Forexsignals.cc Review: Scam Forex Signals? - Topedgefx.com

Forexsignals.cc Review: Scam Forex Signals?

Welcome to the Forexsignals.cc review. This signal vendor offers signals through email, whatsapp and MT4. Forexsignals.cc wants traders to know that they’re transparent, USA-compliant and active in monitoring trades on a 24/5 basis.

In addition to this, the service is intending to provide traders with automated trading experience using an MT4 trade copier.

This means that traders can choose whether they want to use Forexsignals.cc recommended broker or their own broker.

If traders choose to sign up with Forex signals’ broker, they will get free signals for 10 days. One week gets traders 5 signals on the minimum side.

With the automated Forex signal service from Forexsignals.cc, traders also have the freedom to set the minimum or maximum lot size that they’re willing to trade.

They’re currently boasting of a verified myfxbook account and also claiming that they have been around since 2014.

They want traders to know that Forexsignals.cc is run by a group of professional traders who are based in London.

They’re trading under the name of Forex signals Inc and their address is Old Broad Street Business Centre, London, UK, EC2M 1RX.

Now, Forex signals Inc wants to provide traders with a high level of quality, control and transparency so that traders can focus on profits.

The question is whether this signal service can be trusted or not.

Yes, they do have a myfxbook account but we also have to understand that a myfxbook account is not all that subscribers need to be certain that they won’t lose money with Forex signals Inc.

Forexsignals.cc review

This is an interesting service and a website as well. However, there are a few spelling and grammar errors on their website which makes us think that the owners are probably not based in London as claimed.

The most outstanding feature of this website is their automated trade copier which enables traders to invest in Forex in a fashion that’s similar to managed Forex accounts.

Most signal vendors out there don’t provide an automated trade copier but it is quite common for them to provide managed Forex accounts.

Still, we see that most of them are pure scams. Check out our review of the Forex92.com managed Forex accounts. This website is literally scamming investors of thousands of dollars.

As for the Forexsignals.cc website, we see a certain level of decency in terms of how they present their work. The presence of a myfxbook account simply means that they’re open to anyone who wants proof of live trading and performance.

Therefore, we are writing this Forexsignals.cc review when we already know that the service has traders with live accounts.

What we want to analyze is the quality of the signals. Ultimately, we will make a conclusion that is easy to base your action on.

But first, the specific traders who run the Forexsignals.cc website have not been disclosed. Their website is only displaying one person’s name. This person, Adam Franco, is in charge of manning the live chat on their site.

Secondly, while they claim to have been around since 2014, we feel that this statement is quite misleading because the domain Forexsignals.cc was created in 2016 according to who.is data. 

Another thing is that their live trading account (the one they’ve connected with myfxbook.com) was created in August 2018.

This simply means that the service did not start in 2014 as claimed. They just wanted to make traders believe they’ve been around for quite long even when that is not the case.

Forexsignals.cc review: details of the signals

On their website, this vendor has a bunch of affiliated brokers which means they have accounts with all of the brokers listed therein.

These brokers are AvaTrade, Tradeo, Trade.com, iTrader, Hot Forex, FXPrimus, InstaForex, PaxForex and KeyStock.

We would love to see performance from at least two of their accounts with separate brokers and not just the account that is being hosted by Hot Forex.

forexsignals.cc review

This subscription plans have been divided into 4 different options.

These include the monthly plan which costs €99, the 3 month plan which goes for $267, the 6 months plan which costs $396 and ultimately the the yearly plan which goes for €598.

If traders don’t wish to pay anything upfront, Forexsignals.cc offers them a chance to test their signals free of charge for 10 days.

This means that any trader who takes this route must open a live account with the vendor’s recommended broker.

The reason they’re offering 10 days free trial is because they will be earning from the volumes which is traded on the client’s account using the copy-trading tool.

Another thing we noticed is that traders based in the US have their own specific brokers to open an account with. Those based in EU or Saudi Arabia & Qatar have separate brokers too.

This is an issue to do with the respective brokers accepting citizens of other nations expect those from the United States.

Trading performance

They claim on their website that Forexsignals.cc were able to make $250,997 from an initial balance of $1200.

This is an interesting statement to make if proof cannot be availed.

Indeed the vendor has a myfxbook account which is open for viewing by any prospective client or review writer like me.

The average monthly return is +16% while draw down is 52.03% as at the time of writing this Forexsignals.cc review.

Absolute gain is +193.52% but overall gain is +1005.19%. This is where most newbies who are not familiar with the mechanics of myfxbook platform get it all wrong.

forexsignals.cc system myfxbook

There’s a deadly catch here.

Absolute gain and overall gain should be the same number. If absolute gain is smaller than the overall gain, it simply means that the vendor is depositing more money into his trading account from his own pocket.

On the other hand, if a Forex signal provider is growing these two metrics at the same time, it simply means the only money that is being credited into this trading account is coming from the Forex market, not from the pocket of the signal provider.

So clearly Forexsignals.cc signal provider is deceiving us. Their true returns is +193.52% over a period of 16 months.

Secondly, the draw down of their trading strategy is very high. 52% is not acceptable. It simply means that the Forex signal provider is taking excessive risk on this particular account.

It simply means that half of the account balance was wiped away and that explains my theory that this vendor is depositing money into this trading account to give the impression that the balance is growing naturally.

Such kind of deception is not acceptable.

Forexsignals.cc reviews or feedback

There’s no feedback at all from traders who have used this service. In fact, I am not even sure if there’s any trader who is currently using their signals to trade the Forex market.

So this is a good chance for traders to write their comments about the service because we’ve provided the platform for that through this Forexsignals.cc review.

Conclusion

Initially the service looked professional but when we discovered the deception going on in their Hot Forex broker account, our hearts were broken.

They claim that maximum draw down is 35% but when we look at their myfxbook account, it is a whooping 52%.

Can Forexsignals.cc be trusted to managed a Forex account with real money? Not at all. Can you be safe if you trade their signals manually on your account? Again the answer is a resounding no.

Hope this Forexsignals.cc review helps. We won’t recommend the service for now. Thanks for reading and please leave your comments now.

6 Comments

  1. Adil Moosa March 30, 2020
  2. Tony Caldwell May 13, 2020
  3. Oluwadamilare June 10, 2020
  4. M Safari December 22, 2020
  5. Malik August 18, 2021

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