FX Renew (LLC), based in Florida USA, provides forex signals, analysis and a daily trade room.  The company is a registered Commodities Trading Advisor (CTA) and a member of the National Futures Association (NFA).

Scott Nourse, the man behind FX Renew, is also the founder of Capstone Forex, a company that offers managed accounts. Mr. Nourse holds Series 3 and 34 licenses.  The FX Renew signals team is comprised of industry experts who watch the market 24 hours a day and call trades when relevant.  

Being an NFA member does not guarantee that FX Renew’s signals will be profitable but it does mean they will meet certain standards in the way they conduct their business. As a consequence of being an NFA member, FX Renew is unable to publish performance results in terms of pips. So the only way of ascertaining the quality of their service is via their free 30 day trial.

FX Renew’s signal service comprises a mix of market analysis and signals. They deliver via email and a desktop application that pops up an alert for every update. The signals alone (without analysis) can also be delivered by SMS.

DailyForex tested the FX Renew signal service from 24 August to 9 September (13 trading days) and recorded our findings below. 

Market Updates

FX Renew sends their market analysis via email or desktop pop-ups labelled “Market Updates”. In the 13 trading days we tested the service, we received 42 Market Updates, each between 100 and 200 words. It takes about 1-2 minutes to read each update and it does give you a good handle on what is going on in the markets. The analysis comprised a mix of technical and fundamental factors. Their analysis is simple: there is a focus on the major news events and their technicals do not use complex indicators or setups. Most people should be able to grasp the writer’s thinking quite quickly.

Radar Signals

A second category of messages from FX Renew are their “Radar Signals”: these are messages that give a long or short bias on a particular currency pair with some commentary and levels to watch. However, these aren’t specific entry and exit signals. They are more of a “heads-up” on certain pairs. We received 24 Radar Signals in the 13 trading days.

Alerts

Alerts are specific signals with entry, stop-loss and take-profit. In the 13 trading days, we received 6 trades. There were 3 winners and 3 losers as follows:
25 Aug: USD CAD: 75 pip loss
29 Aug: AUDUSD: 79 pip loss
30 Aug: EURUSD: 31 pip loss
30 Aug: USDCHF: 141.5 pip gain (scaled out at 109 pips and 174 pips)
1 Sep: AUDUSD: 1 pip gain
8 Sep: AUDUSD: 77 pip gain (scaled out at 42 pips and 112 pips)
The net result was a gain of 34.5 pips.

All the alerts came between 2:38am ET an 1:14pm EST with the exception of one that arrived at 11:38pm EST. A subscriber would have to consider whether the times of day the alerts are received would allow him or her to trade them. Some of the trades were exited earlier than their full stop-loss or take-profit targets and some were left to ride to their original exits. Therefore, on occasions there will be active management required of the trades after entry.

Forex Brokerage

FX Renew also offers a brokerage service called “FX Renew Pro”. This is a white label partner with the US based broker, Forex Club. That means when you open a forex brokerage account with FX Renew, the execution of trades and the holding of funds will be handled by Forex Club as a registered Forex Dealer Merchant (FDM). Because you will be opening through FX Renew, you will also receive support from FX Renew as well as Forex Club, should you need it. Forex Club is also an NFA member. DailyForex has tested the FX Renew trading platform separately, and you can read our FX Renew review here.

If you do open a brokerage account with FX Renew and deposit $5000, you will be entitled to their signals for free.  If not, you can register for the paid service after the 30 day free trial, for the reasonable fee of $150/month, which should more than pay for itself if the reliable signals are implemented properly.

Final thoughts

The mere fact that FX Renew is the only signal service run through a company that is regulated by the NFA boosts our confidence in the system.  Signal arrivals within a generally defined time frame also allowed us to feel like we weren’t missing signals when we were away from the trading platform.