Almost every FX trader knows about the existence of FX signals. In the simplest of terms, FX signals can allow you to understand what currency to choose and how to exchange it. The signals can be generated from a number of sources including brokers, platforms and individual expert traders. Depending on the quality of the FX signals, your trade will either fetch you a good profit or a loss.
You should check how experienced the provider is when choosing FX signals. They should have a successful trading history within several months. The provider should be regulated by special services to offer better signals. It is also useful to read other people’s reviews about the trader. To avoid the hassle of going through numerous reviews, we’ve presented 5 of the best forex signals providers in 2021.
1. MQL5
MQL5 or Metaquotes is the signals provider of MetaTrader 5. By providing a verified space where traders can share any trading ideas, it provides you with trading signals which can be applied to any brokerage account. It also allows anyone to create and provide his/her trading signals. While the service itself is free, you may incur a fee of $20 to $500 depending on the expertise of the trader providing the signals. The signals are sorted and evaluated based on return on investment over time, the number of trades within a given time frame (trading frequency), and the maximum drawdown experienced in their trading account.
2. NordFX
NordFXis actually a leading online broker which offers automated trading signals which are directly integrated into MetaTrader 4. Expert traders within NordFX’s network can come up with signals which they make available for other traders to use. They can set their own subscription price and all the revenue adds to their bottom line. This provides an incentive for these traders to conduct research and come up with such efficient strategies while proving advantageous for those who don’t have the technical know-how or time to devote to trading research.
3. DD Markets
DD Markets is a FX signals provider which was founded back in 2014. With a subscription model, DD Markets can provide up to 4 signals per day which covers all financial markets including FX, and others. It also offers medium and long-term strategies after conducting fundamental and technical analysis. You receive the signals directly to your email, with the maximum signals being sent around daily close, although it occasionally sends signals during US and European sessions as well.
4. Learn 2 Trade
Learn 2 Trade is a reputed FX signals provider based out of United Kingdom. It has the dual functionality of both a signals provider as well as an educational platform packed with educational resources related to FX trading. The FX signals can be based on a number of indicators and trend levels, which are known to work even in the worst of markets.
5. 1000pip Builder
1000pip Builder has crafted its name as a FX signals provider, with a long history of providing reliable fx signals that work in the toughest of situations. You will find numerous positive reviews and testimonials for the service throughout trading forums. Clients are most impressed by the one-to-one support that they receive from the lead trader, Bob James, which is described as additional support.
Conclusions
FX signals make up a part of the larger shift towards technology in the FX trading market over the past decade. Along with expert advisors, FX signals do a wonderful job of eliminating human emotion from trading, helping everyone to follow a set trading plan without deviating from it. However, instead of a trial and error method of approaching signals providers, use our list to make the right choice.