9 Best Free Forex Signal Providers

Forex signals providers offer a lucrative alternative for traders who don’t have the time to follow the market for potential trading opportunities or who haven’t had much success in their trading journey.

Picking a reliable signal provider can help you increase your trading performance and grow your bottom line.

However, just like anything in life, you have to balance between the pros and cons of each signal provider – especially if their signals are free of charge – and understand that there is no free lunch in the world of financial markets.

Still, we decided to review the best free Forex signal providers out there and provide a description for each of them, so you can choose the one that suits your trading needs.

In addition, you’ll learn what you need to look for in a Forex signal provider, and if there really is a large and measurable difference between free and paid signals. So, let’s start!

What are Forex Signals

You probably already know what Forex signals are, but it doesn’t hurt to cover the basics again. Ideally, Forex signals are potential trades sent by signal providers, which you can blindly follow and open on your trading account without the need to spend hours in analyzing the market by yourself.

The Forex signal provider does the hard work for you, and you simply have to open the position based on the provided entry price, stop-loss and take-profit levels.

The signal provider may either decide to send the signals for free, or to offer them based on paid monthly subscriptions. As our research shows, the most common situation is that the signal provider combines free and paid plans – with the paid plans having additional features such as a higher number of signals sent out during the month, signals with higher profit targets, e-mail support and so on.

What to Look for in a Forex Signal Provider?

There are many Forex signal providers on the market, and picking the right one is not an easy endeavor. Naturally, the most important factor is the profitability of the signals.

While some signal providers do have verified track records, others don’t trade the signals themselves and offer only “hypothetical or simulated performance results”, as per CFTC rule 4.41. In this case, you may experience different results than those claimed by the signal provider.

The second important characteristic of a good signal provider is the support you receive along the way. Many traders may find it reckless to blindly follow signals, and that’s one the reasons why a growing number of signal providers provide additional commentary and details for each signal they send.

Those include the reason why a trade should be taken (both from a fundamental and technical perspective), the accompanying chart with exact entry and exit points, and the risk-to-reward ratio or other trade management guidelines such as when to take partial profits or when to move the stop-loss level to breakeven. This approach makes many traders feel safer and more convinced to open a trade based on a signal.

Finally, Forex signal providers have to provide active support to their subscribers in case a trade setup becomes invalid or needs to be closed before the profit target is reached. However, this kind of support is more a quality of paid plans rather than free ones.

The Difference Between Free and Paid Signals

Our research has shown that most signal provider combine free and paid plans, with the paid plans usually providing additional features.

Some signal providers decide to limit the number of free signals and to offer only basic entry and exit points, without detailed market commentary.

Others don’t place this kind of restrictions on their free plans, but decide to delay the availability of free signals so that you miss the initial move and a part of the profits.

Still, there are some great sources in our list where you can trade on signals completely free and without any restrictions.

9 Best Free Forex Signal Providers in 2019

  1. Daily Forex

    Daily Forex is one of the more popular sites about Forex trading, backed by 500 thousand monthly visitors who can find a variety of information and market updates on the site.

    They also offers completely free Forex signals, although with no verified track record.Their signals are open to anyone and can be accessed directly on the following link.

    Beside entry and exit points, the experienced staff at DailyForex also provides risk management guidelines such as when to move your stop-loss to breakeven, or where to close a part of your position.

    However, take into account that their signals are mostly based on lower time-frames, so you’ll have to spend more time following their updates and managing your trades.

  2. Forex GDP

    Forex GDP provides up to 4 signals during the month on its free subscription plan, with a target between 90 and 150 pips (according to the website).

    Free signals are accompanied with basic entry and exit points and are sent out via WhatsApp. In addition to the 2-4 free signals, you get 2 trade ideas on which you can trade on.

    If you want additional features and higher profit targets, you’ll have to go with one of Forex GDP’s paid plans.

    The Premium plan costs $84 per month (discounts available for long-term subscriptions), and offers 8-12 signals with a profit target of between 300 and 700 pips. You’ll get accurate entry and exit points, email support and up to 6 trade ideas on top of the signals.

    Finally, the Supreme plan starts at $147 per month and includes 16-25 signals with a target of between 700 and 1500 pips. Beside Forex, this plan also includes signals for commodities, which is a welcoming features considering the volatility and profit potential of this asset class.

  3. BabyPips

    With almost 2 million monthly visitors, is considered an authority site on Forex trading.

    Along a free trading course that teaches you both the basics and more advanced concepts in an interesting way, the site also features a “Trade Ideas” section with regular updates on potential trade setups.

