How to Find the Best Free Forex Trading Signals

Alexandros Theophanopoulos
26 Min read

This article will demonstrate how to locate the best free Forex trading signals in 2024. We'll also discuss where you can find these signals, as well as whether or not free Forex signals are reliable.


It is natural to want to be able to achieve good results in trading with minimal effort and expense. People also prefer to avoid making their own mistakes and will instead rely on someone else's thoughts and opinions. A lot of beginner traders will aim to achieve profit in the market as quickly and effortlessly as possible.

This is why many traders search Google for 'the best free Forex trading signals' or other similar queries. The majority of these traders will be reluctant to pay for premium signals, as they hope to gain profits without any expenditure.

However, it is important to understand that there aren't many good free forex trading signals today, whether you are looking for free forex trading signals in the UK, the USA or any other location.

Usually, finding free accurate forex trading signals can be challenging. The free Forex signals are sometimes not the best signals available. They may not be reliable. One thing to bear in mind is that even if some Forex alerts and trading signals are 'free', they may not be free in the long run, as they could potentially cause you losses.

Free Forex Signals | What are they?

Free Forex signals are usually short messages containing information that can help guide you in your trading decisions. They can be based on technical or fundamental analysis or other forms of analysis. Forex news trading signals provide signals based on events in the news that can affect the markets. Forex technical analysis signals provide signals to help identify trading opportunities based on technical analysis.

Forex signals are usually sent to traders via emails, SMS, or any other type of communication app, such as Whatsapp. It is also possible to come across forums, such as Reddit, and social media sites, such as Twitter, that display free Forex signals. However, it is important that you always trial these first on a demo account before risking your own capital, as they may not be the best free Forex signals.

What does a signal look like? Usually, it is a very short message that contains only key items, such as:

  • BUY EUR/USD @ 1.1240
  • SL @ 1.1220, TP @ 1.1270

As you can see, the signal begins with the direction of the order. It can be referred to as Buy (Long) or it can be Sell (Short). After this, the trading instrument is shown. It may take the form of the currency symbol 'EUR/USD', or alternatively, a currency nickname like Aussie or Cable can be used. This is followed by the price quotation, which is usually shown in either five or four digits after the dot.

Sometimes free Forex trading software with buy sell signals feature a type of order. This could be a market order (MO), a pending order (PO), or a limit order (LO). You may encounter other types of orders, depending on the broker's platform, or the person or company that is sending out signals. After the first line, you can see another two abbreviations and two quotations.

These are used to identify the points of stopping your trade due to loss or profit. As you can see from the example above SL, which stands for stop loss, is set at 20 pips away, and the TP (take profit) is 30 pips away from the entry price in this Forex signal example.

You will often be able to spot another value at the end of the signal, which is usually abbreviated to TS. This stands for a trailing stop. Not every broker and platform supports this type of order, and, therefore, not every trader can make use of them. However, this is quite a nice feature, as it can enable you to have more flexibility once the signal is sent out.

It's important to know the difference between automated trading signals vs normal trading signals. Automated trading signals initiate trades for you, while other trading signal subscriptions merely send you a signal, and the choice of entering or exiting a trade based on the information from the signal is up to you. We'll now discuss this in more detail.

Automated Trading Signals vs Normal Trading Signals

Automated Forex trading signals can be one way to buy and sell Forex automatically according to someone else's advice.

The difference between automated trading signals and normal trading signals is that automated ones execute the trades for you. The provider also notifies you when the trade is complete. Additionally, some providers can notify you of factors such as low or high volatility or volume.

Commonly, traders pay for the service and the provider sends you a notification the let you know about the trade.

What's more, is that both beginner and expert traders use automated trading signals. They can also be an effective way to learn a little about analysis. 

While the idea of using automated trading signals may be attractive at first, some people ask if they can be trusted. They can't. This is why it's important to educate yourself on trading and always use sound risk management and trading strategy to guide you in choosing which signal provider and which signals to use. Also, I recommend thoroughly reviewing different brokers to ensure you don't get scammed or incur unexpected losses or fees.

In short, trading signals have both advantages and disadvantages:


  • A way to learn about analysis. You'll see the trades being made, the analysis that influenced the trades and their outcome.
  • Earn profits while learning. You can earn money while you are learning about analysis and how to trade
  • Only trade when you need to. This is ideal for swing traders and others who don't or can't always watch the market.
  • Build confidence. Your trades are founded on solid info.
  • Remove emotion from your trading. Your emotions won't influence your trades. Your trades will be founded only on mathematical formulas. 


