Today I’m looking at a trading signal provider that just arrived on the market a few months ago, and is starting to get some attention, ToolsTrades. The creators of the service claim to offer “the most accurate trading signals for the Forex, CFD, Stocks and Crypto markets.” They believe that they have an edge over their competition because they stay up-to-date with all the latest news and developments in all of these markets.
There is no direct information as to where the company is located, or who the signal providers are. We are told that they are “the world’s most successful trading signals provider,” since they were founded in 2012, but all of the evidence I see indicates that this service has only been available for approximately 3 months. In fact, the WHOIS records for the domain, show that it was first registered in late September 2017. I’m not sure why the discrepancy, but it’s something I will be following up on throughout the review.
The ToolsTrades approach and platform is different than most signal providers in the Forex marketplace. They tend to keep everything in-house, with all of their signal results, and trading opportunities all within their own platform. The signals are provided twice a day Monday-Friday, at 11:00 GMT, and 16:00 GMT, under the titles morning signals or evening signals. In looking at the signals right now without a membership, there are 4 trades available in the morning, and 4 in the evening. The morning trades include Silver, Gold, USD/JPY, EUR/USD opportunities with specified trade direction, strike rates, stop loss and multiple take profit levels. I assume that the multiple levels are for traders that are willing to let the trade run for longer periods of time, like a Forex EA would.
In the platform, is also the ability to click on the chart, to monitor the price and to help plan for the trade without having to open your broker.
I appreciate and commend the way in which trades are provided, but the majority of my questions and criticisms will likely be in the trading results section of the review.
- Type: Forex Signals
- Price: Free ($200)
- Strategy: Undisclosed
- Timeframe: Any
- Pairs: Any
The signals are advertised as a free service. After registering for free access to the signals, you gain access to 2 free daily signals. In order to get access to more signals, you have to chat with one of the ToolsTrades agents, and then provide them with your phone number. It seems as though, the entire website is a funnel, directing traders to this chat.
When you click on the unlock signals button, that is available on the signals page, it automatically sends a message to the agent, who will start talking to you right away. After I started this chat, I was asked for my phone number, and I told him I didn’t have a phone number but I still wanted access to the signals. At this point I was told that I could pay $200 to get access to 28 signals per day, fore life. All I would need to do is buy 0.013 bitcoins through this website, and I would have lifetime access.
The process is a bit convoluted, and not as straightforward as I would appreciate.
In the ToolsTrades platform, there is a history that shows the clients trading results, and there is another section that shows the developer trading results. I’m not sure how this works exactly, but for some reason the trading results are different.
Considering the developer is providing the signals, I don’t see how these results could or should be different in any way. When I questioned the online chat operator, he told me that there are different signals and different plans but currently they only have spots available with the standard plan. Then, told me that most of the members are using the pro-club membership, which is not available to me.
You would think that someone in the entire members results section would be using the standard plan, but when I do a search through the strike rates in trades, there isn’t a single match.
Before I consider this service, I’m going to need a much more transparent account of trading results. The developer needs to upload their accounts, and trading signals to a service like FX Blue or Myfxbook. This is the only way we can really see if this service is working or not. It’s hard to trust any signal provider, when there are discrepancies like the ones we are seeing here.
The client feedback under the review is spotty. There are both positive and negative reviews from clients. We do find it a bit concerning that every time we ask one of the positive reviewers to prove their claims, they disappear. This could mean that these are fake reviews, and many of them read the same too which make us feel like that’s probable.
At the end of the day, all we want to see is some verified results.
At this point in time, I won’t be recommending the ToolsTrades signal service. The website comes across as professional, and I appreciate the fact that they have live chat support available to help around the clock. Yet, the discrepancies in the trading results section does have me skeptical inquiry that the signals may not be as profitable as presented.
Please let me know what you think about the service, by leaving a comment or question below this article now.
ToolsTrades is a Forex signal service with a confusing presentation.
Professional website Live chat support Trading signals
No verified results No strategy insight Possible fake reviews