Signals Review: ForexTrade1

ForexTrade1 is a signal service that promises to grow traders accounts quickly, and provide solid financial advice so their clients don’t have to gamble. They promises of weekly returns varying anywhere from 40%, to 400% per week. These numbers are extremely high, and unrealistic, which makes it imperative that we do a full review of this service today.

The service is owned by FICM Consultancy Services, located in London. The team first started the project in late 2017, and according to the sales page now have over 47,000 followers, and 4000 paid clients. In most of their social networks, it seems as if they had quite a few robots following them, because there is very little real user interaction. We also find it very hard to believe that the service has 4000 clients given the fact that there are very few client reviews online.

In order to get in touch with support, traders can email info@forextrade1.com or phone +44-208.133.0612 or WhatsAPP +971-50-173-7587.

ForexTrade1 Review

Our first impression of the ForexTrade1 website isn’t all that positive. The design is acceptable, but there are certainly quite a few spelling mistakes and grammatical errors that make the service come across as unprofessional.

We are told that the creators of the service have over 10 years of experience in the Forex marketplace, but we are not introduced to any of their signal providers or trade analysts. So, we really don’t know who is providing the signals, which obviously leads to more skepticism. The vendor needs to provide these details, if they want to be considered as one of the best Forex signal providers in the marketplace.

Strategy

The ForexTrade1 team provide little to no information about their trading strategy. They tell us that their recommendations are based on technical analysis, and that there intraday in nature. Outside of this brief sentence, there is no information about the overall methodologies.

It is obviously concerning and difficult to sign up with a Forex signal provider it doesn’t provide information about their trading approach, or information about any of the traders providing the signals. These are essentially to the most important elements, and they are missing.

Instead, the vendor introduce us to their skills in 4 categories, “Maths,” “Planning,” “Discipline,” “Tenacity,” and “Ethics.” This section adds very little to their credibility, as they are ranking their own skills. This is not done by third-party.

Upon further review, it’s come to our attention that the vendor does use multiple strategies. These strategies consist of martingale, level trading, trend trading and hedging. Though, the vendor doesn’t elaborate on any of these strategies either. Instead, they provide trade samples, which is better than nothing, and more than we see from other recent reviews of High Pro Forex Signals and My Forex View.

Signal Analysis

• Type: Forex Signals
• Price: $2500
• Strategy: Martingale, level trading, trend trading and hedging
• Signal Frequency: Undisclosed
• Pairs: Many pairs

The analysis section is usually very straightforward, but much like the other elements of the ForexTrade1 service, it’s convoluted. They don’t provide any direct pricing information. Instead, when you click on any of their plans (FOCAL 500, Premium 1200, Platinum 5000) you get a pop-up the tells you that you have to “ask in telegram” or “ask in whatsapp” to find out the price. With this pricing model, the vendor is likely gauging a clients interests, and then charging them as much as they believe they can get. In going through client reviews, the most common price is a flat fee of $2500, which is absolutely insane.

The vendor doesn’t disclose how they provide signals, that you can go through their track sheet manually if you can figure out how to navigate it, to try and come to some sort of conclusion there.

Trading Results

The trading results are very confusing. There are provided in Excel, screenshots from clients, it YouTube videos or from sample trades they’ve uploaded to a section of their website.

While we appreciate the fact that they are providing multiple options, it doesn’t help that none of these options are verified. The vendor has little control of every type of results they provide the community, and thus they can manipulate and cherry picked whenever they see fit.

The vendor needs to upload their trading results to Myfxbook and get their account verified.

Client Feedback

The client feedback is quite scathing, as many of the ex ForexTrade1 clients claim that it’s a fraudulent scam and we are inclined to believe these reviews.

Conclusion

At this point in time, we see no way that we could possibly recommend ForexTrade1 to the Forex Robot Nation community. The negative client feedback is really difficult to ignore, and the vendor doesn’t have any verified trading results to prove otherwise. Obviously these are aspects that can be rectified by the vendor, and when they are, you will reconsider our position.

If you have anything you would like to add to the review, please leave your questions and remarks now.