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FXProfitSignals.com Review Visit site

Updated: Mar 6, 2019
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OldIsGold,
Sydney, Austria,
Mar 5, 2019,
Registered user

Review after one month of trading on these signals

I thought I would try out a signal provider to see if the hype lives up to the outcome. So I looked up some providers, and found fxprofit signals through google. Subscribed to their "free" Telegram channel, and their marketing stats (which they kept repeating over and over) seemed good, so I signed up for the VIP channel. Have been with them for a few weeks, so I think I am able to review them here. (Note I am not a full time trader, nor am I a novice. I've got years of experience on the forex markets)

Before starting, I would like to state, that I am in no way affiliated with fxprofitsignals (or any other service provider) and have no connections to them except as a user of their proffered services.

Would I call them thieves, outright scammers or their venture or signals a scam? I would not. Would I call them squeaky clean and transparent and above board and exemplary businessmen? I would not.

The warning signs:
These were there and I was aware of what I was getting into, but their figures seemed impressive, so I thought it was worth the risk. The first warning sign was the lack of transparency. Nowhere in their information could I find a name or a phone number of the real person (or persons) behind this. This led me assume that either, there were people who had messed up before in the fx scene and could not to associate their names with this venture, or there was some conflict of interest involved in revealing their names. Either way, normally I would not have gone with such a provider.
Sign 2: Also lack of transparency: in their server IP address lookup and registration results, names are again hidden by a "service provider". They have taken an extra step to remain hidden.
Sign 3: The company is registered in Bulgaria under Pro Forex LTD. The fact that there are advertisements all over the Net for company registrations in Bulgaria for ridiculously low Euro amounts, didn't fill me with that much confidence.


The Purchase:
Buying the signals themselves was quick and easy. They have numerous ways in which you can pay and the signals started arriving promptly after the purchase of the signals through the Telgram app

The system:
They are a bit sketchy on how to use their system and I presume deliberately so. They give 4 options on their site. Their system is basically a 3 level take profit (TP1, TP2, TP3) and stop loss. Summarising very briefly the main points:
Option 1, target TP1, move stop loss to breakeven (or entry) (at some point?)
Option 2, target TP2, move stop loss to breakeven then to TP1
Option 3, target TP3, move stop loss to breakeven then to TP1 then to TP2
Option 4, target TP3, close half at TP1, move stop loss to breakeven, close half of remaining at TP2 etc...
Single trade risk < 2% of equity
All sound advice, IMO

So how did I fare, or how good were the signals:
Now to the crunch of the review. In the month or so of reviewing the signals my experience was that the signals were all over the place. They give 5 to 7 signals. I had days when all 7 hit stop loss... this is a very difficult achievement as even if you are blindly guessing, you'd get a better ratio. To be fair, there were days in which all hit at least TP1 as well. All in all, it was about a 10% loss of equity for me. Others may have had a different outcome.

You get more analysis of the signals on the free channel than on the VIP channel. Meaning that while the free channel provides you diagrams / charts showing the analyses of the signals, you only get a (usually) burst of seven signals daily on the VIP with the occasion spam thrown in, though compared to the free channel, the spam is minimal.

The Hype
Forex sites are full of the dangers of depending on sites that report on the basis of pips but I am not going to repeat them here. This service, on it's free channel, brags about the "pips they made" in the previous day / week or month... provided they had it good. I found them unusually silent about their losses. While other services offer signal monitoring and "get out now" advice when markets move massively against you, you get none of that here. The pip calculations are also far from being absolutely right. For one thing, even when the signal arrives on Telegram, I have found the price has moved (usually around 3) pips. So the actual figure was different from their total right on that point. Also there are other obvious factors which made the actual pips gained/lost different to what they incessantly post on their free channel. So all in all a lot of hype.

Responsiveness:
I found that they respond to the chat on their web site promptly. However whether the responses were useful or helpful was arguable. They did try to sell me additional services when I asked about analyses of signals (i.e. their platinum channel) and they did give me some hackneyed responses like even the most experienced traders don't get it right all the time and that I should trade for a long time (undefined) to see consistent results :)

Summary
Do I think they are a scam? No.
Would I extend my signals once they expire? No.
Would I recommend that others buy their signals? No.