5 Best Forex Signals Groups on Telegram
In this article, we’re going to break down the best forex signals groups on Telegram.
Forex signals are a way for traders to increase the returns that they are able to generate trading the forex exchange market. These signals are released by a team of expert traders who specify which pairs you should buy and at which specific price. Individuals are effectively outsourcing the time-consuming process of following and keeping up with the market and are still generate attractive returns, while traders benefit from offering their advice (in the form of signals) to subscribers for a small fee. It's a win-win if you join the right group.
There are several profitable forex signals groups that you can follow, but also unprofitable ones for you to avoid. Because anyone can create a Telegram signals channel and charge for their trading signals, it's hard to know who are professionals and who are just trying to make some extra income without delivering real results. We're here to help — we’ve taken a look at all the forex signals providers on Telegram, compared their results, and ranked them for you so that you can be sure you're not only avoiding the poor groups but also getting the most from your investment.
However, before we get into the rankings, let’s take a closer look at exactly what forex signals are and how you can use them to make a profit.
Best Forex Signals
The best forex signals groups predominantly operate as telegram groups that have thousands of members, all of whom are following the trading team's signals. When the signal provider is ready to issue a trade, they will send out a notification that looks like this:
The call tells you what forex pair to buy, whether to go short or long, along with the take profit targets, stop loss target. If you have a good forex signal provider that knows what they’re doing, then you should hopefully make an excellent return:
One additional key feature of following signals is the ability to auto-follow. This means that instead of you sitting at your computer or phone waiting for a signal to come in and execute a trade, you can install a trading bot to automatically follow the trade exactly as it's been issued in Telegram.
Now that you understand what forex signals are and how subscribing to one can be incredibly lucrative, let’s get into our list on the 5 best forex signals groups on Telegram.
1. MYC Forex & Commodities Signals (@MYC Signals)
When it comes to producing forex signals, MYC Signals is by far the best forex signals provider that the space currently has to offer. With a focus on helping their members generate sustainable returns, MYC Signals’ approach is all about consistency. This means that you can reliably predict how much returns you can expect to generate from being a member of their group.
However, they don’t just provide forex signals, they also provide signals for commodities such as oil and gold, something that very few other groups offer. This combination of both forex and commodity signals mean their members get a lot more value.
In addition, MYC Signals also post daily market and technical analysis updates so their members fully understand the decision behind every trade so they themselves can become better traders. Furthermore, their signals can be followed using common brokers and platforms such as IC Markets and Oanda.
If you want to join their group and begin your journey of generating income from their forex and commodity signals, then here’s how you can get started with them:
1) If you have telegram be sure to reach out to the admin, @MYCSupportBot, as well as to join their free forex signal group, MYC Forex & Commodities. In this group, you will receive completely free forex and commodity signals so you can see the quality for yourself. Alternatively, if you don’t have Telegram, feel free to contact them via email: [email protected] and they’ll walk you through how to get started.
2) They offer their premium channel: MYC Forex & Commodities VIP for you to join. The membership can be paid via any cryptocurrency of your choice or via card over at their payments page.
3) Once you’re all signed up and are a premium member, they’ll work with you to make sure you can follow their signals as easily as possible, as well as to solve any problems you may have. They tout 24/7 customer service so regardless of which time zone you live in, you can be sure that you’ll get a prompt response.
If the name does not give it away, the purpose of the PipChasers group is to chase Pips and generate a return for their premium members. They offer active trade management support so you can ensure that you are appropriately being advised every step of the way when following one of their trades.
They aim to post one trade a day so members can benefit from their premium service and therefore ensure that they are getting their money’s worth. However, one of the downsides of PipChasers is that they don’t post much in the way of educational material so members are actively able to learn for themselves so that they can become better traders.
3. SSJ Forex Signals
The key word to describe SSJ Forex Signals is that they are a group who go for volume of signals. With an estimated 4 to 7 signals per day, you won’t be short of signals to choose from. However, it’s this volume that sometimes is the group’s downfall. When posting such a large number of signals on a daily basis, it’s only inevitable that the quality suffers from time to time hence why they are appearing slightly lower down on this list.
Furthermore, it means that the group spends very little time educating members by posting useful charts or trading tips because so much of the team’s time is spent looking for signals. However, some members prefer this style as they are able to decide for themselves if or not to follow the signal.
4. Pip Prophet
With an apparent prophetic ability to find optimal trades and therefore secure lots of pips, Pip Prophet is another high-quality forex group currently operating in the forex signal space. They certainly aren’t one of the larger groups, but their loyal following is an indication of the quality of the signals that the group releases.
They post ample technical analysis charts with clear and simple explanation as to why they may or may not take a certain trade. They have great customer support who are willing to answer any questions you may have regarding their pricing plan or just more generally the wider forex market.
Due to this focus on quality they could certainly release more signals, however, the few signals that they do release tends to perform well so members cannot complain.
5. The Forex Institute
With an incredibly professionally sounding name like The Forex Institute, this group is striving to introduce a higher standard of professionalism into the forex space. With a commitment to providing high-quality signals and technical analysis, this group is one of the better forex signal providers in the space.
However, they’re still a new group and as a result still need to prove themselves but looking at how quickly they are growing it’s an indication that they are a trustworthy group. They post 1-2 signals daily and also offer money management services for those not interested in trading their own money.
This group can certainly be seen to be a reliable group for those looking for the best forex signals in the space.
There are many, many forex signal groups to choose from, and we have introduced you to some of the best forex signals groups that are currently out there. Paying for signals is a great investment, but only if you know that you are going to get good signals. Selecting one of our picks for the best forex signals groups will not disappoint.
The use of forex signals by traders to increase their potential returns is becoming more and more popular. This combined with a reliable forex signals provider can result in you being able to generate very consistent and reliable returns. Want to learn more about forex signals? Check out our complete beginner's guide! Happy trading!