UPDATE: FOREX Online Signals has stopped providing its service . last verified on October 16th 2010.
A first-time visitor to FOREX Online Signals is greeted with a series of calendars. What’s this? Are we to schedule an airplane flight or a vacation spot for the holidays? No. It’s a graphic representation of the profits, in pips, a trader would have made if he followed the advice given in their FOREX signal reports. A profit of 1,005 pips is proudly displayed for the last quarter.
FOREX Online Signals, known familiarly as FXOS, issues bulletins once or twice a day, depending on market conditions. Each signal contains just three numbers for each of the major currency pairs: exact entry, stop loss, and take profit. It does not contain charts, graphs, editorial or anything else. The information provided and its presentation are the most basic of the basic. There is no guesswork and no strategy decisions to make.
The maximum number of currency pairs for which a subscriber can receive recommendations is six: EUR/USD, GBP/USD, USD/JPY, USD/CHF, USD/CAD, and AUD/USD. These six pairs (one pair is one signal) are automatically generated for all but their top-of-the-line product, for which you can select the pairs. This has some significance because of FXOS’s unique fee structure, a type of pay-per-signal pricing.
With FXOS, there are no yearly or monthly fees. Instead, the subscriber deposits a sum of money, starting at $100 USD, which is converted into credits (1 credit=$.05 USD). Each currency pair is assigned a number of credits ranging from 0.5 for USD/CAD to 4 credits for EUR/USD. These credits are deducted from your total deposit. So, if you received a EUR/USD signal once a day for ten days, you would have 40 credits deducted from your deposit.
You can add money and change receipt specifications at any time. You determine how you want to receive the signals (e-mail or text message), which days you receive the signal, and for how long. Thus, you customize the subscription terms of the service.
To begin, FXOS offers three products, the Mini, the Standard, and the Pro. Each product requires a minimal set-up fee: $17.95, $34.95, and $87.95 respectively. The difference between the three is the amount of flexibility and level of participation in a credit-back program.
As you might expect, the Mini package has the least flexibility. It does not allow you to choose currency pairs and has no credit program. The Standard does not permit you to choose pairs either, but it does offer credit allowances. Both the Standard and Pro give you free credits on your initial deposit, 5% or up to $50 for the Standard, and 15% or up to $150 for the Pro. They also will credit back your signal cost if the advice does not yield a profit. That should give subscribers some level of confidence in the company’s predictions.
The sign-up process is quick and easy. FXOS accepts online payments through PayPal, bank transfers and Western Union wire transfers.
FXOS is a simple service. If you want to know how the advisors arrive at their advice, or you want to get more information about the current conditions in the FOREX market, you won’t find it here. FOREXonlinesignals does offer beginners a solid FOREX glossary and does an admirable job of describing their products and answering any questions you might have.
Finally, always remember to do some checking before you invest in any product. There is talk that this company may promise more than it can deliver on the credit-back programs. In addition, the Web site lists the company as residing in British Columbia, Canada, when this is clearly not the case. Whether that matters to you is for you to decide.
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I was looking at this company and another called www.fxsignaltrader.com. Both of these companies seem to offer very nice trading signals. I am looking for a forex signal provider. Can anyone tell me which of these two companies I should use.
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