The Best Forex Signals for Trading in 2024

Forex signals are recommendations (either made by human analytics, automated software or a trading robot) that provide information about a currency pair.

This information will allow you to make an informed decision as to whether you want to proceed with a specific trade.

In this article, we will explain how you can find the best forex signals for trading.

Forex Signal Providers in 2024

1. 1000pip Builder
2. AvaTrade
3. ForexSignals.com
4. IG
5. Pat VIP
6. How to Trade
7. GPS Forex Robot
8. Profit Forex Signals
9. Saxo
10. BOTS
11. finviz Elite
12. Tim’s Alerts

Comparison Chart for the Best Forex Signal Providers in October 2024

The Best Forex Signal Providers in October 2024

There are numerous forex signal providers available and we would always recommend that you conduct thorough research and due diligence before making your own personal choice.

Although we have listed several signal providers below, it should be noted that this is through online research, not personal experience. At WikiJob, we are not financial advisors and any information provided throughout this article is for educational purposes only.

With that being said, here are some popular forex signal providers:

1000pip Builder is our top choice for Forex signals. They have been helping traders for many years and we have been particularly impressed with their strong long term performance.

The key advantage of 1000pip Builder is that they are a 'pure' Forex signals provider so only focus on producing the best Forex signals available.

Their performance has been very strong and most importantly the results are independently verified by MyFXBook, giving users additional assurance in the reliability of its signals.

On joining 1000pip Builder, you’ll receive manual signals based on both fundamental and technical analysis, overseen by experienced professional trader Bob James.

Signals are sent via the Telegram messaging app, email and SMS (for an additional fee). There are typically two to seven signals per day, and cover all four Forex sessions, so should be beneficial for traders worldwide.

This is the best place if you want class leading Forex signals from a professional trader.

Now is a great time to join because they are offering a 65% discount."

AvaTrade is a CFD Regulated broker with +1,000 financial instruments and multiple trading platforms. It has been operating since 2006.

It offers a 20% welcome bonus up to $10,000, according to regulation and a free 21-day demo account with $100,000.

Instruments include:

• Metals
• Commodities
• Stocks
• FX Options
• Oil
• ETFs
• Options
• Crypto currencies
• CFDs
• Indexes
• Shares
• Spread betting
• Indices
• Forex
• Bonds

AVATrade EU Ltd is regulated by the Central Bank of Ireland. (No.C53877) Ava Trade Markets Ltd. is regulated by the B.V.I Financial Services Commission. It is also highly regulated in Australia, South Africa, Japan, Middle East, Cyprus and Israel

You can not trade with AvaTrade in the US, North Korea, New Zealand, Iran or Belgium.

Mínimum deposit of $100, no withdraw limit and no fees.

The Forex Signals trading room will change the way you use signals forever.

Three professional mentors with over 50 years of experience provide daily live streams, market commentary and will show you how to read the market so you can find your own trading signals.

Every day inside the Trading Room, hundreds of trade signals are shared between the large trading community and you can even share your own trade ideas for feedback.

This is the place if you are serious about learning how to trade like a professional and not just rely on signals alone.

Membership starts at just $47 per month and free trials are available. Well worth a try.

IG is a great share trading platform for beginners thanks to its user-friendly interface and extensive educational resources.

Pros of IG include a wide range of trading instruments and markets, as well as the ability to access multiple account types and trading platforms. The platform also offers a demo account for beginners to practise trading strategies before investing real money.

However, IG isn’t the cheapest share trading platform, with relatively high trading fees and a minimum deposit requirement of £250 when paying by credit/debit card or PayPal.

In terms of additional fees, IG charges a commission fee for share trading, starting from £8 per trade. There’s also a custody fee of 0.25% per year for holdings of £250 or more.

Overall, IG is a solid choice for beginners looking for a user-friendly platform with extensive educational resources, but investors should be aware of its fees and minimum deposit requirements.

Trade with Pat VIP has quickly become the premiere Forex signal group in 2024. Now in year three of the service, there are over 1,250 members and many of them use the signals on their funded accounts.

