Trading Binary Options with Meta TraderUnfortunately, Meta Trader was developed to trade conventional assets such as stocks. This article will show you how you can set up Meta Trader to trade binary options, too.
Meta Trader offers no native support for binary options. Therefore, many successful traders of conventional assets, which were not willing to stop using Meta Trader, shied away from trading binary options. Fortunately, recently a number of providers offered the possibility to connect your Meta Trader platform to your binary options broker.
To connect Meta Trader to binary options, you need two things:
There are a number of different connectors you can choose from. In general, they all work in the same way: After you have entered your personal information and the details of your account with your binary options broker, your connector will send you your individual authorization key. Simply use this key when you execute a trade in Meta Trader, and your connector will take care of the rest.
Using the key is easy as well: If you are using an auto trading expert advisor, your Meta Trader to binary options connector will provide you with a function to execute when you want to invest in a binary options. Simply put the asset, the direction, the expiration time, and the key into this function. Some providers also use a channel number you have to enter into this function. Simply copy this number into the function, too. Other than that, do not worry about these numbers, as they will not affect you too much.
After you have set up Meta Trader, you have to configure the details of your connector. With most connectors, you do that either on their homepage or in an easy to download extension for your Chrome browser. Settings are easy and usually require only such fundamental values as the amount you wish to invest per Trade.
Be careful when choosing your binary options broker, though. Some brokers are not compatible to be connected to Meta Trader at all, and some have severe restrictions, such as only offering one possible expiration time. Check your Meta Trader to binary options connector’s website to find out which brokers it is fully compatible with.