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FX Renew Review: Is fxrenew.com a Scam?

FX Renew Review: Is fxrenew.com a Scam?

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FX Renew is established as a Forex signal provider that has been helping traders since 2010. Besides the Forex signal service which they are offering, FX Renew also provides training (both paid and free training) which they believe will help new traders navigate the Forex market place quickly. They believe that a combination of their education program with their signal service will help build traders who are consistent in the Forex market. FX Renew is owned and operated by a two persons named Sam Eder, and Justin Paolini. Sam tells us that he has been trading since 2007, and we think he must be having enough experience if this is the case. On the other hand, Justin has been focusing on coaching and helping with system development.

It would be worth noting that Sam also writes at a popular Forex trading website called FXStreet. If you are familiar with this website, chances are that you have read one of his articles. Besides this, he also sells books. One of them is called  “The Consistent Trader” and copies are currently retailing on Amazon. The team is located at Level 14, 309 Kent Street, Sydney NSW 2000, Australia, and can be contacted via phone +02 9994 8989, or email [email protected] If this service does not sound like something you want to get involved with, our advice is that you should probably try out these recommended trading resources. You will at least love the fact that these trading resources have been achieving consistent results ever since we listed them here. You can’t go wrong with these trading resources no matter what.

FX Renew Review

The team believes that their customers can benefit through 4 different ways. These include trading signals, coaching, training courses, and custom-made Forex indicators. Out of the 4 services which the site is offering, we are going to focus on their Forex signals since this seems to be the main service that the site is focusing on. The first thing that this Forex signal provider wants us to know is that they are providing between 10 to 20 signals every month. They also use 3 different trading strategies and also target specific trading times. Forex trading signals are sent “at the London Open, at the New York Close and during key News Events.” They feel it’s important to provide a variety of trading styles including intraday, short-term and medium-term trades so that diversity plays a major role in their approach. The signals currently come with a 7 day free trial, so traders can feel out the service, and decide whether or not it suits their needs.

fx renew

London Open signals

They time the London Open session and send out between 1 to 3 Forex signals which are based on a trend momentum trading strategy. The group likes to use email and a private Twitter community that only members can access. The team also insist that they are sending out market updates throughout the day so that traders can make adjustments when necessary since market behavior tend to change a lot during the day.

While they appear to be sending out short term signals with close take profit levels, sometimes there is need to send out a notice which is meant to inform their traders that the position is likely to ”morph into an intra day position.” We believe that this is not a good style of trading as most professional traders advise against tampering with trades once they have been executed. Moving stops multiple times a day means that the trader is not confident or is engulfed with emotions and emotional trading is one of the things that fail traders most of the time.

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So to put it in a simple way, FX Renew is following a trend that is mostly used by novice traders.

News flow signals

There are between 4 to12 signals per month which are based on Central bank’s meeting and Inflation Reports, Retail Sales and Employment Reports.” These trades are planned in advance, as an analysis sheet is sent to the trader one day in advance of the potential trade. Most of these trades are traded in the “Trading Tribe Chatroom,” which is an area of the website accessible to members only. We’d like to confess that this is something that is quite rare in the Forex market place. We have never seen any Forex signal provider that gets into details like this particular one.

New York Close signals

These signals at the New York close. They use End of day strategy. They look for low volatility break outs, pull backs and reversals which are sometimes common in a trend. Now, these types of trades can last for several days depending on the situation of the market as well as the take profit level that the signal provider is aiming at. Again, this is a professional style of trading. We do not know why the signal vendor is combining some novice trader element with those of a professional trader since this statement tells us that the traders behind the FX Renew website are quite knowledgeable in trading.

Pricing and other details

AUD $99/Month or AUD $799/Year is the cost of the subscription. Traders have to determine whether they want to go with the monthly subscription or yearly subscription for that matter. They obviously trade multiple strategies as highlighted on the sales page. However, they did not disclose the specific pairs which they like to trade.

Do they have a trading performance?

Trading performance is disappointing since they are providing us with a line graph showing their progress since 2017. They do not have trading statements on their site (you can ask them to produce these statements just in case you are interested in their service). In addition to this, the vendor does not have a myfxbook account which can be used to scrutinize their overall performance.

Our best advice for you

We wished that FX Renew had presented us with verified trading results rather than a simple line graph which can obviously be manipulated. We might include them in our list of best Forex trading resources later but not now.

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