Today I’m reviewing a Forex signal service that claim to be winning 80% of their trading alerts, for an average of 500 pips per month, Pip Wizard. In utilizing a new “Smart Scan Technology,” the developers of the software believe that they have a better threshold for understanding than any other signal provider in the marketplace. Their market scanning, in conjunction with their professional level of Forex trading experience, is what sets them apart from other signal providers.
Owned and operated by Forex Services, LLC, they’re located at CityPlace Tower, 525 Okeechobee Boulevard, Suite 950A, Palm Beach, FL 33401. They tell us that they’ve been providing their services to thousands of traders in 221 countries since 2006. According to the website, they currently have nearly 5000 active members, but I believe that this number is significantly exaggerated, as there is very little information about the signals online. To get in touch with support, traders can fill out a contact form on the website.
Pip Wizard Review
The Pip Wizard signal service relies on monitoring trend patterns, and using basic price action principles in order to generate trading signals for their clients. This trading approach is consistent between the 2 most popular signal services offered, the “Euro Alerts,” and the “FX3 Forex Signals.” The most expensive service provided, the “FxPro Swing Trading Signals,” however, utilize a different trading strategy that takes advantage of long-term swing trading signals. While this is different than the other two packages, the developers assure us that the alerts for all of the packages are based on “rules-based trend following systems.”
The strategies are not specific, but the vendor also promises a unique risk management approach that takes advantage of “proprietary pattern filters in an attempt to limit overall Forex market risk exposure.” Again, this aspect sounds very impressive, but a lot of the information on the website is a little vague. This isn’t a major issue, as I find the explanation here to be more in-depth than most signal providers, especially those that I’ve recently reviewed like Sky Pips, Spy FX and PipPhenes.
- Type: Forex Signals
- Price: $49-$249/month
- Strategy: Trend Following
- Timeframe: All Timeframes
- Pairs: GBPJPY, USDCHF, AUDUSD, GBPUSD, EURUSD
Depending on which Pip Wizard package you sign up for, the price ranges from anywhere from $49-$249 per month. The introductory offer, the euro alerts, go for $49 per month, providing 3-6 trade alerts per month specifically for the EURUSD pair, promising a gain of 200 to 400 pips per month. The FX3 signals go for $149 per month, providing 6 to 10 trades on the EURUSD, GBPUSD and USDJPY pairs. For this package, the trade duration is 1 to 2 days, and the estimated pips per month is 200 to 600 per month. Lastly, the most expensive of the bunch, is the FxPro swing trading signals which are going for $249 per month on 5 pairs, with 5 to 10 trades per month and an average return of 500 and 900 pips.
Pip Wizard Performance Results
So, now that we’ve seen the promises made by the Pip Wzard development team, let’s see if they have the trading results to back up the promise of 200 and 900 pips per month. At first glance, the monthly performance page looks very impressive, showing major gains on a monthly basis reaching over 1000 pips frequently. Yet, none of these results are transparent at all, as the developers are only providing us with tables that they could easily modify and put any pip number they would like, as there is no accounting for trades. They’ve also not updated the tables in over a month with recent results.
This lack of transparency is a glaring issue in the Forex signal marketplace, but there’s really no reason for it considering there are statement sharing service websites like FX Blue and Myfxbook available. If this vendor is actually providing trades, they could easily place those trades, and then show us their results through a verified statement sharing service.
Their current results can’t be trusted, because there’s nothing to stop the vendor from filling out the table with whatever information they want.
The client feedback online currently consists of 6 reviews which makes for an average of a 1.8 out of 5 star rating. Most of these reviews all of the reviews are from 2014 and earlier, so it’s possible that the Pip Wizard service is much more viable in 2018, but these ratings are very poor.
Most of the reviews claim that the developers are using false performance numbers, and that they are a scam that shouldn’t be trusted. The majority of the clients tell us that they have had losing months, while the vendor continues to claim profits.
As it stands now, I’m not willing to sign up with the Pip Wizard signal service until I see some transparent trading results, and better feedback from the Forex community. While I certainly appreciate this group’s approach to trading fundamentals, I’m not confident that they are providing a truly viable service with the winning track record.
If you have anything you would like to add to the review, please write your comments below the article now.