Estimated reading time: 6 minutes
Forex GDP is among the most popular signal providers on the web. Being that they are popular and are serving a big number of audience across the globe, there’s a huge chance that this signal provider is controversial as well.
The website can be found on this domain Forexgdp.com. When you look at it the first time, you will think that it’s a blog because the overall theme of that website is that of a blog, not a typical signal provider.
Also, part from selling Forex signals, Forex GDP sells trading strategies at various prices. The least amount of money that one can use to buy a Forex trading strategy from them is $60. The highest we’ve seen people spending on this service is $3800, although they also have an option to purchase strategies as a bundle. If you purchase trading strategy as a bundle, you’ll supposedly save some some money.
The basic pack or bundle of trading strategies, which often consists of short term scalping Forex strategies costs $1500. The most expensive product in this category costs $4,600.
As you can see, this is not the cheapest service one can use on the internet when it comes to buying Forex signals or strategies.
So, the big question is this: can you pay this much to use their signal service? Is it even worth using the services of Forex GDP?
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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.
Note: For a list of reliable FX trading services, click here.
Forex GDP claims that they have a team of expert professional Forex traders and market analysts who have between 15 to 20 years of experience. Some of them allegedly work with big financial institutions around the world, while others have at least worked with a financial institution.
However, we can’t confirm if this is true since the names of the so-called professional traders haven’t been mentioned anywhere. Instead, they are introduced as ghost traders with up to 20 years of experience in the Forex market. It’s just too difficult to believe these claims because they are unverifiable.
Well, Forex GDP could be speaking the truth. But at the same time, they could be speaking a lie. What makes it entirely impossible for the owner of this service to lie about their qualifications, especially now that their traders haven’t been introduced by name?
We spent a few minutes familiarizing ourselves with their website. At first, we thought it was just a personal blog. But then it turned out that they were selling signals and trading strategies as well.
Forex GDP offers a mix of both free and paid Forex education service. When we looked at their free education, we found that the content was thin, and only suitable for a beginner who was looking to learn simple definitions such as ”what is Forex?”
As mentioned before, their paid education service comes at a cost — and it’s not a small cost.
They claim that this service was started by a group of traders from the US, Singapore, Thailand, India, Dubai and UK. On the other hand, some users have accused them for being cheap Indian operators who know nothing about Forex other than ripping off unsuspecting subscribers. Whether or not this is true can’t be confirmed. But the mere fact that Forex GDP has done nothing to address these accusations means that there is some truth in these complaints.
These anonymous traders are introduced as people who have worked with Financial Institutions, Forex brokers, MT4 dealers, you name it. There is nowhere in the world that these ”expert Forex traders” who operate Forex GDP have not worked at.
This definitely begs the question of why these people haven’t been introduced in a professional way. If indeed Forex GDP was being run by the top Fund managers with 20 years of experience, they would have introduced them by name and their work history. It would have been much easier to verify their professional records from companies which they claim to have worked at. Unfortunately, the owner of Forex GDP is too cautious not to go in this direction. To us, this is a big red flag.
First off, signals are delivered in the email and through Whatsapp. When you subscribe for a premium price (and depending on your plan), you should be able to receive your Forex signals through email or on whatsapp.
The risk to reward ratio of these signals is 1 : 1 to 1 : 8. The website even boasts that this ration can even be more favorable than this depending on market conditions and trade setups.
SL ranges from 10 to 100 pips. On the other hand, take profit ranges from 30 to 600 pips per trade.
According to their FAQ section, it’s impossible to lose with their signals because they work with many professional market analysts and Forex traders. When a ”professional market analysts” losses a trader, they are not allowed to continue with that trade. Instead, a new analyst is ushered on board to continue with that trade. This is allegedly the best way to deal with psychological issues that affect the decision-making process of professional traders.
We like this explanation very much. But how do you explain it when many users keep saying that this service loses money all the time? Did Forex GDP suddenly stop replacing their ”professional Forex traders?”
Forex GDP is on the forefront of warning investors not to waste money with websites that can’t prove their track records. In fact, they warn users not to trust any website that shows supposed live trade performance.
Now, it is widely accepted that anyone who claims to trade Forex must have a myfxbook account where they can showcase their trading activities to those who doubt their track records. It’s the only convenient way for professional traders to prove what they are capable of doing.
Do screenshots play the role of a verified myfxbook account? Absolutely not. Anyone who wants to use screenshots to show you just how successful they’ve been trading the Forex market is definitely having an ill motive.
Forex GDP has been accused of not posting their lost trades on their website. Instead, they only post trades that became successful.
There are a lot of nasty customer reviews on forums like Forex Peace Army.
At the same time, positive customer reviews exist. But those who complain against Forex GDP website claim that the positive reviews are from fake users. This could be true given that Forex GDP doesn’t have any verifiable track record or trading performance.
Some users even claim that they received signals that lost trades in a row. When they complained, they were totally ignored. This is after they had paid $147 in subscription fees.
Many users also complain that Forex GDP does not reply to whatsapp messages especially if a customer appears to be very inquisitive about their reluctance to post their losing trades.
It’s surprising that despite all the complaints out there, no one from Forex GDP has come out to address these clients. It’s not professional at all. In fact, it points to the fact that this might be a scam.
Also, since they lack a trade record, we cannot recommend them to our readers here. It would be a major disaster to do so. Stick with these trading products/services instead.
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