As a trader, you have probably come across a number of different forex signals. The main challenge for any novice trader is to learn how to trade effectively and understand how Forex works, rather than simply copying signals they don’t fully understand. That said, knowing what these signals actually mean for a trader as a whole and how to apply them can be useful for traders of all experience levels.
To benefit from signals, you need to know what role they play in Forex trading. You also need to look at how FX trading rates affect different providers and find a reliable provider who does not manipulate results or make false claims. In this article, we will explore these issues and provide you with some guidelines to help you learn what kind of trading signal providers there are and choose the best one.
Firstly, let’s find out what forex signals are. They act as a trading alert in the currency market. They notify a trader when to enter or exit a trade. Signals can be divided into three groups:
- News alerts
- Technical signals
- General trading signals
The first one mentioned in the list is an example of the fundamental approach to FX signals. The purpose of this signal is to spread the press release as quickly as possible, so the trader can maximise profits in a short period of time after any news releases. These signals often come with daily or weekly commentary and analysis.
Technical trading signals are simply trading advice based on technical analysis. This means that you trust the provenance of what you think are the best forex signals. You may prefer to trade on this basis rather than opening your own orders. Best Forex signals providers often release technical signals along with various risk management strategies to ensure minimal losses if the current plan does not work as originally expected.
The best forex signals — an overview of providers
Having a general knowledge of forex signals can help you find the best forex signal provider. Forex signals can be obtained from various companies specialising in this service, as well as from a number of brokers who provide them to traders in standard or VIP accounts.
The cost of the service depends on who you get it from. Some brokers provide free forex signals, while others may charge between $5 and $10 per day, or maybe even more.
For long-term access, there are one-time subscription packages that often range in price from $100–$150, but paid forex trading signals can cost even more.
Forex signal providers
We’re now going to highlight the four best forex signal providers in 2023:
- Honest Forex Signals
- OmniForex Signals
- Signals trading
Let’s take a closer look at these providers and highlight their main aspects.
OmniForex Forex Signals
Omni Forex Signals provides a cheaper service to FX traders. They indicate to their clients the right time to buy and sell the major currency pairs in the forex market based on analysis. OmniForex Signals has three trading strategies: intraday (three to six closed trades per day), daily (one trade per day), weekly (one trade per week respectively).
Honest Forex Signals
Overall, Honest Forex signals are user-friendly and provide easy access to good customer support. Easy access to tech support that responds almost immediately, which means good customer service, which is another reason why they are on the list of the best forex signal providers.
Signals trading forex signals
Last on our list is Signals Trading. These forex signals help traders monitor the market and send signals in real time to the trader. You get full control over your trades with predetermined profits and risk. The customer support here is excellent — they are available 24/7 with no hassle.
We talked about forex signals, what they mean, their types and devices in general in the forex market. In particular, we discussed how to identify a top forex provider, providing theoretical information, tips and examples of selected providers.