ForexSignals.com Review – Should You Trust Them?
Welcome to my ForexSignals.com review. They are a forex signals provider and training firm who claim to help people earn better profits in forex trading. ForexSignals offers mentorship, forums, and a lot more to help you learn the ropes of forex trading.
However, you never know which forex guru you can trust and which you can not. To help you make an informed decision, I have prepared the following ForexSignals.com review. It will help you understand the pros and cons of their services.
Before I start talking about the details of ForexSignals.comís products and services, I must point out something I noticed while writing this review. There are plenty of blogs who have reviewed ForexSignals and have given it a positive rating. They claim to give you an unbiased review but are actually affiliates of this company.
If you read a blog review on ForexSignals that praises their product or services, chances are, they are an affiliate. ForexSignals runs an affiliate program where you get money for referring their services. Hereís a screenshot of their affiliate page:
An affiliate marketer makes money when you click on their referred link so they recommend you that particular product or service. Many of these blogs hide the fact that they are an affiliate of ForexSignals in fine print.
It is a shady marketing tactic as the reviews canít be genuine. How can they be? If a blog earns when you sign up on ForexSignals, why would it tell you its negative points?
Affiliate marketing is not a bad thing but ForexSignals and its affiliate blogs have used it in a very deceptive manner.
If a service provider has to resort to such shady marketing tactics, it puts their reliability and service quality in question.
I wanted to point it out before itís quite a crucial point. You should keep this in mind while reading the rest of the review.
What is ForexSignals?
ForexSignals, unlike what the name suggests, is actually a forex learning platform where you can join forums and talk to other forex traders. They offer daily live streams to show their expertsí live analyses of the market. ForexSignals is among the most popular copy trading platforms and offers plenty of benefits to its users.
Their affordability has helped them attract tons of users for their trading rooms. In their trading rooms, you can use their trade signals, indicators, forums, blogs, and their chat rooms, along with their live streams. The platform has three mentors available including Andrew Lockwood and Max Bennell.
ForexSignals.com is among the under-cutters of the market as it keeps its prices lower than its competitors to attract users.
Apart from the usual trading rooms and signals, ForexSignals offers 1 on 1 mentorships. They are costlier and are made to help you learn more.
It is a common theme among forex gurus where they offer you basic trading signals for a reasonable price and upsell you with an exclusive product that costs substantially higher. ForexSignals has resorted to a similar strategy to cash out on its customers. When I tried to find user reviews of their mentorship plans, I didnít find many.
Considering they have thousands of user reviews on different platforms, it seems quite shady that their flagship product doesnít have many reviews. So I donít recommend purchasing their mentorship programs.
MentorBox uses this exact strategy and has garnered a lot of controversy because of it. They claim to offer a cheap product and then start upselling you for a costlier one.
Moreover, itís common knowledge in the forex industry that you shouldnít pay for trading signals. They arenít worth the price.
ForexSignals has three plans for you to choose from. If you want to test out their services, they offer a 7-day trial.
The Professional is the costliest plan available at ForexSignals. It costs $567 a year to join this program. You get the license key to Forex Tester 4, a direct line to the mentors, and trading feedback along with the usual benefits of the previous plans.
The Apprentice is the cheapest plan available on ForexSignals. You get a monthís access for $97 and you get to access their livestreams, video library and trading rooms. In my opinion, a hundred dollars is quite a high price for such a few benefits.
Youíll have to pay $297 per six months to get this plan. The Committed plan gives you access to their usual benefits such as the trading room, video library, live streams, etc. along with 1 on 1 mentorship.
ForexSignalsí Other Products
The plans we discussed above arenít the only sources of revenue for ForexSignals. They have several other ways to monetize their users. Such companies use their cheap products to attract users and then sell them their highly priced products.
What usually happens here is the reasonably priced product doesnít provide sufficient value to the user. But the company claims that their costlier product would fix that problem. Now that the person has already spent some money, they donít want to back out and purchase the costlier product as a result.
