Cryptohopper is a trading bot app. The vision of the platform is to allow users to trade without having to stare at their computer screens or phones. In addition to that, the bot is open to traders of all levels.
The setup basic to be accessed by the beginning trader, but it also has the functionalities that the seasoned traders could take advantage.
However, using the bot is not a guarantee to make money. Rather, the focus of the bot is to make it possible to open positions that are safer than a user constantly watching a chart.
In effect, using a bot saves precious time for users while eliminating the variable of human error
The Basics of Cryptohopper
The Cryptohopper app requires a few basic steps before users can access its features. After creating a free account, users can access Cryptohopper features for seven days using the free trial.
After creating your account, you must follow the following steps to access the platform:
- Verify your account via email.
- Choose an exchange or exchanges that you plan on using Cryptohopper with. Make sure you have an account ready with the exchange.
- Start the program.
- Specific the previous exchange that you chose.
- Enter the API key for your exchange. You are most likely able to access the API key of your exchange using the settings page of he exchange and looking for an API key tab. To access, for example, Binance, you can follow this guide.
From there, you can start running your trading bots. Via your browser or mobile app, everything is completely cloud-based and accessible. If you close your window or machine, you will still be placing trades.
One of the benefits of Cryptohopper is that to run the bot, you don’t have to run a (VPS) server and this saves you precious cash.
What are the Cryptohopper’s most significant features?
Cryptohopper purports its most useful trading features to be:
Fully Data-Driven Automatic trading
Panic selling, greedy buying, these are just some of the ways that emotions may affect your trading for the worse. Cryptohopper uses pure analysis to drive its trading decisions. Apply up to 130+ indicators and candle stick patterns.
Easy to use UI
It is made for everyone. No coding experience is required. Set your hopper up in 5 minutes and go.
Superior Tracking Technology
Cryptohopper can track up to 75 coins simultaneously and scan them all against your chosen profit goals, indicators and preferences.
24/7 Active Tech
Automated trading allows you to trade 24/7 days, 365 days a year. It buys, tracks and sells your investments while you sleep.
The bot’s most useful functionality is that it will trade for you 24/7, 365 days a year, automatically. This cuts out the human element of trading and turns trading into an algorithmic experience.
A bot has no emotion during trading. Emotions do not exist on a computer, such as the desire to panic sell or FOMO. In addition, bots can keep track of prices in a way that humans cannot as bots are always connected.
One other aspect that bots have over humans is that they can sell at exactly the right stop loss or pricing target. Humans are rarely able to sell at exactly the right moment no matter how fast your fingers are.
What Exchanges Does Cryptohopper Support?
Cryptohopper can access the following nine centralized exchanges: Huobi, Binance, Poloniex, Bittrex, Coinbase Pro, Kraken, Bitfinex, Kucoin and Cryptopia via their various APIs. In addition, there a zero trading fees while accessing the proprietary platform.
As it is paid monthly, users do not need to pay additional trading fees. In addition, users are able to try paper-trading in order to assess the efficacy of the trading platform.
Paper Trading with Cryptohopper
When users view how their bot performs, they are able to test out specific trading strategies with zero risk. with the “paper wallet” feature. Users can deposit up to 100k of every currency offered on a specific exchange and craft the perfect strategy to use as they test.
Cryptohopper does not access any user funds directly as trades are done through an API key. Funds are held safely on your exchange to mitigate security risks such as hacks. This, combined with the 2FA and AWS hosting makes it contribute to the safety of the platform.
It is expected that in the near future, several more exchanges will be supported. The jury is still out on whether or not Cryptohopper will support decentralized exchanges such as Uniswap or Sushiswap.
Strategy Designing Tools
With Cryptohopper’s strategy designer, users can access a wide collection of indicators and easily implement them into your hopper. They can click specific options without the need to code.
In addition, the only trading bot that recognizes candle patterns is Cryptohopper. Candle patterns allow “naked trading” to be carried out by the hopper, which is a critical feature for skilled traders.
To carve out a solid plan, users can access several metrics at the same time. In order to ensure your hopper is perfectly optimized for market conditions, users are able to configure exactly how many you want to activate for purchases and sell and use instruments such as “keep signals for.”
Cloud Based Implementation
The Amazon Web Services platform runs safely and efficiently. The benefit of this is that nothing needs to be installed and any web browser can access it. As more traders use the platform, Amazon’s security and ease of use ensures that the bot stays online.
Another benefit is that you don’t have to pay extra for a VPS (Virtual Private Server), which is a monthly fee most of the time. Cryptohopper covers users in this regard.
Advanced Trading Features
It offers specific “trailing” trading options that allow users to limit risk and maximize profit.
Track an asset price upwards and sell only when a certain decline has been made. This is one of Cryptohopper’s most common features.
Use the TSB smart purchase monitoring technology to assess if a coin is truly rising or only displaying a temporary reversal by your hopper.
You may subscribe to so-called crypto signals from experts. Cryptohopper Marketplace You would be able to copy a strategy from an experienced trader by subscribing to these signals. Exactly when the expert does, the bot buys or sells. You will see the (historical) output of all the signals in the portal and decide for yourself which one you want to sign up for. Crypto signals that perform well are not free.
For the first 7 days, the platform is free, but you must pay a monthly fee after that. The 7 day trial is designed for users to properly assess the features. Different packages are available depending upon how much you trade.
Other than the monthly fee, Cryptohopper does not charge additional expenses.
What Do We Think So Far?
Over 200,000 people are using the app at the moment, with high ratings on app stores. The network has multiple signal providers and has been around for a significant period of time. Cryptohopper has proved to be a reliable platform and has many satisfied customers.
This signifies a lasting product. In addition, the developers regularly update the product with new features.
One thing you should note is that no income is assured by Cryptohopper. Rather, it is a tool to eliminate the human element from trading and allows traders to spend a little more time away from their computer screens.
Do you use Cryptohopper or a similar trading platform? What are your thoughts?
Check out our Top 5 Crypto Trading Platforms Roundup article for look at their closest competitors how they rank against Cryptohopper.