Although our main interest is options trading, like most traders, we aren’t opposed to trading other financial instruments. Just like options trading, forex trading often gets a bad rap—but it is the largest financial market on the planet, and it is rife with opportunity, provided that you know how to take advantage.
Unlike some other financial instruments, you can’t take it slow with currency trading. Everything moves at breakneck speeds—so knowing how to analyze, formulate an idea, and put it into practice rapidly is of the utmost importance. But that takes a lot of practice.
Or you could take a roundabout approach—and learn from others. We’re not talking about paying for a course or educating yourself (although you should definitely do both) — we’re talking about forex signal providers.
Just like our own options alert service, plenty of experienced traders offer trading ideas for the currency market. These services are very diverse—some are free, some are subscription-based, and they focus on a variety of forex trading strategies.
So, we’ve selected 5 of the best forex signal providers on the market. They have proven track-records, reasonable prices for the value they provide, and plenty of additional features.
They can help you secure winning trades, formulate a methodology of your own, and just generally fast-track your forex trading experience—but you have to know where to look for them. Fortunately, we do—and we’re sharing that knowledge with you.
What you’ll learn
Premium Forex Signal Providers Explained
1. 1000pip Builder – Best Overall
Founded in 2016 by Bob James, an expert trader with over 10 years of experience, 1000pip Builder is one of the leading forex signals providers on the market today. Let’s see why.
|Great, verified track record||Expensive|
|Alerts sent out via multiple channels||Lack of educational material|
1000pip Builder uses a robust strategy. The aim of the service is to provide subscribers with at least 1 to 5 trading ideas per day for a gain of 350 pips monthly. The trades are done across 15 currency pairs, and the timeframes used are 4 hours for long-term trades, 1 hour for medium-term trades, and 15 minutes for short-term trades.
Although we’ve mentioned that trades cover 15 currency pairs, it’s worth noting that 1000pip Builder are specialists for JPY crosses, so expect a lot of Yen pairs. The typical risk-reward ratio on the proposed trades varies from 1:1 to 1:4
The service’s track record has been verified by MyFxBook, and shows a gain of +87.86% from June 2019 to January 2020.
In terms of delivery, the signals can be delivered via email, phone message, or via the mobile app Telegram. The alerts are concise and easy to follow—while the introductory email will go in-depth to explain everything even to total beginners, the alerts are formatted as follows:
USDCAD – Long
Open Price: 1.3360
Stop Loss: 1.3310
Take Profit: 1.3462
As far as strategy goes, the primary method is identifying and following long-term trends in forex pairs by using support and resistance and chart patterns.
When that isn’t an option, the same methods are applied to range trading, in an attempt to trade the bounces from the top and bottom of the range.
Last but not least, the service also dabbles in momentum trading and news trading by identifying divergences between short-term price movements and long-term trends.
Most trades are open for a couple of hours, although every once in a while trades are held overnight or for a couple of days. Most of the trades fall into the category of day trading, and stop-loss and take-profit levels are rarely modified once a signal is sent out.
Last but not least—price. A 1 month membership will set you back £44 /month, while the 6 month membership ends up costing £24 a month. The 12 month membership is the best deal–billed as £228 at one time, it ends up costing just £19 per month.
2. Learn 2 Trade – Best for Advanced Technical Analysis
Based in the United Kingdom, this signal provider was founded in 2019 and is renowned for the wide variety of services offered. They provide both a free and a premium alert service.
|Good success rate||Expensive for beginners|
|Comprehensive educational materials||Signals available only via Telegram|
|Great alert frequency||/|
Learn 2 Trade offers a free crypto signals group via Telegram. It boasts more than 20k members, a purported 76% success rate, and sends out 3 signals per week.
However, we’re more interested in the premium plans. With an identical 76% rate, the premium service sends up to 5 signals daily and includes entry points, take profit targets, and stop losses. On top of that, you get access to 3 VIP signals a week, daily technical analysis overviews, and weekly webinars, as well as alerts on significant economic events. Here is what a premium signal looks like:
- Currency Pair: GBP/USD.
- Signal: GBP is heavily overbought on the RSI.
- Order: Sell Order.
- Entry Price: 1.3560.
- Stop-Loss: 1.3600.
- Take-Profit: 1.3500
Learn 2 Trade signals are based solely on technical analysis—with support and resistance, Fibonacci retracement, Bollinger bands, and moving averages being the main methods of analysis.
