The 5 Best Forex Signal Providers for 2020
Last Updated: July 28, 2020
The act of buying and selling foreign currencies to make profits is what forex trading is in a nutshell. The actual process of trading currencies, however, is rather complicated.
A lot of helping tools are used by traders and forex signal providers are one of them. These tools are an invaluable asset for any forex trader on the fx market.
Forex signal providers are essentially indicators that act as a signal for traders to determine when they should enter a trade on a forex instrument.
A huge number of these signal providers are heavily reliant on technical analysis done by the forex indicators. The data collected by these forex indicators are used to make entry or exit point determinations as accurately as possible.
Usually, a forex trader receives these signals via service signal providers who work for remuneration. Most of those signals are interpreted and relayed by a human executive although some signal providers also provide AI systems to their clients.
Using these signals can be tricky at first for beginners but with time they are sure to get the hang of it.
The most basic forex signal that is frequently used by traders on the foreign exchange works by plotting areas on a price chart where sellers or buyers are known to converge.
Traders can use the data provided by such a forex signal to put stop-loss orders on their positions to safeguard themselves from market volatility.
With that being said, we shall now take a look at five of the best forex signal indicators of 2020 that you can use to make your trading experience easier.
ForexSignals.com is one of the most beginner-friendly signal indicators available on the market for traders of all levels of experience.
So it doesn’t matter if you are a beginner or a veteran, this indicator can be used by everyone regardless.
This forex signal service provider platform debuted in 2012 with its inventor Nick McDonald in charge who had the aim of building a forex community support platform where traders could also get professional assistance.
The platform provides active traders with the ways and means of trading, how to identify and take advantage of market trends, and create meaningful signals for the traders to follow.
ForexSignals.com is loved by traders across the world for its transparency and good customer support as they are known to give their clients live access to their discussions about trade strategies and tactics and provide excellent customer service round the clock.
Forex Signal Factory
The Forex Signal Factory is an excellent signal platform especially for beginners because it is completely free of charge and has no hidden cost.
The developers behind Forex Signal Factory were reportedly fed up with the numerous misleading forex signal service providers who claimed to be free but were not.
Therefore, this platform is considered to be the best for new traders who are doing their research but want to keep their expenses at a minimum before they start trading for real.
The Forex Signal Factory aims to provide its users with guides and other helpful material regarding forex trading as well as the necessary signals that help traders look for good entry points for their trades.
However, traders should keep in mind that this particular platform can be considered unreliable if compared to its properly funded counterparts but it gets the job done regardless.
Learn 2 Trade
Learn 2 Trade has a dedicated team of analysts working tirelessly behind the scenes to provide their customers with the highest accurate forex signals.
One thing that makes Learn 2 Trade a cut above the rest is that it also provides its users with accurate signals for cryptocurrencies alongside the forex ones.
Learn 2 Trade is an excellent platform with a good track record and their 92% success rate is a testament to that statement alone.
As for beginners in forex, this platform provides you with a detailed and informative analysis of the latest fx market trends and it also keeps you up-to-date with all the relevant news that is sure to have an impact on the foreign exchange in one form or another.
Lastly, this forex signal provider provides its users with features such as chart analysis, round the clock customer support services, and they also connect with their users on telegram.
The MQL5 is a forex trader platform which is very resourceful and one of the best forex signal providers available.
This platform contains a variety of materials for traders to make use of such as forums, articles, a wide selection of indicators, and most importantly the trading signals.
Furthermore, this platform offers its users a special section known as the freelance section.
Traders can use this section to hire various freelancers such as programmers to set up custom automated trading systems or just hire some experienced traders who can help beginners implement or come up with trading strategies.
Needless to say, anyone with some experience in the forex market can sign up to be a freelancer on MQL5 and get remunerated for their services.
The clients have the option of filtering through the various freelancers based on their results which allows the best of the whole lot to cut through the rest.
Pips Alert is the result of 15 veteran traders collaborating on a single project to combine a total of 98 years of trading experience and transform that experience into a well functioning forex signal providing platform which is the Pips Alert.
One peculiar thing about this platform is that it does not feel the need to rely on tools such as charts and indicators to provide its various services.
Pips Alert provides its users with free courses on fx trading that last up to 2 hours which is an invaluable thing for a new trader.
Any beginning trader will agree to the fact that such courses are very helpful to them during the most crucial stage of their forex journey.
One downside about this platform is their tendency to lag when it comes to providing their customers with trade results which can affect the trading capacity of a forex trader in the long run.
All the mentioned forex signal indicators are essentially the same thing with a few added bonuses in between.
These signal providers depend solely on the technical analysis aspect of trading and try to be as objective as they can when it comes to the signals that they provide their customers with.
Employing the use of these signal service providers is not complicated at all.
All you need to do is enter your signal orders by yourself or let the signal provider do it for you to save time.
Using these signals is sure to enhance your trading skills and returns so be sure to try a few of them out before settling on the one that suits your style of trading the best and is also equipped with other helpful features.