Top 5 Free Forex Signals Groups on Telegram
Trading forex has been a common method for many to generate additional monthly income for themselves. However, many lack the time or skill required in order to be a successful forex trader. As a result, many turn to forex signal providers in order to help.
Forex signal groups are communities whereby expert traders will publish their live trades for their members to follow. Those who are a member of the group are then able to generate consistent income for themselves by relying on a more skilled trader. However, the caveat is that some of these groups aren’t cheap! Some are known to charge as much as $300 per MONTH to just to have the privilege of joining.
With that in mind, what then can an individual with limited funds but a desire to make money trading cryptocurrencies do? Join a free forex signals group!
That’s why in this article, we’ll walk you through the top 5 free forex signals group on Telegram so you can start making solid returns without having to break the bank.
Before we get into the thick of the article, let’s quickly explain what forex signals are in general and how you can profit from them.
Free Forex Signals
At a fundamental level, these forex signal groups are made up of telegram groups with hundreds of members in them. When the signal provider is ready to issue a trade, they’ll send out a notification that looks like this:
The call tells you, which pair to buy, whether to go short or long, along with the take profit targets and where the stop loss should be placed.
If you have a good forex signal provider that knows what they’re doing, then you should hopefully make an excellent return:
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 top 5 free forex signals groups on Telegram.
1. MYC Forex & Commodities Signals (@MYC 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. They offer both a free group where members can receive high-quality signals, and a paid group where you’ll receive more of those high-quality signals.
But it isn’t just free forex signals, MYC Signals 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.
Lastly, the team post technical analysis updates so their members fully understand why a certain trade is being placed. This has the benefit of educating their members and helps them in becoming better traders.
If you want to join their free 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.
2. Wall Street Forex Signals
Next on the list is Wall Street Forex. These guys have been around for a while and have one of the larger groups in the space. When it comes to releasing free signals, Wall Street do that well consistently. However, the signals are not always the best performing, but when they aren’t the team is very honest and straightforward in owning up to it.
We find that they do too much advertising for their paid service when they could just easily post educational technical analysis content on why they take certain trades and not others, using tools like Fibonacci retracement. All in all, they are an ok group to receive free signals from, but could do more when it comes to educational content.
3. Ten Times Profit Fx
They might not always make you Ten Times profit, but you will learn a lot when it comes to trading. Ten Times Profit is a reputable group with by far one of their biggest advantages being the chart setups that they post.
It is really convenient being able to analyse the chart that they post, see if you agree with the analysis, then decide if or not to follow the signal. Much like your own trading journal this can be useful in your journey as a trader.
They don’t seem to use that much macro-analysis in determining if or not trading a pair will be good trade, something that some members aren’t a big fan of. When trading forex, the fundamentals such as the economy will always be a driving force as to if a pair will move up or down in pips and it must be considered when trading. You can keep on top of these events yourself using a forex calendar.
4. Forex Pips Factory
Forex Pips Factory is one of the smaller free forex signal providers in the space, but their quality is also up there with the larger groups. They certainly embody quality over quantity, when it comes to frequency of signals, there is a lot to be desired.
Furthermore, unlike with some of the other groups listed in this channel, they do not post as much educational content such as chart setups explaining why a certain trade has been placed. Instead, you can expect to find more promotional material encouraging you to join their premium group.
Ultimately we found the signals they did release to be good, however, they were just lacking in terms of frequency.
5. Royal Forex Signals – FREE
You won’t necessarily receive free forex signals with this group, but we decided to place them on the list purely due to the quality of the chart setups that they post. This can help you build your foundations in technical analysis and become more consistent over time.
These charts are high in quality and highlight common chart ranges and patterns such as: head and shoulders and double tops. Each chart contains a short commentary on the key themes of that any trader should have in mind if their trading the forex markets themselves.
Despite not posting any free signals, we felt that these charts themselves offer a lot of value such that a trader may well initiate a trade after looking at one.
To conclude, free forex signals are great for those who are looking to capitalize on the expertise of more experienced traders without having to pay a lot of money for it. If you feel that the quality of a group’s free signals are great, you can then also join the premium group to receive even more. By layering your own knowledge and experience with professional's signals, you can produce a more reliable income stream from your trades over time.
Free forex signals are an excellent way of gauging the expertise of a particular group and should be used as a proxy to determine the level of returns you could expect to achieve if you were to join them.