Best Forex Signals Providers

In the fast-paced world of forex trading, a reliable signal service can provide expert-backed trade ideas that can make or break your success. However, not every signal is trustworthy, and sometimes, it may be more beneficial to rely on your own judgment. So, how can you tell which signal provider is truly worth your time?

To find the best forex signals, focus on key factors such as cost, strategy, performance and frequency. Keep reading to dive deeper into trade signals and discover our top recommendations for affordable and trustworthy providers.

Quick Look: Best Signal Providers for Forex Trading

• Best Overall: Trade with Pat (TWP)
• Best for Detailed Technical Analysis: 1000pip Builder
• Best for Trade Ideas: FOREX.com
• Best for Copy Traders: ZuluTrade
• Best for Advanced Suite of Trading Tools: ChartPrime

Best Forex Signals Providers

No matter your experience or earnings, using simple, practical tools is essential to help you make smarter, more informed decisions. Take a look at the forex signals that made the list.

Best Overall: Trade with Pat (TWP)

Trade with Pat (TWP) is a well-established signals provider in the forex and gold trading community, offering a range of services including expert advisor reviews, forex signals and educational resources.

Details:

• TWP has been providing signals for 4 years
• There are two rooms, Forex & GOLD
• Sends 3-5 trades per week
• All signals sent via telegram
• All plans come with a free trade copier, so signals can be copied to your account when you're sleeping
• Over 2,500 members currently

Why We Picked It: TWP VIP Signal Rooms offers real-time forex and gold trading signals. Trade signals are disseminated through the free Telegram app, ensuring timely alerts for traders on both desktop and mobile platforms. TWP provides tutorials, guides and market analysis to help traders understand market dynamics and improve their trading skills.

Best for Detailed Technical Analysis: 1000pip Builder

1000pip Builder is a forex signal service founded by Bob James, offering trade alerts across 15 currency pairs. The service provides entry prices, stop-loss, and take-profit levels, aiming for a minimum monthly target of 350 pips.

Details:

• Daily signals include 1 to 5 trade setups delivered each day
• Signals are based on thorough technical and fundamental analysis, reflecting Bob James's extensive trading experience
• Subscribers receive daily market insights and one-on-one support
• Signals are sent via email, Telegram and SMS

Why We Picked It: We selected 1000pip Builder due to its proven track record verified on MyFXbook, consistent positive reviews, and transparent communication from founder Bob James. The service's focus on quality over quantity, with a manageable number of trades and clear risk parameters. However, it's important to note that the service delivers manual signals, meaning all trades must be executed manually since automated copying is not supported.

Best for Trade Ideas: FOREX.com

FOREX.com SMART Signals service uses an automated algorithm to monitor 23 global FX pairs, 10 major stock indices, and gold. The algorithm analyzes thousands of data points from years of price movements to identify recurring patterns that have historically shown success. When a trade opportunity is found, it is displayed on the SMART Signals dashboard, complete with preset take-profit and stop-loss levels.

Details:

• Monitors 23 FX pairs, 10 major stock indices and gold
• Displays trade opportunities on the SMART Signals dashboard with auto-populated trade tickets
• Signals come with preset take-profit and stop-loss levels for risk management
• Each signal is a short-term trade with timeframes of 4, 6, 8, or 12 hours
• Users can set up alerts for chosen markets
• Tracks the remaining time for each signal

Why We Picked It: FOREX.com’s SMART Signals for its sophisticated algorithm, which analyzes vast amounts of historical data to identify potential trading opportunities across a broad range of markets. The service’s auto-populated trade tickets and clear risk management features, including preset stop-loss and take-profit levels, provide convenience and help traders mitigate risk.

Best for Copy Traders: ZuluTrade

ZuluTrade is a social trading platform established in 2007; it connects investors with a vast network of traders across various financial instruments, including forex, stocks, cryptocurrencies, and commodities. The platform offers features like comprehensive rankings of signal providers based on performance and risk and advanced risk management tools such as ZuluGuard™ to help protect users from excessive drawdowns.

Details:

• Over 2 million active users globally
• Access to more than 90,000 traders to follow
• Offers a wide range of assets, including major and minor currency pairs, stocks, indices, commodities and crypto

Why We Picked It: ZuluTrade stands out as a leading social trading platform due to its extensive network of signal providers and robust features designed to enhance user experience and safety. The platform's comprehensive ranking system allows users to make informed decisions when selecting traders to follow, while tools like ZuluGuard™ offer an added layer of security against unexpected trading behaviors.

Best for Advanced Suite of Trading Tools: ChartPrime

ChartPrime is an advanced suite of trading tools designed to enhance your investment decisions. It allows you to analyze assets, track market trends, improve your portfolio, and stay informed about the markets independently, without relying solely on external alerts or signals. With its powerful features and user-friendly interface, ChartPrime aims to empower traders to make more informed, data-driven decisions across various markets, including stocks, forex, and cryptocurrency.

Details:

• Offers multiple toolkits catering to different types of traders
• Connects seamlessly with TradingView for access to alerts and market data
• Supports traders in stocks, forex and crypto markets
• Includes a Discord community for real-time updates, discussions and support

Why We Picked It: ChartPrime stands out due to its versatile toolkits tailored to different trader needs and its seamless integration with TradingView. The combination of advanced algorithms, real-time alerts and a supportive community offers a well-rounded trading experience for various markets.

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 (MACD) is a market indicator that relays divergence from the market price. It either demonstrates a regular divergence that indicates 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 MA crosses below the longer-term MA, then that generates a sell signal.

Bollinger Bands (BB)

John Bollinger created Bollinger Bands 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 potential 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.

Select Your Signal Provider

The right signal provider can impact your potential for profit and influence your long-term decision making by delivering consistent, profitable trades. 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 forex 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