Trading is exciting and fun, and although it comes with its own set of risks, when done carefully, it can be a great way to supplement your income and grow your wealth. Becoming a confident trader requires significant experience and knowledge, which can take a considerable amount of time – even up to years. Fortunately, there are many tools that can help us analyse the market and support us with finding high conviction trades. One of the most popular tools traders use are forex signals. The term refers to trade levels indicating the right time to enter or exit a trade on a specific asset. Although forex is the generic term for currencies (FOReign EXchange), the term forex signal is normally used for any type of asset including stocks, crypto and commodities.
In this article, I will share with you some of the best names in the industry that offer reliable trading signals you can follow or use to develop your own trade ideas with the help of further technical and fundamental analysis. Below are the top five forex signals providers along with a brief description of their features and offerings.
As their website rightly mentions, they have been a leading provider of forex trading signals and have established quite the authority in this space over the past 10 years since their inception. You can use their forex signals service to access for trading a wide range of instruments – from leading forex pairs and commodities to cryptocurrencies, indices and even stocks. Their forex signals are published by a team of expert analysts located all around the world and working across the major market sessions. In addition, the website also puts out real-time market news and analysis backing the trade ideas of the signals they publish, which makes it a great option if you wish to learn as you trade and gain experience.
An added advantage that FX Leaders offers is that their signals service is provided by a provider who has experience in market analysis for several years now and does not require you to open an account with any specific trading broker. You can access FX Leaders’ signals without switching trading brokers and the information is provided for free, while some add-on services like real-time mobile alerts on signals are on offer should you wish to take up a premium membership with the provider.
The world’s largest social trading platform is a great place to go looking for free trading signals and its copy trading option is an added bonus as it can save you time when it comes to executing the trade idea. The trading signals you find on eToro are published by experienced traders who use the platform to share their knowledge and help newbie traders and you can choose to follow the traders based on their expertise and your requirements. eToro’s interface is easy to understand even if you are just getting started on your journey as a trader and performing copy trading is an intuitive experience.
While it is one of the biggest names in the trading world, keep in mind that eToro bears no responsibility for the trading signals shared by traders on its platform, which can become a risky proposition in case you do not spend enough time researching and finding reliable traders to follow. On the plus side, it does offer trading signals across a wide range of assets. However, keep in mind that you can only access the signals once you have opened a funded account on the platform with a minimum deposit of $200.
A leading online broker, NordFX offers automated trading signals service which are directly integrated into the MT4 platform and can be accessed by all its customers. The service offers access to a wide variety of trading signals providers worldwide which can then be used for copy trading on the platform. NordFX touts complete transparency of trading history, including each provider’s trading strategy and performance history, which you can use to make an informed decision before following trading signals from the various providers.
As a NordFX customer, you can subscribe to the signals service for free or even pay a small subscription fee to access the paid signals on the platform. Keep in mind, however, that access to this service is only possible once you have a trading account or even a demo account with NordFX.
Another reputable trading broker that offers you access to free trading signals is XM; however, this is only available for live account holders. As a paid user of XM’s services, you can gain access to daily trading signals for a wide range of instruments, including leading forex pairs, commodities and indices. The service will cover 10 instruments everyday and delivers signals twice daily. XM’s free trading signals provide entry, take profit and even stop loss levels.
Unlike NordFX, however, XM does not grant access to its forex signal service to demo account holders. To open a live account with the broker, you will need a minimum deposit of $5.
OctaFX is another leading online broker which provides a free trading signals service called Autochartist to its customers. The service is compatible with MT4 and MT5 platforms and are backed by analysis of OctaFX’s own quotes instead of relying on a liquidity provider. The forex signals by OctaFX offer automated alerts to customers whenever it is time to open a new trade or to close an existing one. In addition, it comes with a volatility analysis tool to help you decide if you would like to adjust your stop loss and take profit levels on the signals provided.
The service also promises market reports that can come in handy for those of you looking to stay updated about movements in the financial markets and possible trading opportunities. In addition, OctaFX’s signals service gives you access to more educational material that can help you improve your skills as a trader. From webinars to teach you trading strategies and fundamental analysis techniques to market insights provided on a daily and weekly basis to update you about the most exciting instruments to trade, and even reading materials to understand the world of forex trading better. Of course, you can access all this and more on offer as long as you open an OctaFX account with a minimum deposit of $25.
Whichever service provider you decide to pick for trading signals, do ensure that you have spent some time understanding how global financial markets move and some key factors that drive volatility in the various instruments you wish to trade. Armed with a little knowledge, you can place more confident trades and minimize your exposure to risk to a greater extent than would be possible by blindly following any signals service provider. Do remember that no trading signals provider can guarantee you assured profits as market volatility cannot be predicted or controlled, even by the most reputable and established players in the market. However, gaining a basic understanding of how to perform technical and fundamental analysis can make you more sure of which trade ideas to follow and which to discard.
Read More: 5 Best Forex Signals Providers