FxProfitSignals is a provider offering the potential to learn, trade, and gain profits with their service. The vendor claims that the company is a potent analysis tool providing users with signals for buy/sell orders in real-time. It is ideal for beginner traders and those with some experience in FX trading. Subscribers to this service receive the alerts via Email and Telegram. Besides a paid format, the vendor also offers free signals.
Is investing in FxProfitSignals a good decision?
In this review, we have evaluated the features, functionality, strategy, and results of the company. From our perusal of the company and its offering, we find that it is an unreliable trading tool. The lack of verified trading results, absence of vendor transparency, and inadequate support are key reasons that make us suspect this service is not worth trying.
As per the info that the vendor provides in the About Us page, the company has a traders’ team with more than 10 years of experience in the industry. There is no info on the founding year, the expertise of individual team members, location address, phone number, etc. For support an online contact form and a live chat feature are present. The lack of vendor transparency makes us suspect this is not a reliable company.
Some of the significant features the vendor highlights as part of the services of this company include:
Provide users with strategies that can be used in all market situations like a trend reversal, trend following, and counter-trend trading.
Teach users critical areas that help in gaining high returns.
Provide clear entry and exit info.
Give users innovative concepts for FX trading
Provides FX tools like EAs for managing risk, indicators for use with Trend reversal signals, and software for copy trading.
As per the vendor, the experienced trader team applies various manual approaches and uses technical indicators for analyzing and making decisions after which the signal alerts are sent. While the trend-based approaches are mentioned by the vendor, there is no proper explanation of the approaches. The lack of strategy explanation raises a red flag for this service.
A paid service is present which provides real-time FX signals of two types namely pending order and market execution type. Other features that come under the paid version include technical analysis, a precise entry point for the trades, accuracy, and 24/7 technical support.
Under the paid plan the company provides a VIP channel for 1-, 3-, 6- and 12-months subscriptions costing 25, 90, 140, and 210 EUR. Features provided include 5 to 7 short-term signals for currencies with an earning potential of 1000 pips to 2000 pips along with sound alerts.
With the Platinum channel, the subscription fee ranges from 69 EUR up to 359 EUR. The features given with this package are 1 to 2 long-term trend reversal type signals and a potential of 3500 pips per month. When compared to competitor subscription systems, we find the cost of this service is expensive. Furthermore, the vendor does not provide a money-back guarantee which confirms our suspicion that this is not a reliable service.
The vendor provides a few samples of the trading results on the official site as shown below.
The above screenshot shows info such as the profit or loss in pips, the currency pair traded, buy/sell action, and a few other details. We prefer results verified by a reputed third-party site like Myfxbook, FXBlue, or FXStat. The info that these sites provide helps in gaining a better insight into the efficacy. We can find the info such as the drawdown, the lot size, and other risk management info. Furthermore, the vendor does not provide backtesting results. The lack of a verified track record and the absence of backtests raise a red flag for this service.
We found 4 reviews for this company on the Forex Peace Army site. Here are a few of the testimonials from users.
From the above feedback, it is clear that the signals are not precise and end up in SL. The users are not happy with the service. They consider it a total scam as the company does not provide its losing trades but only the winning trades misleading users into subscribing for its service.
FxProfitSignals claims to provide the tools traders need to reap high returns. Our evaluation of the service, its functionality, pricing, trading approach, and results reveal this is not a trustworthy company. The vendor does not provide proof of its efficacy. In addition to this, the lack of backtests and a verified track record show the unreliability of the company.