Trading forex pairs profitably is no easy task. It demands years of experience, discipline, a solid grasp of both fundamental and technical analysis, and a high tolerance for risk.
To navigate this challenging landscape, many traders rely on forex signal providers for guidance. These services offer trading ideas, including entry and exit points, along with take-profit targets. However, distinguishing between reliable providers and those looking to exploit new traders can be a daunting task.
In this article, we’ll explore the top forex signal providers and break down their key features to help you make an informed choice.
List of the best forex signal providers in 2024:
- 1000pip Builder – The best forex signal provider overall
- ChartPrime – A comprehensive trading offering with advanced signals
- MQL5 Signals – A marketplace for subscribing to signals from experienced traders
- Learn2Trade – A forex and crypto signals provider
- FOREX.com – A reputable forex broker providing access to algorithmic signals
The 5 best forex signal providers: Examining top services in 2024
In the sections that follow, we are going to review the best forex signal providers on the market right now. We’ll examine their key features, pricing plans, and their strengths and weaknesses to help you decide which is the best option for you.
1. 1000pip Builder – The best forex signal provider overall
1000pip Builder is a forex signal platform that’s been in operation for more than 10 years, providing currency traders with useful investment tips and strategies for forex markets. The team at 1000pip Builder consists of experienced traders who conduct complex analytics and send their findings to their users via Telegram, SMS, and email. Each message includes the entry price and stop loss and take profit levels.
1000pip Builder’s strategies revolve around three primary approaches: trend capture (using technical and fundamental analysis to identify and follow a Forex pair’s long-term trend), range trap (identifying clear support/resistance zones), and momentum rider (analysis focused on major news, political, and market events).
There are three pricing plans available to users. The 1-month membership costs $57 per month and comes with every signal. A 6-month membership offers 63% savings compared to the 1-month one, costing $31/month. Finally, there’s the annual membership subscription, which costs $25/month and offers 75% savings compared to the 1-month membership.
Key features of 1000pip Builder:
- Utilizes trend capture, range trap, and momentum rider approaches to identify trading opportunities
- Provides signals through Telegram, SMS, and email for timely updates
- Offers monthly, semi-annual, and annual memberships with significant savings for longer commitments
Pros:
- Experienced team providing well-researched signals.
- Diverse strategies tailored to different market conditions.
- Signals delivered via Telegram, SMS, and email for convenience.
Cons:
- Limited focus on forex markets, reducing diversification options.
- No free trial for users to test the service.
- Signal timing may not align with all time zones.
2. ChartPrime – A comprehensive trading offering with advanced signals
ChartPrime is a comprehensive trading platform designed for traders of various experience levels. The platform includes several tools such as the Market Oracle, Chart Prime Oscillator, Pattern Detection Algorithm, and Peak Seeker. These tools are designed to provide traders with advanced signals and overlays for identifying trends, breakouts, and other trading opportunities.
ChartPrime takes complex trading formulas and algorithms and simplifies them into user-friendly tools and signals. This approach is designed to give users an advantage in various markets, including stocks, commodities, forex, and digital currencies. The platform also offers 1v1 tutorials for beginners.
The platform offers different subscription plans, which are different whether you decide to go for the Pro or Plus subscription plan. For monthly payments, ChartPrime charges users $67/month for the Pro and $117/month for the Plus version. For the yearly subscription, users save around 40%, which is quite significant. The most interesting offer, however, is their lifetime subscription, where users pay $999 for the Pro version or $1499 for the Plus version one time to have access to ChartPrime features for a lifetime, as the name implies. ChartPrime works in conjunction with TradingView, a popular charting and social networking site.
Key features of ChartPrime:
- Includes advanced tools like Market Oracle, Chart Prime Oscillator, Pattern Detection Algorithm, and Peak Seeker
- Simplifies complex trading algorithms into actionable signals for stocks, commodities, forex, and crypto
- Offers flexible subscription plans, including monthly, yearly, and lifetime options, integrated with TradingView
Pros:
- Offers advanced tools like Market Oracle and Chart Prime Oscillator for comprehensive market analysis.
- Simplifies complex algorithms into actionable signals across various asset classes.
- Provides flexible subscription plans and integrates seamlessly with TradingView.
Cons:
- Requires a separate TradingView account, potentially increasing overall costs.
- May present a learning curve for beginners despite offering 1-on-1 tutorials.
