Telegram Connector works on both MetaTrader 4 and 5. It allows traders to manage their risk, tweak their positions, and set their own custom stop loss and take profit levels. Our article will discuss the various ups and downs of using the software and determine if it can be beneficial to copy trades from your signal provider.
Is investing in Telegram Connector a good decision?
To analyze the performance of the software, we have gone through each portion of the website hunting for information on latency and copy trading aspects. After careful analysis, we came to the decision that the product is not useful.
The company doesn’t provide any information on their whereabouts and the trading experience of the developers behind the program. This lack of transparency raises many concerns over the authenticity of the system.
The software come with the following main features:
- Installs easily within 5 minutes
- Available for both MT 4 and 5 platform
- Executes trades almost instantly
- It has different options that traders can use to manage risk
To enable the robot, traders have to install the software provided by the company within their PC. To activate it, enter the user name and password and input the telegram phone number. After verifying the Telegram account, the software will open up where traders will enter their MetaTrader login details. In the last step, copy the expert advisor within the experts’ directory of the MetaTrader platform. Place the robot on respective charts and enable auto trading to begin copying trades.
The software reads the trades that are sent in the respective channel on Telegram. Thereafter it opens up the same positions on the MetaTrader platform with similar stop loss and take profits, if any. It can also modify current positions if there are any modifications present within the Telegram channel.
The program is available with different price models that vary on the number of MetaTrader accounts you can activate. The VIP package works on ten portfolios and costs $79.99. There is also an option to get the program for free, but you will have to open an account on the broker of the company’s choice.
There are no backtesting results available as the software is used for copy trading. The company also doesn’t provide live statistics, which would have been possible if they connected their own Telegram with the MetaTrader account and showed some copy trades. This way, it would have been possible to determine what type of language the program can read and implement it on the trading account. Without any statistics, we are unable to know if the Telegram Connector can work or not. It raises red flags over the authenticity of the product.
Customer reviews are only available on TrustPilot, where a total of 52 reviews give the program a rating of 4.2. Although most reviews are positive, there are traders who complain about the frequent disconnections and inability to manage current trades. They state that they have to close some of the trades manually.
Other reviewers state that the company is constantly charging them with money after they provide them with their card details. The customer support is not according to the mark.
Telegram Connector fails to provide us with detailed statistics on copy trading. We do not know whether the software will show some latency or not. There is no detailed information on what type of commands it can follow. The customer reviews are also on the opposing end. All the conclusions state that Telegram Connector is not a useful solution for automated copy trading.