Forex Signals Club Review: Is It a Scam at $97 per month? - Topedgefx.com

Forex Signals Club Review: Is It a Scam at $97 per month?

Welcome to the Forex Signals Club review. The vendor is providing automated Forex signals for all currency pairs through a trade copier. Forex Signals Club feels that their team of “experienced professional traders” will deliver consistent reliable trades automatically but will not promise overnight riches.

They want traders to know that beginners can make profits without any prior experience in trading while advanced traders can diversify their portfolio using Forex Signals Club.

The homepage is advertising 2,129 pips in 5 months or an average of 426 pips per month. They’ve also provided their myfxbook account for our analysis.

Forex Signals Club claims that it is indeed a club because it limits the number of new subscribers to 100 and will close their doors once this number is reached.

The vendor also wants traders to know that they trade for a living. They claim to pay their bills, cars, homes and lifestyle using revenue generated from Forex trading.

forex signals club review

According to the vendor’s about us page, Forex Signals Club was started by Lars and Joshua in 2007 who decided to expand the venture to the public because it was “consistently profitable”.

They’re currently 5 traders working on the Forex Signals Club website. The signal vendor has also disclosed that each of these members has a between 8-15 years of experience in live trading.

Their location is not known yet but according to the disclaimer statement on the footer of the website, we deduce that there’s a possibility of these signals being delivered from the US.

As we analyze this Forex signals vendor, we implore you to check out this page for our most recommended trading tools and signal vendors. 

Forex Signals Club Review

Their website is very professional and straight forward. Instead of littering the entire sales page with lengthy paragraphs of gibberish content, Forex Signals Club has actually chosen a neat design and used the fewest words possible to describe their service.

Traders wanting to use this signal service are told that this vendor is offering a stable source of income from trading.

They believe that their signals are world-class in quality because they come with a trade copier and are easy to use.

They list a couple of advantages which traders should expect from this service. These reasons are a bit generic and we felt that they didn’t add any value to the sales page.

The vendor says traders should expect the following when they subscribe for their service:

  • Boosting of profits using accurate and profitable trades
  • 100% automated signals
  • Trading on all Forex pairs
  • Limited offer (available to a few traders)

They also seem to push traders to sign up immediately because they claim spots are limited.

We feel that this is a pressure sales tactic as no serious Forex signal vendor will ever close their doors to customers.

This vendor also believes that they are the best compared to the rest of the competition because of the reasons stated above.

They actually have a table listing this comparison and even claiming that other signal vendors are charging up to $145 monthly or higher for signals.

Forex Signals Club feels that they are offering award winning profitable trades to their customers’ accounts.

At this point, we’re interested in finding out what strategy they are using to create these “award winning profitable trades”.

Forex Signals Club trading strategy

We were able to find a brief statement about the general strategy used by Forex Signals Club.

They want traders to know that their traders use a variety of strategies but same risk approach in all trades.

Trades are sent with entry, take profit and stop loss.

Vendor would like consumers to know that they’re not interested in providing market data, news or instructions on how to trade because they believe this will interfere with their goal of providing profitable signals.

We don’t believe that this spirit is in line with that of the best Forex signal providers on the internet because the best we have seen do provide trader training, chat rooms and support. 

With Forex Signals Club, they’re only providing signals and not disclosing how market insights were arrived at.

Basically, this is not a proper description of how this team trades. We’d like a clear explanation of their approach rather than a general overview.

Breakdown of product details

Product type: Forex signals

Pairs: Crosses and exotics

VPS: Not needed

Trade Copier: Yes

Price $97 per month

While pricing is fair enough and in line with what the industry charges for good Forex signals, consumers should look at the team’s track record of trading.

This is a very critical part of all reviews as evidently seen in our past writings on various trading products such as Life Changer bot, EA Forex Academy, Best FX Tools and many others.

By looking at their trading results, we’ll be able to know whether this signals vendor has truly achieved the “club” status or not.

Trading results for Forex Signals Club

There is a myfxbook.com link on the homepage. We must applaud the signal provider for this.

We’re looking at the trading results and the first thing we notice is that the last time this account was traded was in November 2017.

This account was traded between April 2016 and November 2017 and during this entire period, the traders posted a profit of +9.84 while absolute gain was only +3.94%.

We’ve always said that when overall gain is different from absolute gain, it usually means that the vendor is crediting their live trading account rather than generating the entire profit from trading.

This is a form of manipulation which many signal vendors use to create the impression that they’re successful traders when the truth is that they’re not.

Also, while trading this account in 2016, the signal vendor made some profits in some months and also suffered several draw losing months. These are highlighted in red (if you check Forex Signals Club myfxbook.com profile).

Therefore, after all has been said and done, we realize that trading for the entire period between April 2016 and November 2017 yielded +3.94 gains only.

This is far from what we expect from a Forex signal provider claiming to be a professional and experienced team of traders.

At this point, we will not be able to recover our monthly subscription fees of $97, let alone make any significant return.

Conclusion

Forex Signals Club has done a commendable job by providing their myfxbook profile. However, we believe they were hoping to persuade consumers who don’t know how to study myfxbook statistics to gauge the profitability of traders.

While their website is neat and their subscription cost is reasonable, we feel that this signal provider is still not hitting the target. So we will leave them out from our list of recommended trading services. 

Thanks for reading our Forex Signals Club review. Let us know your opinion.

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