Forex trading signals form a vital tool when you trade in Forex. They do all the hard work for you, analyzing the market and helping you reduce the loss or risk involved. Knowing the right entry and exit points is a definite advantage that increases your returns. Thus, it is not surprising that Forex signal services are available in plenty now.
But finding the best provider from the plethora of options is not an easy task. Our reviews help you decide on the best option for you. Here is a review of Forex GDP, a live Forex trading signal provider. The provider claims to provide quality signals that boost profits. Chart analysis and technical reasoning are given along with the signals enabling you to trade with confidence.
Forex GDP: To Trust or Not to Trust?
One of the main factors that point to the reliability of a service is the collective performance history. Our initial analysis of the Forex GDP signal service is that it needs a more transparent approach when it comes to revealing its trading strategy and results. Let us first look at the features of this provider.
This signal service is managed by a team of Forex traders with over 20 years of experience in the field. Established in 2015, the service includes technical analysis for its signals. Two different plans are present for this service namely a free and a paid plan. With the free signals, a monthly profit of over 150 pips is assured with the service providing 4 signals per month. The vendor claims that the service provides precise stop loss, take profit, and entry price details.
For the paid service, various types are available to choose from such as Big Trade, Commodity, Jackpot Entry, News Trading, and more. There are two main paid services – Premium and Supreme categories including 1,3,6 and 12 months subscriptions. The signals provided range from 8 to 14 signals for the premium package and 16 to 25 signals for the supreme package.
Unverified Trading Results
Trading results provided by the vendor can not be verified. Here is a screenshot of a trading account on the EURGBP pair.
As per the vendor info, the sell signal has resulted in a gain of 585 points after the breakout in a timeframe of one hour. The reason we prefer verified results is that they provide all the crucial trading details. Information such as the total gain, profit factor, drawdown, balance, lot sizes, etc. is revealed clearly in the results.
Sites such as myfxbook.com, FXBlue, and FXStat provide such details. These third-party websites are reliable and give a better insight into the performance of the system. Since the results posted on the official site do not have such details on the performance, we are unable to form a precise opinion of the approach used, the risk level, and other such factors.
Other than the mention of having over two decades of experience in Forex trading the vendor does not provide details about the location, contact number, etc. We would like more transparency on the part of the vendor in this regard. Lack of transparency makes it difficult to rely on the system.
The service uses all types of strategies. These include swing, trend line, positional trading, and other strategies are used by this signal service. The vendor does not have a clear explanation of the strategies except for the mention of using chart analysis and the technical reasons provided along with the signals.
User reviews for this signal service provider are found on the Forex Peace Army and Trustpilot sites. Based on the 48 reviews on Forex Peace Army, a rating of 3.8 stars is given. The Trustpilot site has around 85 reviews with a rating of 4.6. Here are a few screenshots of the reviews.
From the reviews on the Trustpilot site, we could see the users are more appreciative of the educative aspect of the signal service rather than the actual performance of the system. On the Forex Peace Army site, there are mixed reviews regarding the accuracy of the signals. There is mention of a refund not being provided.