With the rise of Telegram in 2021, there are hundreds of providers claiming to offer the Best Free Forex Signals, with big win rates and increasingly high accuracy numbers that are hard to believe. There are many reasons to be excited about these services, because well, they’re free, and who doesn’t want something for free.
Just in case you don’t know what a Forex signal is, it’s simply a trade opportunity that is sent to you, that you can place in your account. All signal providers will provide an entry price, a take profit and a stop loss. So, all that you do is place the trade, and hopefully collect the profit.
Today, I’ll walk you through the search for the best way to make money from Free Forex Signals in 2021, and give you some no strings attached options for you to choose from.
Best Free Forex Signals 2021
In order to find the best free Forex signal provider, you have to do a lot of searching, and even then you may end up with egg on your face.
Signal providers are becoming more and more brazen, making outlandish claims about their win rates and monthly pip targets. This type of approach is used in an effort to turn traders from free telegram signal subscribers, into paid members.
The concept is fine, but the execution can be a bit slimy at the best of times, and that’s just the start of it. As, most free signal services aren’t even free at all, which is where I’ll begin today, at the dreaded PAYWALL.
Forex Signal Paywall
If you’ve spent any time on your mobile device playing games, and messing around with apps, I’m sure that you’re familiar with paywalls. Basically, you get to a high enough level, and then realize, that you can’t play anymore without handing over your credit card information.
Many of the free Forex signal providers use this same tactic to draw in new paid subscribers on both telegram, and through normal membership websites.
Let’s say you want some free signals, and you google it. Well, the first result you get is this, a paywall. Despite promising free signals, you need to sign up to premium in order to get the entry price.
This is really even worse than a gaming paywall, because at least you get to play a couple of levels. In this case, you really can’t do anything without the entry price so the page is essentially useless. It’s just a slick way of pulling in traffic, and hopefully converting traders that desperately want to see those trades.
Just for conversation sake, lets take a look at the second search result in Google.
The second result is Foresignal, a different layout, but another paywall. This website will give you the price, take profit and stop loss, but the paywall comes into play with the delivery.
Basically, you have to sit on the website and refresh the page every minute as you wait for the next signal, or you can pay $29 per month to have the signals sent to you as they’re made available. So, while you can sit there and refresh the page, this isn’t viable for 90% of the public that have lives, which makes this a paywall.
Is telegram any better than the search results? Let’s find out.
What we learned so far, is that finding free Forex signals through the search engines is a bit of a pain, but that’s where Telegram comes into play.
Telegram appears to be the top option for signal providers in 2021. It allows for immediate push notifications all in a straight forward package.
Receiving a signal right to your phone is a perfect way to increase your Forex brokerage account, but which free telegram signal provider is worth your time?
#1 Forex Robot Nation
This is the Forex Robot Nation telegram channel. You can see in this example exactly how easy it is to consume the content and make money from our signals. In this telegram my team sends out a single free signal every day, and sometimes spreads the word about my latest YouTube videos.
I’m obviously bias, but I have a lot of trust in our analysts, and there’s no strings attached. No annoying messages, or spam, just a couple messages a day telling you about our signals, and updating you on the result.
Whether you want to trade my signals, or just learn through reading the analysis, do what suits you best.
Don’t want to use my signals? That’s just fine, but I will remember this!
#2 Learn 2 Trade
One of my favorite signal providers, currently ranked #1 in my best Forex signal testing page, is Learn 2 Trade. In order to prove their worth and attract new clients, they provide free signals via their telegram here.
In addition to the free signals, they also provide articles, and often give discounts for traders interested in signing up for their VIP signals.
Their analysis is spot on, and they don’t play any tricks. They are up front about their wins and losses.
#3 Open for Discussion
I don’t really have a #3 free Forex signal provider on telegram at the moment. These are the channels that I’m subscribed to and following that I’m considering for this spot.
- Ten Times Profit Free Forex Signals (Telegram)
- Wall Street Forex Signals (Telegram)
- MYC Signals (Telegram)
- Forex Signal Factory (Telegram)
- Blue Forex Signals (Telegram)
All of the services above vying for the third spot are seemingly impressive, but almost too impressive. Honestly, a lot of the results in those channels seems almost too good to be true, which is always a concern when it comes to signals.
If you have any suggestions for who you think should be filling in the #3 spot, or maybe even pushing all the way up to #1, I hope you will comment below with your reasons why.
Free Forex Signal Performance (Results)
One of the most difficult parts of dealing with paid or free Forex signals is determining their long term viability. In the Forex robot market it’s easy, you simply look at the verified Myfxbook results, comb through every single trade and determine the success rate.
With signals, it’s not that easy. Signal providers simply don’t use Myfxbook to track their trading results for a multitude of reasons. I really don’t see why they don’t in many cases, but here’s a couple reasons I’ve heard.
- Forex signals are presented with multiple take profits, which relies on traders to use their own intuition during the trade.
- Signal services use multiple analysts.
- Signal services will hire and fire analysts based on their performance.
I understand these reasons, but they really give signal providers carte blanche. Another issue, is with how free Forex signal providers relay their results.
I call it the 3 take profit method.
You can see in this example there are three take profits and one stop loss. Now, the signal provider can simply put a really close take profit, and then claim that the signal is a winner, because it hit this take profit. That way, the likelihood of them losing a trade is slim, and if the trade continues in the right direction, they can claim the second or even third take profit.
This is how that trade actually played out. Yes, it resulted in a very small take profit, but if you let the trade continue in an attempt to hit the second or third take profit, it would have resulted in a significant loss.
Obviously, this is just a single example, but it shows why the 3 take profit method is a misleading way to provide free Forex signal trading performance results.
While there are many viable free Forex signal providers available, they aren’t all winners. There are a few ways these services fool traders into believing they are winners, and some services that outright fabricate their results.
That being said, I’ve provided you with two options that I trust and use myself. These options aren’t always going to provide winners, but they aren’t going to lie to you, or try to fool you. The analysis is effective, and you can learn a lot just by reading the analysis every day, even if you challenge it.
I do hope at some point in the future that there is a better way to determine the viability of a signal service. Until then, I will continue my tests, update this page often and provide you with my findings on all the latest free Forex signal providers on telegram, and what they have to offer.
Thanks for reading, and don’t forget to join my telegram here.