and you can only subscribe to one signal at a time per account. The MQL5 platform offers a vast selection of trading signals, accessible directly on the MT5 platform without any additional installation.
5. Best for Advanced Suite of Trading Tools: ChartPrime
- Best For:Advanced Suite of Trading ToolsVIEW PROS & CONS:securely through ChartPrime's website
ChartPrime is a cutting-edge suite of trading tools that helps guide your investments to perfection. You can analyze assets, review market trends, improve your portfolio and inform yourself about the markets rather than depending on someone else for every alert or storyline.
Why We Picked it: Each toolkit on ChartPrime points to a different type of trader, and you can try as many of those toolkits as you like. Plus, you can create a TradingView account that connects you with the alerts and data you need.
ChartPrime combines algorithms and a Discord community so that you can see all the information you need. Stock traders, forex traders, crypto traders and more can all benefit from using ChartPrime, with its incredible indicators, charting and automatic updates, you can get started right away.
Best Forex Course for Beginners
Asia Forex Mentor started after Found Ezekial Chew had numerous requests from friends to learn how to trade forex. Ezekial and his team now train corporations and banks to trade forex.
You can learn from Asia Forex Mentor when you enroll in its One Core Program. It's considered among the best forex trading courses. The Road to Millions formula has turned many new traders into full-time traders.
Sign up for the Golden Eye Group to listen to Chew analyze the market each week. He covers forex pairs, stock indexes, gold, silver, oil and anything that makes money. You'll get forex technical analysis, forex news, forex charts, forex signals for the upcoming weeks.
The One Core Program is comprehensive and costs $997. The Golden Eye Group is $118 per month or $1,200 annually.
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 Average Convergence Divergence (MACD)
Moving Average Convergence Divergence is a market indicator that relays divergence from the market price, either demonstrating a regular divergence that indicate a price drop or a hidden divergence that indicates a continuation of the current trend. You read the MACD as two line graphs that point to the price and the divergence.
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.
Bollinger Bands (BB)
Bollinger Bands were created by John Bollinger to demonstrate the moving average in the middle of the upside and downside of that average. This indicator can either open up, indicating a bullish market, or the lines can squeeze, indicating a bearish market. If the bands are rejected by the current price movement, that is a possible market entry. Meanwhile, a breakout from a current trend could indicate a possible trade.
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.
Historical Volatility
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
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. The 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.
Additionally, you can often add indicators to stock charts you are reviewing. As you review a stock, you can select the indicator you want to compare to the stock’s movement. Additionally, you can often stack indicators to compare their movements.
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 from moving away from you between the time the signal is sent and when you get around to trading on it.
Select Your Signal Provider
The right signal provider can impact your potential for profit and influence your long-term decision making. Choose wisely among these recommendations considering your needs, budget, trading style and risk tolerance. Often, a mixture of forex signals is more powerful than living and dying by just one figure.
The more you use these signals, the better you can predict movement in the market, when to buy, when to sell and when to hold. The more indicators you review, the more informed your decisions will be. It’s easy to create a strategy when you have reliable and diverse information.
Some high-quality brokers like FOREX.com will provide you with trading signals as part of the services included with trading accounts. Check with your broker regarding your package before selecting a paid signal service. Review our recommended forex signal providers, register and research your currency investments in a deeper way.
Frequently Asked Questions
What do forex singals do?
Forex signals give buy and sell “calls” to the user so they can generate profit.
Are forex signals worth it?
Forex signals are worth it if you do your research and pair that information with the appropriate signals.
Get a Forex Pro on Your Side
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets with low pricing and fast, quality execution on every trade.
You can also tap into:
- EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
- Powerful, purpose-built currency trading platforms
- Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program
Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.
About Jay and Julie Hawk
Jay and Julie Hawk are the married co-founders of TheFXperts, a provider of financial writing services particularly renowned for its coverage of forex-related topics. With over 40 years of collective trading expertise and more than 15 years of collaborative writing experience, the Hawks specialize in crafting insightful financial content on trading strategies, market analysis and online trading for a broad audience. While their prolific writing career includes seven books and contributions to numerous financial websites and newswires, much of their recent work was published at Benzinga.