I agree, and that is only part of the story.
Most signal providers can advertise outstanding gains. The only problem is if you look around, you really don't know anyone, personally, that has made consistent gains following someone else's signals.
Signal providers and automated trading programs appeal to people's impulse because of the desire to make the big bucks without doing the proper preliminary work that is needed to develop a sound trading system.
For the most part, if these signals providers were really as effective as advertised, there wold be no need to provide the signals, because they would be trading those signals on their own. There would be no need to charge for them, because they would be making their mint off their own trading.
Here's a little lesson I learned about three years ago. I was offering my signals free of charge to all queries for one month. After the one month, they were plenty satisfied in knowing I was the real deal. Finally, I decided to offer my services os a paid subscibership. At the time, I had about 500 people on my list, and many wanted to pay for my signals. I was offering a free weekly update, which contained reviews fot that upcoming week. I told people to just kick back, follow the reviews, and even demo trade them. When it came time to go Broadway with the signals, a curious thing happened. Subscribers were not getting nowhere near the results I was getting. This is because the timing, the mental set, and the interpretation of the signals had a lot to do with the failures associated with it.
Excellent signals providers are extremely hard to find. Even if you do find someone that is good, the odds are still against you that you will find success in trading their signals, because of the reasons and personal experience I outlined.
One more point. I've been trading for 5 years. During this time, I've seen many signal providers come and go. The reason is that many of these providers experience a rush of a series of good trades they make, and that is all they document. People get caught up in the aura of that excitement, subscribe, and then something happens on the way to Pip Heaven. There is no real track record.
There is a free service on the internet that is simply one of the best, and that is Action Forex. They give forecasts. Forecasts are interpretive, and you still need a methodology to trade by in order to properly implement those forecasts into your plan. Another one is Daily FX. There are paid services that are excellent which are Elliot Wave and Max McKegg. Max has an introductory offer that lasts a month. EW, every once in awhile, has a free week they offer. Those 4 have proven themselves over the long run, and still produce results. Action Forex also has a wherewithal to easily backtest their reuslts, and then you can demo trade as long as you'd like their updated forecasts.
Another paid service that is excellent is Forex TRM. Theirs is a software program based on Hurst's cyclical decompositions.
Looks an out and out scam, no address, or regulation details.. they purport to be money managers?
Stay well clear.