Free versus Premium

There are plenty of free and premium currency strength meter’s on the market. So is it worthwhile trying a free product?

Answer: It depends.

1. Professional Traders

If you trade the forex market daily, like we do, and use currency strength as a part of your trading strategy, then the quality of the currency strength meter is the priority, rather than whether or not it’s free.

In general, premium products are more accurate and reliable, and are much better supported than free products. From our testing of a huge number of currency strength meters, the best 3 products we’ve found are all premium.

The reason we wouldn’t consider using a lower quality “free” currency strength meter, is that inaccurate currency strength values might result in an incorrect trade decision and therefore losses that could have been avoided.

For example, if we were trading 1 lot EUR/USD (i.e. $10/pip), then one avoidable 20 pip loss due to erroneous currency strength data, would cost $200 USD. Compare this to the cost of a premium product like Forex Strength Meter at only $9.99 USD.

Apart from trading errors, server/data outages occurring with a lesser quality product could result in missing profitable trade setups i.e. an opportunity cost

2. Hobbiest, Trading a Demo Account

If you’re new to forex trading and are trading on a demo account then there is no harm trying out free products.

You’re not risking real money, so if a product you’re testing turns out to be inaccurate or unreliable there’s no financial impact on your trading account.

But keep in mind that even if you manage to find a decent quality free product, free products are generally not well supported. So server outages might last days, or weeks. In addition the software is generally not well maintained and updated. That’s just because there’s less incentive for the owner of a free product to support it on an ongoing basis.