    Each trade idea is described in detail both from a technical and fundamental perspective.

    However, the focus of their articles is to educate you on how to analyze the market and to explain the reason why something is happening.

    So if you’re looking to follow precise entry and exit points without much involvement, Babypips may not be for you.

  4. Forex Signals

    Forex Signals is not just a signal provider, as it also offers access to live trading rooms. You get a real-time overview of how their traders view the market sentiment and place trades, along with valuable commentary for each trade.

    In case you don’t want to follow the signals and place the trades yourself, you can also invest in their managed account which has a profitable and verified track record.

    While Forex Signals are not completely free (their monthly membership costs $97), you can try a free 7-day trial to check whether this signal provider suits your trading style and needs

  5. Darwinex

    Darwinex is an intuitive platform unlike any other mentioned in this list. Investors have the possibility to invest in “Darwins”, which are trading strategies back-tested by Darwinex over the last five years and through various market conditions, in order to make sure that your investment is safe and secure.

    Traders that are behind the Darwins receive a 20% performance fee, which means that you pay only when the Darwin makes money – there are no hidden fees or commissions.

    The site allows you to check the past performance of each Darwin, so you can decide which strategy suits your risk tolerance based on maximal drawdown and historic results.

  6. TradingView

    While not a signal provider per se, TradingView is considered one of the best places for traders to share their trade ideas and market views.

    With millions of monthly visitors (63 million as of May 2018), you’ll find tons of trading ideas to borrow. One the left-hand side of the website, you’ll find the top authors for the day, the week, the month and all time.

    Many traders post their trade setups with exact entry and exit points and chart commentary on a regular basis, so you’ll stay up-to-date on trading opportunities across all asset classes (even cryptocurrencies are covered.)

    TradingView is perhaps one of the most efficient websites on this list, as you can filter out which ideas to follow based on the past performance of the trader while staying inside your own risk tolerance. And the best part – everything is absolutely free.

  7. Live Forex Signals

    The site features a clean interface with a real-time performance chart for all signals during the day. Also, the site showcases a table with the historic monthly performance and an overview of all previously released signals together with their results.

    While there are also paid memberships starting at $29 per month, all signals are freely available on the homepage after a certain amount of time.

    This means that you might miss the initial move of the currency pair, but if the TP or SL levels haven’t been reached yet, you still have a chance to jump into the market.

  8. Tradeo

    Tradeo is another popular free signal provider which also offers the possibility to interact with other successful traders. They post their trading signals, and you can decide which trader to follow based on his past performance.The social feature is a standout benefit compared to other websites. Being able to see who was buying or selling at certain times gives you inside knowledge and an idea of who is thinking what about a particular security.It also gives you the power of retrospective analysis to then figure out who did well on what trade and follow them.
  9. FXLeaders

    Beside news and opinions on current developments in the Forex market, FXLeaders also features a Forex signal service. Although a part of the signals is provided for free, you need to subscribe to a paid monthly subscription package in order to receive the full signals.

    On a free basis, you get the active and upcoming signals with their respective stop-loss and take-profit levels (no entry price provided here).

    However, if you know some basics of technical analysis, you might find an entry price that works for you and apply the stop-loss and take-profit levels from the free signals.

How Do You Receive the Signals?

Forex signal providers use a variety of ways to send out their signals. Naturally, you need to be able to receive the trade setup on time so you can immediately act on it. Some of the most popular ways to receive signals are:

Via e-mail – The signal provider sends the signal to your inbox. However, in case you don’t use push notifications or are not in front of your computer, you may miss the perfect time for opening the trade.

WhatsApp or Viber – Instant messaging services are very popular among signal providers, and you have benefits too. Some providers will send you the signals directly on WhatsApp or Viber, so the chance of missing the trade is minimal.

Telegram group – Similar to instant messaging apps, Telegram is also a popular software for signal providers to share their trade setups. Depending on whether the provider uses a channel or a group, you may also be able to discuss the signals and trades with the provider and other group participants.

Final Thoughts..

All of the listed Forex signal providers offer a way to access their Forex signals free of charge.

While some websites do have certain limitations on their free plans (smaller number of signals, smaller profit targets, delayed access to signals, free trial periods etc.), they’re still the best sources of trading signals we were able to find on the internet.

Whichever provider you pick, make sure to check whether its signals respect your personal risk tolerance and risk-to-reward ratio, and you can also combine a few signal providers from the list in order to get the most out of them.

This article was written by our in-house forex traders with a combined 20+ years of experience in trading the financial markets.