Tools Trades Review: toolstrades.com Signals a Scam? - Topedgefx.com

Tools Trades Review: toolstrades.com Signals a Scam?

Welcome to the Tools Trades review.

ToolsTrades is a trading signals provider registered in September 2017 and is fast gaining popularity on the internet.

In fact, a number of traders have already left feedback about Tools Trades signal provider on the FPA and Trust Pilot forums respectively. The credibility of reviews that appear on Trust Pilot forum are always wanting. Nevertheless, in as much as reviews on the FPA forums are somehow legit, sometimes vendors can fabricate one or two reviews without getting noticed.

The creator of Tools Trades website is claiming to provide trading signals for Forex, stocks, CFDs and Crypto. They allegedly have an amazing win rate because they’re “professional traders”.

The website ToolsTrades.com has even published a number of articles on trading the financial markets, which we believe has contributed immensely to their success in terms of website ranking and popularity.

Tools Trades tells consumers that they have an edge over the market because of their ability to stay up to date with latest developments.

TOOLS TRADES review

However, in this Tools Trades review, we seek to find out how different this vendor is from services like Forex VIP Signals, ForexSignals.cc, Gold Signals app, Signal Detector 47 or any other on the internet.

Tools Trades Review

The vendor is advertising free trading signals with “great results”. They tell traders that there’s no need to pay for their signals.

This is definitely too good to be true because we don’t see how a vendor who is in the business of selling trading signals can offer profitable trade alerts for free.

Tools Trades believes that they can provide all the tools that a trader needs. They even tell us that they are the most successful trading signal provider since 2012.

But according to who.is, we see that ToolsTrades was actually created in 2017.

This discrepancy is embarrassing because it creates the impression that Tools Trades vendor is lying about their success and trading experience.

No information about their location has been disclosed at this time. However, according to company’s marketing materials, we believe that ToolsTrades is based in the United Kingdom.

They even provide a UK phone number for calling them in case traders have queries which they need to answer.

In addition to this, Tools Trades also provides a chat feature on their website. Traders can get support by chatting with a representative called “John M”.

The about us page appears to be downplaying the questions that a Forex blog called Forexrobotnation.com asked the vendor in their review of Tools Trades.

In that Tools Trades review, the author wondered where this company was located and what trading experience they had.

However, in the website’s marketing material, they answer this question by saying it’s not about where they are located or what trading experience they have and that all that matters is “helping traders become successful”.

We believe that this is a stupid way of answering questions. It costs the vendor nothing to disclose this information to traders they want to reach out to with this kind of service.

ToolsTrades review: signal information

They provide two trade alerts on a daily basis. These are sent out in the morning and evening respectively dubbed “morning signals” and “evening signals”.

There are 4 signals at any given time. The vendor appears to be focusing on multiple pairs both in the morning and evening.

When we checked, we found live signals for currency pairs such as USDJPY, EURUSD, Gold and Silver. The vendor provided trade direction, take profit, stop loss and trailing stop levels.

This simply means that the vendor is intending to serve clients who want to let their trades run for a maximum duration of time, taking the most profits, assuming the market does not turn.

Tools Trades has also provided in-built chats and market news feature to help traders check the necessary information without having to log into their broker’s platform to do the same.

If you don’t have a good broker yet, we recommend opening an account with these highly professional brokers. 

How it works

It works like this;

Traders sign up and thereafter, they’ll receive 2 signals per day for free.

If they want more, they will have to engage “John M” on the live chat and in the process, ToolsTrades will ask for their phone number.

We have not seen this style of marketing signals before. It almost looks like this website is just a sales funnel from where consumers are convinced to pay for “premium signals.”

At some point, traders and led to click “unlock signals” button, an action which will send a message to this chat agent immediately.

Of course due to curiosity that killed the cat, we pushed the “unlock signals” button and after a brief chat our John M, we were asked for a phone number.

We were also told that we could pay $200 to receive 28 signals per day for life.

“John M” would also tell us that we could buy 0.013 BTC through their website for this lifetime package to be effected.

This is a very weird way of selling signals.

We’re not sure why we’re paying in BTC in the first place.

Most vendors selling trading signals don’t request payment in Bitcoin unless they’re selling Bitcoin signals too.

How could we send this amount of Bitcoin to an anonymous person not wanting to disclose their name, location and trading experience?

We at Topedgefx.com are not this gullible.

Trading results: does Tools Trades have any results?

The toolsTrades platform shows client results and developer results all at the same time. One thing we noticed is that results were different from those of the vendor.

We’re not sure why.

The chat agent answered this question by stating that results were different because some members were using the pro-club membership which was not available to people without phone numbers like us.

They also claim that a standard plan is available and some members are using this package.

We feel that Tools Trades is not very transparent with their results and way of doing things.

We need this vendor to upload their trading results on myfxbook.com because for a signal provider to remain competitive in 2020, they must do this.

Conclusion

We recognize their presentation as professional at first. However, we need transparent results, not results with lots of discrepancies here and there.

We are a bit skeptical about Tools Trades at this time. On the other hand, we appreciate their live chat support which can be helpful.

Having said this, we feel that traders should just stick to these recommended trading tools.

Thanks for reading the Tools Trades review. We look forward to your comments.

One Response

  1. Argie Natividad April 24, 2020

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