Contributor, Benzinga
February 9, 2022
verified by Luke Jacobi

Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.com or CedarFX.

If you’re based in the United States and want to find the best forex signals, you can generally distinguish between using key factors such as cost, strategy, results and frequency.

Read on for more information about forex signals and to check out Benzinga’s picks for the best free and low-cost forex signal providers. Searching for simple tools that help you make informed choices is the duty of every investor. No matter how much money you make every day or long you’ve invested, there’s always something new to learn.

Best Free Signal Providers

Take a look at the forex signals that made the list.

1. Learn 2 Trade

Learn 2 Trade delivers forex trading signals, real-time market news, trade ideas, market analysis, trade recommendations and more. The platform supports traders worldwide with insights on major commodities, crypto and currency pairs.

It offers 2 forex signal options: a free service and a premium subscription plan. No matter which plan you choose, Learn 2 Trade's automated technology will run advanced technical analysis on most major and minor currency pairs, along with some exotics. Once a signal has been identified, you'll be notified via the Learn 2 Trade Telegram group.

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2. FOREX.com

Clients of FOREX.com, which is arguably the best forex broker based in the United States, have free access to the broker’s Advanced Trading Platform tools, which provide trading signals you can use to enter and exit trades, such as Pivot Points.

The broker’s Autochartist tool automatically scans the forex market to highlight trade opportunities you can use as trading signals. It identifies chart patterns that occur in the markets you prefer to trade. It also gives a forecast of what could happen next based on the traditional technical analysis interpretations of those patterns. This is based on how they resolve when trigger points are reached under certain conditions.

FOREX.com also offers a free Recognia technical analysis portal that makes it easier for you to plan trades. It displays short term trading opportunities based on pivot points, support and resistance levels and a diverse range of indicators that technical analysts use.

It gives you a clear and detailed reason why the trade makes sense and even proposes alternatives if market conditions change and displays the trading opportunities on charts in a visual manner.

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3. ForexSignals.com

ForexSignals.com claims if you're serious about forex, you need more than just signals. And ForexSignals.com can deliver a vareity of tools to help you make it as a forex trader.

It deliver daily signals from professional mentors. You can tune into the live stream every day, and copy ForexSignals.com trade ideas and get pro feedback on every move.

Best of all, it's Trading Room means you never have to trade alone again. The Trading Room is full of thousands of forex traders you can communicate with.

4. 1000pip Builder

1000pip Builder is one of the best Forex signal providers available. They have a long history of providing high-quality Forex signals and have reliably performed in the most challenging market conditions. The key benefit of 1000pip Builder is that they can prove their performance with independently verified historical data. Very few Forex signals services can provide this but 1000pip Builder have such confidence in their signals that they have MyFXBook tracking their FX signals. This verification means that you too can have confidence in the signals that you will receive.

As an established Forex signals provider, 1000pip Builder have built a very loyal following over the years and are highly recommended by their members. There are numerous user and expert reviews across the internet. As well as the high performance of the signals, members are often impressed by the one-to-one support that they receive from the lead trader, Bob James. It is this additional support that has enabled members to not only benefit from the signals but also significantly improve their own trading. If you are serious about advancing your Forex trading then we believe 1000pip Builder is best place you can be.

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5. MQL5

MQL5’s signals page is one of the main trading signal resources for traders using the MetaTrader 4 or 5 trading platforms. The site offers a large roster of signal providers who are individual traders you can copy automatically in real-time using your MetaTrader trading platform.

MQL5 allows just about anyone to provide trading signals, which might put off some potential users of the service since it is unfiltered. Still, each trader’s performance is evaluated and rated with respect to their return on investment (ROI) over time, number of trades within a given time frame (trading frequency) and the maximum drawdown experienced in their trading account.

In addition to the wide range of diverse strategies, the MQL5 market verifies all of its providers’ trading results, which other forex signal providers may be reluctant to disclose.

The site also provides software to filter the numerous traders by many variables such as ROI, maximum drawdown and net profit. You can do your own filtering to select the best performing traders to copy.

While the service itself is offered free of charge, to get signals from individual traders, you must pay a signal fee of $20-$50 to most of them, although some star traders do ask as much as $500 for their signals.  

6. ForexGDP

Forex GDP is our second low-cost selection and offers customers a free subscription plan with up to four signals a month. Calls generate between 90 and 150 pips’ profit. The free signals include basic entry and exit levels that can be received through the WhatsApp social trading network.  

The provider offers a free signal service you can try out with two to four trade ideas you can act on each month with a target of 90 to 150 pips. If you want additional features and higher profit potential, its paid plans might suit your needs better.

For a reasonable subscription price of $84 per month, the Premium plan gives you 8-12 trading signals with a target profit of 300 to 700 pips. It also gives you specific entry and exit points and offers email support for as many as 6 more trade ideas in addition to the trading signals.

The Premium plan price goes down to $69 per month for a 3-month subscription, $59 for 6 months and $49 for a 1-year subscription.

For $147 a month, you can get the Supreme plan with 16-25 signals with a target of 700-150 pips. The Supreme plan price declines to $126 per month for 3 months, $111 for 6 months and $99 for a whole year. The Supreme plan also includes signals for commodities.  

Best Forex Course for Beginners

Asia Forex Mentor started after Found Ezekial Chew had numerous requests from friends to learn how to trade forex. Ezekial and his team now train corporations and banks to trade forex.

