Meta Trader is the world’s best trading software. Unfortunately, Meta Trader offers no build-in support for binary options. To benefit from Meta Trader’s uniquely powerful trading environment, you need to connect Meta Trader with Binary Options. This article will explain how you can do that.
How to connect Meta Trader to Binary Options
In general, there are a couple of ways to connect Meta Trade to Binary options:
1) Brokers with integrated Meta Trader support
Most recently, some brokers have developed special Meta Trader versions that feature a build-in connection tool for binary options. If you are one of the few lucky traders whose broker offers such a specialized Meta Trader version, you can simply download this Meta Trader and start trading.
Using such a broker would be the ideal solution to trade binary options with Meta Trader. All of your trading decisions are passed along immediately and without the need of a connection provider, which reduces the chance for errors and thereby increases your winning potential.
2) Connection Providers
If your broker does not offer a Meta Trader version that can connect to binary options directly, and you do not want to switch brokers, you can use a connection provider. Connection providers take the trade signals generated by your Meta Trader and translate them into orders your broker can understand. After your Meta Trader has generated a trading signal, your connection provider will execute your trade automatically.
In general, connection providers can connect your Meta Trader to any broker you want. There are, however, some limitations: For some brokers, a connection provider might only be able to choose the shortest expiration time available, usually 10 or 15 minutes, and for some brokers it might only be able to trade a limited selection of assets. To find out whether these restrictions apply to your broker, check the connection provider’s website. Usually, all providers publish a list of trusted brokers they can easily establish a connection with, and a list of brokers to which certain restrictions apply.
Unfortunately, connection providers tend to lose some of the trades your Meta Trader wants to make. In an absolute worst case scenario, some providers can lose as much as 50 percent of your trades.
While this might sound dramatic, it is a disadvantage you can deal with. If you are trading binary options manually, you can check whether your signal has been transmitted correctly. If it has not, simply place the trade again. This might not be a perfect solution for now, but at least it will not hurt your results.
If you are using an automated trading system, on the other hand, creating a signal does not require effort on your part. Therefore, losing a signal is not dramatic either. You can make up for it by trading more assets, or simply live with the slightly reduced number of trades you will place. If you handle Meta Trader right, you will still win more trades than without Meta Trader.
Still, if you want to use Meta Trader with a certain broker that does not offer an integrated support for Meta Trader, using a connection provider is your only option. In this case, you have to live with the disadvantages your connection provider has. That should not be too hard, as the advantages of having such a powerful tool as Meta Trader to trade binary options outweigh the disadvantages by far.
Connection providers are plenty. Two of the industry’s most popular providers are Meta Trader to Binary and MT4 to Binary. When choosing a provider, make sure to test the new service with a demo account first. Try to find out how many of your trading decisions are passed along accurately, and if you are overall satisfied with the service. Since all connection providers offer a 60-day money back guarantee, you can quit their service without having lost any money, if the service does not live up to your expectations.