So, what about the price? A 1 month subscription is £40, a 3 month subscription is £30/month, 6 months cost £21.5 a month, while an annual membership will set you back £18 each month. If that’s not to your liking, you can also opt for a £399 lifetime subscription.
Learn 2 Trade also offers a separate service for forex swing trade alerts for traders who aren’t too keen on day trading forex, as well as a premium algorithmic trading service that is automated.
Unlike some of the services we’re reviewing in this list, Learn 2 Trade doesn’t focus solely on forex trading. If you’re interested in those markets, you can also make use of its crypto trading signals. In accordance with that, Learn 2 Trade’s news section covers a wide variety of assets—including stocks, forex, gold, and crypto news.
Learn 2 Trade also offers a very advanced trading course dubbed the F1 Strategy course. Although it is expensive, coming in at £599 for lifetime access, it offers access to 5 comprehensive video courses, a premium chatroom, as well as all future content. The stated goal of the F1 Strategy course is to help traders pass funding challenges for prop trading platforms.
If you’re a beginner, the platform also offers a comprehensive, top to bottom forex trading course for £99, covering everything from basic terminology to fundamental analysis, technical analysis, technical indicators, and risk management.
3. ForexSignals.com – Best for High-End Trading Tools
The founder of ForexSignals.com, Nick McDonald, started out like the rest of us—as a regular retail trader. After making his own trading room to discuss forex trading, the community snowballed—and now has over half a million members, while the service employs 52 full-time staff members. Let’s see what’s behind this success story.
|User-friendly interface||Expensive for beginners|
|Comprehensive free and premium trading tools||Signals available only via Telegram|
First things first—ForexSignals offers a 7-day free trial, allowing you to test-run their service before committing. There are three premium tiers available—The Apprentice, The Committed, and The Professional.
The first premium tier gives you access to the trading room—the platform where signals are delivered, which also supports a vibrant trading community. You also gain access to daily live trading sessions, weekly analysis, a real-time stream of global news, live interactive workshops, and a trading academy with educational videos.
The two higher tiers give you access to direction from trading coaches and a direct line to trading coaches, respectively. In terms of price, it goes like this: $58/month for the first tier, $37/month for the second, and $26/month for the third.
If you can foot the bill for the upfront cost, the third tier is quite appealing, seeing as you get coaching from experts for a relatively cheap price on a monthly basis.
Subscribers get alerts either once or twice a day, in accordance with their preferences. However, these “alerts” are more like general sentiment on a currency pair.
However, community members inside the Trading Room publish their own trading ideas. This gives you access to a wide variety of strategies, a lot of alerts in terms of frequency, and a way to learn from your peers—but it does require a lot of legwork.
The mechanics of it are simple—simply find a trader you like, hit follow, and you’ll receive an alert whenever they place a trade—but identifying someone who can produce reliable gains is time-consuming.
ForexSignals also provides access to a very wide variety of educational material for free, spanning everything from MT4 and MT5 platform tutorials, the basics of Forex trading, and support and resistance, all the way to technical indicators, backtesting, and trading psychology.
On top of that, various free tools are available—a currency heatmap, economic calendar, lot size calculator, Monte Carlo simulator, and support and resistance EA, along with a couple of others.
4. DailyForex.com – Best for Providing Insightful Reviews
Founded in the midst of the global financial crisis of 2008, DailyForex.com has transformed from a small internet portal into the go-to source for information on the currency market. Apart from free forex signals, the website also provides market analysis and education.
|One-stop shop for information||Barebones in terms of alert features|
|Covers most currency pairs||Alert frequency could be better and more consistent|
DailyForex has a lot of educational material to offer—for starters, 8 whole books on Forex trading—and best of all, they’re free of charge. If that isn’t enough, the website hosts a wide variety of articles, platform tutorials, strategy guides, as well as an overview of various international Forex regulations.
We also have to mention the reviews—as an authoritative source when it comes to forex trading, the website also features a huge variety of brokerage reviews.
Traders can receive free alerts via email, on the website, or via a text message. The signals are sourced from a select group of experienced traders and analysts who take into account both fundamental and technical analysis before sending out a trade idea.
The signals contain basic information such as the take profit, stop loss, and entry and exit points, along with some wider context as to why the alert was sent out. We’ll give you an example of the alert (sans wider context) below:
- Sell the GBP/USD pair and set a take-profit at 1.2100.
