Telegram Connector was developed to cater to the needs of traders who have one or more subscriptions to signals on Telegram channels. The system works on both MT 4 and 5 and is available through a monthly subscription only.
Telegram Connector: Characteristics
For the efficient working of the robot traders, traders have to install the Telegram Connector software within their computers. Enter the username and password to activate it. For connecting the Telegram with the software traders, they have to enter their cell number and provide the code they receive on their cellphones. The software will activate where market participants have to insert their designated MetaTrader 4 or 5 account numbers. The last step involves copying the company’s robot within the experts’ directory of the MT platform. Enable the auto trading button and allow DLL imports. Place the robot on respective charts to begin trading.
The robot has the following features:
- Executes the incoming signals from Telegram within seconds
- It is possible to manage risk on the incoming trades
- The software can copy trades from all kinds of instruments
- It can read trades in multiple currencies
Currency Pairs, Strategy, and Timeframe
The software copies all the trades entered in the Telegram channel and executes them according to the risk management settings set by the trader. It implements the respective changes in the orders as well. For, e.g., a signal provider modifies the trade by changing the stop loss by two pips, automatically executed by the algorithm on the MT account.
Telegram Connector Trading Performance
It is sad to note that the developers do not provide any statistics report on copy trading from Telegram. This would have allowed us to gauge the latency and the performance of the connector for various inputs. Failure to provide any results makes us concerned about the efficiency of the system. Scammers and fraudsters use this type of activity in the market to lure traders into robbing them of their money.
How much does it cost?
There are multiple packages available on the website which traders can select according to their liking. The robot can be purchased either through a monthly subscription or one-time payment for a lifetime package. The price difference is proportional to the number of MetaTrader accounts. Paying $34.99 a month will get you licenses for two portfolios, while $79.99 provides 10 licences.
Lifetime keys are available starting at $299.99, which comes with the ability to connect with 2 MT accounts.
Reviews from customers
Customer reviews are available on TrustPilot only, which gives the service a 4.2 rating for a total of 52 pieces of feedback. Customers complain about various issues regarding the use of Telegram Connector. Some state that the customer service is inferior, while others comment that the software frequently disconnects, making the copying nearly impossible. The software doesn’t work on the VPS service, and customers are being charged even if it doesn’t perform. Some reviewers state that they are also debited for a monthly subscription in addition to the lifetime package that they had bought.
Should you use Telegram Connector?
Telegram Connector has latency issues that customers are frequently discussing on the review forums. There is a lack of support from the developers if traders encounter any problems setting up the system. Furthermore, it is impossible to use it on a VPS, so you have to keep your computer up and running at all hours, which can be impossible for some.
- Copies trade on auto mode
- There are no live copy trading results available
- Latency in copy trading
- No transparency from the developer
Telegram Connector may have been a helpful software if not for the multiple bugs that it currently has. All the cons do not make a good choice for copy trading purposes.