How to check a forex signal provider before you pay (including us)

There are thousands of forex signal channels on Telegram, and many of them are built to sell subscriptions rather than to make their members money. We run a signal service ourselves, so we're not going to tell you to avoid them all. We'd rather you knew how to judge one, us included.

Screenshots and "results" posts prove nothing

A screenshot of a profitable trade shows that one trade was profitable. It doesn't show the trades that lost, and it's easy to fake. The same goes for "+840 pips this month" posts. Pips add up winners and losers with different stop sizes and say nothing about risk.

What a real track record looks like

• A third-party verified account. Services like Myfxbook and FXBlue connect directly to a trading account and publish its history. On Myfxbook, look for both "track record verified" and "trading privileges verified". The second one confirms the account the provider controls is the one being shown.
• Enough history. At least six months, ideally a year or more, across different market conditions. Three good months could be luck.
• Equity drawdown, not just balance. A smooth balance curve with deep equity dips usually means losing trades are being held open, or that positions are being averaged.
• Every signal, kept. If a channel deletes losing signals or edits old posts, nothing it shows can be trusted. Scroll back and check that losing trades are still there.

Red flags

• Guaranteed returns or a fixed monthly profit. No legitimate service can promise this.
• Win rates without context. "90% accuracy" with no average win and loss is meaningless. See risk-reward vs win rate.
• No stop loss, or stops sent only after the trade is open. A signal without a stop is a gamble with no defined risk.
• Signals posted after the move. If entries regularly arrive after price has already run, the results you see can't be copied.
• Requests to send money for them to trade, or to deposit with a broker they choose through a private "account manager".
• Pressure tactics: countdown timers, "last three spots" and constant upsells.
• No real identity. You can't find out who's behind it, where they're based or how to contact them outside Telegram.

Check the regulators' warning lists

Securities regulators publish warnings about firms that solicit investors without being registered. In Canada, you can search the Canadian Securities Administrators' registration database at aretheyregistered.ca and check investor alerts from your provincial regulator. In the UK, the FCA keeps a warning list. If someone offers to manage your money, they should be registered to do it.

Questions to ask before you pay

1. Is there a verified live account I can look at, and how long has it been running?
2. What is the average win and average loss, in R or in percent of the account?
3. What was the largest drawdown, and how long did it last?
4. Does every signal include a stop loss when it's posted?
5. How many signals a week should I expect, and at what times?
6. Who is behind the service, and where are they based?
7. What happens if I want to cancel?

Our answers

• Every ForexBob signal is posted with its entry, stop loss and targets.
• We don't promise returns or win rates, and we don't hold or manage client money.
• You know who runs it: ForexBob was founded by Sukhwinder Singh in Regina, Saskatchewan, Canada. Read more on our About page.
• You can watch how we call trades in our free Telegram channel for as long as you like before paying for anything.

Whatever service you choose, start small, keep your own records and give it time. A good provider will still have losing weeks. A bad one usually shows itself within a couple of months, if you're keeping score honestly.

Risk note: trading forex carries a high level of risk and may not be suitable for everyone. This article is for education only and is not financial advice.