- Add a stop-loss at 1.2225.
- Timeline: 1-2 days.
- Set a buy-stop at 1.2180 and a take-profit at 1.2250.
- Add a stop-loss at 1.2100
The frequency of alerts varies—although the stated goal is “a few per week”, we’ve seen plenty of examples of 4-5 alerts a day in the latter half of 2023. There is one major advantage that DailyForex.com has over the competition—its alerts cover most, if not all currency pairs.
Users can also use the website for a neat overview of all the important info regarding a currency pair—with a very neat overview of factors such as the open and previous close, 52-week highs and lows, averages, and more.
The website also offers access to premium signals available exclusively via its mobile app—although all information on that topic is scarce, apart from the fact that it sends out 3 alerts per week.
5. eToro – Best for Copy Trading
Last but not least, eToro isn’t a forex signals provider—it’s a brokerage platform with more than 30 million users worldwide, renowned as an innovator in the fields of copy trading and social trading.
|Social and copy-trading||Research required to identify good traders to copy|
|Paper trading account available||Several antiquated fees|
|Small minimum deposit||/|
eToro offers access to 51 currency pairs, with spreads starting at 1 pip for EUR/USD, and generally being 1 to 2 pips for major currency pairs. Unfortunately, the brokerage charges a conversion fee on non-USD withdrawals and deposits. On top of that, there is a $5 withdrawal fee, a 30% withdrawal minimum, and a $10 inactivity fee after 12 months.
On the other hand, we’d be remiss not to mention the fact that, while these are outdated fees, the brokerage also offers commission-free stock and ETF trading, while crypto trading comes with a 1% fee when buying or selling.
The platform also offers access to a virtual demo account—so you can make use of paper trading to test out their features.
Speaking of features, we’re here for forex signals, aren’t we? Well, eToro doesn’t offer forex signals per se — however, remember those copy trading features we mentioned?
Copy trading allows you to automatically mirror the trades of another user on the platform. Some of eToro’s more renowned users have managed to secure +20% annual returns, even in dire macroeconomic situations—and some of them are forex traders.
Opening an account with eToro requires a minimum deposit of $10—which is also the minimum size of a trade. However, to begin copying another trader, you will have to put up at least $200—which is slightly expensive for beginners.
You can even track multiple traders at the same time—the system will automatically mirror the trades, buying what they buy, and selling what they sell, with a mere second’s delay. The system will also automatically adjust the size of the positions, making them proportional to the allocation that the trader you’re copying is using.
What Exactly Are Forex Signals?
A forex signal is basically a recommendation or suggestion for a trade. Whether these signals are sourced from human experts or made from an automated system, they usually contain a couple of elements: a buy or sell recommendation, an entry point, a stop loss, and an exit point or a profit target.
On top of that, good forex signals usually come packaged with explanations, charts, or graphs that illustrate the reasoning behind the trade. We’ve mentioned that these signals can be manual or automated—in either case, they rely primarily on data that falls within the definition of technical analysis.
In the first case, people with experience in the market analyze price movements—in the second case, that is taken care of by algorithms. But to be perfectly frank, in today’s day and age, most signal providers use a mix of the two approaches.
The appeal of forex signals is easy to understand—relying on the expertise of others and outsourcing analysis kills two birds with one stone—for one, you get better results, and you also save a lot of time. But that’s an ideal case.
Don’t get us wrong—that is achievable, but you need to find a vetted, high-quality provider of forex signals. Unfortunately, the world of currency trading is filled with plenty of scams and get-rich-quick schemes. Remember—anyone offering guaranteed profits or a rapid pace of growth is likely an illegitimate provider of signals.
Maximizing the Benefits of Forex Signals
First things first—identify a legitimate signal provider. This will require due diligence—checking reviews and methodologies, seeing if it is a registered, transparent business, as well as finding a proven track record. This might seem simple enough—but remember, the forex industry is unfortunately rife with scams, so be extra careful not to fall for enticing promises and flashy marketing strategies.
Next, we would recommend trying the service out. While a lot of forex signals don’t offer demos, subscribing for a month and testing their signals with a paper trading account is one way in which you can “test the waters” before committing for a longer period.
Tweak, Customize and Adapt Your Approach
Now, let’s move on to the actual trading experience. If you find a service that gets it right more often than not, the next step is to optimize (or maximize) the benefits provided.
