Cryptohopper Review — Still Best Trading Bot Platform in 2021?
This article will review Cryptohopper, an all-in-one trading platform designed to automate trades, copy experienced traders, set signals and alerts, and much more.
While investors must pay to use Cryptohopper’s most advanced features, the platform does not demand a per-trade fee. Instead, it charges investors a fiat monthly payment based on the number of resources they can access.
What is Cryptohopper?
Ruud Feltkamp created Cryptohopper in September 2017. Cryptohopper is a trading bot that claims to help traders leverage on trading opportunities in the cryptocurrency markets. You can also automate your trades on mobile using the Cryptohopper app. The software conducts investment analysis and automatically positions trades in auto trading. The Cryptohopper software scans the markets for tradable news and places trades using high-frequency tactics.
When it comes to semi-automated trading, this app copy and suggest strategies from the best crypto traders. This method is known as copy trading, and people widely use it in forex and stock trading. Users are responsible for deciding which trading strategies to use in their accounts while using the semi-automated method.
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Cryptohopper Review: Summary
- Cryptohopper supports 13 major exchanges. Check here.
- Intuitive; blends expert-level tools with user-friendly tools and configuration options.
- Fully functional, mirroring the desktop framework
- $0 to connect your brokerage accounts.
- AI based trading platform.
- Demo Trading available for beginners
- 7 days free trial period for new users.
- Also available in Mobile app
How does Cryptohopper work?
As previously mentioned, Cryptohopper offers both entirely automated and semi-automated cryptocurrency trading.
Fully automated trading entails the robot doing all investment analysis and automatically placing trades. On the other hand, semi-automated trading entails the trading bot conducting research and providing the consumer with tradable insights.
It is also worth noting that Cryptohopper allows trades on margin, with most of its brokers offering leverage of up to 1:100x.
When you use margin trading, you can position trades that are larger than your trading resources. For example, a leverage of 1:100 means that you can set a trade that is 100 times larger than your money. Read more about leverage/Margin trading here.
How to get started with Cryptohopper?
The registration process with Cryptohopper is safe and easy. You can open an account and begin trading in less than ten minutes. Here’s a step-by-step guide to getting started with this robot.
Step 1. Create an Account
The first step to create an account with Cryptohopper is to fill out the form on their website.
After Sign up you will get an activation link in your email, click on that link to activate your Cryptohopper account.
Step 2 — Set up your Crypthopper Account
From here, simply follow the wizard, which will assist you in quickly configuring your hopper. You need to choose an exchange, configure the bot using the API keys of your desired exchange, and set up simple hopper configurations. The procedure is effortless, and each step includes links to tutorials and additional valuable details.
You can start using your hopper right away, and once you’ve used the wizard and set up your account, you’ll be able to access a slew of features from the dashboard. You can subscribe to signals, customize templates, start backtesting your bot, and enable two-factor authentication on your account.
Cryptohopper is GDPR compliant and therefore has all safeguards in place to protect its clients. We can also verify that their affiliated brokers are well regulated and highly competent. CySEC, ASIC, and FCA govern the vast majority.
Step 3. Connect your Exchange
The Next Step is to connect your crypto exchange, as we mentioned above, Cryptohopper supports all major crypto exchanges, you can check the list here. You need to provide API Key and API Secret in order to provide access to your exchange.
Note: Never provide full information to any trading bot, only provide information that is required by that trading bot and be aware if application demands withdrawal permissions.
Step 4. Create a Hopper or Choose of Existing Templates
Now it’s time to automate your strategy, these strategies are called Hoppers on Cryptohopper. You need to define when and how you will buy an asset and when and how you will sell an asset and the hopper will performance that task automatically based on your parameters.
For beginners, I would recommend using pre-built hoppers. However, before allowing any hopper to trade with real funds, you should always perform proper backtesting on them.
You can find many hopper templates on the Cryptohopper marketplace too.
Cryptohopper Review: Demo Trading
Cryptohopper allows backtesting or demo trading. You must choose a trading strategy and set stop loss, and take benefit functions in the demo trading account.
Backtesting is based on historical data and therefore does not represent what you would make in live trading. We recommend that you begin with a demo account before moving on to live to trade.
Manual investors can use Cryptohopper’s platform for free. Track your portfolio, execute trades in real-time using Cryptohopper’s trading terminal, and use strategy backtesting features for free. There is no minimum deposit needed to begin using any Cryptohopper kit.
Still, the platform does suggest depositing at least €300 to your preferred exchange so that Cryptohopper can spread risk through multiple transactions while still meeting minimum trade requirements.
