Forexsource.co Review: Forex Source Terminal a Scam? - Topedgefx.com

Forexsource.co Review: Forex Source Terminal a Scam?

Welcome to the Forexsource.co review.

Forex Source is a website that sells news analysis for trading at a monthly cost of $247. Their style of marketing is similar to that of Gold Signals.

Forex Source claims that this cost also covers access to their Forex Source terminal and daily live webinars.

The purpose of these daily live webinars is to review trades and answer questions that their clients may be having.

Additionally, the vendor claims that they truly deliver what they promise, and are keeping subscribers loyal and happy.

While ForexSource.co looks and sounds like a great product, we have concerns that we feel must be addressed.

Thankfully, we’ve written a complete Forex Source review which covers everything there is to say concerning this website.

Before you consider paying your first $247, we recommend reading this review because we’ve covered all aspects of the service to inform and help you make the right decision.

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Forex Source Review

First, we begin by covering the details of the company behind this website.

According to website’s marketing materials, Trading Media Ltd is the face behind Forex Source. The company claims to be domiciled somewhere in London.

Forex Source review

They can be reached by phone or email. However, information about the people running the website is not available.

Details about website registration is completely hidden.

We didn’t want to use our server snooping tool to bother finding out who owns or runs Forex Source as this could mean spending an additional thirty minutes before this ForexSource.co review can go live.

The official website promises the following features if you subscribe for their monthly package at $247.

Keep in mind that there’s no free trial and refunds can only be done within the first 7 days.

  • Currency sentiments report: a tool for highlighting which currencies to trade.
  • Video commentary: for interpreting every price move as they happen in the market
  • Sentiment drivers report: For predicting which news is going to affect a particular currency.
  • Live on-demand webcasts: For answering questions and reviewing trades on a daily basis.
  • Audio Squawk: an audio feature for broadcasting market news
  • Risk event report: Explains every major data even on the economic calendar for advanced preparations

Well, these features sound very attractive especially to news traders.

However, we have to ask several questions because we’re not quite sure whether this method works for everyone, let alone the people who run Forex Source website.

Forex Source Review: the strategy

It boils down to strategy or trading methodology. We’d like to learn beyond the claim that ForexSource is helping traders predict currency prices.

The question is how? Through news analysis? How do these traders identify entry, take profit and stop loss?

The sales page seems to suggest that Forex Source traders will know in advance if there’ll be a sudden change in currency prices.

There’s no accuracy rate being advertised but if you look at the promotion material, it seem to suggest that these guys are predicting the market with nearly 100% accuracy.

We’d like to know how they’ll help traders beyond news analysis. Predicting the direction of the market is one thing.

Entering at the right price and time is quite another.

Most of the time, traders fail not because they’ve predicted the wrong direction of the market but because their timing, take profit and stop loss were not placed correctly.

Throughout the sales page, the vendor did not close which strategy they’re using to trade after determining the direction of the market through sentiments.

This begs the question of whether Forex Source is managed by professional traders? Do they even trade for a living?

The answer is a big fat NO. They don’t seem to trade any live market which is why they’ve specialized in selling market news.

In fact, ForexSource.co operators don’t seem to have a live brokerage account where they can demonstrate their “amazing trading abilities”.

Yet they believe traders can pay $247 per month for a product whose success has not been demonstrated.

Trading results of ForexSource.co

The saddest thing is that ForexSource does not have any performance record to prove their success in trading market sentiments.

Instead, they’ve included a page labeled case studies. This page consists of a bunch of videos and text telling stories of how their clients were successful by following Forex Source’s fundamental analysis.

Truth is, the authenticity of these videos cannot be ascertained because we already know that many dubious Forex product vendors hire freelancers to do these corny videos.

On the other hand, the authenticity of their claims can be ascertained only if the vendor can demonstrate their successful trading using their market sentiment methodology on myfxbook.com.

This is what Forex Source is trying to avoid at all cost. So how do we believe them?

Conclusion

ForexSource.co is yet another product from an investment hustler who believes people can send him $247 per month to rehash economic news.

Because they cannot demonstrate their success from the product they sell, they believe that promoting the sales page on the internet is the only way to reach more financially unsophisticated internet users.

We believe that this is just a rip off. Unless Forex Source proves otherwise, this ForexSource.co review will remain as is.

Thanks for reading the Forex Source review. We look forward to your comments.

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