The easiest (and potentially riskiest) way to do so is to be more ambitious—in other words, extend the profit target given to you by trade signals. This isn’t something that you should do all the time—but if your own knowledge and feel for the market tell you that the trade could end up going further, try taking the risk every once in a while.
In much the same way, you can play around with stop-loss levels, changing them from the recommended target to something that suits your own trading style better. When it comes to stop losses and profit targets, make sure to always include the bid-ask spread that your brokerage charges when setting them.
If a new trend is coming into play, you can also consider disregarding your profit targets completely. If you’re confident that a new uptrend is beginning, for example, taking a small profit is a missed opportunity—instead, let the trade run, set a new stop-loss level that you’re comfortable with, and see how things play out.
A lot of these tips for optimizing the benefits of forex signals depend on doing things yourself and “going out of bounds” so to speak. While this might seem daunting at first, the only way to gain experience is by doing things—easy into these suggestions if you’re not comfortable with them at first.
To use another example, although reliable signals are great, they don’t always get things perfectly right. If you think that you can enter a trade with a better entry point, or that a signal simply isn’t panning out, well…use your own judgment, take the better entry point, and cut the losing trade short before accumulating more losses.
In the same vein, if past experience leads you to believe that a signal is more than likely going to pan out, you can increase your lot size—conversely, you can reduce lot sizes for signals you think aren’t going to come to fruition.
Lastly, you can make use of currency correlations to your benefit. Currency correlation basically boils down to this—certain currency pairs tend to move in the same direction (positive correlation), while others move in completely opposite directions (negative correlation).
For example, EUR/JPY and GBP/JPY are highly positively correlated—a signal suggesting a EUR/JPY trade, if legitimate, can also be used as a signal that similar trades can be done using GBP/JPY.
Additional Tips When Using Signals While Forex Trading
Last but not least, let’s go over some general trading tips that apply regardless of the asset class you’re trading.
Like all financial markets, the forex market is dynamic, fast-paced, and constantly evolving. You can’t rest on your laurels, even as an accomplished trader—staying up to date on news, constantly educating yourself, and keeping up with market trends, and even geopolitical events is a necessity—otherwise, one thing or another will eventually blindside you.
On a related note, staying engaged and constantly learning also carries the benefit of allowing you to better interpret signals, find trading opportunities of your own, and make rational, informed decisions with your hard-earned money.
Even if you have the good fortune to find a forex signal provider with a great win rate, going back and reviewing previous trades is something you shouldn’t skip.
For one, this will allow you to analyze where things went wrong—potentially allowing you to identify which signals are risky, unreliable, or simply best avoided.
But it doesn’t end there—reviewing winning trades can allow you to develop your own methodology, figure out how to find opportunities on your own, as well as get a sense of whether or not the entry points, stop losses, and profit targets of the trade could be tweaked for better results.
Finally, keep it together—trading is stressful, and the prospect of losing money is naturally worrisome. Practicing emotional detachment allows you to make rational decisions in line with your risk tolerance, and helps you stick with your strategy.
This applies to all emotions—the euphoria of a winning streak is just as dangerous, if not more, than the despair of consecutive losing trades. Study the tenets of trading psychology, try to avoid analysis paralysis, and your performance will be both more reliable and easier to handle.
Manual vs. Automated Forex Signals
There are two main types of forex signals—manual and automated. Where manual signals are prepared and sent out by human experts, automated signals are based on large datasets and algorithms, and sent out automatically when certain conditions are met.
So, which one is better? As is often the case, there is no clear winner between manual and automated trading alerts.
Automated signals have the edge in terms of how “wide” of an area they cover. Where a human expert can only keep track of several currency pairs during their waking hours, our silicon-based friends work 24/7 and aren’t so limited in scope.
On the other hand, human traders have a feel for market sentiment, know how to decipher important news events and have a more holistic overview of the markets—fundamental analysis included.
Whereas automated signals, with their frequency and rapid-fire approach, are well suited to strategies like scalping or day trading, traders who make use of swing trading would likely prefer the more in-depth approach of manual alerts.
The truth is, this question won’t be a question for much longer—even now, most of the signal providers in the industry utilize a mix of both approaches to at least some degree—and it’s likely that fully manual signals are going to go the way of the dinosaur in a couple of years.
