7 Best Free Forex Signals for Trading in 2024

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Best Free Forex Signals provider - CopyFX from RoboForex

Your capital is at risk.

Top Free Forex Signals for Trading:

RoboForex CopyFX - unique CopyFx trade copying system that delivers live signals, fundamental analysis, and market updates to its clients;

Learn2Trade - trending free signals in Telegram;

Free Signals Pro - 2-5 free signals per day in Telegram from a well-known provider.

Forex signals are a way to get forex trading tips and information. The most important thing to look for when choosing a forex signal provider is the quality of the signal. There are many providers that provide outdated and inaccurate information, so it’s important to do your research before signing up with any provider.

Here, we’ve done some of the work for you by listing some of the best free forex trading signal providers in 2024.

Note!

The accuracy of signals can vary depending on the signal provider and the trading instrument. You should always conduct your own research and risk assessment before making any trading decisions.

7 Best Free Forex Trading Signals Providers

Signals provider Types of signals Free Options

RoboForex CopyFX

Copy Trading

Free

Learn2Trade

Telegram Channel

Free

Free Signals Pro

Telegram Channel

Free

eToro CopyTrader

Copy Trading

Free

ForexSignals.io

Moving Average

Free

ApexBull

Moving Average

Free

AvaTrade Copy Trading

Copy Trading

Free

RoboForex CopyFX

Open an account
Your capital is at risk.

RoboForex is an international forex broker that has been in business since 2013, and it is regulated by the Cyprus Securities Exchange Commission. RoboForex copyFX currently has more than 400,000 active clients from more than 150 countries around the world.

The broker offers a service called copyFX, which delivers live signals, fundamental analysis, and market updates to its clients. The company also provides training courses on forex trading and other financial markets.

If you have funds, but aren't ready to trade on your own, RoboForex CopyFX may be a great option for you. Without installing a trading terminal, you can subscribe to a selected trader's signals and copy their transactions to your account. Signal providers (traders) are carefully reviewed and if their results are not satisfactory, they may be rejected from the service. So, when you subscribe to signals, you can rest assured that you’re subscribing to some of the most accurate ones out there.

Learn2Trade

Learn2Trade is a free forex trading signals provider that sends out trading alerts to traders who are interested in the forex markets. The company provides traders with a range of different alert types, including:

An email notification of when an alert has been triggered

A push notification on your mobile device

A text notification on your mobile device

A Telegram message, if you have signed up for this service

Additionally, Learn2Trade's forex signals suggest take-profit and stop-loss orders. The two orders are crucial, because they ensure Learn2Trade members are trading in a risk-averse manner. For those seeking profitable forex signals, Learn2Trade offers two options.

As a free Telegram channel member, you receive three signals per week with no blackouts. Unlike other free signal providers, which typically hide stop-loss or limit order prices until users pay, this one displays them.

Learn2Trade also provides traders with live chat support, so if they have any questions about their alerts or want to find out more about how the company works, they can get help quickly and easily.

Free Signals Pro

Free Signals Pro is a free signals provider with an API that allows forex traders to connect their chosen trading platforms and receive forex trading signals. The API offers many types of signals that can be used such as market sentiment, volatility, and momentum indicators. This way, traders are notified about new trades and can act on them accordingly.

The Free Signals Pro program provides 2 to 5 signals daily and a 1:1 or 1:2 risk-reward ratio.

Traders have the option of contacting the administrators of the site with questions and to seek assistance in following the trading signals. Currently, over 2,380 people follow this Telegram channel for forex trading signals.

eToro CopyTrader

Open an account
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

eToro is yet another broker that offers a copy trading service and provides free forex trading signals. CopyTrader is an online tool that gives users access to all the information they need in order to make smarter decisions. CopyTrader is available on both desktop and mobile devices, which makes it convenient for traders who want to access their information on the go. eToro CopyTrader is also fully-featured and includes charts, graphs, news feeds and more.

eToro's trading signals are automated copy signals sent from a copied trader's account. With this format, some of the problems associated with other trading signal formats can be eliminated, such as delays in receiving alerts, missed signals, inability to act on them in a timely manner, or confusion in their interpretation.

