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Tradingfxsignals.net is a copy-trading signal provider that connects traders with strategy providers.
There are two types of people on this platform. Strategy providers (professional traders) and Strategy follows (less experienced traders who follow the strategies of professionals.
The main selling point of Trading FX Signals is that strategy followers are leaving behind reviews and feedback, meaning that less experienced traders can bank on this information to choose a reliable strategy provider.
They want traders to know that they have truly skilled traders among their strategy providers.
Some of the traders who post their strategy at Trading FX Signals platform have programmed their strategy into EAs while others are trading them manually.
Trading FX Signals (TFS) claims that they have a special algorithm that rates traders intelligently based on their profits and risks.
The statistics that TFS claims to show other traders are allegedly based on closed as well as floating positions. They claim to display the processes that led to outstanding results that their traders achieve.
In addition to this, Trading FX Signals claims to show the history of closed trades based on every strategy, thus improved transparency.
The website Trading FX Signals was created in August 2017 although the traffic of the site shows that it is not a popular site for copy trading.
Nonetheless, their website states that TFS was founded by a group of independent traders back in 2014. This is obviously questionable.
Furthermore, they tell traders that Trading FX Signals is one of the most innovative and powerful platforms for mirroring trades executed by expert traders.
The question is whether there are truly experienced traders on this platform at all.
Secondly, we should ask ourselves why traders would rather copy a strategy from this platform than find professionals traders in the wild to copy as long as they have a solid myfxbook performance.
Considering the traffic that Trading FX Signals receives, one may not say with certainty that this website has experienced traders who can provide their strategy to struggling traders.
Their location is cited as 118 Aljunied Avenue 2 #04-102 Singapore 380118. Traders can also call the admins of TFS at +65 96255358 or email them using [email protected]
Trading FX Signals review
The main aim of this copy trading platform is to help less profitable traders find experienced traders who can make money consistently.
TFS claims to run Web Trader software which can be accessed from any web browser and trades tracked in real time.
TradingFXsignals.net says their server is synchronized with their traders’ brokerage servers hence trades can be copied.
This means that data from traders’ accounts and the status of those accounts can be transmitted to the platform in real time.
TradingFXsignals also claims that it is possible to track all trades and manage them from the TFS platform.
In addition to this, the platform shows other members who the top traders are and what they’re earning.
We feel that this is a bit intrusive and such kind of data should never be shown to the public because it breaches traders’ privacy in the name of transparency.
TradingFXSignals review: fees and compensation
There are two sides of the coin. The side of strategy providers and the side of those who intend to copy trading strategies from expert traders.
Whereas TradingFXSignals is advertising free trading signals to those who sign up with the intent of copying trades, they’re also deducting small fees from every trade.
The specific amount has not been disclosed. We implore them to practice transparency in this area.
As for the strategy providers, both demo and live account traders are rewarded, although the incentives vary based on the experienced of the trader and the returns he has made over time.
Signal providers are allegedly earning up to 50% of the spreads that Trading FX signals earns from its affiliated brokers.
Demo traders must have held their accounts for at least 3 months.
In case of a profit at the end of the month, Trading FX Signals pays 25% of the spreads paid to them by the brokers they’re affiliated with.
In case of a loss, they pay 10% of the spreads they earn from the brokers they work with.
The Pro Category contains traders with live accounts that have a balance of at least $50,000.
Trading history must be up to 6 months and draw down must not exceed 35%. The minimum withdrawal threshold for strategy providers is $100.
So far, these are the most important details that strategy providers need to know when signing up.
Is Trading FX Signals a scam?
This platform operates differently from other Forex trading platforms. The main product is mirror-trading and it is also acts as a social platform for traders.
If the platform causes loss of money, it is because the vetting process is skewed and those who want to copy trades are making investment decisions based on false data.
There are no reviews of this mirror trading platform and it is difficult to believe the numbers they claim to have if reviews are nowhere on Google.
I’ve not heard any complaints so far but since it is a free service to use, both traders and those who want to mirror the strategies of professional traders can try it.
However, the restriction here is that traders must open a live account with the platform’s affiliated Forex brokers.
They’re currently affiliated with Axi Trader, FX Primus, Juno Markets and Pax Forex.
We have no experience with either of these brokers so we can’t advice at the moment.
Nonetheless, we’re interested in knowing how special their trader ranking system is and why traders should choose them instead of using a more established statement sharing platform like myfxbook.com.
There are many mirror trading services online and the ability to be successful depends on how well you can analyze a trader’s track record.
Numbers don’t lie but again we have to determine whether or not the rating or ranking system is reliable. We also believe that Trading FX signals is breaching the privacy of their traders by displaying everything including bank balance.
We have not seen anything that can cause alarm when it comes to signing up. However, we still need to hear from traders who have actually found skilled strategy providers on this platform.
We need to wait a little bit more.
Thanks for reading the TradingFXsignals review. We need to hear your opinion if you are a member of this platform.