Today I may analyzing a signal provider that claims to be one of the market leaders operating in this market since 2006, Royal Forex Signals. This contradicts the WHOIS domain info, which shows us that there have been 22 records recorded since 2012. There is no sign that the website was owned and operated by anyone before 2012. So, I assume that this developer was operating under a different name at some point in time, or they were just trading on their own between 2006 to 2012.
According to the website, the signal services owned by Graydon Services Limited, located at Suite 102, Ground Floor, Blake Building, Corner Eyre & Huston Streets, Belize City, Belize. This can be somewhat confusing, as the top of the website shows a New York address, a phone number and an email to email@example.com. What’s obviously happened here, is that the developers of this signal service used a wordpress theme from Themegrill, but never removed their email address and phone number from the website. To say this is unprofessional, would be an understatement. This makes it very difficult to take this signal provider seriously.
Royal Forex Signals Review
Despite the obvious issues with the website development, the Royal Forex Signals service tells us that they have a client base of over 760 members that’s growing constantly. They focus on technical analysis, in providing short-term trading signals. Each signal will come with the asset direction, price for entry, stoploss and take profit. The trader is expected to wait until the market reaches the price recommended by the service, and then execute the trade accordingly.
The developers believe they can provide a stable income because they have an effective risk reward ratio with the average stop loss at around 45 pips, and average take profit at around 75 pips.
Then, they tell us that the success of their Forex signals ranges anywhere between 69% to 90%, and this number “has not changed since the year 2010.” I really never quite understand what developers are trying to tell us when they give us such a large range of winning percentage. You either average 69%, or you average 90%, I don’t see how you can average between these numbers unless the numbers are provided with some sort of time constraint. This is confusing, and misleading.
The Forex signals are sent via email, the web platform, or directly to your phone via SMS. This is a very common delivery system, which we’ve seen recently in reviews of Signals Premium and Max Pip FX.
- Type: Forex Signals
- Price: $99 – $499
- Strategy: Technical Analysis (End of Day)
- Signals: 7-15 Per Day
- Pairs: 11 Currency Pairs
The price range for the Royal Forex Signals service varies from $99 all the way up to $499. The original $99 per month plan provides essentially everything the other plans provide except there are only 7 signals per day and traders don’t have access to SMS signals. With that in mind, the developers claim that their most popular package is $149 per month which comes with 7 to 15 signals per day and access to the SMS delivery system. The $259 plan is for 3 months, and before hundred $99 plan is for 6 months.
Each of these planes uses an end of day strategy, but it isn’t elaborated on in much detail anywhere on the website.
The results section of the website is quite disappointing. The Royal Forex Signals team provide us with a screenshot of a graph, and a monthly performance table that shows us their signals gain around 700-800 pips per month.
The reason I say this is disappointing, is because none of these numbers can actually be verified. The vendor shows us numbers, but never substantiates them with actual trades or trading statements.
In 2018, Forex signal providers need to be providing traders with much more transparency. With access to free trading platform such as Myfxbook and FXBlue, there is really no excuse for a vendor to provide trading results that can’t be verified. When I see results like these, I tend to believe that they are fabricated by the vendor.
As is frequently the case with signal services, the Royal Forex Signals product is impressive in some areas, but lacking in the areas that are most important. As I mentioned in the trading results section, this vendor needs to do a much better job at providing us with adequate trading statements and verifiable results. When this is completed, I will consider revisiting this service and testing it out myself.
If you have anything you would like to add to the review, now is the time for you to leave your comments and questions below.