Cryptocurrency trading bots are one of the most active ecosystems in the world of cryptocurrency. Their appeal is in the promise of passive money making and Cryptohopper is one of the leading platforms for automated bitcoin trading and you will see why in this Cryptohopper review.
Whether a trader is a complete noob or a through and through pro, bitcoin bots catch their attention like a fire catches a dry wood.
While a number of trading bots are available in the marketplace these days, Cryptohopper is often considered to be the most reliable and probably most popular if we are to believe their claim that they have 120k users of their platform.
We’ve covered everything that we think you should know about Cryptohopper:
- features
- sign up process
- safety
- reliability
- profitability
- and much more
Let’s start by getting an overview of what Cryptohopper actually is.
The Cryptohopper website states that the platform was started by two brothers from Holland, one a successful day trader, and the other, a world-class web developer.
The result of this family effort is a bot that trades automatically for the trader, works 24/7 on a cloud and supports trading of numerous coins on more than a dozen exchanges.
The result of this family effort is a bot that trades automatically for the trader, works 24/7 on a cloud and supports trading of numerous coins on more than a dozen exchanges.
The official site touts their product as a semi-automated trading bot that allows users to remove human tendencies and emotions from the trading process and instead trust the technical based trading algorithms and programmed trading approaches.
Cryptohopper Review: Key Features
- Intelligent Automatic Trading
Cryptohopper is highly customizable piece of software that allows a trader to configure it to execute trades based on a set of algorithms while monitoring certain indicators. There is also a social element to the platform where a trader can set up his bot to follow calls and predictions given by third-party trading experts.
- Cloud-Based Service
No need to run your own machine as the system is web-based and can be accessed via any device.
- Anybody can trade – paper trading
You don’t have to be a an experienced crypto trader and expert to run Cryptohopper bot. You can get yourself up to speed with the help of risk-free simulators that feature 130+ indicators with the so called paper trading. This way you can test out your strategies with magic money before you start using real magic money (pun intended) in a form of cryptocoins.
This is particularly useful for rookie traders who wish to get a feel of the market, and want to hone their skills before making any significant trades. Additionally, since you can make use of social aspect of Cryptohopper and utilize other people’s wisdom, it gives you more confidence to make trades.
- Trailing Stop Loss
Once you have earned some money, the bot will set in a stop loss order to protect your profits. It works the other way around as well as it will sell an asset if it has dropped too much, the amount being set by the trader. While using trailing stop buy, the bot works differently. Once your picked indicators are fulfilled, the bot starts scouring the market for opportunities, and at the first signal of an uptrend, the bot makes a buy order.
- Strategy Designer
Strategies and disciplined adherence to them is what makes the difference between winners and losers in the world of cryptocurrency. Most traders have one or more strategies ready for Cryptohopper that fit different market scenarios and determine when your hopper buys or sells.
Cryptohopper offers a drag and drop strategy designer that makes construction of a good strategy a breeze – you can easily choose your favorite technical indicators, and put into a complete strategy, with no coding required. With more than 130 indicators and candle patterns to choose from, you can create pretty much any kind of strategy that you deem apt.
- Backtesting
So you’ve got your strategy and now what? How do you set it in motion and see its performance in the real world, without spending money, and incurring no losses?
Well, that’s where another great feature of Cryptohopper called backtesting comes into play. Using bot’s historic data, you can insert your strategy and see how it fares with real-world information. This helps you polish your strategies and learn, making you a better strategist, more in tune with the market, as it is.
- Exchange Integration
Cryptohopper integrates with 9 exchanges, and new integrations are coming soon, as per team’s announcements.
- Tools
Cryptohopper offers a slew of tools and features, like savable templates and other indicators.
- Customer support
Their support is quick and is available via multiple platforms: standard ticket support system, Twitter account, Telegram group and Facebook group.
Additionally, the website has an extensive knowledgebase of tutorials and basic FAQ’s. Additionally, Cryptohopper Academy videos are also great pool of knowledge about the bot and trading in general.
You can implement basic bitcoin trading strategies that are included with CryptoHopper. Or, you can apply more advanced signals to your profile, utilize the knowledge of professional traders with mirror or copy trading, and even construct your own trading strategy.
You can try CryptoHopper for seven days for free. Subscriptions start at $19 per month.
Does Cryptohopper Work For Beginners?
If you are new to crypto bots or trading in general, you have absolutely nothing to be fret about. The Cryptohopper platform has been designed to be easy to use, and requires no professional programming experience or advanced technical knowledge or skills.
There are many features geared at helping beginners like the option to see how much you would have earned in the past and adjust your bots to gain a greater understanding of just how everything works while still learning the ropes.
Plus, as mentioned above, Cryptohopper has active and huge community that can be reached via Discord and Telegram and user specific forums where you can seek help from pros and your peers alike.
Which Subscription Plans Are Available?
In terms of pricing, Cryptohopper is very flexible by offering couple of packages you can choose from. Plus, you get a free trial for 7 days to take the bot for a spin and see how it fits you.
