Double Top Pattern: Explained for Forex Traders
The 3 Best Forex Signal Providers for 2021
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.
Luckily, 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 signals are essentially indicators , heavily reliant on technical analysis that act as an alarm system for traders to determine when they should enter a trade on a forex instrument.
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.
Here are our top 3 Forex Signal recommendations for 2021:
OUR TOP PICK
Price: £35 for 1 month
Price: Free, but requires $100 min. deposit at FXTM broker
Price: $99 for 1 month
Using these signals can be tricky at first for beginners but with time they are sure to get the hang of it. 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 three of the best forex signal indicators of 2021 that you can use to make your trading experience easier.
1. Learn 2 Trade [our absolute favourite!]
Learn 2 Trade has a dedicated team of analysts working tirelessly behind the scenes to provide their customers with the highest accurate forex signals.
There are three things that make Learn 2 Trade a cut above the rest are and why we consider it as our favourite signal provider by far:
Check out a 3 minute video review of Forex Robot Nation to see how the service works and what you get for your money:
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. It's also worth mentioning that it also provides its users with accurate signals for cryptocurrencies alongside the forex ones.
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.
Learn2Trade's signals cost you £35 for 1 month, but you can get significant discounts if you sign up for 3 or 6 months. Check out their website for the current pricing plans by clicking the button below:
ForexTime or often called FXTM for short is our #2 choice and was founded in 2011. It is a global Fx and CFD broker regulated by a handful of financial bodies and authorities.
Its headquarters is located in Limassol, Cyprus, and are regulated in their home country as well as in the UK and Mauritius financial authorities such as the FCA and the CYSE.
FXTM offers its services on all platforms. MetaTrader 4 and MetaTrader 5 are both available for desktop users. It is is considered a good option for most traders as their commission percentages are comparatively lower than most of their competition.
FXTM boasts of many features such as a demo account, live sessions, educational tools and of course, trading signals.
Their trading signals (or recommendations as they call it) are free for all standard account users that only requires a deposit of $100.
The signals include a choice of four take-profit levels and multiple stop-loss recommendations, so you can always choose the risk level that meet your personal goals best.
If you don't want to bother with analyzing the recommendations, you can choose an autotrading options as well or use their account management service and let others take care of your money.
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.
Conclusion - Which Provider should you choose?
Considering the above three providers' price/value ratio, Learn2Trade is the clear winner here, and we highly suggest that you try out their services for at least a month.
The signals offered by FXTM are not bad in general, but their effectiveness is nothing compared to Learn2Trade. FXTM signals will give you rather generic guidance than a strict action plan on what exactly you should do, but to be fair, it's a decent free option.
ForexSignals.com on the other hand costs $99/month, which is heavily overpriced considering the fact they are trying to build out a trading community where traders are helping each other rather than focusing on sending quality signals regularly.
So in our opinion, Learn2Trade is offering the best solution for what you are looking for: quality signals coming in multiple times a day that are clear, actionable and make you money so you can pay their monthly fee from the profit you make.
Some other options you can consider (we haven't tested them!)
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.
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.