Telegram Connector provides traders an automated solution to their copy trading needs, so they don’t have to do the deed manually. The software eliminates the manual hassles, but it can misread the incoming trades from Telegram, which can be detrimental. Our article will discuss the trade copying features of the algorithm and think if you should employ it in your trading.
The robot comes with a subscription or one-time payment that differs based on the number of accounts you wish to link. The basic monthly subscription, which allows copy trading from two accounts, costs $34.99. To use the free package traders have to sign up using the broker of the developer’s choice which will earn them a commission. The PRO plan on the other hand costs $49.99 and provides licenses for 5 accounts while the VIP comes at $79.99 with keys for 10 portfolios.
There is no information available on the real developers of the system. Lack of transparency raises some concerns about the product.
Telegram Connector has the following key features:
- It is compatible with both MT 4 and 5 brokers
- Traders are able to manage risk on their accounts easily
- It can detect trades on any instrument
- It can read multiple languages
- It can read and use multiple take profit levels for trades
Telegram Connector trading approach
The robot reads all the trades that are sent onto the Telegram channels and then copies them on the MetaTrader platform automatically. Doing so eliminates all the manual troubles of copy trading. Traders can configure multiple settings that are available to customize the risk they are willing to take.
To run the program traders have to install the software on their computers. Entering the respective username and password will open the software. After that, they have to verify their Telegram by entering their associated telephone number. Write down the MetaTrader portfolio number in the respective box. Add the ex4 file on the MetaTrader and attach it to a chart to make it work. Don’t forget to enable the auto-trading button.
There are no backtesting results available for the algorithm as it is a copy trading software.
Telegram Connector trading results
The developers do not provide any current live trading results, which is again a poor activity. It is possible to show a live feed or Myfxbook records from a free Telegram channel available to the general public. Without any live results, we are unable to note the latency and the ability of the software to recognize the pairs.
What are the risks with Telegram Connector?
We can observe the following risks while trading with Telegram Connector:
- There are no live records that can show depict the copy trading statistics
- There are no free trials that we can use to gauge the performance
- The developers are not transparent with their experience
Customer support is available through telephone, email, and by filling out a form on the website. There are 52 customer reviews available on TrustPilot, which gives them a rating of 4.2. Customers state that the company is not providing good support on installation. They also complain about the additional charges on their accounts.
What are the pros and cons of investing in Telegram Connector
- Multiple packages are available for purchasing
- No transparency from the developer.
- Performance tracking is not available through the live account
- There are no free trials available that can be used to test out the software
Telegram Connector Conclusion
Telegram Connector can be detrimental when there is no live connection and the software fails to read the incoming trades. The developers are also not ready to provide live customer support, which can be hard for traders.