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Signal2Forex Review: Scam or Profitable Signals?

Signal2Forex Review: Scam or Profitable Signals?

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Signal2Forex offers automated Forex robots instead of what most people expect from a domain name like Signal2Forex.com. In fact, the vendor offers a number of trading robots which they claim to have built over a long period of time.

There are 12 Forex robots in total. These are offered as a portfolio system, which is built to take advantage of all of the expert advisors offered on the sales page. We will list them all later in this review.

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There is no information on the creators of this service, their trading history, or their location. A WHOIS search reveals that the website is hosted in Minsk, Belarus, so it’s likely that’s where the developers are located as well. To get in touch with support, traders can email [email protected], Whatsapp +7 906 517-88-35, or Skype Signal2forex.

Signal2Forex Review

Although we are not introduced to the Signal2Forex team, the developers do tell us that they “have more than 10 years experience in trading, researching and developing Forex trading software.” They believe that the best way to create expert advisors, is to rely on Forex indicators in conjunction with each other to help determine accurate trade opportunities.

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One unique aspect to this service, is that the developers provide traders with free versions of every single EA day own for strategy testing purposes only. As far as I’m concerned, strategy testing in 2018 is pretty useless, as the majority of top expert advisors all use too much live data that can’t be reproduced by back tests, but obviously these EA’s are not using any live data.

As for the strategy, the developers tell us each indicator utilized in their robots, and give a brief explanation of each. For their “Portfolio of Forex Robots,” they use12 different indicators.

  • Aroon Up & Down
  • Average volume
  • BBandWidthRatio
  • Commodity Channel Index (CCI)
  • Pattern Recognition
  • KeltnerChannel
  • Linear Regression
  • Momentum
  • Pivot points
  • QQE indicator
  • RSI
  • TEMA indicator

All of the indicators used are free to the public, but the explanations are just generic descriptions that don’t explain their role in the overarching methodology and trading strategy of the EA. We often see this type of sales approach by other robot vendors like Forex Scalper EA, Forex Kore and Gold Elevate EA.

Breakdown

  • Type: Forex Robot
  • Price: $37-$249
  • Strategy: Multiple
  • Timeframe: M5, H1
  • Pairs: AUDCAD, AUDCHF, AUDJPY, AUDUSD, CADCHF, CADJPY, EURAUD, EURCAD, EURGBP, EURUSD, GBPUSD, NZDUSD, USDCHF, USDJPY

The price range is so drastic, because the Signal2Forex developers are currently providing 12 different expert advisors available for the market to purchase. The most popular based on price, is the portfolio Forex robots, the belkaglazer, the fox scalper and gega trade. These systems range from $90-$249, while the majority of the other systems are in the range of $37-$49.

The majority of the focus on the sales page is pushing traders towards the portfolio, which consists of all of the robots, but this doesn’t give you access to each robot individually. It just gives you access to a system that auto trades all of these on your behalf.

Trading Results

The Signal2Forex team currently provide a handful of screenshots, as well as a Myfxbook account that’s showing a for 568% gain, with a drawdown of just above 20%. These numbers are very impressive, but there are certainly questions that need to be asked about the trading performance of this system, and the results they are providing.

Account in discussion is no longer available (potential crash).

One of the odd aspects of their trading results, is the fact that they provide screenshots of completed trades between March and April 2018, but their Myfxbook results start in May. This leads me to believe, that we are dealing with a high risk account, that potentially crashed and had the developers start a new account at the beginning of May.

There are also quite a few hidden aspects in their current Myfxbook account, as we aren’t given access to open trades, history, best trade, worst trade, lots, commissions and much more. Usually when developers are hiding this many aspects, there is something fishy going on.

Since we last reviewed Signal2Forex it seems the Myfxbook account we discussed in the results is no longer available. We are unsure what happened with the account, but our nature is to assume the worst.

So, we decided the best course of action would be to find some new accounts, and we found two active accounts. One client account, and one vendor account.

Vendor Account

The only active vendor account is showing a gain of over 200% with a drawdown just under 25%. It’s placed 141 trades since the beginning of August, and has won 98% of them. The risk reward ratio is 1:4, with the average win coming in at 85.99 pips and the average loss at -21.40 pips. A short sample size, but a good looking account.

Their client’s account

The client account isn’t doing very well at all, in fact it’s crashed. So, there is definitely a large discrepancy in the results between client accounts, and the accounts shown by the vendor.

We can’t say for sure that this is an issue as clients often make their own adjustments, but this is all we do know for now. We will update the review again soon with more findings as they present themselves.

Our best advice for you

As it stands right now, we still have too many questions about the Signal2Forex systems that we need answered, before we can consider a recommendation. We want to watch their trading accounts very closely over the next few months to make sure that they don’t crash and burn. If they continue to grow, then we will consider changing my mind. Thank you for reading this review, and please leave a comment with your experiences. In the meantime, we are building a list of trading products for the average Forex trader who wants to make money. Visit this page to access our list of trading tools.

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