Signals Review: Forex Profita

Today I’m reviewing a new Forex signal service that promises to make traders financial dreams come true, Forex Profita. The providers of the service claim that they are different from their competitors because they are real traders that actually observe the market to find trading opportunities that they trade on their personal live accounts. Hopefully, we get access to these accounts so that we can verify the high level of transparency that they are advertising.

Located at 28 Freshwater Place, Southbank VIC, Australia 3006, the signal service is owned and operated by Admond Brosnan. He and is cofounder Clark Bennet, manage a team of financial analysts, managing partners, website it wins and customer support coordinators. In order to get in touch with support, traders can phone +88 01 930580660, skype: forexprofita, or email support@forexprofita.com.

Forex Profita Review

The Forex Profita website isn’t the most professional I’ve come across. The majority of the content seems poorly written, with grammatical issues and spelling mistakes. On the front page of the website, the first thing they tell us is that their services trusted by thousands of traders. Yet, if you scroll down a little further you will see that they claim that they have 573 current clients. So, in doing some quick math, they shouldn’t be telling the community that they are trusted by thousands of traders if they only have a few hundred clients.

The team claims that using their signals is a very simple process, where traders subscribe to the signal package, log into the members area where they can receive signals and then place trades. Unlike other providers, they don’t seem to provide an option for receiving the signals via text message or email. Instead, traders are required to log into the members area every single time they want to receive a signal.

For some reason in the “how do we provide signals section,” the developers only tell us the traders have to log into the members area. Yet, on the subscription page they claim that they provide instant mobile alerts via Whatsapp and Viber. So, signals can be received on your phone.

The vendor doesn’t provide us with any information about their trading methodology, so we really don’t know what they are looking for when they are proposing trade alerts to their clients. All they really tell us, is that they are a group of expert traders that use these exact same signals on their live accounts. This lack of information is prevalent in the Forex signal community, but it hasn’t been detrimental in my recent reviews of JKonFX, Trends2Trade and Arrow Pips.

Breakdown

• Type: Forex Signals
• Price: $30-$400
• Strategy: Undisclosed
• Timeframe: All Timeframes
• Pairs: EURUSD, USDCHF, GBPUSD, USDJPY, USDCAD, AUDUSD, EURJPY, NZDUSD, GBPCHF

There are currently 4 packages available for traders looking to sign up with the Forex Profita signal service. All of these services are exactly the same, except for the price and the amount of signals they provide per day. All of the packages provide signals for 9 currency pairs, entries, stop loss, take profit, 75% win rate, Whatsapp alerts, instant mobile signals, a personal signal manager, signals in both US and London sessions.

The trial package costs $30 per week and provides traders with 3 to 5 signals per day. The standard package costs $100 per month and provides traders with 5 to 8 signals per day. The business package costs $250 per 3 months and provides 8 to 12 signals per day. Lastly the professional package goes for $400 every 6 months and provides traders with 12 the 15 signals per day. The developers claim that their most popular package is the business package which comes out to around $83 per month.

Trading Results (Signal Performance)

I’m not very impressed with the Forex Profita results section. While it’s good that they are posting their trades, and showing us the trades they are making, none of the data they are providing is actually verified by a 3rd party. They could easily be cherry picking the winning trades, and only showing us the trades they want to show us, in order to meet the expectations of their promised 75% winning percentage. It’s also worth noting, that the developers promise 12 to 15 signals per day in their professional package, yet the results page is showing an average of 4 signals per day, which is only in line with their trial package.

They also provide traders with performance sheets from 2015 in 2016, but again these are not verified by any 3rd party.

I found one negative review claiming that the developers are fabricating their trading results, but this hasn’t been further substantiated with any other evidence.

It’s worth nothing that all the other client reviews I found were much more positive.

Conclusion

At this point in time, I simply need to see more transparent trading results before I consider registering with Forex Profita. This vendor would benefit greatly from opening a handful of Myfxbook accounts, so that they can show the community their daily trading results in a much more trusted platform. When they do this, I will consider a recommendation.

Thank you for stopping by, and please leave a comment with your experiences.