Avoid Forex Signal Scams: A Guide to Legitimate Services

Using a good FOREX signal service can be a great way to invest. You can diversify your money and include FOREX with your stocks and bonds. You will need to be sure that you do not get tied up with a poor signal provider. Here are a few things to keep in mind when looking at a signal provider. 

Guarantees

One way that can help decide whether a service is legitimate or not is if they have a guarantee. While the guarantee is only as good as the company that offers it, a guarantee usually will make you feel better about your purchase. If they do business through an established vendor that you are familiar with, the process feels even that much safer. If you do not like the service, you can get your money back and move on. 

Trial Service

Just because a company does not offer a money-back guarantee does not necessarily mean that it is a scam. Many companies instead offer a trial period on their service before you buy it. They might give you the signals or indicators on a trial basis for a week or two before you are allowed to trade for real. With this method, you can get comfortable with the quality of the signals before you put any real money on the line. 

Once you purchase a new signal service, you should still demo trade the signals for a while. Demo trading will allow you to figure out if the signals are legitimate before you put any of your money on the line in a trade. FOREX trading is very risky and one poor trade could knock out a good percentage of your account. Therefore, you will want to trade the signals on a demo account before you go live. If you don't like the signals, just cancel your subscription and move on.

Reviews

While many FOREX reviews out there are simply affiliate ads, you can find some legitimate ones out there. Do your homework and ask other people where they go for good FOREX service information. You can check around on forums and get an idea of what people are trading with. Seeing what other people's experiences are with a particular company can help you in evaluating your own methods. If you see that several people are unhappy with a signal provider, avoid doing business with them.

Customer Service

One way to spot a scam immediately is with customer service. If the company has no customer service whatsoever, you are being scammed. For example, you might buy the product and have a question about how to set it up. No one ever emails you or gets back to you in any way. There is no customer service phone number and the email address never gets answered. If you can, try to contact customer service before you purchase anything. This will tip you off to whether or not they are a legitimate company before you invest anything.