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My Forex View Review: Is this Signal Service a Scam?

My Forex View Review: Is this Signal Service a Scam?

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We are reviewing My Forex View, a signal service provider that provides technical analysis, real time alerts and live signals as well. Myforexview.com has partnered with one of the most popular Forex brokers, XM broker and they are telling subscribers that if they can create and fund an account with this broker, they will be entitled to receive free signals from My Forex View team of traders. They claim that these are premium Forex signals which can be accessed for a whole year free of charge.

My Forex View needs to convince the community that their signals are truly of premium quality before we can open an account with the broker or even think about spending any money on the service.

The signal service was founded in 2017, but it’s unknown at this point who the founders are. They do not introduce themselves to the public, or provide any details about their signal analysts. This information should be provided by the vendor, so we know who they are, and what type of trading history they have in the Forex market. Last thing we want is to end up paying for a service run by rookies. Support can be contacted via live chat on the website, or via email [email protected] Before we consider this trading service, we would also like to let you know that you can access other reliable trading solutions via this link. 

My Forex View Review

This team has a very professional website in place. They want us to believe that they are providing nothing but quality signal alerts. We must say that the service looks very enticing and if they can allow us to test their signals on a demo, that would be the best thing ever provided by a signal provider. With regard to why they are the best, they tell us the following statement: ”My Forex View is the leading provider of market analysis (technical analysis), market research and trade recommendations for foreign exchange trading. Providing in-depth insight into the foreign exchange market through stellar technical anaylsis, we aid millions of traders worldwide improve their trading skills and maximize their investments. Our forex signal service is unparalleled, delivering real-time alerts and live signals and in-depth market analysis !”

The My Forex View team believe there are six reasons why they are better than the competition, and should be considered the best Forex signal provider in the market.

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worldmarkets

The six reasons include their affordable pricing, reliability, ease of use, 24/7 support, relaxed approach and genuine testimonials.

We are not as sold on the “genuine testimonials” as the vendor is. While they do have a ratings and reviews section on their website, it is clearly controlled by them, and nobody else. That being the case, there is really no third party verification to prove that these reviews are real or not. Usually, popular Forex signal services will have many different reviews written on blogs like ours, but that doesn’t seem to be the case either.

We would like to see some client reviews outside of the main signal providers own website.

My Forex View Trading Strategy

The trading strategy is brief, and not explained in much detail. The My Forex View team claim that they utilize technical analysis and market research in order to influence their trade recommendations. We certainly appreciate technical analysis, but they don’t go into any detail other than mentioning the approach in a vague fashion.

It is worth noting that the vendor does provide weekly technical analysis blog posts. These posts are not very detailed either, but they do show at the very least that the vendor does have some trading / analysis ability. Which, is more than we can say about many other signal services, like Dream Signals 3 and TheBestForexSignal.com.

Signal information

Now, this service costs $30 per month and they team is using technical analysis. We could not find any information concerning the frequency with which signals are sent out to subscribers.

There are currently four ways to get access to the My Forex View signals. There are three pricing plans, and a free year for traders who are willing to deposit $200 minimum with the XM brokerage through their affiliate link.

In terms of the pricing plans, they are all quite similar with steep discounts for long term clients. Traders can pay $30 per month on a single month plan, $24/month on a three month plan, or $14 per month on a yearly plan.

Surprisingly, My Forex View doesn’t tell us how many signals they send, what specific pairs they trade, and when those signals are sent. This is very basic information that should be included.

Trading Results

In the pricing table, you can see that the My Forex View team promises 800-1500 pips per month. This is a very aggressive number, but sadly it is one they are unable to prove.

The vendor provides no trading results whatsoever. No screen shots, trading statements or Myfxbook accounts. This is obviously a red flag, and it’s definitely concerning because they don’t offer up any proof to back up their aggressive promises.

They provide a sample signal, which shows the pair, the stop loss, and two take profit options, but this is far from enough.

If this signal provider wants to be taken seriously, then they need to do better when it comes to transparency. They are far behind the market standard in 2019.

Our best advice for you

At this point in time, we cannot recommend My Forex View. While we appreciate their weekly technical analysis updates, and their low pricing, there is just too much missing. They don’t tell us who they are, they don’t provide us with any trading results, and they don’t tell us what strategies they are using. Until there are more answers than questions, there is nothing else we can do. In the meantime, we are advising that serious traders should use these trading solutions. There are many trading products that have come out. The problem is that we do not trust these services fully.

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