Best Forex Signal Services for 2020 – Get FREE Live Forex Signals

We explain what forex signals are and how they work as well as the top platforms to receive free signals today.
Author: Nica San Juan
Last Updated: 08 April 2020

If you’re a beginner in forex trading, you could probably benefit greatly from forex signals. There are a number of forex signal providers which work to provide traders with the best live forex signals. In our guide below, we explain what forex signals are, how they work and reveal the top 3 forex signal services for 2020 to enable you to trade forex with confidence.  

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    Best Forex Signal Services for 2020

    We’ve scoured the web to find the top 3 forex signal services in 2020 and found Learn2Trade to be the best all-round offering an easy-to-use platform, 24/7 customer support and free signals when you sign up today. Read our list below to find the pros and cons of each provider.

    1. Learn2Trade

    Learn2Trade is a platform that allows you to learn everything you need to know before you start trading Forex. It contains useful information both if you are a beginner or a more advanced trader. Together with that, you will also be able to get free signals whenever you want, all you have to do is register via the official website.

    The platform also has a 92% signal success rate, it offers an easy-to-use interface. It has been in place for 12 years and is currently among the most well-reputed free signals providers on the market.


    • Get free signals when you register
    • Fantastic platform to learn everything Forex-related
    • Learn how to identify scam brokers
    • Specialised courses for advanced traders, including courses on Fibonacci trading, supply and demand theory and much more
    • 24/7 customer support


    • You will have to watch out for scams
    • Free signals are not always reliable

    Visit Learn2Trade

    2. Premium FXSignals

    Premium FXSignals is a highly reliable and accurate Forex signals provider and is known  for having helped hundreds of users in increasing their profits. The digital platform also has a very competent team, made up by very experienced analysts, who are always up to date with the market trends and working hard to improve your trading experience.


    • Very reliable platform
    • Customer support services always available
    • High level of investment diversification
    • User-friendly interface


    • You may experience losses during market downturns
    • Signals can sometimes be outdated

    Visit Premium FXSignals

    3. entered the market around 8 years ago and has always maintained a high level of reliability and has always had a great reputation. You can access it for free but only for a one-week trial. After the week ends, you will have to pay a monthly fee of around $100.


    • You don’t need trading experience of any kind to get started on it
    • Safe platform to learn about the online trading industry
    • One of the most transparent and trustworthy Forex signal providers


    • It can be quite expensive
    • Despite the fact that it offers great services, there still are risks of fund losses


    What are Forex Signals?

    Forex signals are alerts traders receive with information regarding currency pair trades. The signal will often mention a specific price and what action to take with this price alert – whether to buy (long) or sell (short).  More detailed signals will also state a stop loss price and a profit taking point, to assist traders as much as possible.

    How do forex signals work?

    Signals can be be based on technical analysis or fundamental analysis and they can be made by humans or automated robots. Better quality signals will use various indicators together in order to compile a balanced signal. There are free forex signals and also ones that cost a fee – this of course would depend on the quality of the signals and how many different currencies are covered. These signals can be delivered to traders in a variety of ways including e-mail, SMS and website updates.

    Using Forex Signals as a supplement to your existing trading strategies can limit risk and improve your overall trading ability.

    What are the Pros and Cons of Forex Signals?


    • Limits risk with trades
    • Monitors the market for you – saving you time to work on your trading strategy
    • Second opinion on your trades
    • Opportunity to learn about how the way markets work


    • Not all signals are genuine – it can be easy to get scammed
    • It can be expensive
    • Signals can be outdated
    • Automated signals can struggle to deliver genuine fundamental analysis

    How do I use Forex Signals?

    A signal will usually begin by discussing the currency pair, when to open a new trade and what risk level/position size should be used for the particular trade. Some signals also identify key support and resistance zones. It is crucial to check the timing of the signal because important price action can happen in between the signal being delivered and you actually reading the signal. There can be short-term signals for day trading and long-term signals (these can last days/weeks) and this can impact the way you use the signal.

    If the signal is advising you to open a long or short position, an effective way of using a signal is waiting for a solid candle close (at least a 1hr candle) above the resistance zone (for a long) or below the support zone (for a short). A solid candle close can better indicate a change or continuation of a trend, meaning it can sometimes be worth sacrificing a better entry position (indicated by the signal) in order to wait for the candlestick close to confirm the trend direction. This method limits risk greatly and can be a lucrative strategy if used properly and patiently.

    Let’s take the above chart as an example. You receive a signal that indicates there is strong resistance at 1.07 and it is a good opportunity to short. Now, while it may seem tempting to place a short/sell order at that level – it is important to see where the next candle closes. This may sacrifice a better entry point, however, it may save you entering a losing trade altogether. As you can see on the chart, the next candle blasts right through resistance which would have made a terrible start to the trade. Patience can really limit risk when trading in the forex market, so when using other trader’s signals it is very important to stay cautious and keep patient to keep risk at a minimum.

