Forex Brokers We Recommend in Your Region
Forex trading signals are popular, and messaging services like Telegram, Twitter, and WhatsApp dominate the sector. Forex signals offer buy and sell recommendations, plus take profit and stop loss levels, allowing traders to duplicate the trade in their trading accounts. I will explain how to choose Forex signals groups on WhatsApp and list my top picks for your evaluation.
This Forex signals WhatsApp group ranks among the most transparent ones. It delivers between four to fifteen signals daily on nine currency pairs. The nine-member team offers one-on-one education, has 15+ years of experience, and an affiliate program is available.
Transparent signal service provider based in Australia
No free signals
Four pricing plans starting from $30 weekly to $400 for six months
15% discount on subscriptions after three months of service
Educational lessons from five mentors
With 20+ years of experience, this Forex signals WhatsApp group delivers a quality service. The free group consists of two to four monthly signals. The Premium plan costs up to $888 annually, and Supreme costs $1,764.
20+ years of experience
No details about the team operating Forex GDP
Two to four free monthly trading signals
Expensive monthly subscriptions
Availability of educational content for beginners
Uses pipettes in marketing material
Multi-lingual service in English, Arabic, and Thai
Forex VIP Signals
This Forex signals WhatsApp group lacks the transparency of its peers but established itself as a trusted business, as supported by its payment processors. Forex VIP Signals delivers signals in 200+ countries.
Operational since 2010
No free signals or subscriptions
Four subscription plans based on monthly profits rather than signals
Expensive monthly fee
Six payment processors, including Skrill, Neteller, Western Union, and PayPal
Lack of transparency concerning the group owners and signal providers
Forex Master Traders
This Forex signals WhatsApp group is as opaque as most competitors but offers its service for a reasonable $300 annual fee. There are no free signals or a trial, but a Facebook group exists.
Skrill, Neteller, and cryptocurrencies as payment methods
Lack of transparency concerning group owners
Offers account management services and an EA
No website, but a Facebook group is also available
A reasonable annual signal fee of $300
No free signals or trials
How to Choose Forex Signals Groups on WhatsApp?
Evaluating a Forex Signals WhatsApp Group is necessary before joining it, usually consisting of paying for a subscription.
Here are tips on choosing a Forex Signals WhatsApp Group:
1. Signal Quality - Many groups will market this figure. Still, traders should follow signals in a demo account to experience the success rate of signal providers with their trading schedule.
2. Customer Reviews - Traders should always consider customer reviews with a grain of salt, as many are fake. This applies to both positive and negative reviews. It is best to use a Forex signals WhatsApp group with a website.
3. WhatsApp Group Size - WhatsApp has a group size limit of 1024. Being at or near this limit can suggest an overall profitable group, and since signal providers usually explain signals well, traders should not worry about getting their questions answered, as there should be no questions concerning trading signals.
4. Money-Back Guarantee - A money-back guarantee sounds good in theory. It can protect traders from signing up to a WhatsApp group that does not deliver signals. In practice, Forex signals WhatsApp groups usually do not offer them.
5. Free Trial - Every legitimate Forex signal WhatsApp group will offer free signals rather than a trial to the subscription-based update. In theory, the only difference is the signal frequency.
6. No Distractions - A free Forex signals WhatsApp group has to make money somehow, usually via affiliate marketing. This can distract from the signal service and is often a sign of unprofitable trading signals.
How to Join a Forex WhatsApp Group
Joining a Forex signals WhatsApp group is simple. Traders on the move can download the WhatsApp app on their phones. Desktop traders should opt for the desktop app, which offers a better user experience due to the larger screen size, making the charts easily readable.
Here are the steps for joining a Forex Signals WhatsApp Group:
1. Get the link to join a Forex signals WhatsApp group. While free groups are available, the best-performing ones require a subscription. After you pay, you will be sent the link to join.
2. Please note that WhatsApp limits how many members a group can have. After clicking the link to subscribe, WhatsApp will add the member if the group has available space.
3. Wait for the signal providers to publish Forex signals. The frequency depends on the group and subscription. It usually consists of a chart, trading recommendation, entry level, take profit, and stop loss. Some groups only offer the trade without a chart.
Before joining a Forex signals WhatsApp group, perform due diligence on the signal provider. While free signals exist, traders should understand why they are free, and they should never trust screenshots of portfolio histories. The only truly reliable option for Forex traders is to follow signals in a demo account with a balance identical to the planned live deposit. The evaluation should last a minimum of six months.
Another factor to consider is whether the subscription cost makes sense considering how much you are going to trade. For example, if the subscription costs $99 monthly, and the signals on average generate $75 in profit, you will lose money overall.
Finally, most signal providers make money from affiliate commissions from their partner brokers and make signing up with one of these brokers a requirement or use it to offer the monthly fee at a discount. Alternatively, they may try to upsell their subscription, often resulting in long-term losses.
Where do people get signals for Forex from?
Forex traders can get signals from many sources, including plugins for trading platforms, algorithmic trading solutions and EAs, online forums, brokers, Telegram, Twitter, WhatsApp, and other messaging apps.
Are there free Forex signals?
Yes, there are free Forex signals, but traders should consider their quality and why they are offered for free. They are often a marketing tool, and traders should evaluate the accuracy in a demo account for several months before risking any real funds on signal trades or subscriptions.
What are Forex signal groups?
Forex signal groups, like a Forex signals WhatsApp group, are groups where signal providers publish actionable trading signals for the group to follow. It also usually allows for group members to communicate and discuss trades. They often require monthly subscriptions for access.
Do Forex signals work?
Forex signals can work, and Forex traders can manage profitable portfolios entirely based on them. Still, most signal providers need to offer continuity and sustainability. There is also plenty of scams and fraud in the Forex signals sector, aimed at upselling subscriptions or getting members to open accounts with affiliated brokers, where signal providers get paid for bringing volume.