Estimated reading time: 6 minutes
123 Forex Signals is a very popular but controversial FX signal service. Launched in 2014, 123 Forex Signals has continued to attract praises and criticism in equal measure. So today we are going to review this service for you here. If you are likely to lose your money through their hands, we’ll let you know. But if you’re likely to make money from them, we’ll equally let you know in this review.
Note: the best Forex trading systems and signals are here.
As we have stated before, this is a Forex signal service, and in fact a ”free signal service for life”. The catch? You have to sign up with their recommended brokers to enjoy the free signal service. What if you do not want to use their recommended brokers due to some bad experience you had with the brokers which they are recommending?
Well, for you to circumvent this rule, you have to pay them a one-time fee of $297. The website claims that money back guarantee will apply in this case.
The brokers they are recommending (Easy Markets being one of them) are demanding a minimum deposit of $200, while the rest of their affiliated brokers need at least $400 to start trading with them.
Each one of these Forex brokerages have their pros and cons. Some of them are even controversial as well, which may explain why some people are opting for the option of paying $297 to sign up for 123 Forex Signals.
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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.
The third choice which 123 Forex Signals is giving customers who already use HotForex and ICMarkets is the option to channel their trading accounts through some special affiliate links which will be used to identify 123 Forex Signals customers through these Forex brokerages.
This seems to be the easiest way to go about the entire issue of using 123 Forex Signals and not liking the brokers which they are restricting you to. If you don’t want to pay the one-time subscription fee, this is the best option for you. Also, if you don’t like their recommended brokers but are having an account with either HotForex or ICMarkets, you still won’t pay anything for using their signals.
The team at 123 Forex Signals believes that they are unique in the sense that they are offering free signals. Once subscribed, you are required to send a notification message to the email address provided on their website. This is to ensure that your name is added into the list of people who will be regularly receiving Forex signals from them.
Signals are sent out in form of pending orders. This is the standard way of sending signals to subscribers. When the market reaches a certain price, they can either buy or sell according to instructions.
When you visit the homepage of this site, you will see its resemblance to a regular Forex signal website. Every information that you may need is right there. You will immediately know what is going on as soon as you land on the homepage because it’s crystal clear that this website is offering FX signals.
On this website, you will find links to their Facebook fan page and Twitter account respectively. Their Facebook account has a decent following though as it has 1.6K likes. But no user activities in form of comments or interactions. It is not immediately clear whether 123 Forex Signals bought these Facebook likes.
Equally, their Twitter page is also characterized by a decent following. However, this following does not appear to be very much interested in interacting with the company or one another through this social channel. Once has to wonder whether this is a ghost following.
Also, when we look at the homepage, we see a couple of pictures put in a carousal format. These pictures supposedly show their team of traders and analysts working in front of computers.
There is also a picture of a guy sitting on a helicopter at ground level. This gives the impression of a get-rich quick system or simply a trading system that makes money without fail.
It also tells us that the owner of this site is probably wealthy as people being able to afford private chopper is something that is associated with luxury and opulence.
Before writing this review, we sourced a lot of user feedback from popular Forex trading forums on the internet. This signal service is listed among many other signal services on the web.
It stands out because of the number of comments and discussions which their service has attracted.
While other users seem to be happy with them, a good number of people who invested in their signals are disgruntled. They are speaking very negatively about this service. In fact, they are labeling the owner a con artist who wants to evade spotlight by either colluding with forum admins to remove negative comments or simply countering those who speak negatively in a very defensive way.
We have gone through those comments and discussion. For the very first time, we learned that the owner (or the person representing the site in forums) is called Mike. Mike is very interested in defending this website by all means.
We will concentrate on the negative comments because they seem legit unlike the positive reviews which we saw in those forums.
Users are generally complaining that Mike is an ass-hole, that he takes money and delivers fake Forex signals. They claim that he is not professional. And the worst of the accusations here is that he is misrepresenting their services to the general members of the public. The issue seems to boil down to none professionalism.
These are very serious accusations to bring against someone who runs a Forex signal service, and especially if that service is at least 2 years old. But we cannot completely ignore the fact that these users were complaining that they didn’t get value for their money.
Others even say that when someone offers free signals with agreement that you’ll use their recommended brokers, it usually mean that they are scammers.
Well, this is not always the case. But it’s a pattern that scammers love to follow very much. This leaves us wondering where exactly to categorize this service. On their site, it is very apparent that they are getting a cut from your deposits with these brokers. They have a special arrangement with them, hence the free signals which you’re getting from them.
The bottom line is that 123 Forex Signals is very controversial. Mike, to be specific, is one hell of a guy who is controversial too — at least if what we have read in these forums is anything to go buy.
You cannot offer a Forex signal service if you don’t have a solid track record of winning many trades compared to your losses.
Is there any trading results that can legitimize 123 Forex signals? Well, we checked this myfxbook page. As you can see, it’s a ghost page with no activities at all.
We cannot recommend this service for now because of the obvious reasons above. It would be risky to gamble your trading account using their signals. But of course we’ll stick to our tested trading systems here. Since we’ve tested them, we are 100% confident that you will make money.
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