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Forex Signal Services – A Nefarious Scam?

by Onuraag Das   ·  May 29, 2024  

Forex Signal Services – A Nefarious Scam?

by Onuraag Das   ·  May 29, 2024  

Nope. We’ll let the cat out of the bag, it’s a legit industry.

In this article, we’ll take a close look at Forex Signal Services, with edge-forex as a prime example because let’s face it, we’re about as close to a perfect signal service as one can get.

Now, there are a lot of interesting opinions that a few…let’s be kind here and call them “companies” hold and perpetuate over the internet. They say that;

Forex signal services do everything a robot does except the actual execution of trade entries.

Forex Trading Signal Services

Well, that’s not completely true now, is it?

We claim that Forex signal services provide suggestions on when to buy or sell a currency pair, based on various analyses. These services can be useful for traders looking for guidance on trading decisions.

We don’t want to get all technical on you so a simple breakdown is that there are two types of signals, manual and automated. Manual Signals are generated by professional traders or analysts who study the market and suggest trades. Automated Signals are generated by algorithms or trading bots that use pre-set criteria to identify trading opportunities. These Signals are delivered to the through sms, email, directly to a trading platform, etc, etc, you get it. Now there are two types of analyses, Technical Analysis with is based on chart patterns, historical data and technical indicators, and Fundamental Analysis which are based on economic indicators, news events and market sentiment. And, these signals are available through either a free model which is usually rather basic with limited signals or through a paid subscription which is generally more comprehensive, with detailed analysis and higher frequency of signals.

You can check out our video to know more.

Now that you and I have a basic understanding of what signals are, let’s see what else these guys have to say about Signal Services.

However, you may be paying for a signal in which you do not know the rationale behind each signal and how the “professional” came up with it. You have no idea what the basis for the trade is, just that the “professional” is telling you that it’s a good time to buy or sell.


Uhh, nope. It’s not an impossible to task to deduce the reasoning behind a signal. All you have to do is go through economic indicators, chart patterns, and pivotal news events, and by scrutinizing these elements, you’ll be able pinpoint the most opportune moments to enter or exit the market. And that’s just if you want to buy or sell but as any good trader would know, that’s not enough. You need a more comprehensive view, outline potential risk levels, and often use protective measures for an optimized risk to reward ratio.

Timing of course, is everything in a market that’s constantly changing. Leading signal providers thus employ real-time data feeds and cutting-edge technology to ensure their recommendations reach traders without delay. This immediacy allows traders to capitalize on fleeting opportunities before they vanish.

The point being that the rationale behind a signal isn’t random. It is possible to trace the reasoning behind a signal, it’s just not easy, and believe it or not there is a difference. But…that’s why you’d approach a signal provider, so that you don’t have to create the signals yourself. A signal provider does these things for you.

What’s difficult to trace is the rationale behind them writing this, what was their point? Only people who are willing to dedicate all their time to analysis indicators, charts, news events, not to mention the months one would have to spend to actually learn how to trade should be trading forex? Really? Yikes.

While the forex signal service might have been profitable in the past, there is no guarantee that it will be profitable in the future.


There is no guarantee that anything will remain the same in the future. Seriously? Who wrote this? Yes, there’s no guarantee that signal services will remain profitable in the future but there’s no guarantee that a giant donut won’t drop out of the sky and crush the author of this article either, is there? And to be completely honest, maybe there should be. At least that way beginners looking to enter the forex market won’t be subjected to banal, asinine advice.

Yes, to be fair there is no guarantee that signal services will remain profitable in the future but you don’t need a signal to prove that a strong and reliable history certainly points towards and a bright future.

One other thing to think about is if the forex signal service is so profitable, why would the creator want to share the profit?


Come on man. That’s like asking if knowledge is so valuable why do schools exist? A forex signal service is a business, if managed correctly, a reliable business. The creator wants to share the signals because it guarantees future business in a volatile industry.

