Profit Forex Signals Review: Is It a Reliable Signals Service?

By ETFhead 7th March 20221237 views

Profit Forex Signals is promoted as the best signal provider that has generated over 1,000,000 pips for its users since 2010. Currently, the team promises to make approximately 300% ROI or 9000 pips per month for you. More claims are that the service was created with top arithmetical accuracy and is very easy to use. Other than providing trading signals, the company also offers to manage your account with a trade copier system.

The signal service is run by a team of professional traders purported to have many years of experience trading Forex. The real faces behind the service include Nino (CEO), Anna (Main Trader), Chris Doe (Manager), Julie (Support), and Robert (Trader). However, there lacks detailed background info about the qualifications of each of these professionals.

The signals service features the following:

Signals provided can be obtained through trade copier, and email and SMS alerts.
The service provides 10+ signals weekly.
The minimum deposit you can trade with is $250.
It works with any MT4 broker, but works better with IC Markets.
The team behind this service offers free technical support 24/7.
It comes with fast execution of signals with TP, SL, adjustable lot size, etc.
The system offers lots of webinars, promotions, conferences, and training courses.
It’s easy to set up and provides an installation guide.

Trading strategies and currency pairs

The service generally deals with major Forex pairs such as GBPUSD and EURUSD. The full list of pairs are; EUR/USD, USD/JPY, EUR/JPY, USD/CHF, GBP/USD, AUD/USD, USD/CAD, NZD/USD, EUR/AUD, AUD/JPY, GBP/CHF, GBP/JPY, CAD/JPY, AUD/CAD, EUR/GBP, EUR/CHF, NZD/JPY, and CHF/JPY. The professionals behind this service claim that they follow well-tested methods. They focus on the activities of the Asian and England central banks. So, they note when the Asian bank buys/sells the EURUSD currency pair and the price it offers on it. At the same time, they note when the England bank rolls out its strategic financial plans aimed at defending the market. Unfortunately, the experts don’t tell us how they use the info collected to identify which signals to supply to their clients.

The presentation doesn’t feature the backtest results of this service. This is disadvantageous, especially for traders who would want to know the efficiency of a service before investing.

Profit Forex Signals trading statistics

Trading stats shown on Myfxbook

This account was opened in January 2022, and till now, the signals have executed 101 trades on it. The monthly profit rate is 25.91%, and pretty much decent. However, the vendor keeps info on the deposit, profit, equity, and interest secret, which is quite suspicious. The current drawdown is 27.66% and doesn’t raise serious concerns about the trading risks involved. We have favorable win rates for both long (76%) and short (93%) positions. A profit factor of 3.09 is recorded.

Daily trades

Monday and Tuesday are among the busiest days of the week.

Summary of trades

Info on profits is locked. In any case, the signals are mainly used to trade the GBPUSD currency pair, followed by the EURUSD symbol.

Monthly returns

The signals have been producing good return rates for this account monthly.

Pricing and refund

Traders interested in the service have 4 plans to choose from. The standard, professional, ultimate, and pearl plans currently go for $49/m, $99/m, $249, and $499 respectively. The pips you can earn range between 1000 pips to 9000 pips, depending on the package you choose to use.

What else you should know about Profit Forex Signals

We found almost 400 customer reviews for this service on Trustpilot, and a majority of them are positive, suggesting that the service is legit. From a sample of the testimonials posted below, it is apparent that the signals make profits for users. However, we came across a trader who says that the professionals’ trades and strategy are not perfect, and it is not clear how they enter trades.