MTeleTool allows users to instantly copy their forex trades from their MetaTrader account to their Telegram channel. This can be a useful tool for traders who want to share their forex signals with friends and family or to offer them as part of a forex signal service. MTeleTool was created by the LeapFX team who have been providing forex software for a few years now, some of which I have previously reviewed. This includes Trade Explorer, AX Trader, DynaScalp, The Wave Scalper, News Action Trader, Jet Trader Pro, Gold Trader, Arbitron, Econ Power Trader and more. As you can see, they have been busy. In saying that, here we will take a look at the MTeleTool software to help you decide if it is the forex signal solution that you have been looking for. Read on to find out more!
What is the MTeleTool?
The MTeleTool is a simple solution for those who want to send their own trading signals to the popular social media app Telegram for other users to see. It can be installed on both the MetaTrader 4 and MetaTrader 5 platforms, which you can get free of charge from most forex brokers if you don’t already have it.
Trades that you place and manage on your MetaTrader platform, are sent to your Telegram channel for others to follow. The MTeleTool will track any trade executions or trade adjustments that you make on your account and instantly take a screen shot which it will send to the Telegram group along with a text description.
The events that MTeleTool can track and share via Telegram are as follows:
- Opening of Pending Orders
- Trigger of Market Orders
- Any Stop Loss Changes
- Any Take Profit Changes
- Closing of Trades
- Cancelling of Pending Orders
- Change of Pending Orders
- And Partial Closings
Please see a screenshot of what a Telegram forex signal sent via the MTeleTool looks like below:
What is Telegram?
For those who may not have already heard of it, Telegram is a free and open source, cross-platform, cloud-based instant messaging software. It offers some enhanced privacy and encryption features as well as support for large group chat features.
Unfortunately, I have seen Telegram become a bit of a hotspot for forex scams, but there are genuine ways in which MTeleTool can be utilised. It can be to share signals with friends or family for them to learn about forex trading. It can also be used to send forex signals to users if you are offering a forex signal service.
Just please make sure you are acting in an honest and transparent manner, making sure you inform any users of the significant risks involved with trading online and do not make any guarantees that you cannot keep.
What are the advantages of the MTeleTool?
In comparison to the more traditional ways of providing forex signals, there are some distinct advantages to using the MTeleTool. It can make life a lot easier – especially if you trade from your phone and are always on the move.
Perhaps some of the most obvious advantages being that traders who are already familiar with the Telegram platform, can now offer a forex signal service. Other than the additional cost of the MTeleTool software, there are not any ongoing fees for sending signals.
Amongst some of the more prominent features of the MTeleTool software are the following:
- Copy Trades from MT4/5 to Telegram
- Switch accounts anytime
- No need to take a picture of every chart when there is a signal
- No need to manually write down the price, stop loss, take profit, pair
- No need to keep posting charts and trade updates
- Save time to focus on market analysis
- Share fx signals with friend, family and other users
- Post to Multiple Groups
- Users can use any forex broker or trading platform they wish
- No on-going costs
- User-friendly setup process
- Option to use your own branding (MTeleTool Pro Edition)
- Access to large Telegram user community
- Support from the knowledgeable and experienced LeapFX team
- Free updates for life
- 14 Day Money Back Guarantee
How to use the MTeleTool?
If you are a trader and want to make money selling your signals from your Meta Trader 4 and Meta Trader 5 platform, then the MTeleTool software may be of interest to you.
Here is how it works:
- You can simply offer a paid membership to your customers and then invite them to join your Telegram group.
- You trade, and your signals get automatically shared within the group for your members to copy, only if they wish to do so. This can create a passive income for you whilst you are focused on the quality of your trading and signals
You can set the MTeleTool to run from a computer or virtual private server 24/7. In this instance, all you would have to do is trade from any internet device, such as your computer, phone, iPad, android device, etc. After you place a trade, manage, or close them, each signal is automatically shared with your Telegram group.
As this is all automatic and done behind the scenes for you, it enables you to trade as you normally would and not have to worry about sharing your trades and adjustments of trades to your customers, friends, and family.
MTeleTool is easy for anyone to setup. The provided instructions mean that it can be up and running in minutes. However, if you run into any issues then the LeapFX team are happy to help and provide full support for the MTeleTool software.
The MTeleTool signal software can be customised according to your own individual needs. LeapFX have made the most important features adjustable so that you have the flexibility to customize the system.
You can track the currency pairs you want to track or avoid from copying to your group. And you can customize the screen shot sent to the group with the trade information.
The screenshot below shows the MTeleTool settings that can be customised:
LeapFX offer two different MTeleTool packages for you to choose from:
In this version you get full access to the software, but you cannot remove the screen shots. It comes with LeapFX branding on the screen shots plus additional text. This MTeleTool package cost $197 for lifetime access.
In this version you get full access to the software, with full control over branding. You can put your name or business name on the images and text. This MTeleTool package cost $297 for lifetime access.
To be honest, I am in two minds over the MTeleTool software. Firstly, it is almost perfect for serving its purpose – sending MetaTrader signals to Telegram. It is the first software of this type that I have personally come across. However, I can see this being a popular tool used by traders with no experience or knowledge of the forex market to try and fleece users for subscription fees to useless forex signals. It is a shame that the industry can be rife with such people who give those with genuine intentions a bad name. This is nothing at all against the LeapFX team who have developed a very useful trading tool when in the right hands. If you would like to learn more about MTeleTool, please feel free to visit the official website using the link below.