  • Easy to get lazy and rely only on signals. Because trades and analysis are done for them, traders may stop analysing the markets and looking for opportunities, themselves. In turn, they stop learning to trade, which is dangerous.
  • Signals aren't always trustworthy. Technical and fundamental signals can sometimes be wrong.
  • The signals may not suit your strategy. Most of the time, you will have to adjust your strategy to the provider, not the other way around.
  • Can be expensive. Be sure to learn about all of the fees your provider charges before you sign up! They may charge you monthly, by the signal, trade or some combination. Remember to factor in how these fees will cut away from your earnings.
  • Viruses and malfunctions can cost you money. System and analysis errors can lead to bad trades and losses.

Automatic trading signals are attractive and useful for some traders, but this article will focus on free Forex trading signals that can be used as a part of your overall strategy.

Forex Signal Authors

There are a lot of websites sharing Forex signals online and social media makes it easy for people to share free and premium Forex signals. There are three main groups of people that are responsible for sending such signals out:


These groups are shown in the order in which they can be trusted. It is common to find traders who are looking to share their ideas with the outside world. Their main aim in doing so is to earn a reputation for being a good trader, to help out other people and to simply support the community that once supported them when they were new to FX trading.

Usually, it is possible to find traders who are sharing FX signals free on various forums, the most popular one being Forex Factory.

Traders try to send reliable signals by performing their own analysis and providing exactly the same information that they are using in their own trades.


Affiliates represent another group of signal providers. You can usually get free daily Forex signals from this group once you have signed up for an account with a broker using their affiliate link. This way affiliates can still make a commission on the trades you make, but the signals remain free to you.

However, it is important to note that not every person has enough time to support both their affiliate business and their trading activities, so you should be cautious about this group of signal providers. Sometimes the quality of their signals may decline as they put more energy into their own promotion. This is why, before implementing free Forex signals on your live trading account, it is best to always test them first on a demo account.


The scammers are the people you should be afraid of, as they are only interested in making an affiliate commission from you, or just making you purchase their 'free' signals. Such providers usually employ quite obvious methods of attracting clients, such as providing a few free Forex signals online and then later asking you to purchase premium signals.

One common Forex signal scam is for the provider to send half of their audience 'BUY' orders, while others will be provided with 'SELL' orders. This way a scammer can split their audience in half - of which 50% are going to be profitable and another 50% will end up losing. So do not fall for scams, as they cannot deliver anything close to the best Free forex signals.

If you are interested in learning more helpful advice for your trading, why not tune into one of our free webinars hosted by our trading experts? Discover the latest trading trends, get actionable strategies and enjoy complimentary tools now! Just click the link below to take you there and get you started:

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Finding The Best Free Forex Signals

Here are four key things you need to pay attention to when choosing the best free Forex signals:

  • The number of positions. A minimum of 100 positions is preferable to give a good understanding of the signal service over a broad range of market conditions.
  • The risk to reward profile. It is important to make sure that the provider has a positive ratio between the risk taken and the potential profit. As a general rule, a ratio of more than 1:1 risk to reward is favored.
  • The success rate. To know the behavior of the signal service, we want to know if the system wins very often (more than 70% of trades) or less often (50% of the time). This is to make sure the signal provider has not just had one very big 'lucky' trade.
  • The number of consecutive losing trades. This is the drawdown or potential loss that can occur when following the Forex signal in question.

These four elements are the most important to study to make an informed decision when choosing the best Forex signal provider.

It's time to look at some examples of free Forex trading signals. Below are three trading signals often searched for:

Forex Price Action Signal

Price action is the analysis of different price movements in a market. Traders may utilize a free Forex price action trading signals indicator to develop an understanding and make decisions on trends, important price levels and appropriate risk management. Identifying trends is often used as the first step in price action trading.

Forex Swing Signals

Swing trading is a type of trading in which traders attempt to make profits from price swings in a specific market. These trades often stay open for a couple of days or weeks. There is no best time frame for all traders.

However, many swing traders use the daily time frame because it sometimes offers large fluctuations in the price and deeper swings. However, traders also use the weekly and the shorter, 4-hour, time frames along with the daily.

There are swing trading signal providers that offer free or $1 one month trials but, at this time, there are no specific free swing trading signals which I would recommend.

Now, I will present some free Forex trading signals that I can recommend to you, which can be easily installed on a MetaTrader trading platform.

Forex News Signals

News moves the markets. Forex news trading signals offer traders a way to automatically get notifications of trading opportunities based on the news.

Modern news trading systems can aggregate many high-performance news sources covering different aspects of the economy into one unified trading software to identify potential trading opportunities. They analyze news events and try to predict unexpected economic events daily. They then share their predictions with their subscribers each day. Some news trading signal providers also include reasons the consensus could be wrong.

