This review looks at a Forex signal provider who entered the FX marketplace sometimes in 2017. Toolstrades.com is however starting to command some attention in the Forex trading community. The operators of Tools Trades are allegedly offering the most accurate trading signals for assets like Forex, Stocks, CFD, stocks and Cryptos. Tools Trades believes that they have an edge in the trading market place because they are staying up to date with the latest news and developments that are impacting the trading market place.
Unfortunately, Tools Trades does not tell us who is behind the operation. Equally, they do not tell us what kind of trading experience they have in the market place. Also, we don’t know about their location as no physical address has been given yet. However, their website states that Tools Trades is one of most successful signal providers in the market place since their launch in 2012. This is quite hard to believe because according to who.is records for this domain, this service is less than 1 year old. We do not know why they are claiming that the service started in 2012 when this can be confirmed otherwise.
We are not sure why there is a discrepancy here. But this is something we will be keeping tabs on later in this review. In the meantime, yo can pursue these FX trading resources.
The first thing you notice is the weird name Tools Trades. It is quite weird, but all we are concerned with is the potential quality that they could provide us with in terms of their signals. There are two types of signals here. These are morning signals and evening signals. Tools Trades has divided their product into 2 categories where they will send 4 trading opportunities in the morning and another 4 in the evening.
In the morning, they usually send trading signals for EUR, GBPJPY, Gold and Silver. These trades are sent out with specific instructions on where to put take profit, stop loss and entries. On top of that, these signals come with multiple take profit levels. This is a professional approach in the Forex trading market place. It is for traders who are always patient with their trades and do not mind whether their trades will run for a long time until it takes a bigger gain at the end of it all.
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In addition to this, Tools Trades have incorporated a charting solution on their platform. So this means traders can directly monitor what the price is doing on the charts without having to open another tab to monitor this price movement in their broker’s platform. We assume that this feature is meant to bring some convenience on the side of the client.
One thing we can commend here is that Tools Trades really does a good job when you consider the manner in which they provide their trades to the masses. However, we still have criticism here and there. Let’s discuss below to help you make up your mind.
First of all, this service does not reveal which specific trading strategies they are using to execute their trading signals. They are also not specifying the time frame, although issues to do with time frame aren’t very important as long as the signals can win. They also claim that the price of their signals is worth $200 but they are providing signals across all pairs free of charge. It’s quite hard to believe that this vendor can provide a premium quality service free of charge without any up sells along the way.
Upon looking into the service to find out whether Tools Trades is really offering free signals, we discovered that the service is operating a business model that lets users test the quality of their signals for free. This means those who don’t want to pay at first can receive 2 signals per day free of charge. However, if they’d like to upgrade in order to receive many signals a day, they should chat with one of the agents. They will need phone contact in the process.
Also, the way the entire website is designed is to make it operate as if it is a funnel that is directing all clients to their chat.
There is a button for ”unlocking signals”. When this button is clicked, it activates the chat feature so that one of their agents will automatically begin talking to you. When we tried out this chat with an agent, we told them that we didn’t have a phone number but were willing to try the service anyways. They informed us that we could pay $200 to gain access to 28 trading signals per day. The website is accepting payment through Bitcoins. Once you pay Bitcoins worth $200, you are supposed to gain lifetime access to their trading signals. This seems to be too good to be true. There is no way someone can charge $200 for quality lifetime trading signals. It makes no sense.
Tools Trades has published trading results in two sections of the site – one for their clients and another one for the vendor in question. When we compared trading results in these two screenshots, we saw that there were some discrepancies (which is quite common with signal vendors). We consulted with the chat moderator who informed us that some clients were utilizing other plans that were not available to us at the moment. At the time of writing this review, the vendor was only offering spots for their standard package, although they informed us that their pro club membership was not available to us.
The bottom line is that this vendor isn’t providing us with the exact trading results that we need to confirm if their story is real. We would have appreciated these trading results if they were presented on an independent statement sharing site like myfxbook.com. You see, it’s hard to trust Tools Trades without seeing what they have been doing and verifying results.That is why we are recommending these automated robots in the meantime.
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