Cryptohopper Review: Safe Trading Bot? Our Take!!
For those who want to start trading cryptocurrencies, but have little practical experience with trading, there’s a solution. Get started in the fast-paced trading world of cryptocurrencies with an automated cryptocurrency trading bot. But not just any crypto trading bot. This is a bot used by more than 400,000 traders.
With Cryptohopper you will be able to trade the markets 24 hours a day, never missing a solid trade setup. The bot works tirelessly, trading based on the conditions pre-programmed by you.
Cryptohopper has been helping traders succeed since 2017, and even though there are a number of other automated trading solutions that have been developed since, Cryptohopper remains as one of the most reliable and trusted automated cryptocurrency trading solutions.
With that in mind let’s have a detailed look at the Cryptohopper platform. The following review will cover many topics, such as how Cryptohopper works, how to use it effectively, what exchanges it supports, and of course the costs involved.
The first thing we want to do is answer the basic question “What is Cryptohopper”. At its core it is an online platform that allows users to access and use an automated trading bot for the cryptocurrency markets. Such a bot places trades on your behalf, using conditions that you’ve set for it. It’s really quite genius, and it takes all of the emotions out of your trading, which is considered to be one of the keys to success in trading any market.
The intersection of humans and AI in trading. Image via Cryptohopper.com
Cryptohopper first came on the scene in 2017, and since then has grown to a community of over 400,000 cryptocurrency traders.
As you’ll learn in the following sections, Cryptohopper is actually no more than a tool for traders. While it will continue to perform on its own until turned off, its results are only as good as its programming.
That means you need to give it a good strategy if you expect it to be profitable. And there are no guarantees of profitability. However there are many ways to program this tool, and ways to test your strategies before putting them out into the wild. And these can mean the difference between profits or losses.
Cryptohopper will currently work with 14 of the largest global cryptocurrency exchanges, including Binance, Coinbase Pro, KuCoin, and others. This means your bot will have plenty of liquidity to take advantage of any market opportunities, no matter when they occur.
You’ll also find that Cryptohopper is suitable for traders of all experience levels. New traders can take advantage of the Cryptohopper Academy, and other educational resources to get started with a solid basic understanding of how to use the tool. And seasoned traders can take advantage of the more advanced features of the bot, including the more than 130 technical indicators supported by Cryptohopper.
New traders can get training from the Cryptohopper Academy. Image via Teachable.com
Using Cryptohopper a trader can build an automated trading bot that mirrors their own trading strategy. They can unleash their magic trading strategy into the wild to trade without emotion on the markets 24 hours a day. Or you can purchase tested trading strategies from the Cryptohopper marketplace.
You can get started with Cryptohopper today at no cost by taking advantage of a 7 Day FREE Trial of the world class crypto trading bot. Take it for a test drive, make some profits, and use those to pay for an ongoing subscription to the service. Pricing starts at just $19 a month.
Automated Cryptohopper Trading
Before you begin using Cryptohopper you’ll obviously want to know how it works. This is important because it will help dispel the myth that you can simply subscribe to the bot, set it free into the wild of the cryptocurrency markets, and start raking in profits. Nothing could be further from the truth.
No, these bots function exactly how they are programmed and that means a trading strategy used with them can be successful, but it also means it could fail. The bots are best used by those who have a proven trading strategy that can be programmed into the bot through the use of IF/THEN logic.
Conditional statements are the basis of the bot programming. Image via DarinThompson.ca
As an example, suppose you’ve had great success trading a range in Litecoin during the week. While you could certainly implement a strategy to trade the range on your own, it would mean you need to remain glued to your computer. Any time you are away, even to sleep, means you could miss a profitable entry of exit.
Instead you could program Cryptohopper to execute the strategy for you, but telling it when to buy and sell. The bot will merrily go along 24 hours a day, following your instructions, until you decide to turn it off. This gives you back your time, and still allows you to profit from your strategy all week long.
Perhaps most importantly, and I know I’ve mentioned this before but it bears repeating, the Cryptohopper bot removes and emotions from your trading. No more fear or greed, no more chasing the market, no more losses due to “hunches”, and no more losses due to emotional trading. Cryptohopper has no emotions, it simply follows the instructions given to it.
Cryptohopper Bot Features
If Cryptohopper is sounding like a pretty good tool for automating your trades check out some of the primary features of the platform:
A full collection of powerful features. Image via Cryptohopper.com
Paper Trading Accounts: With Cryptohopper you don’t need to risk a single satoshi until you know your strategy will work. Paper trading lets you test any strategy, whether simple or complex, to determine its potential profitability. Take Cryptohopper for a FREE 7 Day test drive and test your own strategies.
Professional Analysis Tools: Creating profitable strategies means having access to a solid array of indicators and tools, and Cryptohopper has a huge library of tools. Depending on which package you’re using you could have access to as many as 90 candlestick pattern recognitions and 30 unique indicators, plus customization tools to personalize your crypto bot. Best of all is that there’s no coding experience needed to implement any of these, simply click to set alerts and indicators.
Copy Trading Functionality: With the Cryptohopper Marketplace at your disposal you’ll be able to purchase all the tools you need, from some of the most successful cryptocurrency investors and Cryptohopper users. Each strategy provider in the Marketplace is screened by Cryptohpper to ensure only honest, reliable, and profitable bot creators are included. In addition to buying bot templates you can also chat with other investors or subscribe to trading signals.
