ForexSignals.com Review – Should You Trust Them?
Welcome to the review of ForexSignals.com. It is a forex signals provider and training firm that aims to assist individuals in achieving improved profits in their forex trading endeavors. ForexSignals provides a range of resources such as mentorship programs and forums to aid in the acquisition of forex trading knowledge and skills.
Nonetheless, the trustworthiness of forex gurus remains uncertain, leaving individuals unsure about whom to rely on. In order to facilitate an informed decision-making process, a comprehensive review of ForexSignals.com has been prepared. This review will outline the advantages and disadvantages associated with their services.
Before delving into the specifics of the products and services offered by ForexSignals.com, it is essential to highlight an observation made during the course of this review. Numerous blogs have published reviews of ForexSignals, presenting positive ratings while claiming to provide impartial assessments. However, it has come to light that these blogs are, in fact, affiliates of the company.
It is important to be aware that if you come across a blog review that lauds its products or services of it, there is a high probability that the review is influenced by their affiliation. ForexSignals operates an affiliate program that offers monetary incentives for referring individuals to their services. To provide evidence of this, a screenshot of their affiliate page is included below:
Affiliate marketers earn a commission when individuals click on their referral links, which often leads them to promote specific products or services. Unfortunately, many of these blogs fail to disclose their affiliation with ForexSignals in an upfront and transparent manner. This concealment of information raises concerns about the authenticity of their reviews.
Indeed, it is a questionable marketing tactic, as it is difficult to consider these reviews as genuine and unbiased. After all, if a blog stands to gain financially when someone signs up on ForexSignals, it becomes unlikely that they would highlight any negative aspects of the company. The incentive structure inherently compromises the objectivity of the review.
While it is true that affiliate marketing itself is not inherently negative, the manner in which ForexSignals and its affiliated blogs have employed this strategy appears to be deceptive. Such questionable marketing tactics raise doubts regarding the reliability and quality of their services.
It is crucial to be aware of this aspect before proceeding with the rest of the review. The use of deceptive marketing practices can significantly impact the credibility and trustworthiness of a service provider. Therefore, it is important to keep this in mind while evaluating the remaining aspects of ForexSignals’ offerings.
What is ForexSignals?
Contrary to what its name might imply, ForexSignals primarily serves as a Forex learning platform rather than a signal provider. It offers users the opportunity to engage in forums and interact with fellow forex traders. A notable feature of ForexSignals is their daily live streams, where experts provide real-time market analyses. As one of the leading copy trading platforms, ForexSignals boasts numerous advantages for its users.
One of the key factors contributing to their popularity is their affordability. By offering competitive prices, ForexSignals has managed to attract a significant user base to their trading rooms. Within these trading rooms, users have access to a range of resources such as trade signals, indicators, forums, blogs, chat rooms, and the aforementioned live streams. The platform also provides the guidance of three mentors, including Andrew Lockwood and Max Bennell.
ForexSignals.com distinguishes itself in the market by keeping its prices lower than those of its competitors, aiming to entice more users to join its platform.
In addition to the standard trading rooms and signals, ForexSignals.com offers 1-on-1 mentorship programs at a higher cost, aimed at providing more extensive learning opportunities. However, it is worth noting that this practice of offering basic signals at a reasonable price and subsequently upselling customers with higher-priced exclusive products is a common theme among forex gurus. ForexSignals seems to have adopted a similar strategy to maximize its profits.
Upon conducting research for user reviews of their mentorship plans, it was surprising to find a lack of substantial feedback. This raises suspicions considering the abundance of user reviews available on various platforms for their other products and services. The scarcity of reviews for their flagship mentorship program casts doubt on its credibility. Therefore, it is not recommended to invest in their mentorship programs.
Similar controversies have surrounded MentorBox, a company employing the same upselling strategy. Their claim of offering a cheap product and subsequently charging more for advanced offerings has garnered significant criticism.
Furthermore, it is widely acknowledged within the forex industry that paying for trading signals is generally not worthwhile. The value they provide does not justify the price tag associated with them.
ForexSignals has three plans for you to choose from. If you want to test out their services, they offer a 7-day trial.
The Professional is the costliest plan available at ForexSignals. It costs $567 a year to join this program. You get the license key to Forex Tester 4, a direct line to the mentors, and trading feedback along with the usual benefits of the previous plans.
