Best CFD signal providers
The best CFD signal provider - RoboForex CopyFX.
Best CFD signal providers:
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RoboForex CopyFX - allows to copy the trades of professionals.
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1000pip Builder - 1-5 trade signals per day.
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Traders Union free daily signals - signals are free and available to all.
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Pocket Option - access to social trading signal providers on the MQL5
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Exness - provides analysis through Trading Central
CFD signal providers play a significant role in the financial trading industry. They notify traders when the market presents a trading opportunity.CFD signal providers help novice and experienced traders explore the potential of trading CFDs with little or no experience. However, choosing the best CFD signal provider can be an uphill task, especially considering the growing number of signal providers. Therefore, this comprehensive guide aims to equip beginners and busy traders who want to trade CFD using the service of a signal provider. So, read to the end to discover how CFD signals work and what to look for to select the most reputable signal providers to maximize profits trading CFD.
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Is giving CFD signals legal?
Yes, giving CFD trading signals is legal.
Top 5 CFD signal providers
RoboForex’s CopyFX
RoboForex is an online broker that offers copy trading services to investors through a dedicated feature known as CopyFX. The CopyFx is a social investment trading system that allows traders or investors to replicate the trades of professionals. It is rated as one of the best copy trading systems that gives investors access to CFD trade signals of more experienced traders.
RoboForex CopyFX makes it less hassle for investors to choose the right CFD signal provider to copy by displaying their performance metrics, including historical performance, risk levels, drawdowns, etc.
To start copying CFD trades in the CopyFX system involves three simple steps – open an investor account via the Personal Member Area, fund it, and choose a CFD signal to copy.
Generally, the minimum deposit to copy trades is $100. However, some signal providers set the minimum amount an investor should have to copy their trades. Investors pay a commission for profitable trades only.
👍 Pros
• Accessibility: CopyFX allows investors to copy the trades of professionals, which makes it beneficial for beginners and busy traders.
• Diversification: RoboForex CopyFX gives investors access to select multiple signal providers to diversify their portfolio.
👎 Cons
• Risk: Copy trading carries significant risk as the past performance of a signal provider doesn’t guarantee future gains.
• Costs: Investors pay commissions for successful trades, which could impact overall profitability.
1000pip Builder
The 1000pip Builder is one of the notable signal providers with a track record of consistency and great feedback from users. The platform offers accurate trading signals with high winning rates to their subscribers. It has several 5-star ratings on Trustpilot and from other users across different forums and websites. The feedback is simply mind-blowing.
Bob is the face behind 1000pip Builder, a Forex trader skilled in technical and fundamental analysis with over 10 years of experience in the financial industry. 1000pips Builder has a robust trading signal service that sends trading opportunities into subscribers’ inboxes on weekdays.
Subscribers receive 1-5 trade signals daily with a target of at least 350 pips monthly.
The signal service can become accessible after paying a membership fee. The subscription fee for 1000pips Builder is on a monthly, three-month, and yearly basis. The monthly plan is $97, while $227 is for three months, and $497 is for the yearly subscription.
Traders Union free daily signals
Traders Union is another platform that provides reliable Forex and CFD trading signals. To start with, Traders Union is a portal that provides valuable educational content for beginners and experienced traders. It also covers investment and reviews on Forex brokers to help traders make better decisions.
Furthermore, Traders Union experts also provide daily trade signals on the platform using fundamental data, news, or technical analysis. Besides, its automated platform provides trade signals generated using technical indicators.
While the signals are for educational purposes, they can also assist traders in making better decisions. Therefore, traders can take advantage of the signals on their platform. Finally, it is worth noting that signals on the Traders Union website are suited mostly for day traders and are available for free.
👍 Pros
• Free signals: The trade signals on Trader Union are free and available to all. So, traders can take advantage of the signal at no extra cost.
• Signals from Different Experts: The signals on Trader Union are provided by different financial experts on the platform, which makes it more reliable.
👎 Cons
• Few Signals: Signals are relatively few compared to other platforms.
• Signal Delivery: No provision to deliver signals to traders’ inboxes. The signals are available on the Traders Union platform, which could make traders miss some of the signals.
Pocket Option
Pocket Option is a financial trading platform founded in 2017 for trading binary options; it also offers access to currency pairs, commodities, indices, and stock trading. Thus, Pocket Option offers opportunities for traders to participate in different financial markets. Besides, it has a user-friendly interface, which makes it appealing for beginners.
