The future of forex trading is here!
Are you familiar with copy trading and forex signals?
If not, it is my pleasure to introduce you to the golden age of forex trading!
This post will explain how it all works and give you the best forex signals apps in 2020, both free and paid, so that you can get started with copy trading today.
This list of best forex signals apps contains no affiliate links.
Before we get into the best forex alerts, let’s take a look at what exactly these best forex signals apps are as well as what copy trading involves.
Table of Contents
What is copy trading in forex?
Before we get into our list of the best forex signals apps in 2020, let’s take a look at what copy trading and signals really is.
In the last decade or so, forex and stock trading platforms have been introducing clients to the feature of copy trading.
Copy trading is also known as mirror trading, auto trading, and social trading.
Copy-trading, as the name mostly suggests, is a technique that facilitates a trader to take the same positions as another trader and connect a part of their portfolio.
Copy trading consists of two parts.
- forex signals, which are ‘suggestions’ of currency pairs to trade that are sent out to traders so that they can take action
- forex signal providers, a robot or (preferably) a professional team of forex traders who determine the signals and send them out to traders
You can copy trades and link with another trader or simply follow signals that are sent out from your provider; the running positions on the market and any decision they make is all copied.
If they open a new trade, you too open a trade.
If they liquidate their positions, you liquidate your positions too.
If they make a profit, you make a profit.
…and, if they make a loss, you make a loss too.
However, in copy trading, it does not mean that a trader has no control towards the outcome and account.
Even though a trader establishes copy trading with another trader, they can still close their positions, open new positions, and moderate their existing positions.
With that said, by copy trading, one can generate immense profits without any knowledge in the markets, given the other trader is skilled enough.
Because of this, copy trading is getting extremely popular in the trading space.
When copy trading was originally introduced, it was limited only to web platforms. But now, trading platforms have enabled it on mobile phone apps as well.
In fact, there are apps that are specifically designed for copy trading.
Hence, some of the very well-known copy trading service providers have designed their in-house mobile apps to facilitate copy trading on smartphones.
Apart from the web and mobile applications of brokers, there are two other effective ways of copy trading – MQL5 and Signal Factory.
The former is derived from the MetaTrader trading platform used by the majority of brokers, while the latter is a community within the Telegram app (a messaging application).
The best part about both is that they are a free source for copy trading.
That said, you must be careful when using those services – it’s difficult to know who is trustworthy or who you should follow, which is why we made this list of the best forex signals app in 2020.
How does forex copy trading work?
In Copy trading, the user must copy the actions until the close of the trade.
In essence, a trader should copy the automatic implementation provided by the platform for copy trading.
To copy trade, you will have to connect a part of your portfolio with a trader you are willing to copy.
You can connect by clicking on the copy button from the trader of your choice on the mobile app platform that allows copy trading.
When you copy a trader, all their positions are opened on your account as well. Moreover, all their trading actions (trade management) are applied to your account, too.
The trader who copies the trade is given to choose how much capital they are willing to invest. Most brokers do not allow you to invest more than 20% of the trader’s portfolio balance.
For example, let’s say you have an account balance of $1000, and you have invested 10% of your account – $100. So, 10% of what the trader is investing in will make your investment.
Furthermore, if you like how the trader manages the trade, you can increase your investment in the trade.
So, if the trade goes in the desired direction, your profits will be maximized.
However, it is true on the flip side, as well.
If the trade turns against the desired direction, your losses will be bigger due to the increased investment. One can, in fact, increase or reduce the invested capital based on the trader’s performance.
It is recommended to diversify a portfolio rather than betting a lot only on one trader.
Once you enable copy trading on a trader, you have different scales of controlling the trade based on the mobile app you are using; some apps keep it fixed, wherein, once you begin to copy a trader, the only action you can take is to stop copying them.
Likewise, some platforms are more liberal to their clients. They give you the right to control their funds manually. For example, if you don’t have trust in trade and believe that it will go in a loss, eventually, you can manually close it even before it goes to the stop-loss point.
This is different from following forex signals from providers – with these services, ‘signals’ are sent out to you and then you follow them.
