MT2IQ is a tool meant to connect MT4 with IQOption brokerage. Just in case you don’t know, IQ Options is a brokerage for CFDs and binary options. They are one of the most reliable brokerages you can approach if you want to trade these instruments. So if you have not yet signed up, we advice that you do so by going to this page and selecting the broker. In the meantime, let’s continue reviewing MT2IQ. We have also discovered that this tool originated from the same developers who created MT2Binary system. The success of the tool will depend on the success of this team and their previous products.
In as much as these people can be contacted through [email protected], we still don’t have much information about them. They are completely anonymous, which we think is working against them because a good developer needs to have a proper introduction of who they are and where they are based. Otherwise, it will be quite difficult to trust them if this information is nowhere to be found on their website. In addition to this, the team has a Facebook page with a few posts therein but there isn’t much in that social media page. So we can say that they are anonymous in as much as we know that they developed two products.
Having said this, we will go ahead and review the tool which is called MT2IQ. But if you have any questions which have not been addressed in this review, you could consider contacting the developer of this tool or asking us in the comment section. We welcome feedback if it is constructive.
The working and purpose of this tool is very simple. It was designed to automate the process of trading by connecting MT4 trading platform with IQ Options. We know that MT4 is the most popular trading platform for Forex trading. A huge number of Forex traders use it for their trading and new traders get introduced to this platform almost on a daily basis. You can now see why the software is popular in the trading market place.
MT2IQ is built to support expert advisors and trading indicators which are found on MT4 software. In fact, this trading platform has many built-in indicators and the charting feature is also very good. If you find a way of automating your trading strategy using this MT4, then it can work to your advantage. In other words, you can connect with IQ Option using MT2IQ, which can also automate your trading in this broker’s platform using the expert advisors or trading indicators which you’re using in the MT4 trading platform. It is, therefore, a very interesting tool. The tool is designed in such a way that it can work with all time frames and currency pairs. It works well with fast executions too.
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The homepage of this product has an instructional video which shows how the tool works from start to finish. This video is good because it gives you a clue on how the tool works and how it should be set up once you have purchased a license. The developer claims that in order to automate binary options trades, traders can use BinaryProfit indicator or any other arrow indicator. Once the connection has been established, the tool will read the charts and what the indicators are doing and when a trade opportunity is found, it will send the signals and execute them automatically on the other end.
The price of this tool is $300. The MT2Binary, on the contract, was selling for $150. This is quite a huge gap and one might think that MT2IQ is probably more advanced than the previous tool for trading binary options, hence the price difference. Now, the one reason why we appreciate this tool is that it can be downloaded for free and used in any broker’s platform for demo purposes. This means that if you are not sure whether to purchase it, you can simply commit to testing it just to see whether or not it works.
The moment the MT4 software is set up to trade automatically and connect with this tool, everything will be ready for automated trading. But you also have to engage the indicators that provide the trading signals. In the connector tool, users are required to define trade expiry time, the amount and whether or not they want to automate their trades. This instructional video also tells us that we need to set up buffer numbers but we are not sure what this phrase means in relation to how this tool works.
We hope that the developer will explain what this means in the user guide because it has obviously been skipped in the video. Users can also set it to trade based on Martingale style of trading. The thing with this style of trading is that it can quickly wipe your trading balance since it is always seeking to recover lost funds, thereby gambling unnecessarily. For that reason, you are not supposed to choose a Martingale style of trading unless you want to lose your trading balance. This defies the logic of trading in the first place.
We also imagine that if you want to get started, you will have to put your login details somewhere on the app in order to get started. They have not told us so on the instructional video though.
If you are always looking for new ways to automate and trade Binary options, this tool can be a great deal so long as you have tried it on demo and seen how it works. But if you have not tried it out, you should not jump into it without first conducting due diligence. It might cost you. For now, we are also recommending other tools for trading binary options. If you are in no need of the hustle (because we are sure it will take a long time to find the sweet spot), you can simply opt to use these tools instead.
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