What are Profit Forex Signals really all about?

What are Profit Forex Signals really all about?

Luckily, there is a service that was created to help beginners. These are Forex Signals. Initially, it was a real help but now many scammers decided to pretend to be signal providers. That’s why the risks of using these services are bigger than ever.

We started from what everyone does. More precisely, we looked for signal providers in Google. Naturally, we managed to find a company that proposes the best conditions and has great reviews. Moreover, there are 4 accounts that they are proud of.

Today, we want to describe this company that is placed on the http://profit-forexsignals.com website.

Forex is a popular currency market. Simply put, it is a very big exchange spread around the world. Every day, more than 10 trillion dollars is spent on this market. The general number of traders is several million people. Every one of them wants to earn more money. However, if you want to trade yourself, you need to have special knowledge and skills. 

Luckily, there is a service that was created to help beginners. These are Forex Signals. Initially, it was a real help but now many scammers decided to pretend to be signal providers. That’s why the risks of using these services are bigger than ever.

We started from what everyone does. More precisely, we looked for signal providers in Google. Naturally, we managed to find a company that proposes the best conditions and has great reviews. Moreover, there are 4 accounts that they are proud of.

Today, we want to describe this company that is placed on the http://profit-forexsignals.com website.

Information about the company

Actually, it isn’t hard to find this company. Open Google and write the phrase “Forex Signals”. It is the easiest phrase that most people write when they want to find providers of this service. The heading that we need is placed on the 7th string. Let’s go to this website.

The first phrase that we see when we go to this website is “The best forex signals provider in the world, since 2010 till today”.

If we scroll down, we will see the next heading: “Excellent reviews with Trustpilot". The number of reviews is about 1,465.

The company said the following about itself:

  1. 10 years of business experience
  2. 10 000 pips a month
  3. 300% income
  4. 90% accuracy. 

Sounds great, isn’t it? But you’d better check all that they say and not check their signals right away. 

If you read all the information on their official website, you will definitely understand how to detect scammers. You will be surprised. However, if you don’t understand where deceit is, just read our article.

Checking the company

Let’s check this company according to different criteria. 

Reviews

Firstly, we need to go to the Trustpilot page of this provider. Remember, that on the official website it says “1,465 reviews». Let’s check it on Trustpilot. And what do we see? The real number of reviews is 266. That’s 5 times less. 

Moreover, reviews are not so great. The amount of negative opinions is 18%. That’s understandable because every popular company has negative reviews. To have the right vision, let’s look at the positives first and compare them with the negatives. 

As we see, most of the positive reviews are very similar to each other. They have a maximum of 5 or 6 strings. The content of reviews is something like that: “At first, we doubted the services but now we use signals. Thanks to the technical support, we earn a lot of money".

 

These reviews are similar to purchases. To understand if they are really artificial reviews or not, let’s analyze negative reviews. When we look at them, we understand what people really think about this company.

We see words such as “complete waste of time”, “trash company” and a lot of words like these. 

 

Pay attention to the content of positive and negative reviews. Look at the difference between them: how they are written and what accents these people do. 

What can we say about these reviews? Positives are fake.

Checking the YouTube channel

“Profit Forex Signals” has a YouTube channel. Let’s look at it. There are 1,790 subscribers. The number of views is small, not more than 45. The channel was created in 2011. It was 10 years ago. 

The company has 38 thousand clients and a small number of views. Sounds suspicious, doesn't it?

Checking the results of accounts

Let’s check the results of the company's work. On the official website, there is information that the income is about 10 thousand pips a month, and the accuracy of signals is 90%. 

Some banners say that the company has 10 years of experience in business and serving customers. The number of clients is 38,405. Sounds great, at the first glance. When you see such big numbers, you automatically trust this company and want to use its services. Nonetheless, it is a bad idea. 

You’d better not hurry and learn some information from their website. More precisely, 4 accounts that show the history of trading.

Let’s describe each one of them.

Account 1

Here is an interesting fact. Such a great company with more than 38 000 customers, with 90% accuracy demonstrates great results on demo accounts. Also, we see that they use an averaging strategy. 

The losses at a certain moment are more than 70.77%. And, the most important, the income - in reality, this account hasn’t demonstrated any income. Reality doesn’t fit the expectations, does it?

Account 2

The same happens with the second account type. The demo account doesn’t demonstrate an income, drawdown is 33%, and it uses the averaging strategy. 

Accounts 3 and 4

We see the same situation with the other two accounts.

Checking signals

This step is the most important. I have been analyzing the working week according to the signals by this company for 10 days. Every day the result is the same. I want to explain them on the example of the 1st of March. 

We got these results. The sum is 635 pips.

 

Date 01.03

BUY GBP/USD at 1.3955-45 1st TP reached(+30p), then SL reached (-45p)

BUY EUR/USD at 1.2080-70 1st TP reached(+20p), then SL reached (-45p)

SELL GBP/USD at 1.3980-90 1st TP reached(+20p), then SL reached (-80p)

SELL EUR/USD at 1.2070-80 1st TP reached(+10p), then SL reached (-60p)

SELL GBP/USD at 1.3960-70 1st TP reached(+20p), then SL reached (-60p)

BUY GBP/USD at 1.3950 1st TP reached(+10p), then SL reached (-140p)

SELL GBP/USD at 1.3935 1st TP reached(+20p), then SL reached (-35p)

SELL EUR/USD at 1.2030 price stray reached Reached SL (-30п)

BUY GBP/USD at 1.3935-25 1st TP reached(+25p), then SL reached (-140p)

SELL GBP/USD at 1.3935-45 1st TP reached(+10p), then 2d TP reached (65p)

SELL EUR/USD at 1.2050-60 1st TP reached(+15p), then SL reached (-45p)

 

These are the results that they published.

As result: the results of the orders that were checked by me according to the signals and published on their website, don’t fit. What are the reasons? It proves that they are scammers.

This company provides signals with three TP. That’s why, if 1 TP is closed, but the price reaches SL, this order takes into account a profit from reaching the first Take Profit. In simple words, the order is closed with profit but really the price has reached Stop Loss and this deal was unprofitable.

If at least two take profits are closed and a stop loss, the last one isn’t taken into account. Only positive orders are accounted for.

Pips are counted separately. If once there were three take profits, they are counted as separate ones.

What is the most important?

If we analyze the signals, we can make some conclusions:

  1. The trade entry isn’t understandable. There isn’t any precise information given by this company. 
  2. Exits for orders are partial. 
  3. SL are huge.
  4. It has multi-TP.
  5. Almost in all cases when a signal appears at the moment of trade entry, it is very difficult to see it. That’s why it is impossible to open an order for the second deal. 
  6. According to the information on the official website, the signal is relevant within 30-60 minutes. In reality, we see that in almost 80% of cases entering it is too late. 
  7. In 50-60% cases, the price doesn’t reach the second TP. In 95% cases, the price doesn’t reach the third take profit. 
  8. With the difference in 20-40 minutes, a new signal to enter can appear, but in the opposite direction.
  9. These signals work only with two currency pairs. 

Wrapping up

What conclusions can we make? Profit Forex Signals is a scammer. The only goal is to earn money from their clients in a not so honest way. 

Positive reviews are made up. The YouTube channel has only 50 views on each video. The four accounts use averaging with a big drawdown, without any income. Moreover, these traders opened orders only on demo accounts. In general, these signals don’t work. 

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