Today I’m reviewing a new Forex signal service built on the foundation of live and profitable professional traders, Signal Factory. The vendor claims to provide a “bridge between professional Forex traders and retail traders that are looking for real-time advice.” They believe that they are different from other developers, because every single signal provider this part of the service trades the signals with their own personal money, on their own live accounts. They believe that this is the best way to keep the providers motivated and invested in the signals they are providing.
The website provides us with no information about the developers, the signal providers, or the location of their head offices. In doing additional research on their Facebook page, I found a contact number +44 20 8068 1786, which leads me to believe that they’re located somewhere in North London, UK. This information should be provided by the vendor, and hopefully it’s added to their light sale page at some point in the future.
Signal Factory Review
According to the web site, the Forex Signal Factory service is completely free, and being utilized by over 45,000 traders. These numbers are likely coming from the amount of social media followers they’ve accrued, with over 13,000 on Facebook and over 78,000 on Twitter. Unlike most free Forex signal services, this service is actually 100% free. I’ve looked all over the website, and I’ve found no money grab, no upsell, no email request or anything of the like.
The developers claim that they are annoyed by other services that claim to provide free Forex signals, but then force traders to open accounts with Forex brokers that they are obviously associated with. In this case, they promise that traders can use their existing trading account, and that they won’t have to pay any additional commission per trade, which the introducing broker frequently gets as a commission for new client recommendations.
In regards to the signal strategy, there is really no information explaining how the signal providers analyze and approach the markets. Obviously, this is information that I frequently seek in my reviews, and even though this is a free service, it’s still something I expect to see.
- Type: Forex Signals
- Price: Free
- Strategy: Undisclosed
- Timeframe: All Timeframes
- Pairs: GBPCAD, EURNZD, GBPAUD, EURNZD, GBPNZD, EURAUD, EURCAD, EURJPY, NZDJPY, USDJPY, GBPJPY, GBPUSD, CHFJPY
This is generally the part of the review where I would discuss the Signal Factory pricing structure, but I must mention again, that this is a free signal service. It seems like the best way to access the Forex signals, is to sign up with a Twitter account, and then follow along with their tweets.
They seem to be posting signals very frequently, with anywhere between 10 to 20 signals per day. Each signal comes with the entry price, the time of the trading GMT, as well as the recommended stoploss and take profit levels.
The Forex Signal Factory team doesn’t provide a results section on their website, which is definitely detrimental to my personal analysis of the service. It’s clear that the vendor is transparent with their free signals, because they have every single signal they’ve ever provided listed on their Twitter account. While I appreciate this, there is no way that I’m going to go through the 97,000 signals they provided since 2010, in order to figure out if this is a viable service or not.
The best thing that you could do if you are interested in this service, is to go through the tweets for the past couple of weeks, and personally analyze them to see if they’ve been providing winning trades or not. Indicates that this is too much work, you could always just started using the free trading signals on a demo account, and then analyze these results. That is likely the best course of action, because going through thousands of trade signals and back checking them with old market prices would be extremely tedious.
Hopefully the vendor finds a way to organize all their signals, and provide us with some win/loss data for their trading results.
It appears in 2021, there are a handful of different services claiming the name Forex Signal Factory. Given that all of these services are all using the same name, I will continue to use this single review to discuss all of them.
The most recent signal service using this name is a telegram group with an impressive 34,071 subscribers.
Unlike the original “Signal Factory,” which provides completely free Forex signals, this service comes with a price tag. Traders can pay 800 EUR for access to their premium membership plan. This is for a lifetime membership that does not expire. The premium plan comes with all of their complete signals, including stop losses, as they frequently hold back the SL’s in their free channel.
This group also offers account management, where they will manage accounts on a 50:50 sharing basis. They will only manage accounts with a minimum starting capital of 10K USD.
There is no information provided about who the analysts are, which is something I would certainly recommend finding out before you sign up. Never use a managed account service where you don’t know who is placing the trades on your behalf.
In terms of trading results, there don’t seem to be any verified trading results on Myfxbook or FX Blue. In order to see their trade results, you can go to the telegram and analyze them one at a time.
As a free source, they are one of the best Forex signal providers, but they aren’t our top choice for paid signals.
That being said, it’s still good to see that there are some vendors in this market, willing to provide free Forex signals.
Considering that the Forex Signal Factory service is a free one, it’s hard to logic any formal complaints. While I would certainly like to see more in terms of strategy and an organized approach to their trading results, I can’t really hold this against the vendor. They are providing the community with free Forex signals, and asking for absolutely nothing in return.
If you have anything you would like to add to this review, please leave your comments and questions below the article now.
Forex Signal Factory Free
Forex Signal Factory is a free signal service providing very frequent signals.
Free signals Very active service
No verified results No support / service