For example, if you read our 1000Pip Builder Review (which is one of the best trading signals), we show you how they send out signals via text (SMS) and email. They give you the currency pair, opening price, and all other necessary information for you to follow – all you have to do is execute the trades, no brain power needed!
Best Forex Signals Apps
Copy trading and signals in forex has gained much momentum and is getting popular with time.
Many mobile apps have mushroomed in the market to take advantage of this demand while promising quality trading signals.
So, for any novice trader, it gets hard to pick the best forex signals apps from the bunch – it is important to pick the best service out there because you will eventually be using that service on your live trading account, trading with real money and real risk.
Any mistake made while picking a Forex signal app could lead to horrible consequences.
For instance, you risk losing your entire capital by picking a wrong signal or risking the majority of your trading account.
So, to solve this problem, we’ve come up with this guide of top credible Forex signal apps. We have considered various factors like regulations, app community, minimum deposits, and convenience, etc. while ranking these applications.
Excited much?
Let’s get into it.
#1 | MT4 & MT5 [MT4 – Android | iOS] [MT5 – Android |iOS]
Both of these apps are designed by the Metaquotes Software Corp., and they are available on both Play Store (Android) and App Store (iOS).
Unless you are a complete novice trader, you must have heard about the Metatrader platform for desktop -this is an industry-grade desktop trading software for both beginners and experienced traders.
The reason we chose these best forex signals apps first is because of their reliability.
Metatrader has a huge community of active Forex traders who are willing to offer extremely credible signals at a reasonable price. Users get to pick signals from a comprehensive list of high-performance traders in that community.
The best part is that traders get to copy a wide range of free forex signals right from their smartphones.
The UI & UX of these apps is brilliant and very easy to navigate. Also, the apps are not bulky and can be run in any of the electronic devices like smartphones, tablets, iPad, etc.
On average, the price of each signal stands at around $30, which is pretty decent.
Traders also get to access the technique used by professional traders to generate a trading signal right from the app; this will increase the knowledge of novice/intermediate traders while they make profits.
#2 | Pips Alert Review – More Than Just Signals [Android | iOS]
Pips Alert’s is easily one of the best forex signals apps out there, and is a great centre for forex traders since they also have free courses and programs to help teach you forex trading.
In my opinion, this is the best signals app for beginners and is a great starting point for those new to using forex signals because they offer courses specifically for teaching you how to use the signals for maximum profits.
You can sign up for a free account by clicking this link.
The mobile apps are quite simple and easy to use.
#3 | Forex Signals – Signal Start Review [Android]
The Signal Start App is a Forex signal service offered by Myfxbook.
For the ones who aren’t sure of what Myfxbook is, it is a public portal where all the trading activities of a company or an individual can be found – this company has a large community of professional traders with them.
Their mobile app is one of the best forex signals apps and is very credible, used by many traders in the forex industry.
The Signals Start application is designed for the Android operating system, which means those with Apple products cannot download.
The app has a simple and straightforward interface that includes the entire functionality of their web platform.
With thousands of active users, this platform acts as a single stop solution for both signal providers and followers.
With the help of the latest technology, the buying and selling of signals have entirely been automated in this app.
Users can easily receive the signals from providers to their trading accounts – it merely takes a minute for even novice traders to set-up and copy a signal using their Android app.
Although the USP of the Signal Start app provider is ‘convenience,’ the support offered to their customers is equally amazing. Most of the support team are technical traders who understand trader’s concerns.
This app is compatible with various trading platforms and well-known brokers in the market.
Also, all the Signal Start app trading reports can easily be accessible by their users, thus achieving complete transparency.
Users can pay a dollar to access all the services for a week (trial period) post, which they are charged with $25 a month (Subscription Fee). Apart from this, users will have to pay for the signal providers for each of the signals they take. This fee can range from $30 to $200, depending on the provider’s credibility and track record.
#4 | Naga Markets Review – Social Trading [Android | iOS]
Naga Markets is one of the most reputed brokers in the market, and also happens to have one of the best forex signals apps in 2020 – it’s proprietary trading app is known as Naga Trader.
In most cases, we see a company finding its success in being a web platform, and it gradually expands its roots to the mobile app… in the case of Naga Trader, the company has been successful being a mobile app itself.
