Today, we will take a break from Forex brokers and put our focus on Forex Profita, a Forex signal provider. This is a subscription service that provides its members with real-time signals. Basically, it does the job for you, so you do not have to waste time searching.
As this provider says, people who generate those Forex signals are professionals with years of experience. Apparently, they have an established strategy that brings the best results and accuracy of 87%. This is not bad at all, however, I always have certain doubts when someone gives so many promises. Sometimes, it can look more like bragging than emphasizing the benefits for clients.
The best way to understand what I am talking about is to take a look at the Forex Profita landing page. Aside from some grammatical errors that speak a lot about (un)professionalism, certain claims are just too much. For example, Forex Profita claims that 95% of traders are losers and the other 5% are their clients. Each experienced trader knows these statistics are not true. Yes, there are a lot of risks in Forex, but it doesn’t mean that only 5% of people who receive the signals can make a profit.
Also, there is a statement that Forex Profita guarantees a profit. Let’s be clear, this market is unpredictable. So, unless you have a magic wand, you cannot make any guarantees. Especially not steady profits for everyone who joins the subscription list.
This is the first thing that caught my attention and I hope you understand why. But I won’t make assumptions based on their promises. Let’s forget that for a while and see what this Forex signal provider really offers.
If you want to become a member, there are four different packages to choose from. This is a decent offer and the only different thing is the number of signals per day. In the Trial account, you will get from four to eight signals. In Standard one there are six to ten signals, in Business eight to twelve, while the Professional one brings you twelve to fifty signals.
Of course, the price is different, and it varies from $30 per week (for Trial) to $400 for Professional (for six months). Within each account you will get entries, SL and TP placement, WhatsApp and Telegram support, personal signal manager, and instant mobile alert.
There is also a discount of 15% for users who stay loyal to the company for at least three months, which is great. Forex Profita won’t offer you that discount automatically, so you have to remember to send an email and request it.
I have to say, these packages satisfied my expectations. This signal provider fulfilled the most important thing, it created an offer that will be suitable for beginners (if you want to try their services for the first time, choose Trial account) and for professionals also. There is also one thing I find questionable — subscription fees. You won’t find anything about the fees on the website, except for the information you can pay them using Perfect Money, Skrill, Neteller, WebMoney, Payza, and Paypal. But we have no idea about the price of those fees.
Platform and Execution SCORE: 50%
Since this is not a typical Forex broker, we cannot discuss the platform in the same manner as usual. Forex Profita doesn’t need the same software, but some specific technology still needs to be implemented on the website.
This is the part where I will take a moment to talk about the website in general because I feel a need to say a few things. I honestly do not remember when the last time was, I visited a website that is so confusing. That’s unacceptable nowadays since web-design needs to be user-friendly. At Forex Profita, you will spend a lot of time looking for specific information.
That’s not even the main problem. If you want to inspect the website and familiarize yourself with it, you will realise that a lot of things are not working at all. So, you will spend money to pay for the desired package and you won’t even get a website that works flawlessly. You have to agree, that’s completely unprofessional.
Withdrawal Speed SCORE: 60%
There are a lot of problematic things about Forex Profita, but I have to give it credits for the variety of payment options. Each client can choose between Neteller, Perfect Money, Skrill, or MasterCard/Visa.
Once again, this is not a regular broker and we cannot comment on withdrawal speed, but we can say a few words about the speed of the signals. The issue is that there is no specified time when you will receive signals. Generally speaking, the signal duration is reduced to 10 hours per day (GMT + time) and Forex Profita will send those signals in London and US sessions. But they also said people will receive signals once opportunities appear on the market and that’s not specific enough.
Support and Assistance SCORE: 55%
According to their words, clients can count on support 24 hours, 5 days a week. At the first glance, there are many contact options and you can choose between Skype, phone call, online form, and live chat.
This looks great, I won’t deny but once we wanted to send a message, the first problem appeared. The method we wanted to use was live chat. Unfortunately, that live chat is not a regular one. When you click to activate it, it will redirect you to Facebook Messenger. This means that you need to have a Facebook account in order to communicate with them. There are two other ways for chatting, WhatsApp and Telegram and if you have an app, you can send them a message there.
Unfortunately, I am a bit disappointed since everything looked great. In the end, it looks like they just implemented all those methods to make things look better, but that’s it.
Education and Tools SCORE: 85%
It doesn’t matter if we are talking about Forex brokers or signal providers, if you become a client you certainly expect to see educational material that will help you improve skills. Forex Profita has a separate blog section but you won’t be able to learn a lot there. Yes, there are numerous articles about Forex, but those are more tips and tricks and some general articles.
For example, you can read how to overcome panic in Forex trading or how to motivate your team, etc. You see where this is all going. Those are not the articles that can help you improve trading skills or gain new knowledge about the market and I have to say, this did disappoint me a bit.
On the other hand, you can enroll in an educational course and if you do, people from Forex Profita will help you overcome any obstacles in your Forex journey. There are nine different courses and each of them covers different lessons. This is great, but I do have a problem with the fact that clients will pay for the account on a monthly basis and they won’t receive a single educational thing within that account. If you want to learn, you need to pay more.
Also, I could go on and on about the fact that this service provider charges additionally to teach clients how to use MetaTrader. Let me tell you something, each broker or provider that cares about its clients will teach them everything about MT for free. Not only that, you can go to any website and you will find numerous tutorials on that topic. So, this is quite unacceptable.
Honestly, I didn’t expect to see that. I don’t ask for free education, but some informative things within each account are always more than welcome. So, what I can say at the end is that Forex Profita did not disappoint me completely, but it also didn’t deserve to have my recommendations. I believe there are far better providers online and you can continue with your search.