No free Forex Signal provider is the best, and most of them will make you lose money.
Forex Signals are a business. Like any other business, they need to generate profit to keep going.
Given that you’re not paying them for the service, they have to turn to receiving affiliate commission from brokers, and advertising revenue.
These are two heavily incentivized income streams, which both have strings attached, requiring the Forex Signal Provider to act in the interests of broker and advertiser. If they don’t, they don’t get paid.
Brokers will typically pay Forex Signal Providers for new account registrations, that have a minimum capital deposit and minimum number of losing trades (winning trades mean the broker generally loses
If these conditions aren’t met, the Forex Signal Provider isn’t paid, and their business stops operating.
This results in a huge conflict of interest. The free Forex Signal Provider (who is supposed to be serving you) is really serving the broker, by making you lose your money to the broker.
Don’t think this only applies to free Forex Signal Providers; any Forex Signal Provider that requires you to use their ‘preferred’ broker is serving the broker - especially if there is some commission or affiliate element to it.
Even if you find a Forex Signal Provider that truly provides a service to you, with no preference on broker, educate yourself before even thinking of using them. Understand risk management, charts, key drivers in the markets etc. Also understand yourself - what sort of trader are you? Not all signal providers will match your preferred trading style.
Forex signals are just that - signals. It’s up to you to trade them, and if you do so in a reckless manner, don’t be surprised if you end up losing.