You can learn from Asia Forex Mentor when you enroll in its One Core Program. It's considered among the best forex trading courses. The Road to Millions formula has turned many new traders into full-time traders.

Sign up for the Golden Eye Group to listen to Chew analyze the market each week. He covers forex pairs, stock indexes, gold, silver, oil and anything that makes money. You'll get forex technical analysis, forex news, forex charts, forex signals for the upcoming weeks.

The One Core Program is comprehensive and costs $997. The Golden Eye Group is $118 per month or $1,200 annually.

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Overview: What are Forex Signals?

A forex signal is an indicator derived from a factor or combination of factors that suggest an optimal time to buy or sell a currency pair. An example would be a technical indicator signal like a moving average crossover that can indicate a point of trend reversal which might suggest a counter-trend position.

Traders with a technical analysis background commonly use a number of forex signals in their trading. One important advantage of signal trading is that you get rid of gut feeling trading, which might get you in trouble if you make a bad market call.

Most technically-inclined traders and automated trading systems use trading signals derived from technical analysis. This allows them to objectively determine when to get in or out of currency positions based solely on observations like price action or volume.

Using signals in your own trading could significantly enhance your trading results, whether you use your own signals or rely on a forex signal provider with a proven track record.

How to Use Forex Signals

One of the most basic forex signals used by traders consists of areas on the price chart where buyers and sellers tend to converge. These are known as support levels if below the current market price and resistance levels if above the market.

Traders might use these well-defined regions to place buy limit orders ahead of support levels and sell limit orders ahead of resistance levels as part of their trading plans. They might also put their stop-loss orders below support and above resistance levels.

MACD

Moving Average Convergence Divergence is a market indicator that relays divergence from the market price, either demonstrating a regular divergence that indicate a price drop or a hidden divergence that indicates a continuation of the current trend. You read the MACD as two line graphs that point to the price and the divergence.

Moving Averages (MAs)

Other technical indicators based on price include moving averages (MAs). These generate a popular trading signal when a short term moving average crosses above or below a longer-term one. If the short term MA crosses above the longer term MA, then the crossover generates a buy signal. If the short term crosses below the longer term MA, then that generates a sell signal.

Bollinger Bands (BB)

Bollinger Bands were created by John Bollinger to demonstrate the moving average in the middle of the upside and downside of that average. This indicator can either open up, indicating a bullish market, or the lines can squeeze, indicating a bearish market. If the bands are rejected by the current price movement, that is a possible market entry. Meanwhile, a breakout from a current trend could indicate a possible trade.

Directional Movement Indicator (DMI)

Another indicator, the directional movement indicator (DMI), can be useful in getting a sense of whether or not prices are trending in a particular direction or not, as well as the strength of the trend if any.

Historical Volatility

The calculation of historical volatility can help you assess the risks involved in taking a trade based on past price action, which can also give you an idea of what sort of position size you should take on a risk-weighted basis. Higher historical volatility signals greater risk.

Oscillators

Oscillators are technical indicators often used in technical analysis to determine overbought and oversold market conditions. One of the most popular technical indicators of this type that can be used to generate forex signals is the Relative Strength Index (RSI).

Relative Strength Index (RSI)

The RSI is a bounded momentum indicator that has a range of 0 to 100, and it can signal that a possible trend reversal is likely when it moves into extreme territory.

A reversal in a rising market can be signaled when the RSI indicator is overbought above the 80 level, while a reversal in a declining market can be signaled by an oversold condition when the index falls below 20. Divergence between the price and RSI when the indicator is in extreme territory above 80 or below 20 gives an even stronger market reversal signal.

Where to Get Forex Signals

One of the easiest ways of obtaining forex signals is from a signal provider through software that scans the forex market for trading opportunities or it can be a company that provides trading signals to its clients, often via SMS text messages, Telegram messenger, WhatsApp, email or online platform notifications. Many online brokerage companies also provide trading signals to their customers.

Additionally, you can often add indicators to stock charts you are reviewing. As you review a stock, you can select the indicator you want to compare to the stock’s movement. Additionally, you can often stack indicators to compare their movements.

No matter how the trading signals you follow are generated, or if you are just focused on forex trading or also want to trade the stock market, ultimately the most important factor — and the best way to invest in a signal provider — is to find one that gives the most profitable trade signals over a given time frame.

To use a signal provider, you usually just enter orders manually based on what the signal provider suggests to you. Some providers can automatically enter signal orders for you, which can prevent the market from moving away from you between the time the signal is sent and when you get around to trading on it.

Select Your Signal Provider

The right signal provider can impact your potential for profit and influence your long-term decision making. Choose wisely among these recommendations considering your needs, budget, trading style and risk tolerance. Often, a mixture of forex signals is more powerful than living and dying by just one figure.

The more you use these signals, the better you can predict movement in the market, when to buy, when to sell and when to hold. The more indicators you review, the more informed your decisions will be. It’s easy to create a strategy when you have reliable and diverse information.

Some high-quality brokers like FOREX.com will provide you with trading signals as part of the services included with trading accounts. Check with your broker regarding your package before selecting a paid signal service. Review our recommended forex signal providers, register and research your currency investments in a deeper way.

Get a Forex Pro on Your Side

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. 

You can also tap into:

  • EUR/USD as low as 0.2 with fixed $5 commissions per 100,000
  • Powerful, purpose-built currency trading platforms
  • Monthly cash rebates of up to $9 per million dollars traded with FOREX.com’s Active Trader Program

Learn more about FOREX.com’s low pricing and how you can get started trading with FOREX.com.