Compare the best forex signal providers

Forex signals are tips that tell you when and how to trade the world’s most popular currency pairs. Use this page to learn all about how these signals work and compare the best providers.
By: James Knight
James Knight
When he isn’t at work, James is an avid trader and golfer who likes to travel. He once fed,… read more.
Updated: Jul 21, 2021
Tip: our preferred broker is, eToro: visit & create account

In this guide we explore everything you need to know about forex signals. Learn what they are and how to find the best providers, then take a look at the most important features to look out for when you choose one and get your key questions answered.

Where can I find the best signal providers?

To dive in and start getting trading signals right away, you can use any one of the platforms below. Head to their website using the links in the table or keep reading to learn more about how to use signals first.

1
Min. Deposit
$200
Exclusive promotion
Our score
10
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro offers a wide range of currency pairs and other trading instruments. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Wire Transfer, Bank Transfer
Full regulations list:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$10
Exclusive promotion
Our score
9.3
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Description:
LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.
Payment Methods
Credit Card, Debit Card, Visa, Bitcoin
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
$10
Exclusive promotion
Our score
8.7
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Start Trading
Description:
EagleFX is an online digital asset, Forex and CFD broker providing traders across the globe with cutting edge technology to trade the world’s markets. Our focus has been to change the way people trade Digital Assets and Forex. We are driven to provide traders with incredibly low-cost pricing across all Digital assets, FX, stocks, indices, commodities and futures along with industry-leading 24/7 live customer support.
Payment Methods
Credit Card, Debit Card, Bitcoin, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

What are forex signals?

They are suggestions that advise you when is the best time to buy or sell a currency pair (like GBP/EUR) based on a defined set of factors. Signals can be either automated, where the advice comes from a piece of software that analyses currencies, or be provided by professional traders.

The most popular are based on technical indicators, often as a result of price chart analysis. The software or trader identifies particular signs that suggest the price is about to move and then relay a signal to anyone who is signed up for the service. Usually that’s made up of an entry and exit price as well as recommendations about where to set further stop limits. It’s then up to you whether you follow through on the advice or not.

The best signals remove a lot of the complexity, time, and risk from forex trading. You don’t have to do all the research yourself and they can help you minimise any losses by setting limit orders in advance. Forex traditionally has a steep learning curve, but by using signals you can quickly begin to understand how to craft a successful trading strategy.

How do signals work?

Normally by simply sending you a text message or some form of alert with the information in. If the system is automated then it simply tracks whichever factors you have chosen to pay attention to for a particular currency pair and sends you a message every time it indicates a buy or sell opportunity.

Some all-round platforms offer both the signals and the means to automatically make the trade for you. Others only send you the advice and then it’s up to you to copy the trade over to your forex broker and execute it that way. 

There are pros and cons to both approaches. With the former there’s no chance of missing out on any advice but with the latter you have more freedom to use your own expertise to decide whether or not to act on it. The best choice might depend on how active a trader you want to be and if you’re able to monitor the signals throughout the day.

Get started with forex signals – a step by step guide

It’s a simple process to start using signals to influence your trades. Below is straightforward guide to take you through every step of the process.

  1. Register with a FX broker. Unless your signals provider can automatically place your trades, you need to sign up for a reliable forex broker in order to make them yourself. You should compare the best platforms and prioritise low fees to find one that suits your trading style.
  2. Sign up for a signals service. Most providers charge a subscription fee that you have to pay before you start receiving signals. The fee is usually a recurring monthly payment but might also be a weekly or annual charge, or a one-off up-front cost.
  3. Download any apps you need to receive the signals. Some platforms send their signals over text or email while others require you to download specific apps, such as WhatsApp or Telegram, to be able to access them.
  4. Place trades based on the signals. Use the information in the signal to place a trade with your broker. The signal should include basic information such as the trade size and whether you should buy or sell a particular currency. All you need to do is search for the pair, such as USD/GBP, and then use that information to execute the trade.
  5. Set order limits (optional). The best signals also include details on where you should set your stop-loss or take-profit orders. These are trades that you place in advance to only execute when the price hits a certain level. It’s a good idea to use these so that you can lock in returns or minimise losses if the market moves a lot in one direction.

What should I look for in a signals provider?

You should find a provider with a good reputation that’s easy to use and relays its information clearly. Along with those universal features there are a few more factors you should consider when dealing with forex in particular, and we’ve gone through each in more detail below.

Depth of information

You should prioritise the quality and detail of signals over the number you receive. Look for platforms that include lots of supporting information and market analysis along with the signal to buy or sell.

At the very least your signal should include the currency pair to trade, the direction of the trade, the entry price, and advice on where to set stop-loss and take-profit limits. Ideally you want to see price charts that explain the decision as well, and the best platforms send you signals well-ahead of time in the form of ‘get ready’ advice that indicates a buy or sell signal is coming soon.

Currency pairs available

Most providers will let you trade the major pairs but if you want to trade less popular currencies then it’s very important to check they’re available before you sign up. The majors are the US Dollar paired with six other leading currencies (GBP, EUR, JPY, CHF, CAD, AUD, NZD) and make up 85% of forex trading volume.

