A popular Forex signals service by the name Live Forex Signals at Live-forex-signals.com just caught our attention. It’s the subject of this review today.
Now, chances are that you’ve bumped into them when searching for a legit Forex signal service on the internet. They are very popular since the site first appeared on the internet in 2011 and has continued to offer Forex signals to traders from across the globe.
The domain of Live Forex Signals is registered to an entity called Forex c/o Dynadot. They operate from San Mateo, California.
We are glad that this information can be freely found on who.is if you want to learn about them. On the other hand, their official website is very economical with content. There is no introduction, mission statement, service provided or anything like that.
When you land on the Live Forex Signals website, the only thing you will see are pending and filled Forex signals respectively. There is nothing else to feed your eyes on. In fact, if you want to satisfy your curiosity, you’d need to source for more information about them elsewhere because this is a very basic website with nothing else apart from signals.
But don’t get distracted from the big question. The big question is this. Does Live Forex Signals qualify to be considered a premium FX signal service? That’s what we will be addressing in this review.
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Let’s start with the appearance and presentation of this Forex signal service in general. It’s something that can easily discourage you from using their signal service due to the fact that the website has a very basic theme. It’s hard to get convinced whether or not they are into it for serious business.
And in fact, this is a very common website theme with Forex signal providers who don’t want to invest into their websites to give them a professional look.
One might even think that this website costed nothing to set up and run due to its simplicity.
Also, when you look around, you won’t find an ”about us” page or any other useful link that will instill some confidence in you.
Basically, the owner of this site did a poor job in setting up a site that can convince users. However, he makes it up with free Forex signals for a couple of pairs.
These Forex signals can be accessed on the homepage of the site even when you’re not registered on the site. The owner of the site clearly wants to attract more customers by first teasing them with free Forex signals so they can sign up for their premium Forex service.
When we observed the free Forex signals, we discovered that they were not very helpful as there was longer delay times in how signals were posted.
One has to wait a little longer in order for quality signals to appear. Also, if you want to use their free Forex signals, you need to keep refreshing the website to update the signals which are posted there.
However, there is an important notice when you scroll towards the footer of the site. The owner of Live Forex Signals warns that their signals are never consistent all the time due to broker quote variations. This is to say that sometimes a signal will win from their end and lose money from your end.
To solve this, Live Forex Signals is collecting data from a number of Forex brokers and calculating the average entry and exit quotation based on their various prices (which can have 5 pip or more difference).
While this is a good initiative, we feel that the best way to deal with this problem is to stick to one broker. If this signal vendor can ask their clients to use their broker, maybe that could solve the problem. But again, the temptation of always wanting to take a cut from their users’ activities with this broker is always there.
Most signal providers will either let you use their signal service for free (but sticking with their recommended broker) or sell you their service and let you choose your own broker.
There is no problem with this at all. The way we see it is that if Live Forex Signals wishes to solve this problem, the only way to do it is to ask users to consider using their broker (even if that will mean taking a cut from their users’ activities on that Forex broker’s platform.
It wouldn’t be fair to end this review without talking about track record of past performance of signals from Live Forex Signals.
Does Live Forex Signals have any past performance to show their prospective users?
Well, a section of this site is dedicated towards showing past performance of their signals. However, it’s hard to believe this information since it cannot be verified.
While they did a good job to remember the fact that performance records are necessary to show on their website, they screwed it up by offering to show us performance which cannot be verified.
This is just a table showing date, number of trades that were taken and the different currency pairs that were traded. Can this table be used to legitimize their operation? Absolutely not.
So that’s the biggest problem here. If they could have a verified myfxbook account, it would be a lot easier to analyze their past performance and eventually believe that Live Forex Signals is a profitable signal vendor.
If they trade on a daily basis as claimed on their website, it would be very easy to produce these records when needed. But so far, this has not been done. It makes us wonder whether these guys are real professional traders.
Now that verifiable past performance is already missing on the site, what else do you need to know about them?
Perhaps we could talk a little bit about their traders or people who analyze and send these signals to users. Have they been introduced anywhere? Absolutely not.
These are ghost trade analysts. They are completely anonymous. It’s so unfortunate that despite this signal provider existing that long, they have not been able to afford a professional presentation on their website. This is a confidence killer. Even if someone wanted to become a member by creating an account with this service, they would stop in their tracks as soon as they discovered the anonymity of these so-called Forex signal providers.
Also, there is no user feedback for this service. We don’t know of anyone who uses this service yet. Again, this is a very discouraging realization since we expected a popular signal service like this one to have reviews on forums like FPA. But so far, they have not achieved any rating there.
There are many questions that we are asking about Live Forex Signals. Being a signal service that is run by an anonymous group of individuals, it’s almost guaranteed that these questions will never be addressed.
While Live Forex Signals does a good job at giving away test signals for free, they still don’t instill confidence in their premium service. You should therefore sign up with these Forex products/services instead.
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