In order for a trader to list their traders for copying, they must meet certain criteria, which includes:

Risk score, which categorizes a trader's risk level. Trading styles with lower scores tend to be more conservative, while those with higher scores tend to be more aggressive.

Return, which is the rate in which they’ve earned over the last six or twelve months (usually displayed as 6M or 12M).

Number of copiers

% profit/loss in the last 7 days.

ForexSignals.io

ForexSignals.io is an online service that provides free forex trading signals to traders. It has been in operation since 2016 and it has grown steadily over the years with a large number of active users from all over the world being registered on the site.

To be able to receive these signals, you must have a MetaTrader4 platform as the signals are only available for MT4. With the MT4, you can set up your own account and receive trading signals from different types of market conditions.

ApexBull

ApexBull is a free forex trading signals provider that helps traders in making informed decisions. They provide traders with the latest forex trading news and updates, as well as technical analysis on the forex market. ApexBull also offers a forex trading simulator to help traders practice and learn the basics of forex trading without risking any money. The ApexBull team consists of experts from various fields such as finance, marketing, and programming. They have a combined experience of more than 100 years in the financial industry.

AvaTrade Copy Trading

Open an account
Your capital is at risk.
71% of retail investor accounts lose money when trading CFDs with this provider.

AvaTrade is a forex broker that allows traders to buy, sell, and trade various financial assets. It offers a copy trading service that provides trading signals.

Copy trading is a form of automated trading where traders automatically follow other traders’ trades. This can be done by copying all of their trades or just copying the profitable ones.

All you need to do is set up an account with AvaTrade and deposit some funds before you can start following the trades of other traders on the platform. Once your account has been verified, you’re then given access to all of the signals generated by these traders in real-time.

The sources AvaTrade uses for its copy trading are of the highest quality. These sources include hedge funds, expert brokers, and money managers. You can therefore benefit from the experience and knowledge of seasoned traders by copying their trades and trading with AvaTrade.

This trading strategy has the potential to be highly profitable. Several social traders, new and experienced, have gained direct access to the top traders on the platform and have experienced a significant increase in success.

What Are Forex Signals?

Forex signals are trading suggestions or ideas to buy or sell a particular currency pair at a specific price and time. They are generated either by a human analyst or an automated Forex algorithm based on various market analysis and trading strategies.

Some common ways Forex signals are generated include:

  • Technical analysis. Looking at charts and technical indicators to identify trading opportunities. This is based on historical price movements and trends.

  • Fundamental analysis. Analyzing economic and political events that may impact currency valuations. This includes interest rates, employment data, inflation, etc.

  • Sentiment analysis. Gauging market sentiment from news, social media, surveys to see how traders are positioned.

  • Algorithmic models. Advanced computer models that are programmed with trading rules and logic to automate signal generation.

Forex signals aim to identify opportune times and prices to enter or exit positions. They indicate whether to buy or sell a currency pair and often include take profit and stop loss levels. The signals are sent in real-time via email, SMS, mobile apps or online platforms.

Traders use Forex signals to inform and complement their own analysis. They can choose to follow the signals manually or automate the trades using copy trading platforms offered by brokers. The quality of signals varies greatly, so traders must evaluate performance and risks before using them.

Free Forex Signals vs. Paid Forex signals: What Should I Choose?

Some investors may choose paid forex signals, while others may opt for free forex signals. There are many providers of free forex signals, but not all of them are reliable or trustworthy. The choice is up to you, but it's always best to do your research before making any decision.

In general, when choosing between free and paid forex signals, it all depends on the type of signals. For example, copy trading signals are usually free. In this case, it is necessary first of all to pay attention to the choice of a trader whose signals to subscribe to.

In the case of signals from traders on telegram and other sites, usually, free signals are good for testing the service. However, paid channels tend to publish more reliable data.

Should I Trust Free Forex Signals?

In today's world, there are many signals that are available for forex traders. Some of them are free and some of them require a subscription. But how can you know which one is trustworthy?

The first thing to do is to find out the track record of the signal provider. How long has it been providing signals? And what percentage of those signals were successful?