Like other types of trading signals, it's also possible to find forex news trading signals for free. But, as it's difficult to determine the reliability of signals from the start, you can apply them on a demo account with virtual currency in real market conditions to test their reliability before using them with your real trading account.

Free Forex Signal Service | Trading Central

Admirals offers free access to Trading Central's Forex signals via the exclusive MetaTrader Supreme Edition plugin.

To get started, just follow these simple steps:

  1. Download the MetaTrader 4 or MetaTrader 5 trading platform
  1. Then download the free MetaTrader Supreme Edition plugin to boost your trading experience by getting free access to the Trading Central indicators. You will also get access to advanced bonus features such as an additional indicator package that includes Pivot Points and Renko charts, as well as a Mini Terminal to access advanced order functions!
  2. Once these are downloaded open your MetaTrader trading platform and open a new chart by selecting File -> New Chart on any instrument available, as shown below:
MetaTrader 5 Chart

4. Once the new chart is open, the next step is to open the Navigator window. This can be done by pressing Ctrl+N.

5. This will now open the Navigator window, as shown below. To add the Trading Central indicator, click the + icon next to Expert Advisors, this will open up a list of options seen in the screenshot below:

MetaTrader 5 Navigator Window

7. From the Expert Advisors window, simply drag the 'Admiral - Connect' line on to your new chart. After pressing OK in the confirmation box that opens up, you now have access to the Trading Central indicators called Technical Insight™ Lookup and Featured Ideas™.

Now you have access to the Trading Central indicators directly from your MetaTrader trading platform, the video below will show you what they do, how they help and how to incorporate them into your trading.

Free FX Trading Signals from Trading Central's Featured Ideas™

MetaTrader 5 Supreme Edition - Trading Central Featured Ideas™ Indicator

While some traders are exploring ways of getting signals, like from telegram channels, this isn't a free daily forex trading signals telegram channel. This is a traditional signal delivered in a traditional format, offering real-time forex trading signals for free.

The Trading Central Featured Ideas™ indicator helps traders to monitor market movements across a wide variety of currency pairs. Users can customize their settings to tailor the indicator based on individual preference regarding holding timeframes, bar sizes, technical chart patterns or preferred currencies.

After clicking the 'Custom Settings' icon located at the top right of the chart, the following window will open:

MetaTrader 5 Supreme Edition - Trading Central Featured Ideas™ Custom Settings Window

From this window, users can customize their settings in a variety of ways, such as through:

  • Currency pairs - select your favorite currency pairs to find trading ideas on.
  • Bar sizes - select the chart timeframe you want to find trading ideas on.
  • Holding timeframe - select the desired timeframe for holding trades.
  • Charts/technicals - select the different technical analysis filters you are most interest in trading on such as Bollinger Bands, MACD, Candlestick Patterns, and more.

Once these have been selected, the Featured Ideas™ window will show a selection of currencies that meet some or all of the criteria selected in the custom settings window.

MetaTrader 5 Trading Central Currency Pairs

Note that these free trading signals from the Admirals' Trading Central are based on EA robots developed by Trading Central and offer opportunities without automatic opening of positions. The trader keeps full control, choosing to open or close a trading position following a Forex signal.

Remember that you can test out Admirals services and features such as Trading Central's free signals completely risk-free by opening up a free demo trading account. With a demo account you can practice your trading under real and live market conditions and prices, without putting any of your funds at risk. Get started by clicking the link below:

Risk Free Demo Account

Register for a free online demo account and practise your trading strategy

Trading Central's Technical Insight™

The Technical Insight™ indicator from Trading Central offers actionable, technical analysis for a wide variety of asset classes such as Forex, Stocks, Indices, Commodities and ETFs (Exchange Traded Funds). This makes it an ideal tool for a multi-asset class trader who is searching for detailed and proactive analytics.

To search for a market, users can simply type in the name of their instrument in the search box. Let's take a look at an example when searching for currencies.

In this example, we will search for the currency pair EUR/USD, as shown below:

Metatrader 5 Supreme Edition - Trading Central Technical Insight - EURUSD Daily Chart. Date Range: October 1, 2018, to September 10, 2020

At first look, there is a lot of information available for traders to analyze. This includes a short-term, intermediate-term and long-term trend outlook depicted by green up arrows or red down arrows located above the chart, as shown below.

