These days, getting forex telegram signals through Telegram isn’t difficult at all. There are literally hundreds of paid providers, and many groups even offer free forex signals. However, for many people, the difficulty isn’t receiving them, but being available to carry them out. Fortunately, there is a solution: a Telegram to MT4 signal copier. These programs and Expert Advisors can place the trade(s) for you, even when you can’t. In this article, we’ll take a look at one of the most popular Telegram to MT4 signal copiers available: the TelgramFXCopier from TelegramFxCopier.io.
TelegramFxCopier review
According to the website, the history of the company began in 2018. Its founders were copying Telegram signals from professional forex traders and needed a solution for executing signals swiftly and without fail. As software developers themselves, they were able to build that solution, and their product is the result. Unfortunately, there is no mention of where these developers are based or who they even are.
Pricing
Despite its name, TelegramFxCopier is also compatible with MetaTrader 5. The software is available in several price plans. Note that the prices below are US dollars. At the time of writing, you pay:
- $179 to use it on 1 account
- $249 to use it on 2 accounts
- $499 to use it on 5 accounts
- $799 to use it on 10 accounts
The great thing about the pricing is that there’s no monthly subscription – these are lifetime plans. Once you’ve paid for the software, you can use it indefinitely with no further charges.
TelegramFxCopier installation and setup
Once you’ve paid for a subscription, you’ll need to download and install the setup package. Go to the “My Downloads” tab in your account, and pick the right one. You’ll need the X86 one if you’re running a 32-bit Windows system, or the X64 for a 64-bit one.
TelegramFxCopier is compatible with all Windows operating systems, but not MacOS or Linux. If you don’t have access to a Windows system, the developers suggest using a VPS instead.
Selecting & configuring the client
Like any other Telegram to MT4 signal copier, you’ll need to set the MT4 accounts you want it to run on. Fortunately, this process is really easy. Just go to the “MT4/MT5 Accounts” tab, type in the relevant account numbers, and hit “Update”. The good thing is, you don’t have to stick entirely with either MT4 or MT5 accounts – the software can run on a combination of both MT4 and MT5 accounts simultaneously, assuming your plan allows for multiple accounts, of course.
Once you’ve done that, the next thing to do is to set up the client on your system or VPS. There are a few things to do in a certain order, but it’s a pretty painless experience. Enter the cell phone number of your Telegram account and type in the authorization code.
You should then see a list of all of the Telegram channels in which you are a member. In the “Accounts” section at the top of the client, type in at least one of the MetaTrader account numbers which you previously entered on the website and click “Add Account”. Then, use the little drop-down menu next to each channel to select which MetaTrader account you want the signals from that channel copied to. Once you’ve done that, click the little save icon at the bottom.
If you’ve done that correctly, the green text in the bottom left-hand corner of the client which says “Connected” should change to “Monitoring”.
Preparing MetaTrader
The next part of the setup process is to get the software running in MetaTrader. It comes in the form of an Expert Advisor or EA. It may seem a little complicated to set up because there’s a clear order in which you have to do things. However, it’s not difficult. You just have to be a bit methodic.
If the EA has been installed correctly, you should see “TelegramFxCopier11.0” as an entry in the Navigation window under the dropdown for Expert Advisors.
In our case, it wasn’t there, but fortunately, there is an easy solution: slot the files in the right MetaTrader folders yourself. The TelegramFxCopier website has a handy guide on how to do this, which you can find here.
Before loading the EA, you need to make MetaTrader ready for autotrading. This is simply a case of clicking “Tools”, and then “Options”. In the Options menu, click the “Expert Advisors” tab, and make sure that “Allow automated trading” and “Allow DLL imports” are ticked.
Loading the software
Once you’ve done that, you can load TelegramFxCopier by dragging it onto any chart. A dialogue box will pop up for the settings – we’ll talk about them shortly. First of all, you’ll need to make sure that “Allow DLL imports” and “Allow live trading” are ticked under the “Common” tab.
Clicking OK will execute TelegramFxCopier on the chart. If everything has been setup properly, you should see a list of the channels being monitored. On the right hand side, there will be a brief overview of some of the risk management and money management settings. You can change the settings at any time by right clicking on the chart and selecting “Expert Advisors”, then clicking “Properties” .
Executing the EA will also trigger the creation of a new private Telegram channel for each MetaTrader account that the software is running on. Each channel will be called “myTGFC-0123456789-“, where 0123456789 is the number of the MetaTrader account. The software keeps a partial log of what it’s doing in this channel. It’s not as in-depth as the Journal in MetaTrader, but it still gives you a good impression of what the software’s doing, direct to your Telegram account, which could be handy.
TelegramFxCopier settings
We were extremely impressed by the huge degree to which you can change TelegramFxCopier’s settings. The variety of options for customizing is enormous. One really impressive feature is the ability to run different strategies from different Telegram channels, all within the same MetaTrader account and client.