Pocket Option gives traders/investors access to social trading signal providers on the MQL5 community for copy trading service. In other words, investors/traders on Pocket Option can connect their account to MQL5 for copy trading service.
The MQL5 platform stands out as one of the largest trading communities that offer copy trading services in the financial industry. To copy trades from MQL5, investors need to register on the MQL5 platform to have access to the list of expert traders. Also, traders/investors pay a subscription fee for access to copy trades.
👍 Pros
• Variety of Assets: Pocket Option offers users the opportunities to trade various markets with diverse trading options.
• User-Friendly Interface: Pocket Option has a user-friendly interface, which makes it accessible for beginners and experienced traders.
👎 Cons
• Regulation: Pocket Option is not a regulated broker, which may raise some legitimacy and operational concerns.
Exness
Exness is a popular trading broker that stands out in the financial industry for its intuitive features, user-friendly interface, and fast deposit/withdrawals. Exness provides free trade ideas/signals by notifying users about upcoming events in the financial sector that could impact the market. Such an event could change the prevailing trend direction, increase volatility, etc.
Exness also provides analysis through Trading Central, where it displays the overall market trends, entry/exit recommendations, signals from other technical indicators, etc. These signals and trade ideas can be beneficial in making informed trading decisions.
Furthermore, Exness also provides signals through a copy trading service on the Social Trading platform, allowing users to connect and replicate the trades of experts. It offers access to other experts who provide CFD trade signals, allowing less experienced and busy traders/investors to replicate the CFD trades of other successful traders. Traders/investors pay commissions only when the copied CFD trades end in profit.
👍 Pros
• Convenience: The copy trading service offers a convenient way for traders to trade CFDs in the financial market. Also, Exness occasionally notifies users via email about upcoming events.
• Educational Value: Signals on Exness provides experts’ insight and in-depth market analysis. The signals also come with explanations, which add value to traders,
👎 Cons
• Costs: Copy trading isn’t free. Copt traders pay mandatory commissions for successful trades.
How CFD trading signals work
CFD trading signals are notifications generated through technical, fundamental, or sentimental analysis, suggesting potential trading opportunities in the CFD markets. For instance, a signal provider may identify a potential short/sell opportunity when the market retests the neckline of a double top and shows reversal signs.
In some cases, technical indicators are automated to generate CFD signals and send alert notifications to subscribers. This method uses an automated system with complex algorithms that continuously monitors the markets for a defined trading setup.
Here are some typical examples of CFD trading signals:
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Asset: USOIL
Buy stop @ $109.08
Take Profit: 109.85
Stop Loss: 109.03.
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Asset: Gold
Sell stop @ $2046.52
Take Profit: $2035.36
Stop Loss: $2049.31.
Are CFD signals legit?
Yes, CFD signals are legitimate. However, traders are to research the reputation of the signal provider before opting for the signals.
Pros and cons of CFD trading signals
👍 Pros
• Guidance: CFD Signals guide traders on when and how to execute trades based on the available trading opportunities in the market.
• Learning Opportunity: Following CFD signals offers a great way of learning how professionals analyze the market.
👎 Cons
• Reliability: The accuracy of trading signals may vary over time due to different market conditions and the psychology of the signal provider.
• Costs: Most profitable signal services require membership fees, which may impact the overall profits.
What to look for in CFD trading signals?
When considering CFD trading signals, you need to evaluate the following factors:
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Signal Provider’s Reputation: opt for signals from reputable providers that have a proven track record of delivering well-analyzed signals with probable outcomes.
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Signal Accuracy and Consistency: Analyze the record of the signal provider to ascertain the accuracy and consistency rate of the CFD signals.
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User Reviews: Look for feedback from past and current subscribers on their experience with the signal provider.
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Cost versus Value: Evaluate the cost of the signal and compare it with the value it provides. This helps you to determine if the signal is worth paying for.
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Transparency: Finally, avoid signal providers with unclear trading methodologies.
Team that worked on the article
Joshua Francis is a professional Forex trader with 4+ years of experience in the financial industry. He trades the XAU/USD and GBP/JPY pairs. He is also a ghostwriter and author for Indicatorspot and Traders Union, where he puts his intensive research skills and deep knowledge of the financial markets into freelance writing.
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.
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).