The Apprentice is the cheapest plan available on ForexSignals. You get a month’s access for $97 and you get to access their live streams, video library, and trading rooms. In my opinion, a hundred dollars is quite a high price for such a few benefits.
You’ll have to pay $297 per six months to get this plan. The Committed plan gives you access to their usual benefits such as the trading room, video library, live streams, etc. along with 1 on 1 mentorship.
ForexSignals’ Other Products
The plans we discussed above aren’t the only sources of revenue for ForexSignals. They have several other ways to monetize their users. Such companies use their cheap products to attract users and then sell them their highly-priced products.
What usually happens here is the reasonably priced product doesn’t provide sufficient value to the user. But the company claims that their costlier product would fix that problem. Now that the person has already spent some money, they don’t want to back out and purchase the costlier product as a result.
ForexSignals Mentorship Program
The people behind ForexSignals, Andrew Lockwood and Mark Bennell offer their dedicated mentorship programs for a high price. According to Andrew’s bio, he has been trading for 30 years. Mark Bennell claims to have 15+ years of trading experience.
Obviously, there’s no way to verify these claims, which is a significant problem in the forex industry. Their mentorship program is for people who want to learn forex trading quickly.
Affiliate Marketing of Forex Brokers
Apart from selling forex mentorship, ForexSignals has a dedicated page of forex brokers they recommend. All of the links on this page are affiliate links. However, even though ForexSignals claims to make these recommendations after verifying them through their expert team, I suspect they are lying.
Now, why would I make such a huge statement? Well, that’s because one of their recommendations is Mt. Cook Financial. They give it an outstanding 9.8 out of 10 rating.
In addition to the aforementioned concerns, it has come to light that Mt. Cook, a broker recommended by ForexSignals, operates as an unregulated entity. This revelation is particularly alarming since the supposed regulator, the Financial Sector Conduct Authority (FSCA), has been dissolved since 2017.
The inclusion of such a misleading recommendation on ForexSignals’ page is highly surprising and calls into question the overall reliability of their information. While their products initially appeared to be reasonably priced and reliable, the presence of such a blatant falsehood raises doubts about their credibility.
It is possible that ForexSignals either deliberately lied about “verifying” their recommended brokers or lacks the necessary understanding of how to properly assess and verify a broker’s legitimacy.
This situation serves as a significant reminder of why it is crucial to approach affiliate recommendations with caution. It appears that ForexSignals may have prioritized financial gains through their suggestions without thoroughly considering the quality and reliability of the brokers they endorse.
ForexSignals User Reviews
ForexSignals.com has an ‘Excellent’ rating on Trustpilot with around 1,400 reviews. Most of their reviews are of 5-4 stars. It is a good sign nonetheless, but they have plenty of negative user reviews too.
Common complaints among their users are of their ads are misleading, and have fake members in their trading rooms to deceive people. One of the complaints was regarding their customer support and how it has degraded in quality.
ForexSignals.com Review: The Verdict
Despite ForexSignals offering reasonably priced programs and boasting experience, there are several factors that raise significant doubts about their trustworthiness.
ForexSignals has employed a highly questionable marketing tactic by promoting its products through numerous reviews that claim to be unbiased but are, in reality, affiliate reviews. This deceptive approach undermines their credibility.
Furthermore, their Trustpilot rating appears dubious, particularly when considering the presence of potentially fake positive reviews. The fact that their affiliate broker recommendations have proven to be either dishonest or lacking concern for client welfare further erodes trust in the organization.
Considering these factors, even though ForexSignals offers access to trading signals and reasonably priced products, it would not be advisable to engage with them. It is prudent to exercise caution and distance oneself from organizations with such suspicious practices.
SEEING HOW FOREX SIGNALS RESORTS TO SHADY MARKETING TACTICS AND DOESN’T CARE ABOUT ITS CLIENTS’ INTERESTS, I CAN’T RECOMMEND THEIR PRODUCTS. YOU SHOULD TAKE YOUR BUSINESS ELSEWHERE.
Shady and Manipulative
ForexSignals is a reputed platform but uses shady marketing tactics to promote its products. Moreover, it lies to its customers and recommends shady forex brokers. Due to these reasons, I can’t recommend their products. You should avoid their services.