5 Best Forex Signal Providers for 2024

List of Top Brokers with Forex Trading Signals

Best brokers for US traders

Best brokers for international traders

How Did FXEmpire Select the Best Forex Trading Signal Providers?

• We ensured each broker scored above 4+ in our 250 data point broker rating review.
• We confirmed each broker offers entities that are authorized and licensed by a reputable financial regulator.
• We checked each broker offers access to high-quality forex trading signals.
• We researched the brokers’ trading signals to ensure they cover a wide range of financial instruments.
• We checked each broker offers copy trading to follow the signals easily through different trading platforms and/or apps.
• We researched the live spread of different instruments for each broker by opening a live account to check their competitiveness.
• We tested the brokers’ customer support methods to ensure you can access good quality assistance whenever you need it.

Our team of experts has identified brokers’ strengths and weaknesses using FX Empire’s comprehensive methodology. Here’s how we test.

Now let’s explore the selected brokers.

How to Choose the Best Forex Broker with Trading Signals?

Below are a few things to take into consideration when choosing the best forex broker with trading signals to partner with.

1. Choose a safe, well-regulated broker

Choosing a regulated forex broker is essential for ensuring the safety of your funds and reliable trade execution. Unregulated brokers could expose you to various risks, including conflicts of interest, poor trading execution, and the loss of your trading funds.

However, not all financial regulators are created equal. Here is a brief overview of the three tiers of financial regulators we use to evaluate brokers:

• Tier-1 regulators operate within well-established financial jurisdictions and have a proven track record of protecting investors. Examples of Tier-1 regulators include the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC) and the Commodity Futures Trading Commission (CFTC).
• Tier-2 regulators are based in less recognized financial jurisdictions but still maintain high standards. Examples of Tier-2 regulators include the Dubai Financial Services Authority (DFSA) and the Financial Sector Conduct Authority (FSCA) of South Africa.
• Tier-3 regulators are commonly associated with offshore-based nations and may not have the same level of oversight as Tier-1 or Tier-2 regulators. Examples of Tier-3 regulators include the Financial Services Commission Belize (FSC Belize) and the Seychelles Financial Services Authority (SFSA).
• In addition to regulated brokers, there are also unregulated brokers. These brokers are not subject to the same level of oversight as regulated brokers and may pose a greater risk to your funds. From my own experience, it is best to avoid unregulated brokers, as there is no legal recourse if they act fraudulently with your capital.

Check out our comprehensive guide on the Best regulated forex brokers.

You can check the regulatory status of a forex broker by visiting the website of the relevant regulator and searching their online register. You should also review the terms and conditions of the broker before opening a trading account.

Tier-1 regulators such as the UK FCA and CySEC offer the highest level of investor protection. They make it a legal requirement for brokers to offer a negative balance protection policy so your account does not go below zero, to have client funds segregated from company funds, and to be part of a compensation scheme to cover your funds up to a certain amount in case the broker becomes insolvent.

Explore Best CySEC-regulated brokers and Best FCA-regulated brokers.

2. Check the trading and signal provider fees

There are a variety of broker-related trading fees to be aware of, including:

• Spreads: The spread is the difference between the bid and ask price. You want the spread to be as low as possible. See our guides for the best lowest spread and best zero spread forex brokers.
• Commissions: This is a charge to buy and sell. Some brokers will offer accounts both with and without commissions.
• Swap fees: Swap fees are charged when you hold a position overnight and vary depending on the interest rate and broker markup. Discover Best low swaps forex brokers.
• Inactivity fees: Some brokers charge inactivity fees if no activity has taken place on your account for a certain number of months.
• Deposit and withdrawal fees: Some brokers charge fees for depositing and withdrawing funds.

When choosing a signal provider to trade with, there are other fees to take into consideration, including:

• Monthly subscription fee. Some signal providers will charge a monthly subscription fee to follow their trades and have them automatically copied onto your own account.
• Performance fee. Some signal providers will charge a performance fee as a percentage of profits made.

Some brokers and signal providers offer free trading signals for you to explore. Providers who generate income based on performance are likely to be more motivated to deliver strong results as if they don’t perform well, they won’t earn.

3. Choose the right account type

Most brokers offer a variety of different trading accounts that can be generally separated by the fee structure. Some trading accounts offer zero commission with higher spreads, and some offer lower spreads but with a commission to pay.

When following a trading signal provider, it’s crucial to understand the type of account they’re using to generate the results you see. After all, if their results are based on a commission-free account, then if you choose to trade on a commission-based account, the commissions will eat away the profit, and your results will be very different.

Read more about Best STP forex accounts and Best ECN forex accounts.

Some copy trading apps allow you to interact with the signal provider so this is an excellent way to ask questions to see what best suits their system (usually, they also write it in their profile to make it easier for you to follow them).

If you are using a signal provider that requires you to execute trades manually, then it’s beneficial to use a broker’s demo account first to see what fee structure will suit you best. Explore forex brokers with the best forex trading demo account offering in our guide.

4. Use the right trading leverage

Leverage is a tool that can magnify both profits and losses. It allows traders to control a larger position with a smaller deposit. For example, with leverage of 1:30, a trader can control a position worth $30,000 with a deposit of just $1,000.

However, it is important to note that leverage also increases risk. If the market moves against the trader, they could lose more money than they initially deposited. For this reason, it is important to use leverage wisely and to understand the risks involved.

