Best Forex Signals is a signal provider offering their service through email, whatsapp and SMS. The domain best-forexsignals.com was anonymously registered in June 2018. There is no about us page anywhere on the site. It appears that the vendor is so much focused on providing a thorough description of their service to the point that they are ignoring little but important things that matter. In the site’s promotional material, they tell us that their signals are free to use. However, the site has premium packages which they are selling for $120 per month to $250/3 months.
There must be a catch here because if we are going to use this service for free, we believe that the provider would never benefit anything other than to waste their time taking care of our trades through the signals which they will be delivering.
As we begin this review, we want to address the question of whether or not Best Forex Signals is a good signals provider. We have already analyzed the entire website and the product which they are offering. We have a crystal clear picture of what this service is like for those who have subscribed. Here we go.
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On the homepage of the site, they are announcing free signals which can be accessed by signing up and gaining access to the members area. Then there is a button that says free 30 day trial but if you look elsewhere on the site, the vendor promises to deliver free trading signals for live. This contradiction is making the whole thing seem confusing. They have not addressed the issue on their FAQ, and so we do not know whether these free signals will last for 30 days or forever as claimed in other parts of the website.
However, when we scroll further down the site, we discover a number of Forex brokers integrated into the web page. It appears that users who want to take advantage of the vendor’s free signals must sign up with any of the affiliated brokers listed on the homepage. Once traders have signed up with any of these brokers, they must send send their account and mobile numbers to a specific email which the signals provider has published on their website. This action will make activate the free signals service.
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In addition to that, there are 2 other Forex signal packages offered by Best Forex Signals team. As we have mentioned before, traders can choose to subscribe for 1 month or 3 months in advance which will enable them to enjoy a discount for the subscription price of the signals in question.
It appears that when traders choose the free signals plan, they are trading off the freedom to choose their own brokers with that of restricting themselves to the recommended brokers as published on the Best Forex Signals website.
Signals are sent out with take profit and stop loss respectively. They claim that their signals have a win rate of 80%, and that they are targeting between 300-1000 pips a month which is a realistic target. However, if they say that their signals have a win rate of 80%, then there is need to show us some past records of how their signals have performed or averaged in the last few weeks. Otherwise, believing these numbers is not going to be possible on our side.
Best Forex Signals does not track their performance with a third party verification service like myfxbook. There is no reason why they cannot do it. When we want to figure out how they have performed in the last couple of weeks, the signal provider gives us a short explanation of how they have been performing but does not give us any concrete evidence to back their 80% win rate claim.
This is a big challenge especially among signal providers operating in this industry without sufficient experience. We do believe that a signal provider who is confident about their job has nothing to hide. They are always willing to show us what they have done and achieved ever since they started the service, and that’s what we were hoping to see with this signals provider.
Since that is not available, the vendor seems to be compensating this loss with the fact that they will offer a free 30 day signals service but on condition that we must register an account with one of their Forex brokers. Again, the condition here is that we must deposit a minimum of $500, which is quite high for some traders who are not sure whether to part with this much.
There are many good brokers who are allowing traders to start trading with as little as $50 in minimum deposit. So $500 is just not making sense for us, and we also feel that this is working against the signal provider. They might just lose a few potential customers based on this deposit requirement.
Best Forex Signals is a very new service and this could be the reason as to why they do not have customer feedback yet. We have searched the internet for any feedback and failed to find them. So this means that traders who are going for their service will be doing so based on blind trust and hope that the signals vendor will give them a good service.
All we can do right now is to sit and wait. Perhaps these reviews will come later on as many people discover the site and use their services.
We do not have full confidence on the services offered by Best Forex Signals team because they are anonymous and they are also doing a poor job at proving that they are experts in this service. If you have time, you can try their free service. But if you are like most traders, you’d simply sign up with these vendors instead.
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