Forex trading signals are widely popular among thousands of forex traders. The service of forex signaling is usually available at a subscription fee, but there are free forex signals services too. The service of the forex signal is crucial for extracting profits from the forex market through trading. However, if the trader cannot afford to pay the subscription fee, then he can easily opt for the free forex signal service. Read on to find out more about free forex signals and whether they are trustworthy and reliable or not.
What is a free forex signal?
The free forex signal is a notification that furnishes the forex trader with market information and helps in decision-making during forex trading. The forex signal gets transmitted to the forex trader via SMS, email, and other electronic modes of communication. The free forex signal features an order. The order can be of three or more types that include market order, limit order, and pending order. The type of order depends on the platform of the forex broker and on the service provider who generates the forex signals. The free forex signal is an automated or manual alert which notifies the forex trader to open or close a trading position, and the trader receives these notifications without making any payment.
Can a trader safely rely on a free forex signal?
Free forex signal service saves a whole lot of expense indeed, but is it reliable? Can a forex trader extract profits from forex trading with the help of free forex signal service? The different user forums reveal different reviews, and while some traders have had a good experience, others have not. Nonetheless, the free forex signal service is an excellent option for beginners who do not wish to incur too much expenditure before making investments.
Leaving the reviews and experiences aside, the forex signal operates on simple mathematical formulas and sends notifications to the trader on the basis of market parameters. Now, it depends on the forex trader whether he wants to take action on the forex signal or not. The key is to do thorough research and conduct a spot of forex trading on trial to test out the free forex signal service. Ask for extra information from the free forex signal service providers as well, and invest a significant amount of time, to make sure if the free forex signal service is reliable or not. Start with modest investments and do not share confidential information with the service provider until you are absolutely certain. Read unbiased reviews of the free forex signal service provider on official websites and get on social media as well to be more thorough with the services.
How to check if the free forex signal service provider is reliable or a scam?
Assessing the free forex signal service provider to check if it is a scam or not, may not be easy, but there are quite a few red flags that you can watch out for. Keep the following points in mind while examining the free forex signal service provider.
The service provider does not offer a trial period
The trial period offer is the easiest point of difference between reliable and scams. Avoid those forex signal service providers who do not offer a free trial period even if they offer their services for free. Make sure that the free forex signal service provider offers at least a month of trial service.
The service provider should not be anonymous
Make sure that every detail of information regarding the free forex signal service is completely published on the official website of the service provider company. Do not make a wire transfer of funds or investments in anonymous platforms. If the platform maintains anonymity, then it is a scam for sure.
The service provider has no record of trading history
Doing thorough research of the free forex signal service providers involves the analysis of the track record and trading history of the service providers. If the trading history is hidden or is not published on the official website of the service provider company, then avoid the service provider by all means. Check if the forex signal matches the trading history of the service provider, and employ its services only accordingly.
The service provider does not offer adequate customer service
Do not ever settle for a forex signal service provider if its customer help-desk is neither reachable nor responsive. The customer service help-desk of the best free forex signal service providers should be available 24×7 to furnish the forex trader with information at any hour of the day.
Conclusion
Free forex signal services are a boon for forex traders who seek to make profits without incurring expenses. The beginners love to employ the services of free forex signals, as they seek to make lucrative profits with minimal effort and expenditure. Free forex signal service is highly beneficial, and keeping an eye on the red flags can make a trader select the best and most reliable free forex signal service provider.