    This example is similar to the previous chart, however, the price rejects off the strong resistance. Let’s say the signal indicates that there is resistance at 1.03 and it is worth opening a short/sell trade. If the trader waits for the red candle close after touching resistance, they get a slightly lower entry point but the risk is much less. As the price action continues, the short signal turns into a very profitable trade, limiting risk by not rushing into a trade.

    What Types of Forex Signals Are There?

    Automated Forex Trading Signals

    An automated signal will generally be a piece of software that has been created by an experienced trader in order to analyse the market using mostly technical indicators. The system usually can send out signals independently and it will monitor a plethora of markets 24 hours a day, 7 days week – meaning it can process a huge amount of information. Automated signals have the advantage of being able to identify signals extremely quickly and they will not have an emotional bias.

    Human Forex Trading Signals

    This will usually consist of a single or group of traders analysing the markets and news to send out signals. The trader should be an expert analyst and can outline excellent buying and selling opportunities. A human forex trading signal can also take advantage of fundamental analysis and news, something that an automated system may have difficult interpreting into a signal.

    Copy trading

    Copy trading, also known as social trading or mirror trading is the process of being able to directly copy trader’s moves. This can be manual, where you can actively see what the trader is doing or it can be automatic, where a certain platform automatically duplicates the trades on your account.

    Are forex signals free or do I have to pay for them?

    A general rule is that the free Forex signals are usually less reliable than the ones charging a fee, although this is not always the truth. Forex trading has become increasingly popular and this means that more untrustworthy signal services are now running. If you were to pay for a signal service, make sure they are legitimate by reading reviews and check for proof that they are actually sending profitable signals. If the service has a good track record (with details of profits and volatility) and has been running for a long time – this is usually a good sign.

    Free signals can be used to aid your trades but if you have never traded/invested before – do not think that subscribing to a paid signal service is going to automatically generate profits. These signals ideally should be used in conjunction with your own trading strategies in order to limit risk and generate a steady profit.

    Different Ways to Receive Trading Alerts

    • Website updates
    • SMS
    • E-Mail
    • RSS
    • CopyTrade platform

    Free Signal Websites


    Tradingview lets you discover thousands of different trading and investment ideas. It is a social network for the financial markets and there are some reputable traders who post their online trading set-ups for free. This is good for both supplementing your own trade strategy and learning more about trading.

    Visit TradingView


    StockTwits is a social media platform that enables traders to share investment ideas and trading strategies. Reputable traders can post detailed set-ups that state their entry, exit and stop-loss. Used in conjunction with your own trading research it can be prove to be a very helpful platform.

    Visit StockTwits


    StockCharts is a simple platform with great scalability that offers a vast range of tools to analyse stock prices. The website also has impressive customisation settings.

    Visit StockCharts

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    Trading in the Forex market has the potential to be incredibly profitable as there are plenty of opportunities to make money everyday of the week. Forex signals can help you make the right investment choice and it can really assist you in making critical decisions. Being a trader can sometimes be daunting as you are making many independent decisions – this is where signals are very useful as it is a second opinion to help you make the correct profitable move. This can really help with risk management as you are not alone in making your trades.

    An important part of trading is also monitoring the market, watching the price movement and analysing the trend. However, it is impossible for a trader to monitor the markets 24 hours a day without sleep and so Forex signals can do a lot of this hard work for you (especially automated signals) , keeping an eye on currency pairs all day every day.


    What is a forex signal?

    A forex signal is a service offered by a third-party that suggests an upcoming trade, based on a current pricing trend. This can come in the form of an automated service that utilizes heaps of technical indicators, or a human trader that has spotted a trading opportunity through their own research.

    What information do I get from a forex signal?

    In most cases, you'll get four pieces of information. This includes the justification for the forex signal (such as an increase in trading volume), an entry price, a stop-loss order price, and a take-profit price.

    Are free forex signals any good?

    This depends. In some cases, a free forex signal will not give you the entry point to place the trade, which makes the signal somewhat worthless. Instead, the provider will ask you to sign up to a subscription to get the entry price.

    Are forex signals worth using?

    Absolutely. Forex signal services - especially those that operate in an autonomous manner via robotic technology, have the capacity to analyze significantly more data than a human trader could. With that said, you still need to perform your own research on the signal, as opposed to simply taking the information as gospel.

    What currency pairs do forex signal services follow?

    Forex signal services have a strong focus on the majors, not least because these are the most traded currency pairs in the industry. With that being said, if a trading opportunity presents itself, forex signals also cover minors and exotics.

    Are forex signals risky?

    All trading strategies come with an element of risk, so it's how you mitigate the threats of losing money that matters. As such, forex signals usually come with a stop-loss order price.

    How quickly do I need to play a forex signal trade?

    Di to fast-changing nature of the online forex space, you are often required to place a forex signal suggestion fairly quickly. However, you should still perform your own due diligence on the signal to make sure that it fits with your personal trading requirements.

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    Remember, all trading carries risk. Past performance is no guarantee of future results.

    Janica Sherine is an expert writer who specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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