The goal of the room is to grow accounts around 10% per month using cutting edge trading strategies. Currently, two of the analysts use Supply & Demand, and the other focuses on Smart Money Concepts. Both of these methodologies give the analysts the ability to target prices that institutions, banks and hedge funds target.

In addition to the trading signals TWP VIP members get high impact news updates and daily market bias on multiple pairs. This teaches traders how to view the market properly, and provides manual trading opportunities based on this information.

Lastly, for traders who want to be more hands off. TWP VIP recently introduced a copy trader, which they added to the room for free. The copy trader is easy to install, and will automatically copy trades from the VIP room directly to your MT4 or MT5 account. All these trades have take profit, stop loss, and the analysts also set break evens on active trades to profit your account when already in profit.

Currently going for $55 per month, TWP VIP is the best Forex signal service on the market, and a proven way to grow trading accounts.

Providing a trading education that is designed to take you from the basics through to the advanced strategy, How to Trade has a wealth of world-class educational resources.

There are more than 50 free trading lessons, designed by globally recognised mentors, and when you complete them, you will receive a certificate. You can expect the free courses to include both forex and stocks education – from a basic introduction through to charts, technical analysis, indicators, risk management and psychology.

Alongside the free courses, there is premium content that comes with membership of the Trading Room.

There are three different membership levels, with increasing benefits as the price goes up.

Every level includes access to the Trading Room, all the premium content in the modular video academy, daily live trading sessions, trade sentiment analysis, weekly hot pick analysis, real time global news stream, live interactive workshops and access to pro trader tools.

The different pricing structures are as follows:

• The Apprentice – £77 per month, billed monthly. Includes one month access to the Trading Room.
• The Committed – £39 per month, billed six monthly. Includes six months access to the Trading Room. This also includes exclusive brokerage access and one-on-one with a mentor.
• The Professional – £36 per month, billed annually. Includes a year’s access to the Trading Room, all the features of the Apprentice and Committed subscription, but also a direct line to the mentors, the Trend Surfing Expert Advisor, and a license key to Forex Tester 5.

This is an automated signal provider and uses its algorithm to test technical analysis. The website claims to have a 98% success rate and collated five years’ results before being made payable to the public.

Unlike other providers, there is no monthly subscription – just a $149 one-off payment. In exchange for the payment, users can access a user-friendly system that offers 24-hour automated signals.

Profit Forex Signals has been providing honest, reliable and profitable signals for more than 10 years, and has a loyal client base of more than 35,000 traders.

Accounts start at $99 per month, and for this, traders will receive at least 10 signals per week, with an average net profit of 1,000 pips or a 50% investment return.

The most expensive option is $499 per month, but Profit Forex Signals claims that the signals given at this level have 90% or more accuracy, offering net profit of 9,000 pips or a 300% investment return.

What makes Profit Forex Signals different from some others is that it offers a free VPS/Trade Copier that will automatically make the trades for you (based on the signals) so that you do not have to manually place the trades – and it provides Myfxbook verified results.

Saxo stands out as one of the best forex signal providers for several reasons, leveraging its robust platform capabilities and comprehensive market insights to support forex traders effectively.

Saxo's platforms, including SaxoTraderGO and SaxoTraderPRO, offer advanced charting tools with over 50 technical indicators and automated trading signals from Autochartist. These tools help traders identify and act on potential forex trading opportunities based on technical analysis and market trends.

Saxo provides its clients with live market commentaries and insights through SaxoStrats. This service includes news updates, trade ideas, and in-depth analysis from Saxo’s team of strategists, helping traders make informed decisions by understanding underlying market movements and potential impacts on forex trading.

With access to a wide range of forex pairs across majors, minors, and exotics, traders at Saxo can benefit from competitive spreads and high liquidity, ensuring efficient trade execution and optimal pricing. This is particularly beneficial for forex signal implementation, where timing and price accuracy are critical.

Saxo incorporates several risk management tools, including stop orders and margin breakdowns, which are essential for traders who follow forex signals. These tools help manage the risk associated with potentially volatile forex trades.