Sharing the profit? No business is taking money out of their account and giving it to their clients for free. These guys understand that the client’s business is how the profit is made, right? I mean it’s business, by definition it does not share any profit with the client. And yes, we’re aware that we are scrutinizing and twisting their words, the point that they were trying to make isn’t lost on us, all we mean to say is that it’s just a stupid point.

You may see ads from scammers that promise you’ll make a bajillion dollars with their signals. If that were true, why even run a forex signals business in the first place? Instead, they should be focusing on trading with their signals and making a bajillion dollars for themselves.


Got to give them this one, yes, anyone who promises you a bajillion dollars is probably scamming you but people who believe that they can make a bajillion dollar quick and easy deserve to get scammed. And Darwin agrees with me.

No reputable signal provider is making these claims. We agree with them here, you should do your due diligence and conduct some basic market research before investing.

An Honest Conversation

Let’s take a closer look at Babypips a unique “company”.

A free online learning tool that teaches users how to trade forex?! For FREE?? Is it real, could it be true?! Well, no, there are no free lunches in this world.

Let’s break this scam down, one by one, what does a free website offer you? These websites or “companies” will usually offer you forex tools, an encyclopedia, a newsletter, access to a Forex Economic Calendar and a regular blog. Everything any other forex signal service would provide with a special helping of paranoia. That’s usually how these “companies” seem to operate.

If you spend 30 minutes on their website and you’ll be left with the impression that everyone in the forex industry is just trying to scam you out of your money, except of course, them!

But paranoia is the hook, the punch line is of course, a membership! A membership fee for their own technical analysis! Analysis that other forex signal services provide usually, for free.

They go on and on and on about how trusting a forex signal service means “you are relying on the analysis of a third-party source that is NOT your own.” Hmmm, seems rather hypocritic, doesn’t it?

Edge Forex

Let’s take a step back and understand what a reputable signal provider actually does;

Say us for example, our services are completely free, there’s no bullshit paywall, no membership fee, all you’ve got to do is just stroll onto our website and learn about whatever it is that you desire. You want technical analysis? We’ve got it. A regular market study? We’ve got it. Want to know how the latest technology is affecting the market? Yup, got it. You want to learn forex trading concepts? You guessed it, we’ve got it. Blogs about WORLD EVENTS AND THEIR POTENTIAL IMPACT?! Ah, you’ve got us there, we don’t- JUST KIDDING, WE’VE GOT IT! But our daily blogs aren’t the only things that are free.

Our entire trading strategy as well as our results are available for anyone to view, understand and scrutinize.

Oh, and remember this little gem “One other thing to think about is if the forex signal service is so profitable, why would the creator want to share the profit“? Yeah, well not only do we “share the profit” in their words we TRADE OUR OWN MONEY. The signals we provide are based on trades that we make, with our money. Our money is literally where our mouth is.

Disclaimer: Saliva not included with signals.

All of this, all the things that we claim to do, and all the things that we claim we are, it’s all available to you and everyone else to judge, analyze, scrutinize, whatever you want to do with it. We are completely, one hundred percent transparent with our results and our strategy, and we are eager and willing to answer any questions.

To view our results –

We have weekly live sessions and Q/A sessions discussing our trading strategy on our public telegram channel.


In conclusion, do your research. Please. And don’t trust a company just because they wrote a funny article on the internet, including ours. Not to sound preachy but it’s your hard earned money, please, please conduct a thorough research before investing it anywhere. We’ve included all the relevant links above, and we urge you to go and check it out, understand if we’re the right fit for you, go though our website, we’ll attach the links to our Linkedin, Telegram and Facebook pages, dm us, talk to us, we care about our clients and we care about establishing relationship of trust.

When it comes to these pseudo self-help companies like that claim that forex signal providers are just out to scam beginners and make a quick buck, here’s an open challenge to all of you; Open up your trades. Make your results and your strategy public, stop hiding behind a veneer of paywalls, and lowbrow humor. If you’re unable or unwilling to do so, join us, in a little chat in the public eye. No hostility, no hate, this is a genuine invite to an open, honest public discourse. I mean, at the end you can always prove that we’re all just a bunch of no good scammers and you folks are the messiahs of trading, right?

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