Trade X Signals is a free telegram signal provider that currently has 2,400 members. They use paid advertising, so there must be a paid version of their signals somewhere, but there website doesn’t provide any information about this. In fact, the website is just a simple web form that is collecting email addresses. Today we will be analyzing the signals, and reviewing their potential viability in the long term.
The creators of this free service do not provide any information about who they are or where they are located. These are details that we require from every type of service, as even if it’s free, we still want to know if the signal provider is worth following. Too often, free services fail to provide any insight because they feel they don’t have to. This is all well and good, but it’s not going to pass many of our tests if that’s the approach they are relying on.
Trade X Signals Review
It appears that the Trade X Signals service relies on broker subscriptions in order to make money. So, they provide free signals, and every signal their clients trade, they get a small commission from. In the past, they were partnered with FXTM, but now recommend clients trade with the TIOmarkets brokerage instead. They don’t provide any information about why they changed their recommendation, but we assume it’s because TIOmarkets is offering them with a higher commission.
The issue with signal services like these, is that with no recurring fee, they don’t have a big incentive to help their clients after they’ve signed up. We have never had a free service like this qualify for the best Forex signals review page, and we don’t see that changing today.
The Trade X Signals group do not provide us with any details about their trading strategy. This is really not something we are willing to accept.
Whether the service is free or not, we always want to know who’s providing the signals, and what type of strategy they utilize. Without this information we have no reason to trust that the signals will be effective in the short or long term.
The detail we require isn’t difficult to provide, and we ask for it in every review. You can see this is true in our recent reviews of other providers like FXStreet Signals, ForexSignals.cc, and V12 Trading. We are not playing favorites, and have high expectations of every single provider we review.
- Type: Signals
- Established: 2019
- Price: Free
- Strategy: Undisclosed
- Trading Time: Undisclosed
- Signal Frequency: 1-3 per week
It does appear that the Trade X Signals telegram is pretty consistent when it comes to providing trading opportunities since it launched in 2019. This is one of the lone positives that we’ve been able to connect with up until this point.
The Trade X Signals team does not provide any verified trading results. They do provide the trading signal in telegram, and then tell us the result of that signal, but there is no way of verifying this data. With telegram, the signal provider can easily edit a message or remove a message so there is nothing holding them accountable.
If they want to be taken seriously, and compete with other signal providers they will need to verify their accounts with Myfxbook. This is a simple process that takes less than 5 minutes to complete, so there is really no excuse as to why they can’t do this.
The Trade X Signals are free, but that doesn’t mean that we recommend the service. We feel that the vendor has a lot to do before they can be considered a legitimate operation. They need to provide real company information, strategy detail and verified results. Without all three of these aspects, we won’t bother wasting our time with their signals, even if they are free.
If you have anything you want to add to this review, please leave your questions and remarks below the article now.