Forex Signal Factory Review 2024
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| Forex Signal Factory is an online service that offers free FX trading signals on popular social media platforms. Trading signals are published daily. | ||
Forex Signal Factory offers free trading signals through their Twitter and Facebook accounts. The service provides signals on forex, stocks, commodities, indices and cryptos with no sign-up fees. This review explains what Forex Signal Factory is and how to get the most out of their free trading signals.
What Is Forex Signal Factory?
Forex Signal Factory is a collection of professional traders that distribute trading signals on established financial markets. The service was set up as a way to combat vendors that claim to offer free signals, while inadvertently forcing you to open an account with the broker associated with their service. As a result, Forex Signal Factory prides itself on its independence and free source of trading tips.
Since the company was established in 2009, 45,000 traders have used their social media postings to inform trading decisions. The signal provider can be reached on Facebook, Twitter and Telegram.
How Forex Signal Factory Works
Forex Signal Factory provides signals from traders with profitable accounts. Their website claims that traders’ signals are no longer offered when their account drops under its initial balance and will only be showcased once they become profitable again.
Signal providers trade on live accounts and with their own money, helping incentivise users to stay out of the red. The service measures a provider’s performance by net pip changes as opposed to profit or percentage. They don’t even consider a provider’s lot sizes when measuring performance.
Forex Signal Factory Twitter
Signals are published hourly every day on Twitter and Facebook. Their Telegram channel features one daily article on an instrument with relevant economic or financial news. Unfortunately, Forex Signal Factory does not explain how their providers analyse and approach the forex market.
Product Review
Forex Signal Factory provides the following free services:
- Forex signals – The service primarily provides signals on major and minor currency pairs, including EUR/USD, GBP/JPY, and GBP/USD. Social media accounts post between 10 and 20 signals a day. Each signal will come with an entry price, the time of the trade in GMT, and the recommended stop loss and take profit levels.
- Forex articles – You can find detailed blog posts on currencies now and again, especially when there is major news surrounding an FX pair. These can be found on their Telegram channel.
The following services can only be accessed by signing up to their Telegram channel:
- Stock signals – Get buy and sell tips on leading stocks and shares, such as Snapchat, Ford, Apple, and PayPal
- Index signals – Signals are also offered on major global indices, including the FTSE 100, S&P 500, and Dax 30
- Commodities signals – Regular signals are published on precious metals and energies, such as Brent Crude Oil
- Crypto signals – While a lesser area of focus, Forex Signal Factory does provide trading signals on cryptocurrencies, including Bitcoin
Getting Started
To get the most out of Forex Signal Factory’s free services, retail traders should follow their daily posts on Twitter and Facebook, as well as sign up to their Telegram channel. If you wish to focus on forex trading signals, you are better off keeping an eye on their Twitter and Facebook pages. There are no fees for using the provider’s signal services – they are not acting as an introducing broker.
Pros
- Decent following on Twitter, Facebook and Telegram
- Detailed strategies and news on Telegram articles
- Entry price, stop loss and take profit levels listed
- Traders can use existing accounts
- Completely free signals service
- Daily forex signals
Cons
- No performance record for signal providers
- No official customer support service
- Limited accompanying information
- No trader protection provided
- Unregulated
Getting In Touch
There is no official customer support number or email listed on the Forex Signal Factory website. There is, however, a UK phone number listed on Facebook: +44 20 8068 1786. Alternatively, you can reach out by Facebook, Twitter, or Telegram.
Licensing
A disclaimer on the bottom of the Forex Signal Factory website indicates the service is not regulated. All information is intended for educational purposes and not as official financial advice. The platform does not assume responsibility for any loss or damage that may result from using the information they provide. Unsurprisingly, this does not foster trust in the company.
Forex Signal Factory Verdict
Forex Signal Factory offers a free signals service with no hidden costs. Users benefit from daily trading tips on forex pairs, as well as market analysis on stocks, commodities, indices and cryptos. However, Forex Signals Factory is an unlicensed company offering zero protection to users. There is also a lack of transparency around trading strategies and the track record of providers. Thus, proving Forex Signal Factory’s legitimacy is tricky.
We would recommend investing with a paid-for provider who can assure the quality of signals and provide adequate customer support. For those set on a free service, we’d recommend testing Forex Signal Factory’s outputs in a demo account before investing your own money.
FAQ
What Is Forex Signal Factory?
Forex Signal Factory offers free trading signals via their social media platforms. While they primarily offer suggested market positions on forex, they also publish tips for trading stocks, commodities and cryptos.
How Do I Sign Up With Forex Signal Factory?
There is no official sign-up process. To use Forex Signal Factory’s services, traders simply need to follow their respective social media accounts. They will then receive the service’s daily trading tips and forex signals.
How Much Does Forex Signal Factory Cost?
Zero fees are charged for using Forex Signal Factory. The platform does not make money from its users. The downside of the service being free is that there is limited accountability or opportunity to verify the background and performance of those publishing trading signals.
Is Forex Signal Factory Regulated?
Forex Signal Factory is not licensed with the FCA or an alternative financial regulator. This is a drawback and means it’s difficult to make a judgement on the reliability and security of the service. Additionally, traders will have limited recourse options should the service fall short of their expectations.
Is Forex Signal Factory Good?
Forex Signal Factory is a good option for those seeking free forex trading signals. There are no fees so it ticks the value for money box. However, investors looking for more hands-on training and tips would likely benefit from an alternative provider.
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| Forex Signal Factory is an online service that offers free FX trading signals on popular social media platforms. Trading signals are published daily. | ||