The foreign exchange (forex) market is the largest and most liquid financial market in the world. The high demand for currency around the world leads to fast-paced price fluctuations in currency pairs unlike any other asset.
That creates plenty of opportunities for traders, but also poses a barrier to entry for new traders because high volatility equates to high risk.
Forex signal services are one option traders have to level the learning curve a bit. These signals are generated by professional traders or algorithmically in an attempt to point you in the right direction in the forex trading space. As a beginner, you can make money in the market by following along with the signals while you learn to become an independent trader.
What are the best trading signal services for forex traders? You’ll find our top picks below.
You own shares of Apple, Amazon, Tesla. Why not Banksy or Andy Warhol? Their works’ value doesn’t rise and fall with the stock market. And they’re a lot cooler than Jeff Bezos.
Get Priority Access
The Best Forex Trading Signal Services
Our pick for the overall best forex signal provider, Learn 2 Trade, is at the top due to an industry high win rate, easy-to-understand signals, reasonable pricing, and a focus on education.
The other forex trading signal providers on the list shine in their own respects. For example, 1000pip Builder is a great option for beginners, while MetaTrader 4 offers impressive automated trading services.
Best Overall: Learn 2 Trade
- Price. Free limited number of trading signals, $25 per month for all trading signals, and $150 per month for automated trading through your MetaTrader 4 or MetaTrader 5 account.
- Success Rate. About 76%.
- Signals Per Day. Up to 20 trades per day.
Trading forex or any other financial instrument is all about making money. Learn 2 Trade does a great job in assisting with this goal with an industry-leading 76% win rate. The company sends trading signals in real-time through its private Telegram Group, and you can tap into some of the signals without paying a dime.
The $25 fee to unlock all signals won’t break the bank either.
The platform is also a great option if you want a hands-off experience because it provides an automated trading service, although this will set you back $150 per month. Nonetheless, the fee is worth the money with a 76% win rate on up to 20 trades per day automatically executed on the MetaTrader trading platform.
The service was founded by a group of professional traders with more than a decade and a half of experience. The traders developed an algorithm that incorporates technical analysis data like support and resistance levels, moving averages, Bollinger bands, Fibonacci retracement levels, and trend data. You receive signals when the data suggests there’s an opportunity.
The platform isn’t just a place to get your hands on quality signals or automated trading services. As its name suggests, Learn 2 Trade is all about teaching you how to become a successful trader so you won’t have to depend on signals throughout your forex trading career. The platform features a wide range of educational materials like articles, videos, and webinars, most of which have something of value for beginner and expert forex traders alike.
Best for Beginners: 1000pip Builder
- Price. $97 per month. Save 22% when you pay for three months in advance and 65% with an annual subscription.
- Success Rate. About 70%.
- Signals Per Day. Two to seven signals per day depending on market activity.
1000pip Builder is a well-established signal provider with years of experience under its belt.
The platform really shines for beginners. When you sign up, you get an introductory email with detailed information about the signals you’ll receive, how they work, and how to turn those signals into a profit. The email gives you everything you need to trade with confidence based on the company’s signals, regardless of your level of trading experience.
- MyFxBook Verification. 1000pip Builder is one of a select group of signal providers MyFxBook promotes to its users.
- Bob James. The lead trader at the helm of the signal service is Bob James. James is a professional trader who’s well-known for using effective trading strategies and generating significant profits in the forex space. You can even ask James one-on-one questions on the platform, adding to its value for beginner traders.
- Signals for All Time Zones. Signals are provided on a 24/5 schedule. So, you get relevant signals based on real-time market analysis regardless of your time zone.
Best for Free Brokerage-Direct Signals: eToro
- Price. Free.
- Success Rate. About 72%.
- Signals Per Day. Three to five signals per week.
eToro is one of the most trusted cryptocurrency and forex brokers online today. The company offers a solid trading platform and is often a top pick among experienced traders.
