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Forex Trade Forecast Review: Is it a Scam?

Forex Trade Forecast Review: Is it a Scam?

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Forex Trade Forecast (forextradeforecast.com) is a signal service targeting US and European sessions traders. What is surprising is that these people are promising a 90% accuracy on their signals meaning that for every 10 signals that they send, only 1 will fail to net traders a profit. This claim is a bit far fetched and we are hoping that they can substantiate the claim with factual data. They believe that they are able to provide such a high level of accuracy, because they double check on every single signal they sent to their clients. There is a specific process in which every signal has to be viewed by each member of their team, before it can be approved and sent. The only issue we see with this approach, is that the process could be slowed down, as it’s often imperative to enter trades as quickly as possible.

forex trade forecast

The forecast service is a subsidiary of Wealth Profusion, located at 10685-B Hazelhurst Dr. # 20670, Houston, TX 77043 USA. To get in touch with support, traders can email [email protected] or phone toll free, 1-800-851-8252. If you came here looking for a good signal provider, we recommend that you go through this list of trading products because we have cherry picked the best trading resources to help you make money as a full time or part time trader.

Forex Trade Forecast Review

Our first impression is that the Forex Trade Forecast website is a little old school, but according to the WHOIS record, the website was first launched in 2010, so that’s a pretty good reason for it. That being said, they are certainly well overdue for an upgrade. It’s hard to imagine that this current website is competing with the rest of the marketplace, when it is so obviously stuck in another decade.

Most of the best Forex signals come from vendors with aesthetically pleasing websites, that update their appearance on a yearly basis. This vendor would benefit greatly in following their lead.

Forex Trade Forecast trading strategy

Forex Trade Forecast team believes there’s 3 reasons why traders should sign up with their service. These reasons are made up of their monthly performance numbers, the fact that they provide live trades and their real-time Forex alerts. These don’t really feel like reasons, but more like statements about what they have to offer.

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In terms of strategy, the vendor doesn’t seem to provide any real detail about their trading approach. We’ve certainly seen this in reviews of Golden Option Trading and FX Premiere, but it’s not helpful to avoid providing this type of information.

It would certainly be beneficial to know why a signal provider is providing the signals they provide, and what is the general methodology they utilize when approaching the markets. It’s possible they provide explanations of each signal, but this information should be available to potential buyers as well.

Forex Trade Forecast offers signals for various pairs which include EURUSD, GBPUSD and USDCAD. The frequency with which they are sending out signals is 50-60 Per Month. The price of subscription is $99 per month.

Breakdown of the products which they offer

There are currently 3 plans available for traders interested in the Forex Trade Forecast service. There is the trial basic subscription, which is $29 for the first week and then and $99 per month. The basic subscription, which is $99 per month, and the elite subscription which is $149 per month. Each of these services provides the same amount of signals, on the same pairs alongside monthly Forex analysis. The vendor doesn’t differentiate between the basic subscription and the elite subscription, we really don’t know what we get for the additional $50 per month.

They should probably clarify the difference between basic and elite, because we see no reason to sign up for what seems to be labeled as “priority support by email” over “basic support by email.” An extra $50, you would have to think that you get better signals or something, not just better support.

Do they have any trading results to prove their prowess?

The vendor provides a Forex Trade Forecast performance page which has monthly results going all the way back to November 2006. The performance table is made up of 3 columns, one stating the month, another stating the amount of pips earned for that month, and another providing you access to the trade signals that occurred during that month. Since 2006, the vendor has never had a losing month, with most months averaging somewhere between 2000 to 5000 pips gained.

The numbers provided are very difficult to believe, because even the best traders in the market will have losing months. They also difficult to believe, because the vendor doesn’t provide any verified proof. While we appreciate the fact that they provide trading results, none of them are uploaded to a third-party statement sharing service provider like Myfxbook. The vendor needs to provide this if they want to compete in the Forex signal market in 2019.

While it’s clear that the Forex Trade Forecast service has been on the market for quite some time, it seems that they have fallen behind the times a little. Whether it be the aesthetic of the website, or the lack of verified trading results, this vendor needs to upgrade an update dramatically.

Should you try out this signal service?

We do not have full confidence over Forex Trade Forecast and at this point, we do not know whether or not to recommend it or include it in our list of best trading products. If only they were keeping up with time, perhaps we would have considered recommending them. At this moment, we cannot risk recommending a signal service that does not have verified trading results and is lagging behind in terms of website aesthetics. So in as much as we would like to recommend it, we still think that it is quite a bold move which requires that we should have all the facts in terms of trading performance.

Our best advice for you

Forex Trade Forecast does not provide verified trading performance and that’s what we need. Unfortunately, we are not able to include them in our list of best trading resources. 

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