One of most frequent questions we get asked here at Trade Stocks & Forex is “what are the best forex signals?”
There are countless signal providers out there, but how do you know if they are any good, let alone which ones are the best?
Well thankfully we have scoured the internet far and wide for the top forex signals and tested out a large number of them here on the site. We have found a core group of signals providers that have passed muster.
These are the few “diamonds in the rough” that have showed an ability to make a profit under a live trial, from the many hundreds of forex signals out there.
Below we will take a look at our top five best forex signals, but before doing so a quick word on how we have compiled our rankings.
Forex Signal Rankings – Based on Real Live Tests
Whilst some other sites out there list their “best forex signals” without ever actually testing out those signals, here at Trade Stocks & Forex we have run real live trials of all the forex signals on this list. Our reviews last for at least three months but often longer.
That means we sign up to the service, follow the signals on our own brokerage account and record all the results in a spreadsheet so you can see exactly how well they have performed. Nothing is fudged or hidden, just the unvarnished results so you can see for yourself what kind of results the forex signals service has achieved.
In conducting our reviews we take into account a range of factors including:
- The trade success rate
- How much the starting capital grew by during our review
- The overall profit and loss achieved during our review
- The transparency of the service
- Subscription costs.
We also take into account issues such as how easy it is to follow the signals and whether there is any “slippage” – or in other words a difference between the entry price given in the signal and what you are actually able to achieve.
Looking at all these factors and more, we then give each service a rating out of five.
So our list of the best forex signals is based on actual testing, rather than a list plucked out of the air or based on the unverified results a service claims to have produced.
Top 5 Forex Signals
Okay, let’s get on to looking at our list of the top five forex signal services we have found through our extensive research and testing.
These are all services that have proved themselves under live trial conditions. They are in ascending order from five to one.
Please let us know if you think we have a missed a top service that should be on here.
5. 1000 Pip Builder
Coming in at number five we have a long established service called 1000 Pip Builder which is run by a guy called Bob James.
Mr James apparently worked for one of the leading financial institutions in London and has over 10 years’ experience as a forex trader and mentor. The service has been around for a number of years which is a good sign that it’s a serious service and not some “here today, gone tomorrow” type.
The signals are sent out via the Telegram messenger app and come in at various times of the day and night. That can make it tricky to keep up with all the signals, but we only missed one or two that were late at night during our trial, so it wasn’t too much of an issue.
Generally the main currency pairs (e.g. GBP/USD, EUR/USD) are used but also quite a few Australian pairs (AUD/JPY, AUD/USD) and New Zealand Dollar pairs as well.
The signals come with three profit targets – standard, scalp and swing, although we used the standard target for our review as that seemed the main one used by Bob himself.
At the end of our three month trial the service finished with a profit of $855 at $5/pip (or 177 pips profit), which is a decent total. The trade success was rate solid at 54% so there were a steady stream of winning trades throughout the trial.
The only issue we found was slippage, or to put it more distinctly, we had trouble matching the advised entry price of the signals. Often the achievable entry price would be a few pips away from the official entry point. To combat this we would like to see them offer the use of a trade copier to ensure members can match Bob’s results.
Other than that 1000 Pip Builder is a good, solid service and one with a sound reputation in the forex industry.
4. 123 Free Signals
A service we have followed for quite some time and that has stood the test of time is 123 Free Signals. This is a very low volume service with sometimes just one or two signals per month, but the selective approach is one they feel comfortable with and has worked well for them so we certainly wouldn’t knock it.
They send out signals via e-mail and most come in morning-afternoon (CET), with an entry price range, a stop loss and a take profit target. Some of the signals are updated to be closed early based on market movements and news cycles, but with so few signals it is very manageable to keep on top of them.
Most of the signals are medium to long-term, taking days or even weeks to complete, with the SLs and TPs usually being 100-200 pips away from the entry price.
Generally they trade the major currency pairs such as EUR/GBP, EUR/USD, USD/JPY but also some minor ones like the USD/ZAR and CAD/CHF. They also occasionally venture into indices such as the FTSE 100 and commodities, for example US OIL.
We followed the signals for over a year and whilst there were only around 70 signals in that time, the net profit was good at over 1,000 pips profit made. Using our standard $5/pip that obviously works out at over $5,000 profit. They were over 1,000 pips down at one stage during our trial so to bounce back like that is impressive.
There is currently no website for 123 Free Signals, but if you would like to join up please drop us a line at firstname.lastname@example.org.
3. Forex Lens
Next on our list is an American-based service called Forex Lens. They are an all-around service providing not just forex signals but also a live trading room and forex education. They also have a variety of signals providers, but for the purposes of our review we followed their main one, the “RP Forex Signals.”
Signals are sent out via Telegram, which seems to be the norm these days and come in at various times of day and night depending on where you are. If you are based in Europe the timings are sometimes not ideal as some signals are sent out in the middle of the night, but on the whole we were able to follow the large majority of signals during our trial.
