A list of the top 15 forex signal providers in 2023!

15 Best Forex Signal Providers for Trading 2022 High Win Rate

Forex signals are tips on how to trade in a currency pair based on how the market is moving. Finally, forex signals can also be called notifications for trading in foreign exchange. Both beginners and experts use signals.

The Best Forex Signal Providers

The basis is almost always technical analysis

Today, programs are very helpful. Not only do they usually show the right trend, but we can also use the signals to predict price spikes with great accuracy. This greatly simplifies online trading, especially for beginners. Technical analysis forms the basis for programs that can predict the development of events. The following points play a special role here: 

  • Classic chart analysis,
  • Relative Strength Indicators,
  • Observing and evaluating trend lines and
  • Support and resistance line analysis.

Therefore, if a certain trend occurs, the trader gets a forex signal. This means that the trader can react to any changes in the market.

Why use Forex signals?

As a rule, people follow the so-called minimum-max principle. In other words, we want to achieve the best result with the minimum effort. But in trading, this can be an extremely dangerous attitude. If you have an indecisive attitude, the market will swallow you up.

List of the top 15 forex signal providers in 2023!

When it comes to the time component, we can help with trading signals. The trader here gets help because analysis and research are extremely time-consuming if an outsider takes care of these tasks. In this case, technology allows us to count on time savings that we should not underestimate.

Types of signals

Here is an overview of the different types of signals:

A simple signal

The trader gets a message telling him or her that a certain underlying asset has set off a buy or sell signal. We can find the information in the trading software as well as send it by email, SMS, or WhatsApp. This trader then decides whether to follow the signal.

The advanced signal

Here, the trader also gets a notification by email or WhatsApp. The message shows that the signal provider has placed a trade on a certain underlying. In the notification, there are also indications:

  • to the entry price,
  • the stop loss as well as
  • the take profit limit.

Managed Accounts

Here, the trader attaches his account to the trading account of the signal provider. This means that there is an automatic transfer to the trader’s account.

Each variant has its advantages and disadvantages. If the trader decides to use the simple signal, he will receive information that there is a chance to make a profit if he opens this or that position now. The trader decides for himself whether the entry is worthwhile.

With an advanced signal, there is already information that the program has already traded, including entry price, stop loss, and also take profit limit.


Technical analysis is hard for a new trader to do well, so we can guess how prices might move. A forex broker can help here by using trading signals to show even less informed traders how they can invest wisely. This will also end up increasing their money.

What is the biggest advantage for a trader? The system is extremely simple. We don’t have to sit in front of our PC screens and watch the market. We can simply wait for the signals from the provider and then decide for ourselves whether to open a position.

Also, we would never forget that a person, especially a beginner, can be mistaken in estimating the market. If the market goes in the wrong direction for the trader, the trader will lose money. Of course, forex signals are not a guarantee of profit. But we can reduce the risk of misjudging the market movement if we follow the signals.

So, if we use Forex signals, we can count on a benefit that we shouldn’t overlook. Trading signals also give you a legitimate informational advantage over other traders. Because we have to gather information by hand, we don’t always notice a trend until it’s too late.

What costs does the trader have to expect?

The signals are not free of charge. The trading signal service usually charges a contribution towards expenses for the provision.

Some providers advertise free signals. These signals are either free of charge for a limited period or, in reality, they are of no help because they didn’t prepare them well.

The costs incurred for trading signals are manageable nowadays. Providers who issue one signal per day charge an average of 40 euros per month if they transmit several different signals per day. However, traders must already have more cash on hand. However, there are always special promotions as well as offers, so that we can get a few helpful signals for around 50 euros/month.

The strategies at a glance

There are, of course, different strategies that we can follow when trading Forex. Here are the most popular ones:

Copy Forex signals

All signals work the same way, which is that we copy the signals from the providers into your trading program. Then we let them trade either automatically or by a corresponding message. Here are a few strategies:

The trend strategy

To find out how the prices of foreign exchange develop, many traders focus on the so-called trend-following strategy. Here’s how we observe the trend of a certain currency:

According to the trend, we place bets on the further course of the price.

  • The time level at which we can observe the trend bars is between 15 minutes and one hour. Especially day traders will rarely exceed this time level.
  • If two consecutive bars form a high, but also form a higher low at the same time, we can speak of a clear trend. In such a case, it is advisable to buy only when we notice a crossing of the second high.
  • We recommend that if a stop is set below the low of the first bar – of course, the setting of the stop limit must be in line with one’s own risk management.

Scheme 1-2-3

Although the 1-2-3 formation is simple, it is slightly riskier than the trend-following strategy. First comes the high, then the low. If after that it exceeds the maximum bar, we can make an entry. The stop level should be set below the lowest low. If the rate then exceeds point 3, it will begin to consolidate.

We should note that the so-called 1-2-3 formation can be used for both buying and selling.

If we get a signal based on the 1-2-3 pattern, we must act quickly. It is only when we react immediately that we can maximize profit.

Pivot and Breakout Strategy

When a swing and a breakout signal are seen, the top and bottom of the “swing” are also seen. The weekly chart is used here. During a short/long position, we can bet on a return to a breakout or swing by putting stop orders on the upper and lower limits. Depending on the economic situation, the breakout could be severe.

Stops must be placed as in a classic trend. We should also think about how we are going to handle risks with this strategy.

Forex Signal Recognition: How to Recognize a Good Signal Provider?

Due to the large number of signal generators on the market, it is sometimes difficult to judge who we can rely on and who works professionally. So, here is an overview of the most important factors to pay attention to.

What information is transmitted?

Enough information must be transmitted. After all, entering the market and the stop loss limit is extremely important, but there is no indication later on of when the position should be closed again—so there is no information about profit taking.

Therefore, the following information should be conveyed:

  • entry price,
  • stop loss limit,
  • profit-taking strategy and what percentage of the trading account should be invested.

Is there a money management strategy?

If traders only get information about when to enter and leave a trade, we won’t know what risks we are taking. The signal provider has to tell the trader how big the position is and how much money is at risk in the trading account.

Conclusion: There are no guaranteed winnings

The risk is affected by the following factors:

  • stop loss
  • position size and
  • the combination of the position size and Stop Loss

With Stop Loss, we can determine in advance the loss limit. As soon as the stop loss limit is reached, the position is automatically closed.

On the other hand, how much a change in price affects the trading account balance depends on the size of the position.

The combination of stop loss and position size leads to the percentage risk of the trading account.

Conclusion: There are no guaranteed winnings

Forex signals are support that should not be underestimated, but they are by no means a guarantee that we will eventually make a profit.

Even if the risk is reduced and the chances of winning are increased, losses can never be ruled out because the market can always move in a different direction.

Richard Urban
Author and expert: Richard Urban
LinkedIn: Richard Urban