Setup Guide

Get Started with PipReaper

Complete guide to setting up your automated forex trading bot. Follow these steps to start trading in under 15 minutes.

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Video Guides

Watch our step-by-step video tutorials to get started with PipReaper quickly and easily.

Getting Started

Complete setup guide from download to first trade.

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MT5 Setup

Configure MetaTrader 5 for automated trading.

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License Activation

How to activate your PipReaper license.

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Trading Configuration

Set up your trading parameters and risk management.

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Quick Start Guide

Follow these step-by-step instructions to get PipReaper up and running in under 15 minutes.

1

Get a Forex Broker Account

First, you need a forex broker that supports MetaTrader 5 (MT5). We recommend these brokers for their reliability and low spreads:

  • IC Markets - Best overall, low spreads
  • Pepperstone - Great execution speed
  • XM - Beginner friendly
  • Exness - No minimum deposit

Tip: Start with a demo account to test the bot risk-free before trading with real money.

2

Download & Install MetaTrader 5

Download MT5 from your broker's website or directly from MetaQuotes:

  1. Go to your broker's website or metatrader5.com
  2. Download the Windows installer
  3. Run the installer and follow the prompts
  4. Launch MT5 after installation
3

Login to MT5

Connect to your broker's trading server:

  1. Open MetaTrader 5
  2. Go to File → Login to Trade Account
  3. Enter your login credentials from your broker
  4. Select your broker's server from the list
  5. Click OK to connect

You should see your account balance in the bottom left corner when connected.

4

Enable Algo Trading in MT5

⚠️ This step is CRITICAL - PipReaper cannot trade without this!

  1. In MT5, go to Tools → Options
  2. Click the Expert Advisors tab
  3. Check "Allow algorithmic trading"
  4. Check "Allow DLL imports"
  5. Click OK
  6. On the main toolbar, click the AutoTrading button (should turn green)
MT5 Algo Trading Settings

The AutoTrading button in the toolbar should be green when enabled.

5

Download & Install PipReaper

  1. Download PipReaper from our downloads page
  2. Run the installer (PipReaper_Setup.exe)
  3. Follow the installation wizard
  4. Launch PipReaper from your desktop
6

Activate Your License

When you first launch PipReaper, you'll need to activate your license:

  1. Enter your license key (received via email)
  2. Click Activate License
  3. Wait for validation

Need a trial? Click the "Free Trial" tab and enter your email. Your 3-day trial license will be sent to your email.

7

Configure MT5 Connection

  1. Go to Settings in PipReaper
  2. Click Configure under MT5 Account
  3. Enter your MT5 login number
  4. Enter your MT5 password
  5. Enter your broker's server name (e.g., "ICMarkets-Demo")
  6. Select account type (Demo or Live)
  7. Click Test Connection
  8. Click Save Settings
8

Configure Trading Settings

Customize your risk management and trading parameters:

  • Risk per trade: Recommended 1-2% for beginners
  • Max positions: Start with 1-3 positions
  • Trading pairs: EURUSD, GBPUSD, USDCAD available

Important: Always click Save All Settings after making changes. Settings are only applied when saved.

9

Start Trading!

  1. Make sure MT5 is running and connected
  2. Make sure AutoTrading is enabled (green button)
  3. Go to Dashboard in PipReaper
  4. Click the ▶ Start Trading button

The bot will now scan for trading opportunities based on your settings. Check the Signal Activity panel for real-time updates.

Pro Feature

Telegram Integration

Get real-time trade alerts and control your bot remotely via Telegram. Available on Pro plans and above.

1

Create a Telegram Bot

  1. Open Telegram and search for @BotFather
  2. Send the command /newbot
  3. Enter a name for your bot (e.g., "My PipReaper Bot")
  4. Enter a username ending in "bot" (e.g., "my_pipreaper_bot")
  5. BotFather will give you an API Token - save this!

Example token: 1234567890:ABCdefGHIjklMNOpqrsTUVwxyz123456789

2

Get Your Chat ID

  1. Start a chat with your new bot (click the link BotFather gave you)
  2. Send any message to the bot (e.g., "Hello")
  3. Search for @userinfobot on Telegram
  4. Start a chat with it - it will reply with your Chat ID

Alternative: Visit https://api.telegram.org/bot<TOKEN>/getUpdates after messaging your bot to see your chat ID in the response.

3

Configure in PipReaper

  1. Open PipReaper and go to Settings
  2. Click Configure under Telegram Alerts
  3. Paste your Bot Token from step 1
  4. Paste your Chat ID from step 2
  5. Click Test Connection to verify
  6. Click Save to Server

You should receive a test message in Telegram confirming the connection works!

What You'll Get

Trade Alerts

Instant notifications when trades open and close

Signal Notifications

Get notified when new trading signals are generated

Daily Summaries

Receive daily performance reports with win rate and P&L

Error Alerts

Get notified immediately if something goes wrong

Remote Commands

Check status, balance, positions via Telegram commands

Telegram Commands

/status

Check if bot is running and get current mode

/balance

View account balance and equity

/positions

List all open positions with P&L

/start

Start automated trading

/stop

Stop automated trading

/help

Show all available commands

Note: Start/Stop commands are disabled by default for safety. Enable them in Settings → Telegram → Remote Control if you want remote control capabilities.

Frequently Asked Questions

Everything you need to know about getting started with PipReaper.

  • Make sure MT5 is running and logged in
  • Check that AutoTrading is enabled (green button in MT5)
  • Verify your MT5 credentials in PipReaper settings
  • Check if markets are open (closed on weekends)
  • The bot waits for high-probability signals - be patient

Ready to Start Trading?

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