If you’re an avid user of Instagram, I can almost guarantee that you’ve seen at least one Forex Signal ‘Guru’ who is selling signals in return for a monthly membership fee. Visit their account and you’ll see fancy cars, big houses and expensive holidays, all of which are there to entice you into giving their service a test run. Most people automatically rule out these accounts as a scam – but can you actually make a sizeable amount of money through purchasing signals? Lion Sourced take a close look at the world of Forex signals in order to evaluate the potential benefits and associated risks.
How Much Are Forex Signal Memberships?
The price of this premium service varies a lot, often depending on the quality, consistency and overall reputation of the person providing them. If you start by browsing through Fiverr, you can find a bunch of suppliers all for $5 a month, with many having an array of positive reviews. The main question is – how reputable are these reviews? Fiverr reviews are pretty easy to reproduce, so purchase these memberships at your own risk.
Many of the Instagram gurus charge between $50 and $300 for a month of signals. The only viable way to find honest reviews of each guru is by browsing sites such as Reddit, as obviously they would delete any negative comments they receive on Instagram. After trawling through Reddit reviews – we have found that many people are seeing an average rate of return from these memberships (Roughly 0.2% to 1% per month), almost on par with someone who is making random predictions on the market.
The Potential Benefits
Obviously, there will be some service providers out there that REALLY know what they’re doing. Whether they go above and beyond with their research, or simply know the right people, they will have a much higher success rate than others. If you can sift through the average Forex traders and find these legitimate experts, you stand to make a pretty penny.
There are two ways you can (and probably will) lose money when searching for a Forex trading expert – The membership fee and whatever sum you decide to invest. We would recommend only investing a couple £/$/€ on your first few transactions and only scale up when you have seen consistent success. You should also look to take advantage of free trials offered by gurus, eliminating the membership fee while you test out their service.
To summarize this article, it is definitely possible to find an expert that is capable of providing you with reputable Forex signals. However, you need to be prepared to go through a lot of flashy influencers and sketchy gurus in order to find the expert you desire. It is also hugely important that you do as much research as possible before starting your Forex trading journey – Being informed will help you to make better decisions and will help you to identify suppliers that aren’t worth your time.