Signal Factory Review Update: Another deceitful signal provider that went under after members started complaining of huge losses.
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Signalfactory.com is one of the newest Forex signal providers on the internet. Their product is based on ”live and profitable professional traders” who are always glad to help traders achieve their goal in the FX market place. The service is allegedly aimed at bridging the gap between professional Forex traders and their retail counterparts who are always looking for professional financial advance. Signal Factory believes that they are legit because for every signal that they send to their traders, these signals will be traded on their live real money accounts too.
They believe that this is the best way to keep them motivated and interested in the signals which they are offering their clients. Unfortunately, this signal vendor is not telling us where they are located or what their trading experience in this market place. However, we were able to do a bit of research only to discover a Facebook page which is associated with this developer. In that Facebook page, they are giving us a UK phone number. So we are assuming that the vendor is based in North London.
We believe that any signal vendor must provide contact details on their sales page in addition to a bit of explanation describing who they are and what their trading experience is. If they cannot do it, it simply means that they are being fishy, and we should treat them suspiciously.
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According to the sales page, this signals service is being utilized by some 45k traders and it's absolutely free to use. These numbers are most likely from their social media following since Signal Factory has a huge following in both Facebook and in their Twitter pages. Many vendors claim that their signals are free to use. However, when you look at the service carefully, you will realize that there are obstacles here and there which actually require users to pay in order to upgrade from this and that.
With the Signal Factory, the signals are actually free. How did we know that the signal is free anyway? We looked at the entire website and discovered that this vendor is not asking for money, email addresses or up sells.
One might wonder why exactly Signal Factory is offering signals for free. According to the sales page, the signals are free because the vendor is annoyed by vendors that claim to offer free signals when they are actually forcing traders to open broker accounts which are associated with their service. In doing so, they believe that traders can keep their existing Forex accounts and will never incur additional commissions.
When it comes to the type of trading strategy that this signals service is using, the vendor does not give us any information regarding how they approach the markets or what trading strategies they are using.
This is not what we expect from a signals service that claims to have a big following which is trusting them with quality signals. We expected some information about their strategy because this helps when doing in-depth reviews about trading vendors.
One thing we like about this service is that the signals are completely free to utilize, unlike many of the signals services which we have reviewed here before.
They seem to be trading major Forex pairs in the market. This is a good thing because it gives traders a variety of signals to pick. What we do not understand is how exactly this vendor is managing to stay motivated by giving a free service. It is not easy to believe that the vendor is giving away free signals and sacrificing their time to do so when they should be charging money for the service.
The service is trading all time frames. But as we have said before, their strategies are not know. This information should be provided as soon as possible so that individual traders can decide whether or not the trading signals are really going to build their accounts instead of wasting it away.
The best way to assess the quality of trading signals at Signal Factory would be to sign up or start following their signals updates on their Twitter page. This way, we can have the best shot at their service in order to figure out whether the signals are really winning majority of the trades.
These guys seem to be trading quite frequently as there are up to 20 signals per day. They are giving the entry price and take profit as well.
They are not telling us how their signals have performed so far. This is quite a setback considering that we usually need this information when writing reviews of any trading product here.
The vendor is quite transparent with their free signals though. They know we can check at least 10 signals that they have posted to see if price really moved in the direction which they predicted. However, what we cannot do is to go through the entire history of the trades they have provided since this would be a tedious job on our side. It would be appropriate if this info was documented on a platform like myfxbook because that way, we can instantly see what the performance has been like in the last couple of years.
Therefore, as it currently stands, we are hoping that the vendor will probably consider the possibility of organizing this data in a meaningful way so that traders can sort it out easily rather than having to go through a large amount of data trying to figure out what the average win rate is.
Now, considering that Signal Factory is a free signal service, there is nothing we can hold against them, plus there have not been any complaints regarding their service. However, we would certainly appreciate what they are offering if they revealed things like trading strategy. Also, we can't figure out how on earth these traders are getting the morale to provide free signals. But in case you're looking for a premium FX trading service, click here.
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