MentorBox has been doing it for a long time. Thatís why it has a ton of negative reviews.
ForexSignals Mentorship Program
The people behind ForexSignals, Andrew Lockwood and Mark Bennell offer their dedicated mentorship programs for a high price. According to Andrewís bio, he has been trading for 30 years. Mark Bennell claims to have 15+ years of trading experience.
Obviously, thereís no way to verify these claims, which is a significant problem in the forex industry. Their mentorship program is for people who want to learn forex trading quickly.
Affiliate Marketing of Forex Brokers
Apart from selling forex mentorship, ForexSignals has a dedicated page of forex brokers they recommend. All of the links on this page are affiliate links. However, even though ForexSignals claims to make these recommendations after verifying them through their expert team, I suspect they are lying.
Now, why would I make such a huge statement? Well, thatís because one of their recommendations is Mt. Cook Financial. They give it an outstanding 9.8 out of 10 rating.
In reality, that broker has many negative reviews from its customers because of its bad customer service.
On top of that, Mt. Cook is an unregulated broker, as its regulator, FSCA (Financial Sector Conduct Authority) has been dissolved since 2017.
I was surprised to see such a huge misleading recommendation on their page. So far, their products seemed reasonably priced and reliable, however, such a blatant lie puts their reliability in question.
Either they are lying about Ďverifyingí their recommended brokers or they donít know how to Ďverifyí a broker in the first place.
This is a big reason why you should never trust affiliate recommendations. It seems ForexSignals has only focused on making money through their suggestions without considering whether their suggested brokers are good or not.
ForexSignals User Reviews
ForexSignals.com has an ĎExcellentí rating on Trustpilot with around 1,400 reviews. Most of their reviews are of 5-4 stars. It is a good sign nonetheless, but they have plenty of negative user reviews too.
Common complaints among their users are of their ads being misleading, and having fake members in their trading rooms to deceive people. One of the complaints was regarding their customer support and how it has degraded in quality.
Hereís one of the recent reviews on their services. The user has pointed out that they donít give proper tools, and the mentors only analyse old data along with the previous issues I pointed out before.
Also, I noticed something in their Trustpilot reviews that I must point out here as well. Trustpilot is a very notorious platform when it comes to truthfulness and reliability. There are many service providers who claim to provide you with 5-star reviews on Trustpilot for a price. This is what you get when you google ďBuy Trustpilot reviewsĒ:
Fortunately, itís very easy to spot fake reviews. When youíre checking someoneís trustpilot reviews, simply look for the following things:
- Has the reviewer posted many reviews on Trustpilot? If not, itís possible that someone created that account only to add that review which is suspicious.
- Does the review provide any specific details?
- Do the reviews give a 4-star rating or a 5-star one?
When I looked for these qualities in ForexSignalsí Trustpilot page, I found plenty of reviews that had them:
Notice how these reviewers just added a 5-star rating without specifying any reason. Also, the number below their account name shows how many reviews they have added on Trustpilot. And these accounts have only added 1 review, the one Iím showing here.
So, the nearly perfect rating of ForexSignals seems very suspicious.
ForexSignals has a lot of suspicious positive reviews on Trustpilot, making its nearly-perfect rating very unreliable.
ForexSignals.com Review: The Verdict
ForexSignals has reasonably priced programs. They have a lot of experience, however there are many points that make me distrust them.
First of all, they have resorted to a very shady marketing tactic to promote their products. The web is filled with ForexSignals reviews that claim to be unbiased but are actually affiliate reviews.
On top of that, their Trustpilot rating seems very suspicious when you consider that many of their positive reviews seem fake. Their affiliate broker recommendations have shown that they can either lie or donít care about their clients.
So, even though their products are reasonably priced and give you access to trading signals, I donít think it would be safe. You should stay away from such suspicious organizations.
Seeing how ForexSignals resorts to shady marketing tactics and doesnít care about its clientsí interests, I canít recommend their products. You should take your business elsewhere.