It is no longer a secret that forex trading needs to be planned carefully. Starting from which currency pair to choose, where to enter the market, to when is the best time to exit, everything needs to be considered thoroughly. There are traders who don't mind doing this, but some of them prefer to find the easy way out with trading signals. These kinds of traders don't mind paying hundreds, even thousands of dollars to get the top forex signals. How so?
In general, forex signals are known as an aid for novice traders, because generally, they are not yet confident in building a good system. Forex signals contain order recommendations (buy, sell, or pending), along with exit details such as stop loss and take profit targets which are based on certain strategies. Many traders turn to trading signals because they are said to be provided by expert traders, professional figures, or well-known institutions with more experience in achieving success.
Considering such benefits, you might think that all trading signals must be available at a high price. In reality, that is not the case. You can search various sources for free forex signals online. However, many people doubt the reliability of unpaid forex signals because if you think about it, which signal provider wants to go to the trouble of analyzing the market and not get paid? If managed by experts, trading signals will definitely not be free of charge. That's why you are not advised to look for free forex signals carelessly.
As a solution, you can make use of forex brokers' initiatives to offer free forex signals in their effort to attract more clients. Compared to other sources, free forex broker signals can be more reliable as most brokers work with forex signal providers that are widely known and have been tested, such as Autochartist and Trading Central. The quality of the signal can also be connected to the reputation of the forex brokers, so they would not risk harming their credibility by providing bad trading signals to their clients.
So, which brokers provide free forex signals? Here is the list:
XM
The free forex signal service from XM broker is presented directly by a leading expert in various languages. The professional figure who works with XM is Avramis Despotis, a certified financial expert of Tradepedia who is known for his signal accuracy.
XM Broker does not limit the choice of trading instruments covered by Avramis signals. You can get insight into daily trading opportunities for EUR/USD, GBP/JPY, USD/JPY, GBP/USD, EUR/JPY, AUD/USD, Gold, Oil, as well as the US30 and NIKKEI stock indices. Sent twice a day, free trading signals from XM contain entry and exit signals. It's not difficult to get the free forex signals, just register for an XM account and you will automatically be subscribed to Avramis' free forex signals.
Apart from these extra features, XM broker also collaborates with Trading Central as a provider of real-time market signals.
Admiral Markets
Through Trading Central, Admiral Markets also provides free forex signals for its traders. The broker includes Trading Central services as one of its "Analytics" options to provide multi-signal ideas, live charts, and real-time tracking; all integrated into the MetaTrader Supreme Edition.
This service can be installed directly on the Admiral Markets MetaTrader4 or MetaTrader 5 platforms. The signals displayed cover market opportunities from 3000+ instruments, including forex, stock indices, commodities, shares, ETFs, and bonds.
AvaTrade
This forex broker is quite innovative in offering various attractive trading features. Not only has it developed several in-house platforms for various trader needs, AvaTrade also allows access to Trading Central. However, traders need to register an account and make a deposit before they can get Trading Central signals for free.
This broker only allows access to Trading Central for the MetaTrader 4 platform. Therefore, traders who are already familiar with MetaTrader 5 may need to consider returning to MetaTrader 4 if they want to use Trading Central signals on AvaTrade.
InstaForex
Traders can also use Autochartist from InstaForex to get free forex signals. InstaForex is indeed one of the brokers that has an exclusive collaboration with Autochartist to provide access to chart pattern signals from Autochartist. Here, traders can download the Autochartist plug-in to get updated signals directly on their MetaTrader.
Seeing the ability of the InstaForex broker to provide free trading signals is not too surprising. The fixed spread broker has been long known for being "generous" in offering various tools and other features to support traders. Unfortunately, the Autochartist signal is only available in InstaForex EU.
ThinkMarkets
The Australian-based broker offers free access to forex signals through Signal Center. This is an FCA-regulated tool that provides AI-based trading signals. Traders can get information on trading opportunities in the forex, indices, commodities, shares, and crypto market from Signal Centre.
To be able to use this feature, traders only need to register an account at ThinkMarkets and deposit a minimum of $500. Access to free signals can later be displayed on the ThinkTrader web platform or MetaTrader 4 and MetaTrader 5.
Forex4you
The way Forex4you provides free signals is not much different from XM, Admiral Markets, and AvaTrade. This broker provides access to Trading Central via the MetaTrader platform. However, the choice of instruments covered is limited to EUR/USD, GBP/USD, USD/CHF, USD/JPY, USD/CAD, and AUD/USD only.
Interestingly, Forex4you traders do not need to fulfill any deposit requirements to be able to get Trading Central signals for free. They only need to register an account, subscribe to the broker's newsletter, and signals from Trading Central will be available automatically in one of the Trader's Room sections (member area). The signals provided are support and resistance levels, as well as alternative scenarios when the price reaches a certain level.
FxPro
Known as a prominent FCA-regulated forex broker, FxPro collaborates with Trading Central to provide free forex signals. This service is integrated with the MT4 and MT5 platforms, so traders can download the Trading Central plugin first to get the signal display.
Based on FxPro's statement on its official website, their Trading Central service provides long-term forecasts through pivot levels on the price chart. Apart from that, traders can also get trading ideas from multiple indicators at once, as well as candle pattern identification in real-time. These features are certainly very helpful for traders who have a technical approach in their analysis.
IG Markets
IG Markets does not miss providing free signals for its clients. Presented as the Forex Signals, the institutional broker offers a free trading signal service in the form of buy and sell recommendations on all available forex pairs. This signal is based on the confluence of chart patterns and key levels, so traders don't need to worry about getting unconfirmed signals. IG also provides fundamental signals to include macroeconomic activity as a key consideration in analysis.
Beyond the two trading signals above, IG Markets also offers Trading Alerts to keep traders updated on market news and the latest trading opportunities even when they are off-screen. Features like this can certainly maximize the role of free forex signals which aim to make it easier for traders to get the best trading opportunities.
GO Markets
GO Markets is one of the few forex brokers to offer trading signals from both Autochartist and Trading Central.
To get free signal updates from Autochartist, traders only need to open a live account and log in to the Client Portal. Meanwhile, traders who have opened a demo account can get Autochartist services after contacting the account manager.
For Trading Central signals, GO Markets has integrated them with their newsletter service. Thus, you only need to open an account and subscribe to the newsletter to get free forex signals from Trading Central.
How to Use Free Forex Signals Wisely
Even though the forex brokers above are supported by various well-known forex signal providers, you still need to be careful in applying the trading opportunities you get. Don't blindly apply all recommendations because no signal is 100% accurate. For this reason, there are several additional tips that you must pay attention to.
Use as a Complement
Never mind free forex signals, even paid ones do not guarantee perfect accuracy. Many trading signal users are disappointed and consider this condition to be "misleading" because they often make wrong predictions, which ultimately lead to their trading losses. The truth is, this kind of notion is normal and commonly occurs in the world of trading.
Therefore, be smart in using free forex signals. Don't use free forex signals from brokers as the only guide without being supported by your own analysis. Apply it appropriately by applying forex signals only as an filter or complement to your strategy. In this way, forex broker signals can be used as a tool that contributes positivey to your trading.
Use as A Way to Learn the Market
Forex signals can also be used as a means of learning trading for beginners. Even though many people consider forex signals to be a shortcut, You can still learn from the explanation of the analysis and the way the signal is generated. For example, Autochartist signals use chart patterns and Fibonacci levels. You can learn to understand how these two methods work to understand the forex signal.