Forex Specs Review: Is Forexspecs.com a Scam?

Forex Specs claims that its service is run by professional traders who can generate up to 1400 pips in a month with a minimum of 200 pips in a bad month. They believe that stable monthly returns in pips is the best way to prove their service. They also claim that the reason why they have an advantage over other signal providers is because true advantage is to trade the future trends, not present ones. Every Forex signal, update, all improvements and mentor ship tips will be sent directly to you via Facebook Messenger.

For a month you can expect about 20-25 Forex signals. Usually they send about one Forex signal a day, sometimes two, daily and swing signals. Crypto signals are 3-4 per month, a medium term signals are four to five per year. The focus is on the major currency pairs – EURUSD, GBPUSD, USDJPY and AUDUSD.

In terms of the time of the day in which signals are sent to traders, they tell the community that Forex specs tries to send Forex signals in the most active time on the market – shortly after the start of the European trading session till the early hours of the US trading session.

Each Forex signal has a mandatory: point of entry, take profit, and stop loss. Additional are the notifications at change – update; weight of the Forex signal for optimization of your money management; expectations for the duration of Forex signal. The type of the made trades on forex signals are 80% market orders and about 20% pending orders. They tell the community that the used technical analysis system against the trend requires it.

The trading systems used include the regular indicators mixed with price action.  They want traders who will take signals from them to know that Forex specs uses revolutionary Technical Analysis Techniques by ForexTie, Elliott Waves Theory, Harmonic analysis, measurements of volatility and other metrics and lot of mathematics.

The question is whether this website truly provides profitable Forex signals as claimed because we just can’t believe that the website is serious about the product they offer. For us to believe this, it will force us to analyze their features, trading results and customer feedback other than just taking their word for it. In the meantime, traders who want to get started right away should utilize these useful trading resources. In that list, you will find proper trading tools including Forex signals services that are reliable (if this is what you want).

Forex Specs review

The success rate of the Forex signals is about 80% achieved by high-risk-reward ratios starting from 1: 2.5 up to 1: 8. For more statistics and recent results by our signals, the signal provider wants us to see their performance page which of course does not contain third party verified trading results. In terms of take profit and stop loss levels, they provide the following information to enable traders visualize how its like taking these signals and implementing them. They claim the following: ”In daily forex signals SL is about 30-40 pips at targeting 80-100. In swing signals with a duration of 3-5 days, about 60-70 pips with targets around 150-200 pips. In medium term signals the numbers are big: 600-1000 pips take profit with relatively tight stops.”

The number of pips guaranteed is up to 1400 but we find this statement in their FAQ page: ”The monthly results directly depend on the market conditions on the financial markets. In the recent years the conditions permit to deliver to our customers average results of over 1’000 pips per month with guaranteed 200 pips per month.”

Trading strategy of Forex specs

Forex specs tells the community that they have a strategy that looks to enter future trends. Entry points must be filtered properly before trends can be traded. They tell us the following on their site: ”Great results come from a trading system. Main focus of our trading system is to filter signals against the trend with high reward ratios. They also want traders to know that behind every accurate Forex signal there is analysis. ”We are filtering multiple trading ideas everyday through our trading system, which contains 400+ alphas to generate one-two trading signals. See the precision of our analyses in the video.”

Relationship between Forex specs and ForexTie.com

Actually, Forex specs owns ForexTie.com according to this confession made on their own website: ”Financial markets are a place that requires each trader to improve himself constantly. Our training brand ForexTie.com will provide you small but significant additions to your existing knowledge to optimize your own trading in the following areas: analysis, management and psychology.”

Weekly video analysis

They provide weekly video analysis in a brief overview of 12 assets – major assets traded include currency pairs, indices, gold, silver and crypto. We provide video analysis for the Professional and Premium plans. By these video outlooks you can generate additional pips.

Performance of the signal alerts

They have a page dedicated to showing the performance of their Forex signals. At the moment, they are showing us random figures and claiming that their signals have a win rate of 77%. Obviously we are finding it quite hard trusting these numbers because they have not been verified and so there is always the possibility of the owner of the site editing those numbers to reflect success.

Client feedback

Forex specs wants traders to know the following: that the satisfaction of their clients takes priority. They partner with their clients to help turn trading challenges into opportunity. There are random client testimonials on this page but again those testimonials can be hard to verify. This service has not received feedback from any other source and so we are just wondering how authentic these testimonials can be. Here’s one example: The true advantage of this site is the used trading system against the trend, which generates precise Forex signals with high risk to reward ratio.”

Our best advice for you

Forex specs does not look like a service one would want to pay for. With all the shortcomings, it is quite difficult to trust them. You need to find a reliable signal service for your trading. 

Summary

Reviewer

Ken

Review Date

2019-08-12

Product Name

Forex specs

Author Rating

2