Saxo offers educational resources and customer support to help traders understand and utilize forex signals effectively. This includes tutorials on how to use trading platforms and tools, as well as direct support from customer service to address any queries related to forex trading signals.

These features, combined with Saxo’s global regulatory compliance and emphasis on client security, make it a reliable and effective choice for traders looking to use forex signals to guide their trading strategies. Saxo’s commitment to providing a high-quality trading environment and comprehensive tools ensures that traders have access to the necessary resources to succeed in the competitive forex market.

BOTS, short for Binary Options Trading Signals, offers a biweekly subscription of $97 for access to its live trading community.

As part of the service, you’ll receive signals based on a series of algorithms from an experienced trader who goes by the name of Franco.

BOTS claims win rates of 85%, achieved through a variety of trading styles based on both technical and up-to-date fundamental analysis.

As a bonus, you can interact personally with Franco through the BOTS platform, as well as sharing trading tips with other community members.

finviz is a free scanning tool that allows you to monitor market movement via candlestick charts, performance tables and quotes on currency pairs.

However, to unlock the full toolkit, including signals, you’ll need to subscribe to finviz Elite for $39.50 per month or $299.50 per year.

As part of your subscription, you’ll receive real-time email alerts based on personalized trigger events including price movement, news and your current portfolio.

For a monthly fee of $74.95, subscribers to Tim’s Alerts will receive real-time day trading signals from penny stock trader and self-made millionaire, Tim Sykes.

Tim’s trading signals are rooted in an analysis based on his own successful trading style and can be sent via email or SMS.

You can also opt to receive signals by push notification with the app, which is available on both iOS and Android.

In addition to signal alerts, you’ll also receive a daily stock watchlist and have access to the Tim Sykes chatroom.

Fees are paid on a month-by-month basis, and you can cancel your subscription at any time.

What Information Do Forex Signals Give?

Forex signals will analyse the currency market to determine entry and exit points for pairs of currencies. For a trader, this is important because it allows you to decide whether to trade that particular currency and the likelihood of making a profit.

The moment that the analyst determines it is the right time to buy/sell that currency, the trader will receive a signal. This may be via social media, such as a tweet or a WhatsApp message, or it could be via an email, live messaging or an RSS feed.

When you choose your preferred forex signal provider, you’ll have the opportunity to select your communication method.

It’s important to note that because forex operates across four major time zones (London, New York, Sydney and Tokyo), all signals are sent in real time. This means that the forex market trades 24 hours per day.

Why Are Forex Signals so Important?

The purpose of a forex signal is to give traders accurate information so they can earn as much money as possible via forex currency trading.

Because they are based across the four distinct trading zones, any small fluctuations can cause a big difference in profit price. The signals consider real-time data such as information from banks, the world news agenda (for example, Brexit) and market directions.

Are Forex Signals Legal?

As with various elements of the stock exchange, there are legal and scam forex signals. Strictly speaking, because the signals are imparting financial advice (for example, when to buy or sell currency) the forex signal provider should be a certified financial provider.

According to MyTradingSkills, many forex signal providers will use the disclaimer ‘Views are not investment advice and should be used only for educational purposes’.

There are some scam forex signal providers out there; particularly ones which are free of charge. This is because the providers are more concerned with subscriber numbers than the accuracy of data.

When it comes to choosing which signal provider will give you the most accurate advice, you should always do your due diligence first.

Later in this article, we’ll explore more about the types of forex signal providers and how to do your research.

Types of Forex Signals

There are two primary types of forex signals:

• Free
• Paid-for

The legitimacy and accuracy of both of these types can differ, and each will have its pros and cons.

If we break down the signals further, they can be created via manual analytics or robotic software. Some forex signal providers will use technical analysis to determine their data, whilst others may use complicated algorithms to decipher the most appropriate trading moments.

• Manual signals are established by human analytics. A team of dedicated analysts will take an overview of the entire foreign exchange and will be able to make decisions as to the current trading conditions. They’ll be able to develop individual strategies with their own finesse and tweak it in accordance with the global market conditions.

