About ForexGPT:
ForexGPT is the developer of Forex Rates, a software suite for OpenAI’s Chat GPT Plus subscribers, and our Software as a Service (SaaS) application for web and mobile. Forex Rates suite consists of the Forex Rates free and premium version of the Forex Rates GPT, available on the GPT store, as well as our Software as a Service (SaaS) web application, for free, premium, and beta subscribers.
Forex Rates is one of the first plugins to have forex broker API connectivity that went live on the Chat GPT plugin store, and has since been featured in the media numerous times (read more here). To learn more about ChatGPT, see this Wikipedia article.
Subscribe to premium for just $1.99 per month and get our latest AI-generated technical analysis in Forex Rates SaaS application, which is more advanced than the analysis in the AI-generated response from within ChatGPT when using our GPTs.
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What does Forex Rates do?
Forex Rates lets you use natural language to interact with foreign exchange (forex) rates including historical and current market prices for popular currency pairs such as the EUR/USD, including cryptocurrency pairs such as BTC/USD. In addition, our web application provides AI-generated technical analysis and our proprietary sentiment indicator score (see below), for supported assets.
Example use: Using the Forex Rates custom GPT, you can use any of our pre-defined prompts or create your own prompt, such as by saying via voice-to-text or typing something as simple as: Euro usd chart last 2 weeks analysis daily bid prices
Tip: As long as you provide the four required parameters:
- Symbol such as btc/usd or other supported asset)
- From date (i.e. since 13 days ago)
- Granularity (i.e. weekly candle, daily candle, 1-hour, etc..)
- Price type (bid, ask, or mid), ChatGPT should be able to format the request properly.
Example video: Here is an example video of the Forex Rates – Premium Version with several new features, including additional time-frame analysis with text-to-speech voice-over.
Versatility: You can request current prices as well as historical prices in various formats for the list of available assets (i.e. monthly, daily, weekly, hourly, 15-minute, 1-minute data granularity) for a specific duration (i.e., last 12 months, 9 months, 12 weeks, 15 hours, 90 minutes, and so on, down to 5-second intervals).
Forex Rates connects to broker APIs to fetch real-time forex market rates as well as historical price data used for technical analysis.
Below is an outline of some of the capabilities between the free and paid versions for Forex Rates custom GPT:
- Free Version: The free version of Forex Rates plugin and custom GPT can retrieve real-time and historical exchange rate data from forex broker APIs and perform analysis and currency conversion calculations, among other emergent abilities.
- Premium Version: The paid version of Forex Rates custom GPT can do everything the free version does but can create charts based on the data retrieved and provide risk-management perspectives and market forecasts alongside its market analysis. Give it a try here. While free users enjoy analysis in the custom GPTs, additional market analysis is provided to premium users in our web application.
ForexGPT Sentiment Indicator version 1.0 released:
The ForexGPT Sentiment Indicator Version 1.0 calculates a sentiment score ranging from -100 to 100, utilizing Bollinger Bands and Simple Moving Averages (SMAs) in its analysis. Scores are categorized from “Strong Bearish” to “Strong Bullish,” with 0 indicating a neutral market sentiment, as seen in the screenshots and video below:
Warning: Beware of companies claiming to offer AI-powered money-making software, as they can be potential scams, according to a recent CFTC Advisory. Trading results shown by such companies as advertisements are often cherry-picked, and you don’t see the hidden risks, while influencers on social media are over-hyping AI products to get your money. ForexGPT will never claim to make money and is strictly for educational and research purposes, using AI-powered technical analysis and our passion for exploring the use of AI in fintech, and using ChatGPT to trade forex. In the meantime, don’t fall for the hype and beware of scammers, including those who impersonate real people and brands like us. Beware of imposters: it has come to our attention that other companies are claiming to offer a “ForexGPT” service (or building one out) and even have gone as far as using our exact company logo! We emphasize that we have no association with any such companies who may be impersonating us.
About our founder
ForexGPT was founded in early 2023 and developed by Steven Hatzakis (of StevenHatzakis.com), a prolific forex industry researcher with nearly 25 years of industry experience.
Steven serves as the Global Director of Online Broker Research, and as a Partner, at Reink Media Group (RMG), operating ForexBrokers.com, StockBrokers.com, Investor.com, and other authoritative domains under the RMG umbrella focusing on the broker review and personal finance industries. (note: the views expressed herein are his own and not that of his employer).
As a passionate futurist, Steven has unique insights into emerging trends within financial brokerage technology and the online brokerage industry, as well as across other industries, and across many technology-driven platforms and software that consumers interface with daily.
When not immersed in his day-to-day work at RMG, Steven strives to stay abreast of developments within the AI, and crypto industry, as an avid investor and user of newly launched generative AI technologies, including engineering applications in his free time, including as an open-source developer.
ForexGPT background
Steven was exploring OpenAI’s API having been granted early access as a Plugin developer in April 2023 and published the Forex-Rates Plugin in June 2023 on the ChatGPT Plugin store, following his launch of a Google Chrome Plugin earlier in April 2023 on the Chrome Plugin Store.
While ForexGPT started as a pure experiment with no initial plans for a business case, its potential application and use case continue to steadily evolve, as new emergent capabilities are explored for ForexGPT subscribers. See our FAQs to learn more.
Here is what Steven has to say about Generative-AI in forex markets:
“While AI has been used within forex markets for many years already, the arrival of generative AI in finance, including forex trading, is still new and in its very early stage. As companies figure out how to best approach this highly complex and powerful technology, ForexGPT is one way we can interact with forex market prices using natural language (i.e. via prompts in a chat style setting or using persistent configuration files that contain pre-defined prompts).”
“Prompt engineering – or how you pose a question or statement to a generative AI chatbot (or LLM interface) is like a new form of programming but without code. Interacting with generative AI models is about learning to code in natural language, because we are speaking with computers in ways we haven’t before, and they are responding in ways we are not used to. It is not the same as typing in a search engine, because generative AI may require that you refine your search/prompt several times until you get the desired result, as it is literally creating the result, and not just fetching it from another website like Google does.”
Steven adds regarding AI in forex: “Forex Rates is not a magical solution for market analysis, nor should it be heavily relied upon as generative AI is prone to hallucination, but knowing this, I ask – how can we use generative AI in an easy and fast way when it comes to finance? I believe Forex Rates is one such tool that can complement a trader’s arsenal or as an educational tool when it comes to analyzing historical and real-time exchange rates which our software can fetch in real-time. Just be sure to triple-check the output and keep in mind there is still plenty of room for this user experience and user interface to improve.”
“Overall, I’m super excited to have recently launched an upgraded model as part of our premium version which was released at the end of November 2023, and to help offset operational costs and fund the development of this software suite. The premium version can create charts on the fly and provide more detailed risk-management-related analysis and market forecasts if prompted to do so. My goal is to continue to enhance the product’s features and the end value to our free and paid subscribers. Thank you to everyone as we embark on this interesting journey in the world of forex market analysis using the latest commercially available generative AI tools.”
Disclosure warning: Forex trading involves substantial risk of loss and is not suitable for everyone. Beware of imposters and only trust regulated financial institutions that are properly licensed. ForexGPT does not provide investment advice or manage client funds, and our software should only be used for educational or research purposes and is subject to our terms and conditions.
