Profit Forex Signals Review

Jan 20, 2021 11:06 AM ET
Profit Forex Signals Review

These days, several companies are making huge profits by selling Forex signals. Many Forex traders struggle to make profits consistently; even after thoroughly researching the market, they often resort to buying signals in exchange for money. Profit Forex Signals is a Forex signals provider that assures integrity and transparency while following a personalized approach for every portfolio.

This vendor claims a high accuracy rate of 90% and 10,000 monthly pips. But, how do you know these claims are true? Here, we will assess every aspect of the robot thoroughly and try to determine whether this service is trustworthy or not.

Profit Forex Signals

Type

Auto

Price

$49 to $499

Strategy

N/A

Compatible Platforms

MT4

Currency Pairs

Any

Timeframe

N/A

Recommended Min. Deposit

$100

Recommended Deposit

N/A

Leverage

1:500

 

Trading Strategy Explanation

Profit Forex Signals Trading Strategy Explanation

This signals service claims to possess a decade’s worth of experience in the foreign exchange market. According to the website, it assists its clients regarding when to place long and short trades and earn higher gains. Customers receive the signals through email or telegram messenger and have 0.5-1 hour to make their entries.

That being said, there is no mention on the website about the exact strategy utilized by Profit Forex Signals. It claims to provide accurate signals as opposed to dishonest brokers who engage in the manipulation of data. But, a company that provides accurate information surely has nothing to hide and should shed some light on the trading strategy used.

With this signals provider, we can get free, platinum, and AP signals, with the number of signals and pips per month depending on the package chosen. But, there ought to be more information on the website related to the trading strategy, which is what any seasoned Forex trader would want from a trading system. This lack of information is quite disappointing.

Backtest Data Analysis

While this signals provider’s claims to help clients make high profits, there is no information related to backtesting. It involves assessing a robot based on its performance with archival data. And, it tells us some key things about Profit Forex Signals, such as the daily and monthly returns, trading commissions, profit ratio, etc. 

Decent backtesting results do not guarantee that a robot will perform well in the live Forex market, but it helps us understand how it operates. The absence of backtest data is a major red flag for traders who wish to understand fully how the system performs.

Live Trading Data Analysis 

Trading Results

Myfxbook Account

Demo(USD), IC Markets

Started

Sep 22, 2020

Deposit

$200

Balance

$786.82

Gain

293.41%

Daily

1.17%

Monthly

42.72%

Drawdown

73.44%

Profitability

0.68

 

Profit Forex Signals Myfxbook

In the above figure, you can see the live trading results from the Myfxbook account. The trades have profitability of 68% and commissions of $1215.76. And, the best trade in terms of pips occurred way back in December 2014, which could instill some doubt in the mind of traders.

The vendor makes some tall claims and guarantees on its website, but when we look at the live trading accounts on Myfxbook, there is some disparity. We think the profit margins mentioned on the website should match with the Myfxbook trading results because they raise some questions regarding how honest and transparent the company is.

Pricing

There are four pricing plans for Profit Forex Signals, namely Standard 1000, Professional 2000, Ultimate 5000, and Pearl 9000. The first plan provides a net profit of 1000 pips, the second one provides 2000, and so on. All of these plans include free VPS, along with a copy trader.

The last two plans claim to provide more than 90% accuracy and high investment returns. But, there is no money back guarantee, which is a bit disappointing. Most of the legitimate Forex signal providers offer such guarantees and this is something that many traders would find suspicious.

Customer Reviews

Profit Forex Signals Customer Reviews

Another very suspicious thing about this vendor is that they have hired people to write fake reviews for them, as you can see from the above screenshot from Forexpeacearmy. This is inexcusable and raises some concerns about the legitimacy of the service. 

Review Summary

Pros

  • Email and SMS alerts provided 

  • VPS provided for free

Cons

  • Lack of clarity about the trading strategy used

  • No backtesting data

  • Money-back guarantee not offered

  • False profit claims

Conclusion

As we can see, Profit Forex Signals is all about making tall claims and promises it can’t keep. It offers nothing in terms of transparency and even pays people to write fake reviews. By taking an in-depth look, we can see beyond the advertising and realize that this service cannot be trusted.

Rating: 2.2/5

  • Features: 3/5
  • Performance: 2/5
  • Pricing: 2/5
  • Feedback: 1/5
  • Customer support: 3/5

Best Forex Robots