As a broker, eToro makes more money when its users trade more. So it offers a free service on its website that analyzes current market conditions and provides a few trading signals on a weekly basis.
Although the company doesn’t publish a success rate, we followed some of the signals provided prior to writing this review, and the first few signals we tested were all winners. Further backtesting did find some losers, but the signals had an impressive 72% win rate over 30 samples.
If you’re an experienced trader, you may want to tap into a more active signal service, but eToro can be the perfect free option for beginners who want a few free trading opportunities per week from a well-established leader in the forex industry.
- Copy Trading. eToro was one of the revolutionary players in copy trading systems. Copy trading is a strong option if you’re looking for a hands-off trading experience.
- Demo Account. The eToro demo account lets you test your trading strategies and signals without accepting any financial risk. Start trading in the real world only after you’re convinced you’re on the right path.
- Quality Brokerage Services. eToro isn’t just a signal provider, it’s a full-service, discount brokerage.
Best for Growing as a Trader: ForexSignals.com
- Price. Between $26 and $58 per month depending on whether you’re billed monthly, every six months, or annually.
- Success Rate. About 67%.
- Signals Per Day. Daily signals offered through the trading chat room, and the volume of signals varies from session to session.
ForexSignals.com (FX Signals) isn’t like any other signal provider on this list. In fact, the company doesn’t provide traditional trading signals at all.
Instead, FX Signals is all about education.
The company’s goal is to teach traders how to use technical indicators to read price action and become expert traders on their own. ForexSignals.com offers a live trading room where you can follow mentors as they trade and use their moves as signals.
In the end, you’ll learn everything you need to make educated trading decisions and become more profitable trading forex.
- Video Academy. The pro trading video academy teaches you everything from the basics to complex concepts that can make experts better traders.
- Weekly Hot Picks. Find the hottest currency pairs of the week coupled with a detailed analysis of what makes them hot.
- One-on-One Training. Take advantage of one-on-one training sessions with an experienced mentor.
Best for Copy Trading Signals: MetaTrader 4
- Price. Varies by the signal provider.
- Success Rate. Varies by the signal provider.
- Signals Per Day. Varies by the signal provider.
MetaTrader 4 is a popular forex trading platform used by professional traders around the world. One of the big draws of the service is its copy trading capabilities. Instead of MetaTrader 4 being the signal provider, successful traders publish their moves on the platform, making these pros the sources of the trading signals users receive.
You’ll pay a small membership fee that varies from provider to provider to copy the moves the successful traders are making. You can also receive email signals if you don’t want to copy traders automatically.
There are several traders to copy. So before you start, compare a few of the top traders by diving into their track records and comparing their trading results. Keep in mind that a trader with positive results over years of experience is likely a better option than a trader with positive results over the past couple of months.
Once you choose a trading signal provider, simply subscribe to their signals and decide whether you want the trades to automatically happen in your trading account or if you’d like to receive the signals as an email.
- Unmatched Charting Capabilities. MetaTrader 4 is best known for its charting and technical analysis functionality. The charts and analysis tools give you everything you need to be a successful trader.
- Several Brokers Supported. All popular forex brokers are supported on the trading platform.
- Ease of Use. The platform is designed to be easy to use, even for beginners.
Best for Free Forex Signals: Forex Signal Factory
- Price. Free.
- Success Rate. About 63%.
- Signals Per Day. 10+.
It’s rare to find a forex signal provider that’s not in it for the money, but Forex Signal Factory is one. The provider’s signals are all available for free on Twitter, and you’ll never be asked for a dime.
Several trade ideas are published every day, but you should do your own research before acting on them. There’s not much about the company’s win rate, but our review of recent signals suggested it was around 60% to 65%. Sure, it’s not the best on the list, but it’s the only service we’ve found that offers a high volume of signals for free.
Methodology: How We Select the Best Forex Trading Signal Services
We used five factors when comparing forex signal providers. In particular, we paid close attention to the providers’ win rates, prices, reputation, educational tools, and user experience.