The software achieves this via magic numbers. Every single Telegram channel has a unique ID number known as a magic number. In order to get it, simply right click on a channel name in the TelegramFxCopier Windows client and copy it to the clipboard. You can then use these magic numbers to set the tool so that it only copies these specific channels.
You can then load the EA onto another chart, and do the same thing with a different channel or channels, and then once again, change the settings on this chart, based on the strategy you want to apply from the channel or channels. However, you can’t run multiple EAs from the same channel. A Telegram channel can only be copied by one instance of the EA.
Money management
As for the trading settings themselves, there’s more than you can shake a stick at. You can choose whether to accept the stop loss and take profit from the provider, or you can set custom ones. You can set TelegramFxCopier so that it never trades without a stop loss.
The money management settings are pretty comprehensive too. You can choose whether to trade a fixed lot, a percentage of your balance or a percentage of your equity. TelegramFxCopier supports up to five take profit points, and you can even customize the proportion of your trade per TP. For example, you could choose to place 30% of the sum you wish to trade per signal on TP1, and 70% on TP2. There’s also the option to set specific lot sizes for specific symbols.
Risk management
As for risk management, TelegramFxCopier has a great selection of options. We’ll go through them:
- Trail SL in multiple TP Orders. When the price reaches TP1, the stop loss on the other trades from a signal moves to the entry point (breakeven). When TP2 is met, the stop loss moves to the TP1 price, and so on.
- Move SL to breakeven after TP1. When the price reaches TP1, the stop loss on the other trades from a signal moves to the entry point and stays there until the other profit points are hit, or until they hit the breakeven point.
- Custom breakeven. Once the trade is moving a certain amount of points or pips in your favor, the stop loss is changed to the entry price.
- Custom trailing stop. The software will apply a trailing stop loss. You can define its size.
- None. After placing a trade, TelegramFxSignal copier won’t modify the SL any futher.
You can also define exactly what is meant by breakeven. In other words, how many points above or below the entry price breakeven should be. This should give you the ability to accommodate broker fees and spreads.
You can also customize whether you’d like TelegramFxCopier to close or partially close orders from the signal provider, and whether you’d like it to accept their modifications to the stop loss and take profit.
Symbol & advanced settings
Many brokers use slightly different symbols for the same instrument. TelegramFxCopier gives you the option to define the symbols your broker uses. it will also allow you to set a symbol prefix or suffix.
One feature that we think adds tremendous value and potential is the ability to customize the trigger words that prompt the tool to do certain actions. This should really help you make sure that the software responds to signals in the way you want. You can also get it to ignore certain words or phrases, or ignore messages containing them altogether.
There are a few other handy options, such as the ability to give pending orders an expiry date, a maximum spread allowance, and whether you want the software to trade the same symbol multiple times. Another useful feature is the ability to set a custom comment in the order comments field. If you don’t do this, then the default setting is the Telegram channel name.
TelegramFxCopier Verdict
The range of possibilities with TelegramFxCopier is awesome. However, there’s one thing we think would be useful, and that’s in terms of Entry Settings.
The software gives you the option to enter the market at the price given by the provider, or the next available price (Market Entry). If you chose provider, you can set the range in points in which the trade will be taken as Market Entry. If the current price is outside the range you specify, the software will place the trade as a pending order.
This feature worked perfectly and is obviously useful if a strategy requires it. However, we would have liked an option to ignore the price range limit and enter the market immediately if it’s advantageous to do so, instead of placing a pending order. For example, if a signal came in to sell XAUUSD immediately at 1850 and the price at the moment of receiving the signal is 1852, the software will carry out a sell stop order for 1850. But this doesn’t make sense – if the signal calls for immediate entry, entering the market at 1852 would mean a greater possible reward.
Customer service
Initially, we had a substantial problem with the software: it simply wouldn’t work. It responded to signals perfectly in our test channel, but wouldn’t execute any signals at all in the channel we wanted to copy. Every time a signal came in, we received the error message “Symbol not found”.
We were not the only people experiencing this problem. Luckily, the developers understood the seriousness of the issue and were extremely patient. They reported that it was a known bug, and told us when we could expect a solution. They even promised to personally e-mail us the new version of the software when it was ready. Which they did. This was really superb customer service. Based on our experience, the praise in TelegramFxCopier’s TrustPilot reviews for its after-sales support is very well-deserved and doesn’t come as a surprise.
TelegramFxCopier advantages
- No monthly fees – just a one-off payment.
- Excellent array of money and risk management settings.
- The ability to run multiple strategies across different channels on the same account.
- First-class customer service.
Overall, this is a Telegram to MT4 signal copier which seems to do exactly what it says on the tin. Plus, it’s got some great options and customer support along the way. It has our thumbs up. Take a look at its price plans here.