Signalforforex.com Review: Is Signal for Forex a Scam? - Topedgefx.com

Signalforforex.com Review: Is Signal for Forex a Scam?

Signalforforex.com is a service that delivers trading signals and strategy to its clients through Whatsapp and Telegram respectively.

They’re also providing an automated account management service for traders who can deposit at least $2,000.

They claim that the average win rate of their signals is 75%, which is reasonable but we also hope there will be proof to support the claim.

Signal for Forex also claims that their website was established in 2014. Furthermore, they reassure their clients that their most experienced market analysts have 11 years of experience while the least experienced has 4 years of trading.

A quick background check on who.is can reveal that SignalforForex.com was registered in April 2014.

It means that Signal for Forex must be a very popular website since the domain has been around for a couple of years.

Nevertheless, there’s also a tendency to purchase older domains to launch businesses from.

This gives the impression that a business has existed for many years when it was just started the other day.

We don’t know which one is the case for Signals for Forex vendor. Therefore, at this juncture, we’ll go ahead and review the quality of their trading and help you make an informed decision thereafter.

SignalforForex claims that they’re serving traders with as little as $100 in their trading accounts as well as clients with millions of funds to trade.

They’re also reassuring traders that their strategies are constantly updated to reflect market realities.

To make traders believe that Signal for Forex is on the winning side, the vendor even repeats a well known fact that 95% of traders lose money.

Most of them lose their accounts in the first month while the remaining ones are unable to maintain profitability in the next 6 months.

SignalforForex even believes that many signal providers have come and disappeared because their strategies were substandard and markets were changing constantly.

With these assurances, traders are encouraged to feel that SignalforForex is the safest signal provider to copy trades from.

The website’s admins can be contacted via whatsapp (+994) 77 720 99 99) or through email (support@signalforforex.com).

They’re not disclosing their location so we can assume that Signal For Forex team is operating out of Azerbaijan (based on their whatsapp phone number).

SignalForForex Review

We’re interested in the quality of their signals and managed account.

They tell us that 64385 pips were made in 6 years. They even claim that they have more than 16 years of experience in trading, not 11 anymore.

SignalForForex review

Most trading vendors love to boast with figures but when put to task to prove that they have been earning those numbers, they tend to shy away.

Now that Signal For Forex has boasted with numbers, we’ll definitely query or investigate them to find the truth.

If they are able to provide sufficient proof, we’ll recommend them right away. But if not, we’ll gladly dismiss them because we’re honestly tired of seeing services that over-promise but do little in they way of delivery.

Let’s start with the signal packages offered by SignaforForex.com.

Signal for Forex review: the packages

There are 5 packages and among the 5 plans, one is free. It delivers 1 trade alert via Telegram every day.

They send trade alerts with respective take profit, stop loss, entry and close.

I will go ahead and list the other 4 signal packages in the table below:

[tabs][tab title=”2 Weeks”]Costs $49 every two weeks

2 to 5 signals every day

80 pending, 20 market orders

500 pips in 2 weeks

Via Telegram

[/tab] [tab title=”One Month”]Costs $69 per month.

2 to 5 signals every day

80 pending, 20 market orders

1,000 pips in 1 month

Via Telegram

[/tab] [tab title=”3 Months”]Costs $149 after every 3 months.

2 to 5 signals every day

80 pending, 20 market orders

3000 pips every 3 months

Via Telegram

[/tab] [tab title=”6 Months”]Costs $239 after every 6 months

2 to 5 signals every day

80 pending, 20 market orders

6000 pips expected

Via Telegram

[/tab][/tabs]

Account Management

Signal for Forex is providing an automated account management service which they claim has run for more than 7 years now.

We can’t establish the truth here as there’s some element of lack of transparency.

This is the same case with shady managed account services like LadyF Trader, Forex92 and Walker Capital of Australia.

They claim that their trading strategy turned $1,000 into $3,876,865 during the 7 years of trading.

They’re trading 14 Forex pairs including XAUUD instrument. The success rate is allegedly 99%.

The minimum deposited required to join this managed account service is $2,000 and accounts must be created through tickmill.com.

They claim that incentive amount will be based on risk level of the account.

they’re currently offering conservative, standard and aggressive with risk level per trade being 30%,60% and 90% of the deposit.

Revenue share is 50/50 for conservative, 60/40 for standard and 70/30 for aggressive trading.

They’re also showing us trading results starting 2012 and yet we know this service never existed in 2012.

Maybe it’s a mistake or someone trying to outwit us into believing they’re the best traders.

SignalforForex.com trading strategy

They’re not disclosing any strategy for their trading.

These guys are not even telling us how they manage risks. We believe this is the right of every customer and lack of this information is doing a great disservice to us.

We’re going to remember this as we close this SignalForForex review.

Trading results

This is the most important beat of the review.

They’re providing us with a myfxbook link to an account hosted at Tickmill. This account is a demo showing a gain of +126852.4%.

So the first thing we see is that SignalForForex is not willing to risk their own money to experiment their trading system.

If they’re trading demo with this managed account trading system, do you think clients deserve to invest their hard-earned money?

Certainly not.

According to this myfxbook account, monthly returns of Signal For Forex is 26% while draw down is 25.34%.

Draw down is quite reasonable. So the big question is why Signal For Forex is not trusting their own system.

Conclusion

With no reviews or feedback from clients to back SignalforForex, we will need to sit back and watch as this service becomes popular among traders.

Their myfxbook.com results seem reasonable but again trading of this demo account started in June 2017.

They did not show us their track record for the alleged 11 years of trading.

We fault them on this because we expect every signal vendor to be accountable for every statement they make.

In general, Signal For Forex does not look bad though we still feel that our confidence is waning.

We need to know how they manage their risks and how they enter and exit markets.

We’ve seen their myfxbook.com account. So the question is why exactly are they lacking the confidence to trade their real money?

Thanks for reading this SignalForForex review.

We would like to read your comments now.

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