MetaTrader 5 Supreme Edition - Trading Central Technical Insight™ - EURUSD

When users click on one of the trend outlooks, the chart below automatically shows evidence of that bias. For example, the intermediate-term outlook for 6 weeks - 9 months is bullish, as shown by the green arrow in the example above. If we click on this icon, the chart underneath it will show the evidence of this bullish status:

MetaTrader 5 Supreme Edition - Trading Central Technical Insight™ - EURUSD Daily Chart. Date Range: June 6, 2019, to September 10, 2020

The bullish events are listed as green dots on the price chart of the market being viewed so traders can easily see what happened to the price during that event. The events are also listed on the right side where traders can also click the grid view to view the events in a grid format, as shown below:

MetaTrader 5 Supreme Edition - Trading Central Technical Insight™ - EURUSD Bullish Events

Trading Central provides users with FX alerts and FX trading signals in which the trader has full control on what to trade, as they are required to place the actual trades themselves.

For those interested in following signal providers where trades can be copied directly into your trading account, there is one standout free forex trading signals software as discussed in the next section.

Free Forex Signal Providers | How to Subscribe 

To subscribe to a trading signal provider on MetaTrader, the following steps must be followed:

  1. Open a MetaTrader trading account for free via Admirals.
  2. Open a free MQL5 account.
  3. Go to the "Signals" tab of the "Toolbox" of the MetaTrader platform at the bottom of the screen.
  4. Choose an MT4 or MT5 signal provider.
  5. Select the payment method, if necessary.
  6. Configure copy settings for your trading account.

On the profile page of a signals provider, like the one shown below, it is also possible to read other subscribers' reviews, which can help you ascertain whether it is one of the best free Forex signals providers.

It is recommended to subscribe to a signal service firstly from a demo trading account, to test the value of a provider before risking your own capital.

MetaTrader 5 Supreme Edition - GBPUSD H1 Chart and Signals tab and profile section of a signals provider. Date Range: September 7, 2020, to September 10, 2020

When you subscribe to a free subscription, the options window opens, as shown below:

MetaTrader 5 Supreme Edition - Signal Provider Subscription Options

On this window you will be able to confirm:

  • The name of the signal provider
  • An agreement to the terms of use of the Signals service
  • The confirmation of the subscription to the signal in real-time
  • The ability to copy Stop Loss and Take Profit levels
  • The ability to synchronise positions without asking for confirmation
  • The percentage of the deposit available for the copy trading part of your account
  • The amount in Euro from which you want to stop following Forex signals in case of loss
  • The maximum allowed slippage in pips

Then the FX signal will be directly copied from the supplier to your MetaTrader trading account! It is important to know that you can view FX trading signals from your own MetaTrader platform before you even choose which provider you want to take.

Free Forex Signal Providers | How to Unsubscribe 

It's very simple, just click on the red button "Unsubscribe", as in the following image:

MetaTrader 5 Supreme Edition - GBPUSD H1 Chart and Signals tab and profile section of a signals provider. Date Range: September 7, 2020, to September 10, 2020

A simple confirmation is then necessary to confirm the wish to no longer follow the supplier's trading signals, as shown below:

MetaTrader 5 Supreme Edition - Confirmation of cancelling signal subscription

Conclusion - Should Traders Use Free Forex Signals?

While you can certainly find free signals online, with some of them potentially being profitable, it is not recommended to do so for beginner traders for two reasons:

1. Not every signal provider will be the best or necessarily interested in your success.

Do not trust people who promise results but are not willing to back this up with proof. If the signal provider is trustworthy, they will not be afraid to share their trading history. When it comes to verifying the legitimacy of a signals provider, it is best to use the historic data from their trading account, which will be connected to a tracking service such as MyFXBook.

2. Trading FX online is an art that should be learnt and mastered, it takes a lot of hard work, but it can be worth it.

Even if you're using the best free forex trading signals that update hourly, you are still not learning how to trade. You are simply relying on someone else.

This can provide you with returns over the short-term, but over the long-term, successful Forex trading comes with a lot of hard work, which is what you should understand before moving forward.

You may, of course, attempt to employ signals in your trading strategy, but this should only be used as a secondary tool. Getting started with signals is not a good idea, as you would be much better off investing your time and trading capital into your own education.

However, if you still decide to look for Forex free signals online, make sure to look in forums. Go for the traders that can provide you with a full and transparent trading history that goes back at least six months.

If you are looking for what else Admirals offers to trade, click the banner below and instantly get access to thousands of stocks and ETFs at your fingertips! 

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Frequently Asked Questions About Forex Trading Signals (FAQ)

What are Forex trading signals?

Forex trading signals are alerts or recommendations generated by professional analysts or automated systems. They indicate potential entry and exit points for currency trades based on market analysis, helping beginners make informed decisions.

How should beginner traders use Forex signals?

Beginners should carefully analyze signals, considering risk tolerance and market conditions. It's crucial to understand the strategy behind signals, use proper risk management, and continuously educate themselves to enhance trading skills.


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4. The Analysis is prepared by an independent analyst (hereinafter “Author”) based on the NAME +(Position) personal estimations.
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