The app started with the name ‘SwipeStox’ and has gained massive popularity in the app copy trading community. It was then renamed to Naga Trader, and has been that way since.
The user interface of this app is so convenient that it looks similar to Tinder. On the leader dashboard, all the top performers in the market will be listed – users can check the credibility of the signal providers by a single glance.
They can swipe left if they aren’t interested or swipe right to save the signal on the watch list; all it takes is a single click to copy signals and apply them on your live charts.
Some advanced artificial intelligence tools such as ‘CYBO’ distinguishes Naga Trader from its competitors.
This system automatically goes through all of the trades generated within the community and evaluates the historical performance of the signal providers; then, it identifies the best trades by evaluating the trade parameters and offers them to its users. This feature is commendable and pretty useful for traders with large accounts willing to make a huge sum of profits.
Naga Trader is heavily regulated, and hence the reliability is high.
The app is available for traders with both Android and iPhones.
The minimum deposits are reasonable, and the charges per signal are not too high either (starts from $20) – but, if you are willing to use advanced trading services like CYBO, the charges are different.
#5 | Forex Signals by BL Tech Pro Review – Live Buy/Sell [Android]
This app is one of the top-rated forex signals providers on the Play Store (Android).
With more than 100,000 downloads and 4.6 rating, Forex Signals by BL Tech Pro is our fifth pick in our list of the best forex signals apps in 2020, and can be considered a strong competitor to the apps mentioned above.
We found the user interface to be a bit shabby, but what matters the most is the accuracy of the signals they offer.
The app is mainly built for intraday traders who are willing to take major Forex pairs.
In this app, users get to access free signals on a daily basis with specific buy/sell points – a detailed explanation will be given on which timeframe the signal is generated, what indicators are used, etc.
The company promises that all the signals offered by them are cross verified by their professional traders to ensure the accuracy of the signal.
For paid VIP signals (min 90% accuracy), the company charges $50 a month, $80 for three months, and $100 for a lifetime subscription. They also have a VIP telegram channel where these signals are published.
A minimum of 30 signals will be received by the user that promises a profit of 2000-3000 pips.
Money management tips such as Stop-Loss and Take-Profit placement are also offered to their VIP users.
#6 | ZForex.net Review – Free Forex Signals App [Android | iOS]
ZForex is the final choice in our list of best forex signals apps in 2020.
ZForex is a great free forex signals app, available on both Android and Apple devices.
This app offers daily forex alerts and is one of my top forex signals apps in 2020 – I highly recommend it for anyone who wants a simple, easy-to-use forex alerts app that get delivered straight to your email.
You can find my in-depth review of this app here: ZForex Signals Review
Notable Apps
Below are some of the other credible Forex Signal Providers who are worth trying but didn’t fit on our list of best forex signals apps of 2020.
Forex Daily Signals – Android | iOS
Forex Signals Live (FXLeaders) – Android | iOS
Live Forex Signals – Buy/Sell – Android
Conclusion
I hope you found our list of the best forex signals apps in 2020 informative and helpful – please consider doing your research before signing up for any of the services above, and always remember that due diligence is crucial in Forex trading.
Also, we recommend you do a trial check with any of the signal providers before signing up with them.
Copy-trading and forex signals have their downsides, and it is always good to know what the signal that you have just copied is doing to your trading account rather than blindly copying and applying them.
Learn to Trade Forex
Forex signals and copy trading are great tools for beginner forex traders – they allow you to imitate the trades of much more experienced currency traders and try to replicate their profits as well.
That said, even the best forex alerts or the best trading signals apps will not actually teach you how to trade!
You can only copy other traders for so long – eventually, your lack of skills will catch up to you.
For this reason, I always recommend novice to intermediate traders to start with a forex education.
If you want to learn all the fundamentals of the forex game and learn how to make consistent and profitable trades, head here to read about a forex course that teaches everything you need to know and more.
Also, if you have not gotten it already, grab your Free Forex Trading Fortunes PDF.
Enter your email below to get your copy sent to your inbox, immediately.
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I’m a full-time forex trader, happily making money from the comfort of my own home.
I help others find financial freedom and success with forex trading.