They trade a variety of Forex pairs including minor ones such as the NZD/CHF, EUR/AUD, CAD/JPY, NZD/JPY as well as the major ones like the EUR/USD, USD/CAD and GBP/USD. They provide a stop loss and three take profit levels with their signals, but we used just TP1 for our trial.
We ran a review for six months and in that time received over 100 signals. Our trial finished with an excellent profit of 419 pips, which works out at $2095 profit at the standard $5/pip. The trade success rate was also high at 70%.
We did struggle to match their advised entry prices though, but that wasn’t as much of an issue compared to 1000 Pip Builder for example. The price would often have moved a couple of pips, but even taking that into account we still made a decent profit.
We also would like to see better transparency in terms of their results, as on their website it lists the best case scenario in terms of the trades, as if you knew in advance which TP target to take, which is obviously not possible.
In any event, with strong results during our trial and some good educational material which can be sampled for free before signing up for the main trading room membership, we were happy to award Forex Lens a four star rating at the end of our trial.
2. FX Profit Signals
FX Profit Signals is a provider offering both free and paid forex signals. They also have different categories of paid signals, namely their “VIP” and “Platinum” packages. The VIP signals are higher volume trades with lots of action throughout the day, whereas the Platinum signals tend to be just 1-2 signals per day.
For the purposes of our review we monitored just the Platinum signals. They are sent out via Telegram, mainly in the morning (CET). Each signal normally comes with a technical explanation of the set-up with accompanying graphs etc.
As is common these days, the signals come with three Take Profit (TP) levels. For our review we used the mid-point, the TP2 target. They use quite a wide variety of currency pairs as well as commodities.
We followed the signals for three months and in that time received over 100 signals. At the end of our trial, the closed trades made 937 pips profit, which would be $4685 profit at $5 per pip and the open trades were 1800 pips up when our trial finished. So if those trades had been closed out at that point, they would have made a total of 2737 pips, or $13,685 profit, for our trial.
Those are excellent results and put them in the top echelon of forex signals services we have come across. The Platinum signals are fairly straightforward to follow as well as the signals tend to come in around the same time each day.
Overall then FX Profit Signals are well worth a place high on this list.
1. Andy W’s Forex Signals
Taking the top spot in our rankings is the highly respected Andy W’s Forex Signals. This is a service that has been around since 2014 and in that time has garnered a reputation as one of the most trusted and consistent forex advisory services.
Trades are sent out via Telegram but you can also choose to receive them by email or via an app. The signals are sent with a stop loss and just one take profit level, meaning they are easy to follow, although there can sometimes be updates to the positions so it is worth keeping an eye on those.
Most of the trades are on the major Forex pairs – USD/CAD, GBP/USD and EUR/USD, as Andy specializes in these pairs. There are typically one or two trades per day, in the morning and afternoon sessions (London and NY sessions) and they tend to come with warnings beforehand of when a signal is going to be released.
We ran our own review of the service for six months, during which time the signals delivered us a profit of $1495 at $5 per pip (or 299 pips). Andy’s official results – which once again we weren’t able to match due to issues of price movement – made 416 pips over the course of our review. The trade success rate was a solid 48%.
Although the overall profit was not as high as some of the other services on this list, the aspects we really like about Andy’s signals are the consistency and longevity. We have continued to track the signals since our review ended and they have maintained their edge, racking up solid profits.
When you combine that with the long-term track record (which is verified on other trusted forex sites), the ease of following the service and the transparency (with the daily results recorded on Andy’s website), it makes it hard to find to find a better forex signals service in our opinion.
In addition to providing forex signals, Andy also offers gold and cryptocurrency signals. Whilst we haven’t formally tested those, the results look very encouraging as well.
Overall then taking all these factors together we believe Andy W deserves the accolade of best forex signals service based on the reviews we have undertaken.
Conclusion – Finding Verified Forex Signals
There are countless forex signal providers out there and it can be difficult to narrow down the choices. Many are sadly not up to scratch and others even fabricate their results. It can be easy to be roped in with slick marketing pitches, promises of riches and seemingly amazing results, only to get burned when the service fails to deliver and you are left with large losses.
Here at Trade Stocks & Forex however we help to filter the options for you by testing out forex signals live here on the site.
Above we have listed our top five forex signal services based on how they performed in live trials here on the site. Other lists of the “best forex signals” often won’t even have tested the signals so you can’t tell if the services they are recommending are actually any good.
We hope providing a verified list of forex signal providers is helpful and aids you in your trading journey. Although they all performed well during live trials, it is important to remember that past performance is no guarantee of future results.
Please let us know if there are any forex signals we have missed off our list that you think should be on there.
Good luck with your forex trading and please remember to always trade with a plan and not become over-exposed to risk.