It is necessary that the signal provider value their reputation. Priority should be given to well-known companies. Don’t believe in overstated promises. And remember, free signals don’t give a 100% guarantee of success.

Forex Signals in Telegram – Top 7 Providers

How to Choose Free Forex Signals

It’s important to know what to look for when choosing a forex signal provider. You should make sure that the signal provider has a good track record and if you are new to trading. This involves checking for reviews and looking at their past performance. Assess the quality of their signals by looking at their accuracy rate and how often they send signals. The higher these numbers are, the better it is for you as they will be more likely to give you profitable trades which will help you make money in the long run.

You also want to make sure they have access to quality trading software such as MetaTrader 4 or MetaTrader 5 so that you can follow the trades and see what's happening in real-time. Lastly, you may want to look at the types of signals (i.e. e-mail, SMS, or mobile app) the provider sends out and how often they send signals.

Other things to consider when choosing the best free forex signals include:

The number of positions: It is preferable to have at least 100 positions to get a good idea of how the signal service performs under various market conditions.

The risk-to-reward profile: Ensure that the provider has a positive risk-to-profit ratio. More than 1:1 risk to reward is preferable.

The number of consecutive losing trades: When following the forex signal, it is possible to experience a drawdown or loss.

Best Forex Trading Signals in Whatsapp Groups

Which Free Forex Trading Signals Are the Most Accurate?

There are many different signals that traders use to make their trading decisions. Some of them are free and some of them are not. The question is which ones are the most accurate?

The truth is, no single source will give a 100% guarantee of success. Many consider automatic trading signals to be the most accurate. At the same time, you should still be careful, test the signals on the minimum amount of investment, do not invest the entire amount in one source.

Forex traders are always looking for ways to improve their trading signal accuracy. This can be done by minimizing the possibility of false signals and making sure that trades are not taken out of greed or fear. Forex traders should always make sure to trade with a plan and not overtrade. Trading with a plan means that the trader knows when they will take profits, when they will cut losses, and how much risk they are willing to take on in each trade. It also means that they know when it is time to exit the market because their trading strategy is no longer working.

For example, a trader is having trouble exiting their position when the market is at a loss. They question if they should stay in the market and take more risks to make a profit because they still want to make some money. This would be an instance where it is time to exit the market because their trading strategy or plan is no longer working.

Forex Signals Providers Vs. Expert Advisors

Forex signals providers and expert advisors (EAs) are services designed to assist traders in the foreign exchange market. Yet, they operate in different ways and may be suitable for different types of traders. Understanding their distinct features and functions can help you determine which might serve you best.

Forex Signals Providers

Forex signals providers serve as your personal trading advisors. They analyze the forex market meticulously and generate trading signals in real time. These signals typically contain essential trade information like the entry price, stop loss levels, and take profit targets. They're often transmitted via convenient channels like SMS, email, or specialized platforms.

The signals can be generated through various methods, such as technical analysis, fundamental analysis, or a combination of the two. They're especially beneficial for novice traders still learning the dynamics of forex trading or for those who lack time to conduct comprehensive market analysis themselves.

However, the effectiveness of these signals can vary significantly from one provider to another. Also, traders still need to manually execute the trades. Hence, a certain level of oversight, experience, and decision-making is necessary when using forex signal providers.

Expert Advisors (EAs)

Expert Advisors (EAs) can be described as automated trading robots. They're software algorithms that are integrated directly into a trading platform like MetaTrader 4 or 5. EAs follow predefined trading strategies, ranging from simple moving average crossovers to complex multi-indicator strategies. Importantly, they execute trades automatically without human intervention.

EAs are particularly useful for traders with well-defined strategies and prefer to automate their trading. Automation can help eliminate emotional decisions, ensure consistent execution, and save time. However, EAs require some technical knowledge to set up and manage effectively. They're as effective as the strategy they're programmed to follow. Therefore, the understanding and input of the trader remain crucial.

Are Forex Trading Signals Profitable?

