FxProfitSignals provides free and paid forex signals to traders. The company aims to give strategies for all market conditions and teaches critical areas for providing success. They also sell their own set of tools for trading currencies, including indicators to make reversal points and an algorithm for risk management. Let us go through all the key points of the service to understand if it is profitable or not.
How FxProfitSignals works
The signals require the following steps to work properly:
- Purchase one of the packages available on the website.
- The company will send over the details for their Telegram channel.
- Join in and follow the available trades.
The company claims that they are a team of forex traders with more than 10 years of experience in the financial markets. They do not provide links to their portfolio or share their names. We can not understand the reason for hiding such information. Lack of transparency shows that they might be looking to scam traders.
At one place on the website, they present the name of Mathew Adams as their senior day trader and analyst.
The company has the following features:
- There are multiple packages that traders can choose.
- Signals are available through Telegram.
- They offer indicators and robots for trading.
- The company provides education on various financial terms.
- The results are tracked manually on the website.
The providers are not fully interested in disclosing their strategy to traders. In their free trading section, we can see that they are employing several moving averages and indicators for analysis. There is a single stop loss and multiple take profit targets for each trade.
The company doesn’t provide backtesting results. They may not know about backtesting a strategy using forex simulators or are avoiding sharing verified detailed statements. This lack of interest and proof adds to the cons of the signal provider.
FxProfitSignals trading results
There are no live records available that are tracked and verified by notable performance monitoring websites. They are manually tracking all the trades on the website. These types of output can be tweaked according to the liking of the provider. They can show all trades as profitable while, in reality, they are only suffering losses. This is a common approach followed by most scammers in the financial marketplace. They use it to attract new traders and rob them of their money.
Pricing & refund
The company has multiple subscription plans available on the website, starting from 45 euros and going all the way up to 210 Euros. All the packages offer the same amount of benefits but differ in terms of the duration. The image below clarifies all of their asking prices and designated packages.
There are four reviews present on the Forex Peace Army platform, where they have a rating of 1.198. A trader says that he decided to send his money for investment, but the provider fooled him, saying that they require more cash for trading. He could not get a refund and states that the signals were not profitable.
Another trader says that the company is a total scam, and traders should understand their business model. He states that they only post profitable trades from the VIP group to the free one to lure customers. This is how they keep on filling the channel, and their service keeps on running.