Forexpert review
General information
Let's take a look at a signal provider called Forexpert, which claims that its traders are in the top 5%. It offers signals on its free and paid channels. Let's see if it's real or not about 5% traders?
Website
The provider's website has nothing special like most providers, the website is quite a plain one. The provider further states: "Simply the best trading signals out there. +4000 PIPS PER MONTH. AT FOREXPERT ALL OUR MEMBERS ARE IN THE TOP 5%". The provider does not give any information about these traders who are part of the 5%.
The provider promises 4000 pips of profit every month. On the premium channel the company offers 4-12 signals per day. For its services the provider asks 79 euros per month. Accordingly 139 euros for 3 months and for a year 349 euros. The provider promises a monthly income from 2000 to 5000 pips with a win rate of 90%, which raises doubts. But the provider immediately disclaims any responsibility, saying that the future results of the signals are not guaranteed.
Social network
The provider has an Instagram account with more than 8243 people subscribed to it. On the main channel, motivational posts about trading and weekly trading results are published. The provider is not active on instagram, the last post was published on May 13 this year.
https://www.instagram.com/forexperrt
There's also a Facebook group. There are mostly motivational posts about trading in general.
https://www.facebook.com/frxpeertt
Telegram
The main source of signals is the Telegram channel. There are 6,548 people subscribed to it. The average number of views is 934. The audience involvement is at a low level and is equal to 14.43%.
The provider says it has made a profit of 18545 points in the last 6 weeks, saying that all results are transparent. But there are no third-party websites to check this. Above it was said that the winrate is more than 90%, at the same time he disclaims: "Trading is associated with a high risk of losing your money. Any information is provided for informational purposes only".
Signals
Let's analyze one of the signals on CHF/JPY . The signal was to sell the asset CHF/JPY at the price of 148.70. Stop Loss at the level of 149.20. Take profit at 148.50. TP2 148.20. TP3 147.70. After opening the trade the price immediately followed the forecast and the trade was closed with a profit. Risk/profit is negative in all trades of the provider. With such R/R ratio you can lose capital very easily.
The next signal was on September 21 to buy EURUSD in the 1.0636 - 1.0640 zone. 3 take profits were given at once at levels 1.0656, 1.0686 and 1.0736. Stop loss at 1.0576. After opening the trade, the price reached only the target 1. Note that the stop loss is very large.
Reviews
There are same-type reviews on the provider's website. It is only of course, as their either negative or neutral reviews there are none. All of them with thanks about the success of signals. Such reviews on the site are questionable.
Conclusion
On the public telegram channel of Forexpert provider actively posts the results of successful closed deals from the premium group, but unfortunately without confirmation. The negative R/R ratio is also a cause for concern. With such R/R you can lose capital in 2-3 trades. For the month of August the provider "made more than 15000 points" of profit. Naturally, these screenshots of profits are highly questionable and it would be good if these trades are verified through third-party websites. It would have been very easy to avoid this situation if they had provided us with their myfxbook profile for verification. The provider doesn't give proof about a 90% winrate. Also there are unknown traders as the provider claims who are in the top 5%. Who are they? Although they write that the transparency of the company is 100%.
