Estimated reading time: 6 minutes
The Forex trading industry is the only place where you hear crazy stories of how people blew an account worth $10,000 in record 5 days.
And then you ask yourself what happened? Well, if you have never traded before and would like to join the 5% of traders who are considered successful, this is the time to prepare yourself with the relevant information.
The reason why people destroy their accounts is because they often get raw deals from signal providers like Forex Profit Signal or Forexprofitsignal.com.
After losing a significant amount of money through their hands, a malicious signal provider with no track record for success (like Forex Profit Signal) will fool around with you, waste your time and finally tell you on your face that you ought to have familiarized yourself with their risk disclaimer.
Secondly, notice that Forex Profit Signal does not have a refund policy. And although you’re not purchasing their service for the cost of an arm and a leg, recall the fact that you will be using poor-quality signals to trade money in a live Forex account.
Therefore, in case of a loss, you will lose your capital in addition to the charges incurred when subscribing to this service.
Forex Profit Signal is a website alleging to have been founded with the intention of making it a community of traders who want to make money through Forex.
The site also alleges that it was founded back in 2010 as an educational site with the aim of training and giving traders access to a wide range of free useful tools of trading the markets.
Now, if you run a quick background search for the domain Forexprofitsignal.com on who.is, you will see that the service was started towards the end of 2013 and not in 2010.
The site is registered under the name ARMAN DIDAR as a Forex signal provider. At least we like the fact that they didn’t hide their details like other scams do.
But realize that the owner of this site is misleading us by claiming that the site was started in 2010, when the gospel truth is that it was founded in 2013.
Their packages range from $9 for 2 days, $50 per month and $120 on a quarterly basis.
If you purchase any of their signal packages, you will be entitled to getting 24/7 customer support (including live chat support), complete signal information (together with instructions on where to put TP and SL), as well as other membership benefits.
However, if you’re willing to pay $70, the site will give you access to their standard package, meaning that you will also access real time alerts through SMS as opposed to email alerts only.
The same applies to users who are willing to pay $140 to get access to signal alerts through SMS.
Their product description is okay. The problem is that all signal providers state these features on their site. However, when you actually buy any of their packages, things change and all of a sudden, you won’t be able to simulate the profits which are published on their website.
The thing is, nothing makes Forex Profit Signal any unique.
We don’t know of any reason why you might prefer this signal service provider to another.
The website of a signal provider can tell you a lot about their service.
Although this is not the only benchmark to be considered (because scams have also mastered the art of fooling traders with attractive site designs), it is always the starting point for us.
Notice the incoherent English language on that site. Notice the spelling mistakes too. What can you say about this signal provider?
Is it that the operator of this site was so stingy that they were not willing to pay someone who could do the job better than them?
Okay, maybe they just don’t take things seriously, hence he reason they are less concerned with their public image.
But the truth of the matter is that most people can’t understand whatever this site is trying to communicate.
It’s a little bit unprofessional to host such a website with the intent of advising people on Forex investment matters. It just doesn’t make sense.
Track record is an important metric when evaluating signal providers.
Beating around the bush is unacceptable. This involves publishing results on the website (like Forex Profit Signal has done) with no reference to third-party verification entities like myfxbook.
So far, the results we are seeing on the Forex Profit Signal website cannot be taken as the gospel truth. If they are not verified by an independent party, you are not obliged to take them as the truth.
Also, their reluctance to give us their live performance on myfxbook platform is an indication that these people don’t have a track record of trading Forex successfully. So then, how will they educate/provide winning signals that can make you money?
We checked their monthly profit target and saw that this site was claiming to net 1500 pips every month.
But when you read materials on the trading strategy used here, the site says that they are masters in swing trading.
On the other hand, they claim that they will make you 100 pips in two days without fail.
Clearly, someone is scalping the markets rather than doing what is known as swing trading. It is not an easy task gaining 100 pips in two days.
First, it depends with currency pair being traded and secondly, it depends with the movement of the market at that particular time.
It’s nearly impossible to make an accurate statement by saying that you can make 100 pips in 2 days.
The bottom line is that Forex Profit Signal doesn’t have a strategy yet. Or if they do have a strategy in place, their unwillingness to communicate the matter clearly means that they are not serious about this business.
No refunds on this service. In other words, if you’re not satisfied, you should count your losses and call it quits.
Secondly, the site does not give any in-depth information about them.
Sure, they have an about us page. However, we felt that Forex Profit Signal was only taking that opportunity to promote their signals and not giving any information about their background.
Generally, the site is littered with things that aren’t so useful — in our opinion.
Also, while Forex Profit Signal claims to offer live chat support, we found that there was nothing in form of a live chat feature on the site to start with.
You can only communicate with them through regular email messages.
Another thing is that Forex Profit Signal currently doesn’t have any user reviews on the internet.
It’s extremely difficult to be the first to test the waters when people are generally shunning it.
You should never waste a second on a bogus signals service like Forex Profit Signal.
Let them prove their track record first, then we can consider reviewing it again. Obviously this is the last thing they’d want to hear.
Therefore, the safest thing to do is to invest in these Forex products instead. Forget Forex Profit Signal because we didn’t find value in the signals they were offering.
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