Forex trading signals can be profitable, but their effectiveness heavily depends on a few factors. The quality of the signal provider is paramount; reputable providers who base their signals on comprehensive technical and fundamental analysis can offer valuable insights that may lead to profitable trades. However, signal quality varies significantly across providers.

Even with reliable signals, profitability isn't guaranteed. Market conditions can change rapidly, and a profitable signal can become a losing trade if not managed properly. Timing, risk management, and the trader's understanding of market dynamics are critical.

👍 Pros

Cost-effective: Forex trading signals are a cost-effective way to access expert market analysis, saving traders the time and resources it takes to develop these skills themselves.

Exposure to strategies: Signal services expose traders to diverse trading strategies, offering a broader understanding of market analysis methods, including both technical and fundamental analysis.

Learning opportunities: Many signal providers offer detailed explanations of their signals, which can be a rich source of learning for novice traders aiming to improve their trading skills.

Time-saving: Forex trading requires extensive market analysis. With signals, traders can benefit from expert analysis without spending hours studying the market themselves.

Risk Management: Signal providers often include stop loss levels and take profit targets, vital for risk management. These defined exit strategies help protect capital and secure profits.

👎 Cons

Limited Support: Forex signals typically provide basic trading information with limited personal guidance or training resources. This lack of support might make it challenging for novice traders to understand the reasoning behind each trade.

Risk-Reward Ratio Used by the Provider: Signal providers often use a standard risk-reward ratio that may not match individual traders' risk profiles. This discrepancy could lead to trades that don't align with a trader's preferred level of risk.

Quality Varies: The quality of signals can vary significantly between providers. Some may offer consistently profitable signals, while others might lead to losses. This inconsistency makes it crucial for traders to research and select reputable providers.

Expert Opinion

The Forex signals market has a large number of players, but the quality of their services, especially when they claim to be free, typically ranges from low to outright fraud. As a result, this sector has a dubious reputation among traders for good reason. However, completely dismissing it from your focus also seems not entirely accurate. If, during the analysis of players, you concentrate on reputable regulated companies that have been long-established in the market and offer clear indicators of signal quality, it makes sense to at least consider top traders. Perhaps, by allocating a portion of your capital to this direction, you may achieve a smoother curve in your overall returns.

Igor Krasulya

Igor Krasulya

Author at Traders Union

FAQs

Are forex signals profitable?

The profitability of forex signals varies. While some traders have found success by following signals, it's important to remember that trading involves risks, and not all signals may lead to profitable trades. Thorough research and risk management are crucial.

How long do forex signals last?

The duration of forex signals can vary. Some signals are meant for short-term trades, lasting minutes to hours, while others are designed for longer-term positions that can extend over days or even weeks.

How often do forex signal providers send signals?

Forex signal providers send signals based on their own trading strategy, which can be as often as every few minutes. Some providers offer up to 100 trading signals per day.

Are forex signals illegal?

Forex signals themselves are not illegal, but it's essential to ensure that the source and distribution of signals comply with relevant financial regulations. Using signals from licensed and reputable providers is recommended.

Team that worked on the article

Oleg Tkachenko
Author and expert at Traders Union

Oleg Tkachenko is an economist-analyst and a risk manager with a practical experience of working in financial institutions for over seven years. Oleg specializes in the analysis of commodities, Forex, stock markets and non-standard investment markets (cryptocurrency, hypes, peer-to-peer lending). He holds a Master’s Degree from the Ukrainian Academy of Banking of the National Bank of Ukraine, Kharkiv Banking Institute. Oleg became an author for Traders Union in 2018; in 2020 he joined the TU’s team of financial experts.

At Traders Union, Oleg is involved in expanded reviews of brokerage companies, and in monitoring the relevancy of the information provided in them. He analyzes trading strategies and indicators, and prepares educational articles on the topic of finance. In addition, Oleg carries out expert research in the Forex and stock markets, and also binary options and cryptocurrency markets. In particular, he checks brokerage companies, studies their performance and growth, tests new services offered by brokers, software and the level of customer support.

Oleg’s motto: Information is a force that opens boundless opportunities, but requires relevancy!

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

Mirjan Hipolito
Cryptocurrency and stock expert

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.