The combined approach really is a case of the best of both worlds—while large datasets and algorithms identify every possible opportunity, human oversight refines these possibilities into valid trading theses and ideas—in other words, trading signals.
How to Select the Ideal Forex Signals Provider
The first order on the list is reliability. Since the forex world is rife with scams, do not cut any corners here. Social media presence, vetted results, track records, and independent review all carry weight—and if any of these factors is awry, there’s probably a good reason as to why.
Professional, legitimate services will never claim to guarantee profits, and will always stress that trading is a risky venture. Keep in mind that legitimate services have clear contact forms and customer support.
Next is profitability—our main goal with signal providers. While lofty promises are easy to make, do your best to verify whether or not the proposed trades are actually profitable. The easiest way to do so is with a free trial and a paper trading account—although in some cases, you might have to subscribe for a month to test out a service.
Next is the frequency of alerts. There’s no one-size-fits-all solution here—you should aim to find a service that fits with your preferred trading strategy. Where scalpers will likely prefer multiple alerts per day, swing traders would be satisfied with just a few per week. Keep in mind that frequency is not the be-all-end-all—this is very much a case of quality of quantity.
Since the forex market is so fast-paced and volatile, you need a reliable and rapid service—meaning that it is technically sound, delivers alerts on time, and lives up to its promises.
Finally, you should always consider price—while a lot of the top signal providers will add value to your trading account, if you’re just beginning, or trading with a small account, there is a question of whether or not the expense is justified at that certain point in time.
Pros and Cons of Using Forex Signals
Although the benefits of using a reliable provider of forex signals are mostly self-apparent, this approach is not bereft of flaws. Let’s summarize all the advantages and disadvantages of using a signals provider here.
Forex trading signals allow you to take advantage of the analytic skills of seasoned veterans. Not only does this decrease mental load and save you a lot of time, but it is also likely going to increase your returns.
At the same time, outsourcing analysis to someone else allows you to maintain a cool head when trading—something that beginners in particular often struggle with.
Apart from that, using forex signals often allows you to get a glimpse into the why and how of expert trading decisions. With first-hand experience such as this, you can begin to develop your own methodology—and quite a lot of premium services also give access to educational materials and guides.
On the flip side, most signal providers worth their salt cost money—and beginners might struggle to keep up with these monthly subscription costs. On top of that, there is no guarantee of success. Forex signal providers—both the automated and manual ones, struggle to react to sudden shifts.
And last but not least, there is always the possibility of overreliance when it comes to outsourcing any part of trading—particularly analysis. While we believe that these can be valuable tools, relying solely on them will stunt your growth as a trader, preventing better returns down the line
Forex trading signals can be an immensely valuable tool in your trading career. They aren’t a silver bullet, and they can’t do all the work for you—but if you use them properly, as half-advice and half-teaching tools, you’ll be getting more than your money’s worth.
In a segment of trading that is unfortunately rife with scams, due diligence is worth its weight in gold. We’ve given you a list of 5 great, legitimate services—but we also hope we’ve explained how you can find the real deal on your own.
Top Forex Signals Providers: FAQs
Can I Use Multiple Forex Signal Providers Simultaneously to Get Better Results?
While you can use multiple forex signal providers at once, there is no guarantee that this will lead to better results. Managing the signals efficiently, avoiding conflicting advice, and having to keep track of everything means that this is a much harder approach.
How Do I Determine How Accurate and Reliable a Forex Signals Provider is?
In terms of accuracy, look at the track record—a legitimate service will showcase both winning and losing trades. In addition to this, look at customer reviews.
Is There a Big Difference in Performance Between Paid and Free Forex Signal Providers?
Yes-while free signal providers can lead to winning trades, running such an operation does incur costs. Paid services offer more reliability and offer a wider suite of services (customer support, education, mentoring, detailed analysis).
How Do Forex Signal Providers Differ When it Comes to Market Analysis?
Forex signal providers most commonly use technical analysis, although some services incorporate elements of fundamental analysis into their research. The biggest difference lies in strategy—where some signal providers focus on short, intraday trades, others focus on longer-term strategies, like swing trading.
Are There any Risks Associated with Relying on Forex Signal Providers when Trading?
Yes—relying solely on an outside source of information is risky, as there is no “failsafe”, and can easily lead to stagnation. However, incorporating signals into your decision-making process while not relying solely on them is perfectly fine.