Win rates relate to the number of successful (profitable) trades in comparison to the overall number of trades made. For example, if you make 10 trades and seven are winners, your win rate is 70%.
Unfortunately, many signal providers don’t publish their win rates. Those that do tend to have the highest success rates in the market.
When we came across signal providers that didn’t publish win rates, we dug into their recent signals to do our own math. We only included providers on this list that had a 60% win rate or better.
You’re trading forex to make money, not spend it. We paid close attention to the fees you pay when signing up for these services. We found that most free services didn’t reach our 60% win rate threshold, but there were a couple that did.
We also found that a higher price didn’t always mean you got a better win rate. We compared what you pay to the value you get in terms of winning trades. Those services that provided the most value for the lowest price made the list.
Ease of Use
Signals should be easy to read and understand, but that’s not always the case. The providers mentioned on this list all make their signals easy to understand, making them all adequate options for beginners.Some, like 1000pip Builder and TradingSignals.com, proved to be the easiest to use.
If you’re interested in trading forex for a living, you’ll eventually want to veer away from trading signals and start making your own trades. To get to that level, you’ll need access to educational materials.
Providers that offer quality educational materials ranked higher on the list than those that don’t.
When you act on trading signals, you’re taking someone else’s word that an opportunity is strong. With your money at stake, you want to make sure these providers have a strong reputation in the industry. All the providers on this list are well established and trusted signal services.
Forex Trading Signal Service FAQs (Frequently Asked Questions)
It’s natural to have questions when you think about signing up for forex trading signals for the first time. Some of the most common questions about these signals are answered below.
What Does a Forex Trading Signal Look Like?
Most trading signals give the forex pair you should trade along with the best entry price, take-profit, stop-loss, and order type.
For example, you may receive a signal that looks like this:
- Currency Pair: EUR/USD
- Order Type: Buy Order
- Entry: 1.129
- Stop-Loss: 1.119
- Take Profit: 1.140
In this case, your goal would be to enter a EUR/USD trade at 1.129. You’d set a stop-loss at 1.119 and sell (take profits) at 1.140.
How Do I Get Forex Signals?
Forex signals are sent in multiple ways depending on the service provider you choose. The most common methods include email, SMS (text message), desktop notifications, Twitter, and Telegram messages.
Is There Still Risk When I Use a Forex Signal Provider?
There is always risk in trading whether you use a signal provider or not. Traders attempt to speculate in high-volatility markets to generate a profit. No trader is right 100% of the time, not even the most successful players on the field.
Even when following a signal provider, it’s important to consider your risk tolerance and ensure your risk management moves align with your level of comfort with risk.
For example, there’s no shame in setting your stop-loss a bit closer to the pair’s current price if you feel the signal’s stop-loss price is too risky for your liking.
Which Forex Trading Signals are Most Accurate?
Learn 2 Trade has what we believe to be the highest win rate among forex trading signal providers. We reviewed nearly 20 providers, only six of which made it on the list above. All providers above have an average win rate of 60% or higher.
How to Choose the Best Forex Trading Signal Service
The best trading signal services are those that ultimately result in the most profit possible. For most people, Learn 2 Trade is going to be your best bet. However, there are some instances where Learn 2 Trade doesn’t fit well, which is why we’ve touched on the other options above.
When comparing your options, you should consider the following:
- Win Rate. You need more winning trades than losers to generate meaningful profits.
- Price. If you don’t want to pay a monthly fee, you’ll be best served by options with free signals. Moreover, even if you are paying, it’s important that you don’t pay exorbitantly high prices.
- Education. You don’t want to rely on signals forever. It’s best to work with providers that put an emphasis on trader education.
- Automation. If you want a hands-off experience, it’s important to choose a provider that offers automated trading.
No matter which provider you choose, take the time to learn from your trades. Don’t just blindly copy the signals. Instead, dig into what makes the trades potentially lucrative and consider looking for those factors as you research other opportunities across the market.