Advantages of MQL5 Signals to Traders over Other Forex Signals Providers
This is a new kind of online Forex signals service; based on the strategies of real Forex traders, this is the first advantage. Each provider enrolled on the MQL5 Forex signal sections has a proven track record of profitable transactions. All accounts of these Forex signal providers are continuously monitored and tracked.
Most of the Forex signal providers are experienced professional traders, therefore for those wanting looking for this service, this is the best place; a single place where subscribers can meet others who have profitable strategies and copy them.
So, What are the Advantages of These Forex Signals Service to Traders
1. Trading Signal Providers Are Experts Who Use Real Accounts Opened with Their Own Money
Every Forex trading signal provider on the MQL5 community is an expert using their own real account opened with their hard earned money to provide the trading signals. Take a look at the screen shot below; the name is "101010", the service is hosted on the MetaQuotes Server, The equity balance is $18,908.35 real money.
Live Forex Trading Signals
Every live Forex trading signals provider is first registered in the community, upon registration they specify their real trading account, and this account is the basis used to create the Forex signals. Once a Forex signal provider opens a trade on this account, then this transaction is automatically generated and copied to subscribers.
This is the first advantage, all transaction are generated on real accounts by experts; this way as a buyer of this trade signals service you know you are getting the real deal.
2. Regulated by MetaQuotes Software Corp. Owner of MT4 and MT5
There are hundreds of websites out there selling this forex trading signals service, but to for those who want to subscribe there's is really no sure method of determining which one is legitimate and as a buyer there's no way to know who is behind it.
But in MQL5, all providers are first registered on the community which is operated by Metaquotes Software Corp. if you don't know Metaquotes Software Corp. it is the owner of the MetaTrader 4 and MetaTrader 5 platforms that you are trading currencies with, the platform that you downloaded from your Forex broker, your broker got it from Metaquotes Software Corp.
All forex trade signals providers Must Register and must fill a registration form and send proof of ID and Proof of their Residence, After registration they then get an SMS confirmation of their registration. This way as the subscriber you get to know the person that you are dealing with.
In addition, when you subscribe you do not send money to the Forex trading signals provider. You will open an MQL5 Community Account, and you will then use what is known as credits to subscribe. Credits is the currency used to transact within this community. To get credits you deposit money within this community. This way you will not be dealing directly with the other person, you will be dealing with Metaquotes Software Corp. And then the company will handle all the transactions between you, the buyer, and the seller; all you have to do as a buyer is to obtain credits and you are set to get all the forex signals copied to your account without having to do anything else.
3. All Services are Tested and Have a Track Record of Profit Making
The example screenshot below shows a summary of the top ranked Forex signals.
Real Time Updated Live Forex Signals
For each one of the Forex signals provider above there is the duration in weeks that the provider has been trading. For this duration the profit per month as a percentage is also recorded. The top ranked forex trade signals above have the following track records:
- Duration - 7 weeks to 117 weeks
- Profit Per Month - 199% to 1,557%
In addition all the forex market signals providers must pass a 1 month testing period where they must prove that their strategy is profitable, before getting registered on this list.
This way, the whole process is transparent and as a subscriber you always know what trading signal you are buying and the track record of profit making is.
This is the advantage of this service over others out there; you get statistics that are tracked real time and updated weekly and their authenticity can be verified by viewing the detailed statistics and transaction history of a forex trade signal provider where as others you just get a screenshot of previous transactions and their authenticity may not be verifiable.
4. Affordable Price
One advantage of this service is that it is set at an affordable price, because there are many subscribers therefore the it is charged at an affordable fee. Anyone trading with MetaTrader platform can subscribe directly from their platform; this is what makes the MQL5 community to have a large subscriber base.
This is the advantage, it is affordable as compared to other daily Forex signals that charge expensive fees ranging from $100 dollars to up to $200 dollars.
Below is an example of the top ranked Forex trading signal providers for MetaTrader 4 and MetaTrader 5 platforms, the price is set at $40 dollars and $35 dollars per month.
Price for The Top Ranked Forex Trading Signals
Another advantage is that there are some Forex signals that are free. Those traders looking for free Forex trading signals or free live Forex trading signals can go to the Online Forex signal service page and access the free Forex signals as well as the paid for signals.
5. Easy Setup Directly from MetaTrader Platforms
Once you subscribe to a forex trading signal, there is no need to setup an alert system, for example there is no need to set up SMS alert or an Email alert, neither is it required to watch the market constantly 24/7.
This service can be accessed directly from the MetaTrader platform. All one has to do is to setup and activate this directly from their platform.
The screen shot below shows where one can access the Forex trade signals directly from their platform. This is what makes this service the best Forex signal service for traders.
MetaTrader Platform Toolbox - Forex Trading Signal Setup Tab
3 steps to subscribe:
- Go to MQL5.com: Register an Account
- Specify Your Currency Broker: a list of available brokers is provided when logged on your community account.
- Account Number on Brokers' server (Password is not required) .
The advantage is that when one completes this simple process of this setup, they will automatically receive these transactions from the provider that they choose copied to their accounts. The transaction will now execute in real time on your MT4 platform as soon as they are generated.
For More Details, read this two articles:
6. TET - Trusted Execution Token Model
Trusted Execution Token or TET model is the MQL5 automated Forex signal system. This is how the TET model works:
Once you have registered, all you have to do is to choose a Forex trading provider. Once you choose this, your trading platform will then connect to this signal through the TET system, and all their trades will be executed automatically in real-time on your trading account, as simple as that.
There is no need to manually execute the generated transactions or setup alerts such as an SMS alert, or look for any other custom Forex trading signals software the transactions generated are live and executed automatically by the TET system
The Advantages of TET Model Are:
Minimum Delay in Execution - with Trusted Execution Token (TET) model deals are automatically executed and there is no delay between the time the signal is generated and when it is copied to the account of the subscribing Forex traders.
No need to keep your trading platform online 24-7 - (TET) System automatically copies all transactions on your account even if your Forex trading platform is not launched.