Cryptohopper Review: Features
Cryptohopper offers an easy to use Strategy Designer, Signal Provider Market Place, Social Trading Platform, Paper Trading Mode, Market-Making Bot, Exchange/Market Arbitrage Tool.
Cryptohopper’s features mentioned above make it appealing to a broader range of users. As a result, we believe that most users searching for crypto trading bots should give them a shot.
Cryptohopper Market Making Bot
Many people would be confused by the Market-Making Bot. So let us explain it using an example.
Suppose you have launched a new token or exchange, therefore you will need liquidity so people can easily buy and sell assets and get the best market prices. Here market making bot continuously adds buy and sell orders and making small profits because of the spread gap. Cryptohopper helps you create your own market-making bot for different market trends. Check out the following video to learn more about the market-making bot.
Cryptohopper Market Arbitrage Tool
Arbitrage is a technique when you buy an asset in one market and sell it on the other market and make a profile because of the price difference of the asset in these markets. When done correctly, this is a very lucrative aspect of trading due to the price differences between exchanges.
Cryptohopper provides you with the resources you need to begin arbitrage trading on your own. It has two types of arbitrage:
- Exchange Arbitrage: The prices between the exchange can be different depending on the supply and demand. To engage in exchange arbitrage, you must own the coins with which you wish to arbitrage. Suppose your base currency is USD, and you’ve noticed that IOTA, ATOM, and ADA are prone to providing arbitrage opportunities among certain exchanges. Then, you’ll need to have both of these coins on two (or more) exchanges where you want to arbitrage.
- Market Arbitrage: The Market Arbitrage bot would search for inefficiencies in the market inside a single exchange. It can accomplish this by exploiting price discrepancies between the currencies listed on your exchange. More precisely, it will execute three different trades to increase the sum of the selected base coin. Market arbitrage is most effective on markets with low trading volumes.
To learn more read our guide on crypto arbitrage.
The Cryptohopper‘s arbitrage tool is handy, especially for beginners. There are periods when you will profit from price differentials between exchanges.
Cryptohopper Strategy Designer
The strategy builder is the core feature of the Cryptohopper. The Strategy Designer helps you to design your trading strategy. A strategy is a collection of technical indicators and candlestick patterns that can be used to automatically open and close positions. You can also share and sell your strategies with other users through their Cryptohopper marketplace.
Cryptohopper Review: Paper Trading Mode
I cannot emphasize enough that most users, should use Paper Trading before spending any money on a platform with which they are unfamiliar. Second, this is an excellent function for testing your strategies to see if they are profitable.
In this mode, you will make fictitious fund deposits to your paper trading account. This will help you to get a sense of what trading would be like with different quantities.
On Cryptohopper, creating and deleting paper trading accounts is a breeze. As a result, you will once again learn how to use the platform safely and profitably.
Cryptohopper marketplace helps you get free and paid trading strategies for your bots. This is ideal for beginners because it allows you to “plug and play” your preferred strategy developed by more experienced traders and test it on your account.
If you are an expert in building trading bots, you could make money by creating and selling your models on the marketplace.
You can also share strategies and models with other users. Additionally, you may also participate in their cryptocurrency social trading and collect crypto signals from other users. Finally, you can use the App marketplace to link to resources like the Telegram bot, TradingView, and other different widgets/utilities to use in conjunction with the Cryptohopper platform.
The Cryptohopper Marketplace is divided into four groups. Templates, Strategies, Signals, and Apps.
Templates provide you with various ready-to-use information to help you design your trading bot.
Strategies are tactics that decide the buying and selling moment of your bot.
Signals allow pro traders to be copied and automatically open or close spots on your exchange.
Apps show third-party integration of Cryptohopper with other services.
It completes and assists traders in making the most of the Cryptohopper network. Cryptohopper’s Marketplace has plenty for both new and seasoned cryptocurrency traders. It’s a great place to start if you’re new to automated, bot-based trading because there are so many Marketplace Sellers selling trading signals, models, and strategies.
The Marketplace allows experienced traders to sell their trading skills and mentor their followers in their Cryptohopper chat channel.
If you want to use Cryptohopper’s automatic investing features, you must upgrade to a paid account. Currently, Cryptohopper provides three tiers of paid account access.
The Explorer kit comes with 1 simulated trading bot, 80 locations, a limit of 15 selected coins, and 2 triggers. For access to the Explorer kit, you can expect to pay about $19 per month.
