Signal Factory is a Forex signals provider service that employs professional analysts who generate signals for individuals searching for live suggestions. As per the vendor’s claims, the signals are low-risk and cause the trading accounts to perform exceptionally well.
No hidden costs exist for this service and it is not affiliated with any particular broker. However, there is a severe lack of transparency. Also, the live performance of this system has been quite dismal so far.
What is Signal Factory?
This service does not confuse users with a large number of different signal providers. It has some preliminary conditions that every analyst needs to fulfill before they can start generating trading signals. You can begin trading with your existing account. This service does not require you to open a new one. Therefore, you have full control over how you use the signals.
This signals provider sends you trading recommendations for a wide range of pairs such as AUD/CAD, AUD/CHF, AUD/JPY, AUD/USD, CAD/CHF, CAD/JPY, CHF/JPY, EUR/AUD, EUR/CAD, EUR/CHF, EUR/GBP, GBP/USD, etc.
This service does not have tie-ups with any brokerage firm. Thus, you don’t need to compromise with the spreads in your account. You are not required to open an account with a particular broker. So there are no hidden commissions involved.
Official Signal Factory website
The presentation on the official website is a bit too brief. We don’t have a proper explanation of how the signals are generated and what information they contain. The vendor has highlighted the main benefits of the system as well as the various plans that are available.
We have zero information on the parent organization behind this signals provider. It is unknown when this organization was founded. The vendor has not shared the details of the traders generating the signals, so we don’t know what kind of experience they have. There is no official contact information and we don’t know where this company is based.
How can we use Signal Factory?
The system measures the performance of each provider in terms of net pips change. It does not take into account things like trading lot size, percentage, and profit. The website only displays profitable accounts. It does not offer signals from providers whose accounts are no longer profitable. Since the providers trade live accounts with their own money, they are committed to ensuring the quality of the signals.
Pricing & refund
The cheapest plan is the Telegram News Package which costs $49.99/month. For the Algobot Signals package, you need to pay $99.99/month. The Algobot Trade Copier and Algobot Gold Trade Copier are both priced at $199.99/month. There is no money-back guarantee for any of the plans.
Unfortunately, the seller has not shared the details of the trading schemes used by the analysts. This makes it difficult for us to figure out whether the signals are appropriate for a particular trading style.
This account on FXBlue has a trading history of just 45 days. After conducting 156 trades, it has won 74 and lost 71. The win rate of 51 is moderate, but the account has lost more than it has won. This is why it is currently running at a loss of $2069.58. The daily and monthly gains are -0.70% and -13.72%, and the risk of ruin is quite high at 100%.
On average, the system conducts 3.5 trades through this account every day. We can see several instances where there have been consecutive losing days. The average loss of -37.49 far exceeds the average win of 8 and the average trade length is 3.2 days.
What customers say
On the Forex Peace Army webpage, there are a handful of reviews for this service. More than one user has claimed that this is a scam service and that it has led to huge losses for them.
Summary: is Signal Factory a trustworthy EA?Signal Factory
Trading Results2/5 Bad
- Verified statistics
- High trading risks
- No money-back guarantee
- Negative reviews from customers