Not a bad service but its your responsibility to conduct due diligence to find out which trader is the best. Also, there are not so many users on Forex Sportlight. You might struggle to get a good trader to follow. Meanwhile, you can explore these trading products.
Forexspotlight.com is a platform for connecting traders with signal providers. Forex Spotlight was created in November 2017, although the domain owner is hiding behind who.is privacy feature which makes it impossible to learn about the details of ownership.
ForexSpotlight claims to have implemented a ”standardized and objective system” for ranking the best traders on their site.
This way, signal followers can easily identify the best performing traders on the platform in order to copy their signals.
Forex Spotlight comes at a cost of $29 per month but there is also a free 14 day trial which I suggest anyone wanting to commit to ForexSpotlight should try first.
According to Alexa.com, the website where ForexSpotlight is hosted at is ranked 7 million globally which means that the site is receiving less than 100 visitors per day.
This suggests that there are not so many users on this website. It conflicts with the statement that ForexSpotlight has more than 1000 traders on their site.
The question is whether Forex Spotlight is a good service or a bogus website which is not worth spending a penny at.
The idea is not unique as we have seen a couple of websites doing the exact kind of thing i.e matching the ”best traders” with those who want to follow their signals.
But one thing you should understand is that not all of these platforms measure the traders’s performance in a clear, effective and transparent way.
Currently, we know that there are only two third party statement sharing websites which measure the performance of traders accurately and without external interference. These are Myfxbook.com and FXblue.
Before trusting ForexSpotlight’s ranking system, we need to establish whether it’s credible and can be trusted, and that’s the trickiest part.
To solve that problem, amateur traders can simply make use of their trial offer and see whether the traders they have selected to receive signals from will perform as claimed in the trading results.
How it works
ForexSpotlight lets traders choose signals from other expert traders. These signals are ”bundled” together and sent in your email.
The platform gives you the freedom to select the traders you want to follow.
The service is currently not offering automated copy trading, meaning that the signals can only be applied manually into your account.
While this can be an advantage because you are not automatically executing signals in your account, it is also disadvantageous given that those who have identified good traders on the platform will not like the idea of manually placing trades each time the expert trader makes an entry.
Is Forex Spotlight good or bad?
The service itself is not a scam. However, they are going to take a fee while promising to match rookie traders with experts.
It’s upon you to conduct due diligence on who you want to follow. However, you also need to remember that this platform is not very popular.
There is a possibility that you won’t find an expert trader to follow. We highly doubt their numbers.
However, this can be corrected soon if ForexSpotlight invests its budget in marketing their service well.
We’d rather go with the popular services that do the same thing rather than spend time on Forex Spotlight.
At the moment, we can watch the space and see whether ForexSpotlight will gather some momentum in this competitive market.
And of course if you are using this service, feel free to comment below this ForexSpotlight review.