The other combinations of currency pairs are divided up between the minors, which are combinations of all the major currencies excluding the US Dollar, and exotics, made up of currencies from emerging markets, such as the Mexican Peso and Thai Baht. It’s a lot more difficult to find signals providers for these pairs.

Free trials

Find a platform that offers a trial period that you can use to see if using signals is for you. A monthly subscription is likely to cost in the region of $50 at a minimum so ideally you want to be able to test out the quality of the information first. Plus you can get used to the practicalities of receiving alerts and using them to make trades.

Time zones

The forex markets are open at almost all hours but you might not be. Choose a service that sends you alerts while you’re awake, otherwise the opportunity might have passed before you can act on it.

History of good performance

It pays to take time to examine the returns that a signal system has provided in the past. This is where a free trial can be useful, as you can get an idea of how successful the signals are. Good, reputably providers should show you their historical performance themselves as proof you can trust their work. You should be sceptical if that isn’t available, while there are also third-party websites you can use to verify performance.

Additional features

Lots of platforms have extra perks that can tip the balance in their favour. If you’re interested in other markets, then you might want to look for a platform that offers stock or Bitcoin trading signals as well. Or it could be that you want some more educational material to help you learn as you go.

Quick answers to key questions

How reliable are trading signals?

No system is 100% reliable or can guarantee a profit on every trade. However, the best signals have a good track record of returning profits to their subscribers. You can reduce the risk of falling victim to the unscrupulous providers out there by doing your due diligence: take time to verify its track record and use your own broker to make the trades yourself.

What’s the difference between a signals provider and copy trading?

The main difference is that when you use signals you see the reasoning behind a trade and decide whether or not to act on it. You might be sent an alert that tells you that USD/JPY has hit a resistance level and it’s a good time to buy. Copy trading is simply the act of replicating someone else’s trades blindly.

Can I get free forex trading signals?

Yes, some platforms are free but most charge a subscription fee for access. Unless there’s a very good reason to pay for signals straight away it’s best to start with a free option or at least a trial. The alternative to paid subscription services is often platforms like eToro, which offers a ‘copy trading’ feature that is free to use and where you can follow the work of professional traders.

Can I get rich trading forex signals?

As with any form of trading there is no get rich quick scheme and you should be wary of services that promise that. You can make money this way but it’s a gradual process. You should think of signals as more like an assistant that does a lot of the dirty work for you. Instead of spending time on detailed analysis you can use them to see the results at a glance and as just one part of your wider forex analysis. 

What’s the difference between a trading alert and a trading signal?

An alert tends to mean a notification of a piece of news, such as economic data or a price change. Signals, meanwhile, are direct advice to make a trade based on a set of defined factors.

Should I use signals to trade forex?

If you want to use advanced technical analysis to shape your trading decisions but don’t have the time or expertise to do it yourself, then signals are an ideal solution. Just remember that you shouldn’t put all your eggs in one basket and it pays to do your own research as well.

Still undecided?

To help you make a final decision over whether using signals is for you, here is a quick summary of their pros and cons. After that, there are two more answers to help set you up for a successful trading career.

Pros

  • Signals are ideal for beginners who want to learn about what influences the forex market
  • You get real time notifications about when to make trades
  • They can reduce your risk and minimise losses
  • There are different options available, offered by software algorithms or professional traders

Cons

Should I trade forex now?

That one is up to you. The forex market can take some getting used to but a good signals provider can help you get started. If you’ve decided to go down that route then you should pick a signals platform and sign up for your first alerts, then choose a broker to start placing trades.

Where can I learn more?

Here on Invezz we have all the information you need. You can find out more about how to trade forex, get the latest foreign exchange news, or use our education section to dive into the basics of how forex works.

Latest forex news

The NZD/USD pair was little-changed during the Asian session as traders reflected on the latest New Zealand trade numbers. It is trading at 0.6960, which is a few pips below Friday’s high of 0.6990. New Zealand trade numbers The New Zealand economy is seeing a strong economic recovery helped…
The USD/RUB price declined to the lowest level since July 6 after the latest Central Bank of Russia interest rate decision. The pair fell to 75.60, which was about 2.58% below the highest level this month. Bank of Russia interest rate decision The Russian Central Bank concluded its monetary…
The GBP/USD price retreated on Friday after the latest UK retail sales and flash manufacturing and services PMI numbers. The pair fell to 1.1.3730, which is a few pips below this week’s high of 1.3786. UK retail sales and PMI numbers According to the latest data by the Office…
The EUR/USD price drifted higher after the latest European Central Bank (ECB) interest rate decision. The pair rose to 1.1808, which was slightly higher than this week’s low of 1.1750. ECB decision The EUR/USD has been in a tight range this week as investors waited for the ECB decision.
The South African rand (USD/ZAR) was relatively unchanged on Wednesday after the relatively strong inflation data. It is trading at 14.6660, which is about 9.56% higher than the lowest level this year. South Africa inflation The South African economy has recently gone through one of its toughest challenges in…

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James Knight
Financial writer
When he isn’t at work, James is an avid trader and golfer who likes to travel. He once fed, rode, and ate an ostrich all on… read more.