You can simply sign up and begin using the service without having to submit any payment details. When the trial period ends, the Hopper is automatically disabled, and you can then opt to purchase a full subscription.
There are 3 packages you can subscribe to:
Starter – 80 positions, 15 Coins, and 2 triggers are included – $19/month
Trade while you sleep with two of the cryptocurrency bots on the market - Cryptohopper or Tradesanta.
Medium- 200 positions, 50 coins, and 5 triggers are included – $49/month
Pro- 500 positions, 75 coins, and 10 triggers are included – $99/month
Cryptohopper Account Signup
Signing up for an account is a simple process, as the homepage has a green “Signup” tab at the top of the page.
1) Create an Account
Visit the website and fill out your name, email address, username, and password in order to create your account.
You can then activate your email account by clicking the confirmation link in the email you get from Cryptohopper, and gain access to the dashboard.
2) Setup your Account
Dashboard features a simple setup wizard that you can follow to configure your Cryptohopper.
You just need to pick an exchange and enter the exchange’s API keys and also configure basic bot configurations. The whole process is simple and straightforward and there are a bunch of tutorials and additional useful information on each step.
Once you are done with this initial steps, you are read to immediately start using your bot as you will be able to access heaps of features from the dashboard. You can make us of the external providers and subscribe to signals, configure templates, and start backtesting your Cryptohopper, as well as enable two factor authentication on your account for security purposes.
3) Signup to Signallers
Cryptohopper allows you to sign up to professional external signals, a service provided by third-party experienced traders.
There are both free and paid signaller subscriptions and you can easily configure your bot to follow signallers.
You can track the performance of each signaller thanks to extensive reports provided by Cryptohopper.
Active Marketplace
Cryptohopper Marketplace
Cryptohopper is not only a trading bot but a whole ecosystem built around trading cryptocurrencies. You can use the platform to engage with other traders and strategy creators through the Cryptohopper marketplace which allows selling of trading strategies, signals, and other trading related materials by verified, top trading professionals.
There is also a feedback and review system built in so you will have the ability to review any product or service bought within the Cryptohopper marketplace.
Creating a Custom Strategy
While other bots offer fixed, pre-programmed strategies, which may or may not “just work” out of the box, Cryptohopper provides ability to create a custom strategy using bots’ tools, allowing you to set your own default base configuration for all coins and particular setup for specific coins.
This doesn’t mean you’ll have to design the strategy from the ground up, it means you’ll have the ability to customize your “hopper” by tweaking the default settings and building out a custom strategy that suits your needs (for example, defining parameters like where to take profits and percentage based stop losses).
Technical Indicators
Majority of popular technical indicators are featured on Cryptohopper and can be used as a tool for fine-tuning your setting – you can set your hopper to automatically trade using popular technical indicators like MACD, EMA, RSI, Bands, Stoch, etc.
You can tweak the default settings and define parameters for these indicators such as the lengths of moving averages, the overbought and oversold thresholds of RSI, and the timeframe on which these indicators are working on.
Triggers
Another layer of customization is the “if this then that” logic via triggers.
You can apply these commands to specific coins or your hopper in general.
For example, have a strategy that buys specific altcoins (like Litecoin or XRP) on the oversold RSI on 15-minute candles with 2% of your funds, and then set a trigger that stops buying if Bitcoin drops below a certain price.
Backtesting and Getting Help on Strategies
To prevent shooting in the dark, Cryptohopper comes with backtesting option that allows you to test every strategy risk-free.
This way you can see how your strategy would have performed historically to get a sense of how it might preform moving forward.
And to remind you again – you can always ask help from the vibrant Cryptohopper community.
How Does the Bot Trade?
I am sure by reading our guide you got, at least basic idea, how the bot works.
Before you start, you need to decide whether you want to structurre your own bot from scratch, modify a pre-programmed bot from the Cryptohopper marketplace, or copy a marketplace bot that you like.
Strategy aside, it is crucial that you have an idea of how the bot actually works and executes your planned trades.
For starters, a simple reminder that there is no requirement to deposit any funds to the Cryptohopper platform, as the bot will simply do the trading with funds from your exchange account. For example, if you’re looking to use the bot on Binance, then you’ll need to have funds on your Binance account in order for bot to work.
However, in order to give your automated bot the required permission to make trades on your behalf, you need to connect your external exchange API with your Cryptohopper account. Getting the keys is straightforward process which is explained on each of the respective exchanges.
Once you find and copy API keys from a certain exchange, you then need to head over to your Cryptohopper account, and enter the API credentials. Once you’re done, your Cryptohopper bot is ready and can start trading on your behalf.
Cryptohopper Compatibility – Exchanges and Coins
At the time of writing, Cryptohopper bots are compatible with ten exchanges in total. Checkout the list below.
- Binance
- Bitfinex
- Bittrex
- Coinbase Pro
- Huobi
- HitBTC
- Cobinhood
- Kraken
- KuCoin
- Poloniex
As you’ll see from the above list, the ten supported exchanges cover a lion’s share of the overall trading volume in the crypto market. Therefore, you’ll have no issues finding liquidity for your desired trading strategies.
