Estimated reading time: 6 minutes
The Best Forex Signal at Thebestforexsignal.com claims to provide free Forex signals, free VPS and free trade copier if you only deposit $500 with their chosen broker. On another part of this website, they claim that for $29 per week, they will deliver between 200-800 monthly winning signals. And they sound as if they are guaranteeing that their service will surely make you up to 800 pips per month on average.
And of course these claims don’t end here because the Best Forex Signal website also runs a service where users can be guaranteed 500 pips if they pay $450. This service allegedly delivers 4-8 signals per day.
You can check out with PayPal, MasterCard and many other payment options on the internet.
This sounds like good news, right? All you have to do is pay them $29 per week and you will be guaranteed a minimum of 200 pips at the end of the month.
Now, the problem is that a successful trader is not judged based on the number of pips which they have netted at the end of the day. This is a vanity metric because becoming a successful trader is something that involves a number of factors such as lot sizing, frequency of trading, capital, management of risks etc.
It’s for this reason that one trader will make 50 pips in one particular month and still end up with a larger bank balance compared to the second trader who made as much as 200 pips during the same trading month. The point is, number of pips should never be used as a metric for measuring one’s success.
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Note: If your language is not English, you should use the language dropdown menu at the top right hand side of their page to select your language.
In its most basic form, The Best Forex Signal offers free signals with take profit at 45 pips and stop loss at -20 pips maximum.
With this free service, traders are supposed to receive between 3 and 5 signals per week.
In other words, if you open a trading account with $500 (this is an affiliate trading account), you are supposed to get 45 pips ever week.
Of course this sounds great. The internet is full of traders who don’t think twice when they come across such signal providers. These traders are often disillusioned, thinking that they will reap success within a short time, thanks to the highly efficient nature of those who are responsible for analyzing trade setups before sending signals through email or SMS.
It is a little bit weird that this signal provider is issuing free signals and at the same time running a parallel service where they charge a fee for the same signals.
We see that the idea behind it is that if you opt for their free plan, you will need to trade with their recommended Forex broker. However, if you opt to sign up with another broker, you will need to purchase any of their premium plans.
There is nothing wrong with selling signals. The problem sets in when the vendor is not able to prove that their signals make profits.
The second problem sets in when a vendor starts to use pip counts as a metric for measuring the success of traders.
This is a flawed business operation, and it’s aimed at enriching the pockets of this vendor as opposed to the trader who uses this service.
We are afraid that The Best Forex Signal does not have proof that their signal service works.
They’ve been guarantying pips here and there, yet no evidence was presented to show that indeed these pips were achieved and secondly, traders who followed those signals were profitable.
The ultimate premium package charges $450 and promises to deliver 500 winning pips at the end of the month.
Now, the question is, what if you lose 600 pips and gain 500 instead? Why are these people not taking into account the other side of the coin?
Moreover, the efficacy of this service cannot be verified because there is no supporting data which could have been used to show that The best Forex Signal only delivers profitable signals.
Yes, there is a link to ”trading results” on the website of The best Forex Signal. Clicking that link takes us to a page where the provider published their trading statement.
The account name is labeled ”Global Investments Capital” instead of The Best Forex Signal.
There is no indication that this trading account belongs to The best Forex Signal.
Then of course this website also presents some data here and there which indicate that they’ve been making at least 4000 pips every month, starting 2010.
The problem is that these results cannot be verified because they were not recorded by a third party. These ”trading results” look like the owner of The best Forex Signal used a widget, then filled up the tables with figures that would suggest that The best Forex Signal earned the supposed number of pips.
If this service has been operating on the internet since 2010, they would have connected one of their accounts with myfxbook to track those results in real time. So what they are presenting as ”trading results” is not actual performance of their signals, but mere allegations or fabrication at best.
Again, there is no information concerning the people who run this service. It’s quite scary that this signal provider only wants users to trust their fake trading results by taking them as the real thing. If a user falls for their trick, he will then be asked to sign up with a recommended Forex broker. But if they want to trade with their chosen broker, The best Forex Signal will ask them to pay for the signals which they will receive depending with the plan which they’ve picked.
It’s funny because this signal provider is anonymous, and secondly, they never stated whether signals are provided by humans or through software.
The point here is that if a provider does not say whether their signals are offered by human analysts or through software, they should not be taken seriously.
If they make it clear that they have a team of analysts who do this job, then it is up to you to figure out if those providers have experience together with a track record of trading success.
In this case, The best Forex Signal does not touch on this subject, which is really suspicious. This is definitely a service that you don’t want to trust due to lack of transparency. If you’re looking for legit Forex trading systems, follow this link instead.
The best Forex Signal is a joke. No need to waste your money and time regardless of whether they are offering free or paid signals.
We analyzed this signal service and found that it was lacking in performance. It’s the reason that this provider is very careful when it comes to proving that they have traded and have a real success record.
We do not believe that The best Forex Signal has been providing this service since 2010. Records indicate that this website first went live somewhere in 2011. Therefore, this is an obvious discrepancy and an indication that this signal provider is not very honest.
It makes us wonder what else they have lied about. We already know that they don’t have live trading results or history of performance. They just try to cobble things here and there to make it sound real. But the fact remains that the Best Forex Signal is a scam.
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