Signal Factory has a global community with over 45K traders. The company doesn’t force investors to open an account with the broker of their choice. There are no hidden costs with the program, and no risky strategies such as martingale are in use. The developers provide signals and trade on their own live portfolios simultaneously. In this Signal Factory review, we will cover all the pros and cons of the service to see if we should purchase their product or not.
Is investing in Signal Factory a good decision?
We have gone through the whole website to find the information on each aspect of the service. The lack of transparency on the developers raises some concerns about the signals service. The live records on the website show a loss in the overall balance of the account.
The company states that they list the trades of profitable traders to follow but do not detail their names and experience. Traders can reach the admins through their Telegram page.
The signals come with the following main features:
Only profitable trades are listed on the website
Traders can follow the trades with their existing account
There are multiple subscription options
Automated copy trading is available
To install the signals, use the following steps:
Purchase one of the subscription packages available on the website
The author will send over the link to their premium channel
Copy all the trades onto your account
The author does not state any information on the strategy of the signals. We had to dive into the FX Blue records to see the methodology of the service. From there, we observe that there are trades on multiple pairs. There is a stop loss attached with each position using martingale.
The exit point can be as high as 200 pips. There are 3.1 trades per day with an average trade duration of 27.4 hours.
There are multiple packages available for the subscription. Traders can purchase the Telegram news package for $49.99 a month. Algobot trade copier and signals packages are available for $199.99 and $99.99, respectively. For receiving trades on gold, investors have to pay $199.99.
There are no backtesting records available. We scanned the whole website but could not find any information on the historical testing of the strategy.
Verified trading records are available on FXBlue. We have performance from November 30 2021, till the current date. The system made an average monthly gain of -4.5% during the period, with a drawdown of -5.3%.
The winning rate stood at 60%, with a profit factor of 0.45. The best trade was $73.15, while the worst was -$258.53 in 49 trades.
General customer reviews are available on the Forex Peace Army, which gives the signals a total rating of 2.081 for three testimonials. One of the customers says that he has lost €20000 in account management services provided by the company. He states that traders should stop following their channels.
Another trader says that the service is not profitable, and they keep on asking him to pay more. On complaining, they are blocking the account.
Signals Factory uses the martingale strategy to trade on accounts. There is no transparency on the developers and their whereabouts. The company does not detail the methods used to provide signals which can cause a problem for beginners.