• In contrast, automated signals are based on algorithms and computer software which will do the hard work on behalf of traders. It will be set up to view technical conditions, allowing it to focus upon 24-hour trading. However, because of their set rules, they can be inflexible and can lack the ability to respond to world-wide fluctuations caused by the news agenda.

Fundamental vs Technical Analysis – What’s the Difference?

When it comes to analysing the foreign exchange and learning how to interpret the available data, many forex signal providers choose to use either fundamental or technical analysis.

• Fundamental analysis looks at economic, social and political forces. It takes a holistic look at the forex to determine expected currency supply and demand. It takes a look at various economies to see if there are any factors which may strengthen or weaken currencies and determine a predicted outcome. For example, countries with high levels of unemployment may have weakened currencies.

• Technical analysis allows traders to study the price movement of currencies. The idea is that if you understand the historical context of the market, you can make accurate predictions about how the market will fluctuate. It’s based on an inherent belief that history will ultimately repeat itself, and will use that past information to inform you of future decisions. Technical data allows analysts to predict and spot trends and patterns.

Now you know a little more about what forex signals are, it’s time to determine how to find the best forex signals for you.

Practical Considerations When Choosing Your Forex Signal Provider

When it comes to choosing your ideal forex signal provider, make sure you pay attention to the following:

• Number of positions. Because the forex is such a volatile market open to so many variables, you should take a look at a minimum of 100 positions. This will allow you to gain a strong understanding of their service and capabilities across a wide range of market conditions.

• You should also consider if the signal provider has a positive ratio. As with the stock market, there’s no guarantee of return on income so you should view the risk to reward profile – this will show the likelihood of taking a risk and receiving a reward based on that risk.

• Success rate. To really judge its ongoing accuracy, you should be looking for a system which wins regularly and therefore has a success rate of more than 70%. This will show that it has ongoing reliability and trust factor rather than being a forex service provider which has merely had a lucky win. In addition, you should also pay attention to the frequency of consecutive losing trades. If there’s a clear pattern of unreliability you may want to start thinking about whether it's accurate enough to allow you to succeed in forex trading.

What Do the Best Signals Include?

Because forex signal systems should be an accurate predictor of profit, your specified signal provider must give you the most relevant data. As we said earlier in this article, forex signals can’t give you a definitive answer to what you should do, but they can provide you with relevant data to allow you to make an informed decision.

When you receive your signal (via whatever means of communication you choose) you should be looking to receive as much data as possible:

• Make sure that the signal is relevant to you. Double-check that it is referring to the currency pair that you are trading. It will not only tell you what the asset price is, but it should directly clarify whether you should buy or sell. It should also tell you whether the signal is ‘active’, ‘get ready’ or ‘closed’. This will determine how quickly you can respond to the signal. We’ve already mentioned that signals operate in real time so it may have come through from a different time zone or it may be something you can and should act immediately.

• Your signal should make clear the entry price. This is how much it recommends that you invest in the trade. Forex signals are designed to make you as much profit as possible and will be used to help you make the most of your trade. Therefore, the entry price will be the minimum amount required to make a good profit.

• Signal providers should also include automatic closing points (ACL). This is where stop loss (also known as SL) features will be automatically implemented if the market starts to turn against you. Signal providers will highly recommend that you set a pre-determined SL limit because it’s a key part of damage control. It maintains your long term profitability and ensures that you haven’t been adversely affected by the notoriously volatile FX.

• Within the automatic closing points, you should also be able to specify a take profit (or TP) limit. This is where your trade will automatically cease when you’ve reached your desired profit. As with the SL, it’s a damage control mechanism and it is based upon enabling you to take your profits at the right time.

As you become more experienced as a forex trader you will start to learn more about what you can and cannot do with signal providers and the data that they can provide.

Frequently Asked Questions

Final Thoughts

We hope that this article has given you more of an insight into forex signals and what you should consider when selecting your signal provider.

We’ve deliberately written this article in a ‘top-line’ fashion – it’s designed to be a starting point for your research; before you start investing any of your hard-earned money into forex, we highly recommend doing as much research as you can.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.