Tier-1 regulators, such as the UK FCA, CySEC, CFTC, and others, restrict leverage for retail traders to protect them from excessive risk. These regulators typically set a maximum leverage of 1:30 for forex trading or 1:50 if based in the US.

Offshore and unregulated brokers often provide access to higher leverage levels. However, these brokers may not be as safe or reliable as regulated brokers. It is important to do your research before choosing a broker and to avoid brokers who offer excessive leverage. You can check out FX Empire’s carefully selected list of the best forex brokers with high leverage.

When following a trading signal provider, it is also important to identify what leverage they have used to achieve the results that you see. If they’re trading on an account with high leverage and you opt for an account with lower leverage, you won’t have sufficient trading capital to replicate all of the provider’s trades, leading to very different performance outcomes.

Ask the signal provider what leverage they use through the social trading function if the copy trading app has one to get similar results.

5. Test the trading platform or app

It is important to test the ease of use of the trading platform and app used to receive trading signals. Most brokers will use the MT4 trading platform as a basis to send trading signals or to have them copied. For example, the trading signals provided by FP Markets, AvaTrade, and Vantage all use an MT4 trading account to have trades copied onto it – even though you don’t even need to access MT4 to do so.

Brokers that offer signals from third-party providers such as Autochartist may provide a website for you to access the signals, an MT4 plugin, or have them embedded into their own proprietary trading platform like tastyfx does.

Check out our guide to Best Autochartist forex brokers.

The most important aspect is to make sure you can access forex signals with ease and have them copied onto your own automatically or at least be able to execute a trade yourself as quickly as possible.

If you are new to trading, check the broker’s educational materials, as they may have platform tutorial guides and videos that can help you. You can also read more about the platform in our detailed guide on the best MT4 forex brokers.

Read more about Best forex trading platforms.

What to avoid when choosing a forex broker with trading signals?

When choosing a forex broker offering trading signals, it is important to do your research and avoid brokers that exhibit any of the following red flags:

• Claims of high returns: There are no guaranteed results in trading the market. If a broker advertises this, then they are most likely unregulated and a scam that you should avoid.
• Not enough performance data: Make sure the signal providers have long track records – the longer, the better. If a broker only shows systems that have generated returns over a short period, they may be disguising the longer-term providers who eventually went bust, which is another red flag.
• Lack of transparency: If a broker is not transparent regarding its trading, non-trading, and signal provider fees, it is a major red flag, and you should avoid them.
• No physical presence: If a broker does not have an office in a well-established jurisdiction and no way to contact them through live customer support, it is a major red flag that you should avoid.

We’ve also compiled a comprehensive list of reliable brokers by jurisdiction here, to help you navigate the complex world of forex trading safely.

How to avoid forex and CFD trading signal scams?

Offering high-reward trading signals is an easy way for scammers to lure people in. Scam brokers are a major problem in the industry, and they can easily take advantage of new traders.

There are a few things you can do to avoid such scams, including:

• Verify the broker’s license and regulation: Always make sure that your broker is regulated by a reputable financial authority and is based in a well-established jurisdiction.
• Check the broker’s physical address: Check your broker has a physical address in a reputable country. Make sure you can contact them when needed and that there is a large team of employees working in the business.
• Conduct a reputation search: You can search for your broker in Google and use the ‘News’ function to check there are no news reports of issues relating to your broker.
• Use well-known payment methods: If a broker provides payment options you have never heard of, it is a red flag. Stick to well-known deposit methods to safeguard your transactions.
• Read the terms and conditions: Always read and understand the terms and conditions provided by the broker before opening an account with them.

By following these steps, you are more likely to protect yourself from falling victim to a scam crypto broker.

Our Methodology

For more than a decade, FX Empire has been the prominent source of broker evaluations. Our review procedures have undergone continuous enhancements throughout the years, encompassing over 250 research data points, covering nine core categories:

• Trustworthiness: We examine the broker’s regulatory status, reputation, and license to operate within different jurisdictions.
• Fees: We open live trading accounts and test the broker’s trading fees to identify how transparent and competitive they are.
• Trading platform and tools: We test the broker’s trading platforms and tools on offer for how user-friendly they are and the number of features they provide.
• Tradable instruments: We research the number of tradable instruments available across the broker’s trading accounts to check how diverse their offering is.
• Customer support: We test how easy it is to access customer support and the level of the representatives’ knowledge.
• Payment methods: We explored all of the different deposit and withdrawal methods, including the processing times and fees associated with each one.
• Account types: We evaluate the broker’s account types to check their features, such as the type of execution method, minimum deposits, and general account features.
• Research and education: We assess the depth and quality of market research and education materials offered by the broker.

We detail all of these findings for you to read in our comprehensive broker rating reviews. For this guide, we’ve built upon these findings and introduced additional criteria to identify the top forex trading signal providers for this year. We checked the broker provides high-quality forex trading signals and ensured there are low barriers to accessing the forex signals. Additionally, we tested for the ability to copy signals automatically through copy trading and researched any fees associated with trading signals for full transparency.

Meet Our Writers

The team of forex and CFD writers and editors at FX Empire is composed of trading industry professionals and seasoned financial journalists. Our writers have been published on leading financial websites such as Investopedia and Forbes. In addition, they all have extensive trading experience.

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