Telegram Connector Review

Jul 16, 2021 10:56 AM ET
Telegram Connector Review

Telegram Connector offers traders to start copy trading positions from MetaTrader 4 or 5 on auto mode. They also provide a backtesting model to test if any channel was profitable. It comes with various inbuilt settings that traders can adjust according to their liking. 

Telegram Connector

Type

Automated EA

Price

$79.99

Strategy

Software and expert advisor

Compatible Platforms

MetaTrader 4 and 5

Currency Pairs

Any

Timeframe

Any

Recommended Min. Deposit

Any

Recommended Deposit

Any

Leverage

Any

Trading Strategy Explanation

The software tracks all the trades that are being sent on Telegram. The trading strategy can be explained within the following points:

  • It reads trades as soon as they are sent from Telegram and tries to mimic exact trades on the MT 4 or 5 platform.

  • The software is able to read the positions in multiple languages and can also detect any stop loss or take profit that is sent. 

  • It offers to control the amount of risk for a designated channel by reducing the lot size within the settings.

  • Traders can also set the amount of time a pending order should remain active before it is finally canceled. The software can detect multiple exit points and act accordingly.

How it works

You have to install the software and enter the designated user name and password for activation. Validation of your Telegram is necessary, which is done by entering your cell number and entering the code within the required box after receiving it. After that, the software will open up where traders will have to enter the Metatrader account number. Later on, the expert advisor will have to be copied on the export directory of the MT platform. Enable auto trading and enter the email address that you used with the Telegram Connector within the input tab. All DLL imports must be turned on within the expert advisor settings for proper functioning.

Features

The system comes with the following features:

  • Works with both MT 4 and 5 platforms

  • It has inbuilt settings to control the risk from each Telegram channel

  • It offers a backtest version that can be purchased separately to test the history of a channel

  • Allows traders to set up custom stop loss and take profit levels for each incoming trade

Backtest Data Analysis

The developer has no backtesting results that we can use to gauge the systems copy-trading performance. This is quite poor practice as it is relatively easy to open a Telegram channel, connect the software, send some trades and provide images or a detailed statement on the results.

Live Trading Data Analysis

The developer currently does not track the performance of the connectors on a live account. This approach raises many red flags on the efficiency of the system. We can not know what type of orders the software is able to copy and execute efficiently. Different Telegram channels use various words and statements to send out trades. No live results and images to tally them inhibit us from gauging performance parameters that can be crucial such as latency and slippage. 

Review Summary

Pros

  • Lifetime support and updates

Cons

  • Not enough transparency on the developers

  • Does not track the performance through verified websites such as Myfxbook

  • The setup is a bit hard for any beginner

Telegram Connector makes many claims on the valuable features the software can provide but provides no evidence to back them up. It does not have an easy setup that PC users or traders with low experience can understand quickly. Furthermore, there is no clarification on who the real developers of the system are that makes everything look fishy.          

Rating: 3/10


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