Estimated reading time: 6 minutes
Today we have a website called FX Leaders, formerly known as FX Market Leaders (Smart Financial Traffic LTD). This website claims that they have what it takes to make you successful because their signals are highly accurate, and are able to help you make critical trading decisions.
The company is located at 168 1/5 Handelskai, Vienna, Austria. At least this is a good start since most crappy signal providers just don’t bother telling their users where they are based out of.
However, this should not be the only criteria for evaluating a signal service. There are many other things that we look for when recommending a service. We are mainly concerned with trading performance among other things.
There is a tactic that this website uses to rope in traders. This tactic involves offering free signals on the site so that traders can keep coming back and figuring out whether or not they can opt for their paid service.
Of course nothing is wrong with this marketing tactic. But you have to know that at the end of the day, the decision of whether or not you will upgrade to a premium account is with you.
FX Leaders claims that when you upgrade, you will have access to a wide range of incentives. You will get real time email and phone alerts whenever a signal has formed.
In addition to this, the website says that traders who have upgraded to the premium package will get sound alerts whenever a signal is ready. What is more, they will receive a Market Leaders Trading Guide which they say is valued at $49.
This Market Leaders Trading guide consists of 10 chapters and a bonus too. As a subscriber of FX Leaders, you will gain access to real life examples, trading tips, case studies and practices.
This is all that is available on this trading guide. We now assume that this trading guide consists of Forex trading basics which help in manual operations and also in reading and interpreting signals. It’s the only way a newbie can benefit from this signals service — if at all those signals are accurate as claimed on the website.
There are 3 different subscription services. The first package allows users to subscribe for one month. This will cost $39.90. The second plan goes for $24.90 and lasts for 3 months. And of course the last one is charged at $9.90 and lasts for a year.
And of course FX leaders say that if you open an account with their broker, Trade.com, you will get 12 months of free signals. This is their premium service.
However, we see that this is a way of enticing you to trade with Trade.com. You may not want that broker for some reasons. But since you’re using a ”free signal service”, you may be forced to sign up with that particular broker which isn’t a good thing.
Successful traders should have the freedom to choose the brokers which they want to do business with even if it means that this due diligence will cost them money and time.
We do not like the idea of being restricted to a particular broker simply because we’re using a free signals service.
What concerns us most is that FX Leaders does not mention the pairs, time frame or strategy used to generate their signals.
You see, this information is very important when it comes to determining the quality of service that a signal provider offers.
We would have been comfortable with this vendor if they offered more information about the service. This makes our analysis easier.
We would like to know which approach that FX Leaders is using to generate signals. And secondly, we would like to know who the traders behind this service are.
You see, so many people claim to be experts of trading Forex. But it doesn’t mean that they are indeed experts in trading. You cannot believe them until they produce proof of what they are saying.
In terms of pricing, FX Leaders is being ridiculous. The price for 1 month membership is almost $40. But if you opt to subscribe to 3 or 12 months plan, all of a sudden price drops drastically. We do not know why this is the case. We presume that FX Leaders does not see the need to charge for their signals when you already generate commissions for them via your trading activities on trade.com.
These people have been operating this business for some time now. The problem is that we do not know why they don’t provide trading results or keep records of how their signals have been performing.
The only thing that this signal provider says is that they compared users of their signals who hold premium accounts and realized that their performance was better than those who held regular accounts but were using signals from FX leaders.
Now, the question is, where is this performance so that we too can check it out and do our own analysis?
The point is, there is no need in these guys telling us that they compared results yet they are not even willing to provide us with a link to their myfxbook account so that we can do this comparison ourselves.
This is an escapist behavior. By saying these things, FX Leaders is hoping to get away with no trading records to prove their alleged success. The point is; we need these results. And if we missed those results because they were hidden somewhere on the website, please comment below and we will revisit it again.
We believe that customer feedback is very crucial when it comes to evaluating a Forex signals service.
At the moment, FX Leaders are being rated 2.7 out of 5 stars. This is poor rating because most signal service providers who offer working signals simply score 4 and above. This one is lagging behind at 2.7.
It makes us wonder whether this is the reason why FX leaders was not willing to post live trading results on their site.
Users tend to complain that FX leaders do not deliver enough signals, meaning that these signals are far in between.
Secondly, the same users claim that the risk to reward ratio for these signals is very poor. This places subscribers at a disadvantageous situation because they cannot work with entry points that bring the most about of pips.
In as much as this website looks very professional, we do not recommend them simply because they don’t have proof that what they say is the absolute truth.
Of course we cannot trust user feedback/testimonials on this site because they only pick the best while avoiding showing the worst. We are 100% confident that these testimonials are often edited before they can go live.
This website still misses the point despite doing some great work in polishing their professional look. They even have employees who update the news section on a daily basis. But don’t be fooled by this. It’s just a way of marketing and coming across as legitimate. We still vouch for our recommended Forex products — just in case you want to trade and make real money. These products have stood the test of time.
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