Estimated reading time: 6 minutes
In this review, we will be looking at a signal service provider promising 100 pips every two days. Forex Profit Signal (should not be confused with Profit-Forex Signals) has been around for the last 7 years now, and they are offering different packages which they think will suit every trader’s needs in the market.
Forex Profit Signal claims that they are not after applying a ”get-rich quick approach” to trading or even making unrealistic sales pitches in the hope of luring customers to trade with them. On top of this, Forex Profit Signal also claims that they are opposed to working or recommending rogue brokers to their followers.
What they allegedly want is to provide traders with reliable trading signals based on a trade logic that utilizing a long term approach.
This is typically a Forex signal service that would appeal to you given that they have been around for quite some time now. However, our advice is that you should first do your own due diligence before subscribing to any one of the packages which they are offering on that site.
Let’s see what they have to offer and whether or not you should consider subscribe.
So far, we have not establish who owns this website, and neither have they told us their exact physical address.
However, they have a support email address on their site. Traders can reach them through this email to ask questions which they need answers to.
For those who want to utilize a Forex signals service right away, this list will suffice.
Moving forward, we see that the homepage of this signal service has numbers here and there. These numbers show us daily performance of trade signals, their trade history and also the various methods of payment supported on the website.
Forex Profit Signal claims that they serve a global audience. But if we consider this fact, then it becomes unclear which time zone they are basing their signals on. This makes it difficult to analyze the last signals as time zone is a major issue. This is not discussed on the site anyway.
As we review this signal provider, we can see that there are a couple of signal history that have been published on the site. These are two days old now. This could mean that Forex Profit Signal doesn’t update their signals on a daily basis.
This is mainly not an issue because there is nothing wrong with not giving signals if they haven’t formed in a couple of days. However, we still want some form of guarantee that we will be receiving trading signals from this provider on a regular basis. That way, we can tell whether or not they are serious with this business.
Another feature that we picked up on the homepage was a scroll bar which we noticed right after the navigation menu. This scroll bar shows their recent trades and also acts as an alert for traders that future signals will be coming at a particular time of the day. This is certainly a nice touch so to speak.
The standard and the premium packages are charged a fee of $70 and $140 respectively. The standard package supports a monthly payment model where clients are expected to pay $70 every month to remain subscribed. On the other hand, the premium service is a 3-month plan where after every 3 months, subscribers will be required to pay another $140 to remain subscribed.
There is also a trial which will cost you $9. Trial is only valid fro 2 days. We do not know how one is supposed to test and come to the conclusion that their signals are profitable within such a short period.
All signals are delivered with the relevant stops inside your email. Live chat is also supported in addition to the promise that you can reach and talk to their support 24/7.
However, if you do not want to receive their signals on SMS, then you have the option of either choosing the standard package which costs $50 per month or the premium package which will cost you $120 for 3 months. That $20 price difference has been eliminated simply because they are not delivering your signals through SMS.
Forex Profit Signal uses swing trading as a strategy. This makes it even more difficult to test their trial offer since it can only last for 2 days while trades can even last 3 days for take profits to be reached.
They mainly trade the following currency pairs: EURUSD, GBPUSD, USDJPY and USDCHF.
There is nothing in form of customer feedback on the homepage of this website. This is something quite unusual because most signal vendors who have been around for some time will always publish customer feedback on their site. This is usually published in form of customer testimonials somewhere on the website so that visitors can read what others are saying.
Therefore, we were going to do the obvious. That is, to search for these client testimonials elsewhere. Thankfully, we managed to find a few users who had posted their testimonials on Forex peace army.
One customer said that signals always arrived late in his email and in SMS as well. When he complained about it, Forex Profit Signal replied that they would look into it. This customer claims that he has complained several times and the answer is always same. ”We are looking into it”.
Secondly, it seems like their customer support is run by a one man team called Mike. This is quite evident in how he suddenly abandons chats on Skype, presumably to attend to other clients.
In all these complains, subscribers tend to paint an image of a signal provider who always delivers signals late, thus negatively impacting their clients’ trading.
Speaking in terms of results, Forex Profit Signal provides a daily and monthly graphical presentation of their signal performance. The total profits for the various months that they have been trading is provided in pips.
We are surprised because Forex Profit Signal does not show any single month where they lost trades. The average pips that were made in any particular month ranges between 200 and 400 pips maximum.
Whereas these results are nothing short of impressive, there is no way to legitimize that information. And we do not think that it’s in the best interest of the guys who run Forex Profit Signal to make this information verifiable. It could mean that the vendor is literally inputting these numbers themselves because there is no single evidence that these stats represent the real thing.
We therefore need to be extremely careful not to trust these stats if there is no way to prove that they represent actual results.
Also, since Forex Profit Signal does not have a risk disclaimer or any statement informing traders that these results are hypothetical, we assume that they are implying that these results are real. Are you going to give them the benefit of doubt?
The one thing we need to confess in this conclusion is that it is quite difficult to judge a vendor like Forex Profit Signal. This is due to the type of performance results which they are expecting us to judge them with. Simply put, we can’t legitimize their past and present performance. That leaves us with no option but to ask our readers to stay away.
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