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Prefer Forex is a signal and trading education provider that claims to guarantee up to 500 pips if traders part with $299.
This style of selling Forex signals is beginning to gain ground lately and in my opinion, it tends to favor Forex signal providers than subscribers.
Before you become a subscriber of Prefer Forex, you need to ask yourself what happens to the pips you lose in the losing trade(s).
You might end up with +500 pips but if you do a proper analysis of your trading account, you’ll realize that you lost pips that set you back by a huge margin.
Therefore, pips gained shouldn’t be the only parameter used to measure the success of your trading because you may gain 500 pips and loss 600 the next day.
If somebody is selling a certain number of pips for a fixed price, that person is not being fair enough or in some cases, he is scamming you like Forex92.com crooks.
Preferforex.com claims that their trading is based on price action analysis, inter-market co-relationship, market sentiment and market flow.
The vendor also wants traders to know that Prefer Forex is a team of expert Forex traders who analyze charts to identify good trade setups which can be delivered to subscribed members.
They’re not disclosing their location or trader’s names and background.
They’re only introducing the name Roy whom they claim is the owner of Prefer Forex market analysis website. They want the community to know that Prefer Forex website was launched in 2013.
We can confirm this with a quick who.is check.
Prefer Forex Review
Now, the main issue is that we would like to ascertain the truth concerning the advertised win rate, pips achieved in the performance record, style of trading among other things.
A month’s subscription for the Prefer Forex signals will cost $79 but traders can opt to subscribe for 3 months in advance at a cost of $199.
If traders don’t want this option, Prefer Forex provides them with an alternative that lets them purchase a fixed number of pips for a specific price.
I’m against the third option for the simple reasons which I gave you at the start of this Prefer Forex review.
Prefer Forex also claims to provide a minimum of 25 pips and are also assuring steady income as opposed to telling people that Forex trading is a way to get rich quick.
Their trading education teaches what the vendor refers to as Order Hunting Strategy.
Order Hunting Strategy by Prefer Forex costs $299 one time payment and contains videos showing traders step by step and chart examples of how the strategy works.
In addition to this, they claim to provide tools that make it easy to identify trade setups, entry and exits too.
The vendor claims that they’ve built a modern e-learning dashboard which is user friendly. PDF guides are also provided for learning purposes.
Other strategies that Prefer Forex claims to teach
Zone of Market
This strategy teaches where a large move is likely to happen.
Key of reversal zone
They claim to teach students where market reversals will occur within the structure of the market.
They claim to teach student how to spot liquidity and how it moves the market.
Nonetheless, some fake trading gurus have always used things like order flow to make people believe it’s the best method for trading.
Depth of Market
This strategy by Prefer Forex teaches market structure and liquidity functions. They claim they’ll teach traders where to enter and exit as well.
Prefer Forex is also providing daily and weekly analysis of potential trade setups based on their methods above.
They claim their style of trading and service is trusted by professional traders and institutes. I take this claim with a pinch of salt since nothing can be trusted in this industry if we can’t lay our hands on concrete trading performance.
Prefer Forex signals packages
I’m having a hard time grasping the language used in the PreferForex.com website. There are spelling errors everywhere and the grammar is also not good.
Now they want us to just follow their signals. They give each subscriber a money management guide which contains rules and calculations for trades.
Trades are delivered with take profit, stop loss and entries through email. Changes can also be made throughout the day before the trade can close.
In either of the 3 signal plans, subscribers will receive upcoming trade setup chart view, email alerts and a set pip target.
The standard plan targets +300 pips but guarantees 100 pips. Premium package targets +900 pips but guarantees +400 pips.
In addition to this, Prefer Forex offers a 15 day trial at a cost o $1.
If this is something you want to try, it is better to make use of the 15 day trial to see how good these signals are.
They’re not telling us the number of signals which they send in any given day. So we actually don’t know how many signals we will receive during the 15 days of our trial.
We also feel that 15 days of trial is quite a short period of time. Many traders have been known to make money consistently in the first month but not in the second or third months.
Trading is a tricky business and so we’ve got to see if a signal vendor can provide us with a verified myfxbook account for purposes of making our work easier.
Prefer Forex Performance or results
In as much as the website appears professional and the people running it know about trading, they’re not providing us with any link to their myfxbook account.
Instead of making use of a statement sharing platform such as the one we just mentioned, the vendor wants us to subscribe for 15 days, hoping that by the end of the subscription, we’ll be happy to pay for the ultimate thing.
Roy and his team seem to be cherry-picking trades that made money. They claim that in 1st of October 2019, they made $1,240 from trades that involved GBPUSD and EURGBP Forex pairs.
The real question is whether these statements can be verified independently.
Even if they’re showing us charts and how the market moved, this is simply not enough evidence that Prefer Forex made the said amount of money from their traded.
We need much more.
We need this statement in myfxbook format to analyze for ourselves. Unfortunately, this vendor failed to use the statement sharing platform for purposes of transparency.
This FPA forum has Prefer Forex reviews from people who claim to have used their signal service.
PreferForex signals has strong customer sentiments there and we’re almost thinking that this service could be worth trying.
But again, we need to hear from many customers who have used their signals as opposed to just one or two.
PreferForex signals seems like a promising signal provider but we’ll not endorse them today for the reason that we feel their method of proving performance is skewed.
As we close this Prefer Forex review, we’ll hope that some of you will try their 15 day free trial and come back here with strong feedback.
Thanks for reading this PreferForex review. We’re looking forward to your comments below this post.