3. MQL5 Signals – A marketplace for subscribing to signals from experienced traders
MQL5 Signals is a subscription-based service that allows traders to automatically copy the trades of professional signal providers directly to their trading accounts. Hosted on the MQL5.com platform, it offers access to a wide range of trading strategies tailored to forex, commodities, stocks, and crypto.
The platform features an extensive library of signal providers with verified performance statistics, helping users make informed choices based on past results, drawdowns, and trading styles. MQL5 Signals are integrated into MetaTrader 4 and MetaTrader 5 platforms, so it may be wise to open a free MT5 demo account to get familiar with the platform beforehand. Users can choose to copy professional traders for $30/month, though some signals cost more.
Key features of MQL5 Signals:
- Offers automated trade copying from professional signal providers to user accounts
- Provides detailed performance statistics, allowing users to assess and select strategies
- Fully integrates with MetaTrader 4 and MetaTrader 5 for a seamless trading experience
Pros:
- Provides automated trade copying from professional signal providers.
- Offers detailed performance statistics for informed decision-making.
- Fully integrates with MetaTrader 4 and MetaTrader 5 platforms.
Cons:
- Quality of signals varies; not all providers offer consistent performance.
- Subscription costs can accumulate, especially when following multiple providers.
- Requires careful selection to align with individual risk tolerance and trading goals.
4. Learn2Trade – A forex and crypto signals provider
Learn2Trade focuses primarily on providing premium forex and crypto signals and educational resources to help traders navigate the dynamic world of markets. The platform offers forex signals based on both fundamental and technical analysis, delivered by experienced traders or automated services. These signals alert users to potential trading opportunities and suggest entry and exit points for a broad range of trading pairs, like USD/EUR and USD/GBP.
For experienced traders, Learn2Trade offers funded forex accounts. This allows traders to trade with capital provided by the service without risking their own funds. The program includes clear guidelines and a profit-sharing arrangement, similar to other top prop trading firms.
In addition to trading signals and tools, Learn2Trade provides educational materials like video tutorials, articles, and guides. These resources cater to traders at different levels of expertise. There’s also a supportive community on their Telegram group, where traders can exchange insights and learn from each other.
Key Features of Learn2Trade:
- Provides forex and crypto signals based on fundamental and technical analysis for various trading pairs
- Offers funded forex accounts with profit-sharing arrangements for experienced traders
- Includes educational resources like video tutorials, guides, and a Telegram community for traders
Pros:
- Offers forex and crypto signals based on both fundamental and technical analysis.
- Provides funded forex accounts with profit-sharing arrangements for experienced traders.
- Includes educational resources such as video tutorials, guides, and a supportive Telegram community.
Cons:
- Subscription costs may be high for novice traders.
- Signal delivery primarily through Telegram may not suit all users.
- Performance of signals can vary, requiring users to exercise caution.
5. FOREX.com – A reputable forex broker providing access to algorithmic signals
FOREX.com is an online forex broker founded in 2001. It offers a range of services, primarily forex trading but also gold, silver, and futures for U.S.-based clients. It is regulated by multiple top-tier bodies, including the CFTC, FCA, and CySEC. The platform is available on various devices, including iOS and Android.
A notable feature of FOREX.com is its SMART Signals, accessible via their proprietary trading platform and MetaTrader 5. These signals are generated by an automated algorithm monitoring 80 major global markets, identifying potential short-term trade ideas based on historical data patterns.
The platform’s algorithm is designed to identify over 800 different candlestick patterns, analyzing hundreds of thousands of different price data points per day. Each signal comes with a suggested take profit and stop loss level.
Key features of FOREX.com:
- Offers SMART Signals generated by an algorithm monitoring 36 major global markets, identifying potential short-term trade ideas based on historical data patterns
- Provides suggested take-profit and stop-loss levels with each signal, aiding in risk management
- Supports trading on proprietary platforms and MetaTrader 5, accessible via iOS and Android devices
Pros:
- Regulated by top-tier bodies like the CFTC and FCA.
- Offers a wide range of instruments, including forex and commodities.
- SMART Signals provide algorithm-driven trade ideas.
Cons:
- SMART Signals may not be available in all regions.
- Limited focus on non-forex asset classes.
- Some advanced features may incur additional costs.
The bottom line
Forex signals can help traders identify market trends and inefficiencies that can potentially lead to lucrative traders. However, it must be noted that signals are not a surefire way to profitable trades – you should still do your own research and not trust proposed strategies blindly. That goes for traders who use regulated or unregulated forex brokers.
If you need a similar service for financial derivatives, consider checking our list of the best options trade alert services.
