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Forex Pips Signal Review: is this a Scam?

Forex Pips Signal Review: is this a Scam?

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ForexPipsSignal is a signal provider that sells Forex trading packages starting $10 a week. On top of this, forexpipssignal.com also provides free pending order Forex signal updates on their website for at least 4 currency pairs. If you don’t want to pay Forex Pips Signal, you can simply visit that website every day to steal their signals but I guess this won’t be the most convenient way to get signals from Forex Pips Signal since the provider never updates this section of the site quite often.

A good way to make consistent returns with Forex trading would be to try these professional trading tools or services.

The above page contains automated trading tools and that means the products therein are suitable for just about any kind of trader.

Now, Forex Pips Signal claims to have provided Forex signals to independent traders since the year 2005.

They tell the community that the website is always striving to be the most useful Forex portal in the world. They also want us to know that they are not selling any ‘get rich quick’ scheme because Forex trading is hard.

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The team behind Forex Pips Signal is anonymous and it’s also not clear whether this operation is run by one person or multiple people. Their who.is information has been kept private. They only want the community to believe that their signals can make money and hence should be worth the price tag for which they are selling them.

We generally don’t encourage using any financial investment service that does not maintain some level of transparency with their clients. These are often considered initial red flags and if you are not carefully, you might end up losing money to a bogus signal service.

Forex Pips Signal review

Forexpipssignal.com provides alerts in emails and sms. They are guaranteeing 800 pips per month and if this is not attained, they promise to extend membership for free.

If you fail to make 800 pips a month with this service, it could mean that you have made less pips or did not make any money at all. Not making any money could also mean breaking even or making a loss altogether. Depending on where your account stands in relation to this promise, you could either quit this service (after losing money in your trading account plus the subscription fee) or choose to give it a try the second month of which it won’t be worth it if draw down is big and you’re always trading to recoup your previous losses.

A good way to sell this service would be to provide proof of trading performance showing that Forex Pips Signal is making at least 800 pips on average.

They also tell traders that signal alerts can be dispatched 1-2 times per day and the win rate can be 95%. It is good to let traders know that win rate is a bad measurement parameter as it does not give an accurate picture of the true performance of the signal service.

Trading strategy

The website does not disclose their style of trading or even the methodology which they use to analyze the market to find entry and exit points which make money with the alleged accuracy percentage.

However, they claim that trades are often closed on the same day while aiming for between 50 to 500 pips in any given day.

Because trades are closed within 24 hours, it simply means that Forex Pips signal is basically scalping the market. This is not the most reliable way to trade the market as scalping is generally tedious and is quite involving. Professional traders prefer to hold positions for several days while aiming for bigger profits at the end of the day. This Forex course will teach you how to make a lot of money trading with this style.

The team behind Forex Pips Signal is anonymous and it’s also not clear whether this operation is run by one person or multiple people. Their who.is information has been kept private. They only want the community to believe that their signals can make money and hence should be worth the price tag for which they are selling them.

Forex signal plans

There are 2 signal plans called Standard and premium but customers can also enroll for the SMS signal plans as well.

Monthly subscription starts at $40 but traders can pay $100 to enjoy 3 months of uninterrupted signal service. If a trader wants to receive signals through sms, they must upgrade to the $60 per month plan or opt for the $150 plan which provides sms signals for 3 months.

Forex Pips Signal format

They are providing take profit, stop loss, entry and trading range as well. Traders on the other hand need to place the signals as advised by the team.

The signal format looks like this: GBP/USD  BUY: 1.2122 TP: 1.2152 SL: 1.2082 , Trading Range:1.2182 to 1.2082

Trading performance

Forex Pips Signal provides a simple page where they publish the currency pairs which they trade and the number of pips made or lost in the process. The problem with this kind of performance display is that it is not verified by a third party and the owner of Forex Pips Signal might decide to forge those figures to give an impression that their website is providing profitable trading alerts.

Customer feedback/reviews

There are no reviews or feedback on the level of service provided by Forex Pips Signals service. The website is poorly ranked on alexa.com which simply means that it does not have a lot of traffic or customers.

So hopefully if you have used this service before, we ask you to leave your feedback in the comment section of this review.

Our best advice for you

To us, this signal service isn’t the best that money can buy and that is because of the reasons we have discussed above. Trading results are unverified and the website just has a lot of generic content that is not necessary. This makes them come out unprofessional and unappealing to professional traders like us. In the meantime, we are reminding you to take a look at this page to see what you can get from there. 

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