The Adventurer kit is Cryptohopper’s middle account tier. The Adventurer package contains all of the features included in the Explorer package, plus access to 50 additional coins, 5 maximum triggers, and trade arbitrage. You’ll have to pay $49 a month to get access to the Adventurer package’s features.
If you are an expert-level investor searching for the most robust suite of resources available, you should consider Cryptohopper’s all-inclusive Hero kit. The Hero kit allows you to reach up to 500 places at once, 75 maximum coins, 10 prompts, and all coins for signals. You’ll also have access to all of Cryptohopper’s advanced features and advanced technical research functionality. The Hero kit is available for $99 a month.
Remember that Cryptohopper is not an exchange; instead, it is a trading platform that offers various trading tools.
This means you’ll have to pay the fees levied by the exchange where your order is performed, as well as any monthly payments charged by Cryptohopper.
It is possible to pay monthly or annually for the service. It is also important to remember that Cryptohopper does not provide refunds and that customers should take advantage of the free trial before sticking to a subscription.
Cryptohopper Mobile App Review
Cryptohopper’s easy setup and all-inclusive functionality is now available on its Apple and Android smartphone platforms. Several of the features we like about the Cryptohopper app are as follows:
- High-level security features: The Cryptohopper app includes biometric security features to ensure that your assets are only accessible by you.
- Optional push notifications: Configure push notifications to receive real-time updates on predefined causes, trends, pending orders, and other events. From your phone’s main screen, you can monitor your progress and positions.
- You can place orders with a single click. Cryptohopper’s web app is just as simple to use as its desktop counterparts.
- Execute trades using a single order and control your positions from anywhere.
Cryptohopper Review: User Experience
Although several trading bots are better suited to more seasoned traders, Cryptohopper has a range of features geared toward newcomers. The Hopper Academy, which is open to all members, provides access to a video library that discusses how Cryptohopper operates and the best ways to use the service.
Cryptohopper has also developed an active forum, which should be highly beneficial to newcomers to cryptocurrency trading. There are active Discord and Telegram forums and a members-only community in English, French, Spanish, Dutch, and Portuguese.
As a result, new users can converse with and learn from more advanced users from all over the world, and they can continue to learn around the clock.
They have developed a simple to use platform, with no coding experience or specialized technical expertise or skills required.
Furthermore, Cryptohopper allows for extensive backtesting, and beginners can quickly check whether their configurations are working correctly by tinkering with and testing their setup.
Users will see how much money they might have made in the past and tweak their bots to understand better how it works while still learning the ropes.
Cryptohopper Review: Customer Service
Cryptohopper provides users with many options for contacting customer service:
Online Chat Support
To use Cryptohopper’s online chat, go to their website. To enter the live chat, click the blue speech bubble in the bottom right-hand corner of the home screen.
To use ticketing customer support, you must already have a Cryptohopper account. There is currently no phone option for customer service needs.
Is Cryptohopper Legit?
Cryptohopper appears to be a trustworthy trading bot. Our investigation reveals that this robot is genuine (it trades on your behalf), straightforward, and user-friendly. In addition, we can confirm that all of their partner brokers are well controlled.
Additionally, the platform is running for more than 3 years and there are no major glitch which incurred loss for its users.
Withdrawals are made possible by this robot, which helps traders to withdraw their funds whenever they want. According to our testing, all transactions processed by Cryptohopper take a maximum of 48 hours to complete. We’ve also discovered that this robot customer service is accessible, competent, and polite.
Keep in mind that trading with automated robots, such as Cryptohopper, is risky. Please don’t put more money into it than you can afford to lose.
Cryptohopper Review: Pros and Cons
Cryptohopper offers several competitive advantages and security features. However, it doesn’t provide customer service on the phone. Also, Cryptohopper doesn’t give access to full features unless you subscribe. Other pros and cons of Cryptohopper are listed below:
Cryptohopper Review: Conclusion
Cryptohopper allows traders to produce income more consistently. The combination of technical indicators and third-party trading experts or crypto signal providers, the template and backtesting functionality gives traders more choices.
Although Cryptohopper is fundamentally an algorithmic trading bot, it is simple to set up and use, making it suitable for new and experienced traders. The company has worked hard to create a user-friendly platform for beginners, and new users can also access comprehensive education and community-led resource pages.
The platform is well-positioned to support both new and seasoned traders, and it includes a range of features from which all members will gain. It is well built, simple to use, and has earned an excellent reputation over the years, so we suggest you check them out.
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Originally published at https://blog.coincodecap.com on May 12, 2021.