No Additional Fees: The Cryptohopper platform doesn’t take a percentage fee from your trades. The monthly fee you pay is all you’ll pay. There’s no additional commissions, or per trade fees. That keeps your trading costs lower.
Trading Changing Market Conditions
Cryptohopper has features that can be useful in all types of markets: bear, bull, or consolidation periods.
Bull Markets: When the market is trending higher in a bull phase the trailing stop loss is an excellent way to capture profits and avoid gains turning into losses when the market whipsaws. You can also instruct the bot to place trades at key pricing targets as identified by various support and resistance tools.
Capture bull market moves. Image via Cryptohopper.com
Bear Markets: When the markets turn lower it’s time to put your bot on the defensive. You can instruct Cryptohopper to sell at the first, or subsequent signs of a downtrend. And if you are connected to an exchange that supports it you can even instruct Cryptohopper to place short sales and profit from the falling markets. Another potential strategy here is to have the bot add to your holdings at pre-defined intervals so you can profit from the eventual rebound in prices.
Consolidating Markets: Sideways markets are often a trap for traders as they get whipsawed back and forth, without a clear trend emerging. However you can also use these periods to scalp profits from the market as price bounces back and forth. For example, with Bitcoin trading in a range of $30,000 to $35,000 for several months you could have instructed Cryptohopper to enter and exit the market near the bottom and top of the range.
Programming a Cryptohopper Bot
The Cryptohopper bot is only going to perform well if you program it properly. The bot simply follows your instructions, so a poorly designed strategy will almost surely cost you money, while a well designed strategy could potentially be the gateway to recurring profits.
Your results are only as good as your programming. Image via Cryptohopper.com
When you program the Cryptohopper bot you can think of it in terms of IF/THEN logic. So each instruction is designed as IF something happens, THEN take this action.
Consider our earlier example of trading a range in Bitcoin. You could tell the bot “IF Bitcoin touches $30,000, THEN buy 0.1 BTC”. And at the other end of the range you could tell the bot “IF Bitcoin touches $35,000, THEN sell 0.1 BTC”.
Of course you could make the bot even more advanced by telling it to sell when profits reach a certain level, or by coding in a stop loss or a trailing stop loss. You could even dollar cost average into a trade by telling the bot to buy every time Bitcoin price increases by 3% until a certain level is reached.
On the other side of the market you could also tell the bot to sell a given amount every time the price of Bitcoin decreases by 3% or some other amount.
Automate your trading. Image via Cryptohopper.com
The key principle here is that if you wanted to do this manually it would be a nightmare, and you would be chained to your computer, watching the markets at all times for your triggers to be hit. With Cryptohopper you simply “set it and forget it”.
Drag and Drop Implementation
Cryptohopper has made it so easy to create new strategies by using a drag and drop interface in the designer. This means you’re able to create your strategies without knowing a single line of code. You just click on the indicator you’d like to add to the automation and drag it to your bot. Then you’ll configure whatever variables are needed for the indicator and you’re good to go.
Experienced traders know how important technical analysis can be to their success, which is why Cryptohopper has included so many technical analysis tools. Depending on which package you’re using you could have access to as many as 90 candlestick pattern recognitions and 30 unique indicators, plus customization tools to personalize your crypto bot. You’ll find momentum indicators, oscillators, moving average indicators, and much more.
One of the top features of Cryptohopper is the pre-live testing hub, where you’re able to test any strategy you’ve created right within the strategy designer. This has the benefit of letting you see whether or not the strategy you’re planning on using will be profitable or not before you risk any of your own money.
While creating your own automated strategies is extremely powerful in its own right, there’s another valuable feature to Cryptohopper, particularly for those who are new to automated trading. Of course I’m talking about the Cryptohopper Marketplace, where any Cryptohopper user can get bots that have been built by other Cryptohopper users.
Best of all, some of these come for free, although others do have a price tag.
Just one of the great services in the Marketplace. Image via Cryptohopper.com
For example, if you are new to automated trading and have little to no experience in creating trading strategies, the Marketplace is almost a necessity. Even if you have some experience, but are terrified to create and release your own bot into the wild, the Marketplace is going to be invaluable for you. In either case you can browse through the Marketplace to find a bot that’s been programmed in a way that suits your trading personality.
You’ll see that most creators will be very clear in what the bot is programmed to do. More importantly, the fundamentals of the bot are transparent, and you can see the historical track record of the bot before you attempt to use it. There’s also a rating system, where prior users of the bot are able to leave feedback, so you can see what others have thought about using any given bot.
The other great thing about the Marketplace is the ability to modify the bots you find there. That means you might find a basic bot, and then you can make adjustments that tailor it to your specific needs.
Killer strategies for excellent results. Image via Cryptohopper.com
Of course past performance is never a guarantee of future success, so always be careful when using a bot that’s been created by someone else.
Bot Trading Fundamentals
If you’ve made it this far you know what Cryptohopper has to offer, and how its automated algorithms work. However we haven’t discussed how the bot actually approaches the market on your behalf yet. It’s actually pretty simple, and the good news is that the Cryptohopper bot never has access or the authority to make withdrawals from any of your accounts. You never need to provide the platform with any funds, your funds remain on the exchange. This means your funds will always be secure when using the Cryptohopper automated trading bots.
In order to give the bot the ability to trade you will link the bot with your exchange account using an API. The process of doing this varies from one exchange to the next, but typically you’ll be able to find the API keys within your account settings.
Notice that Withdrawal access is not given. Read and Trade only. Image via Cryptohopper.com
Once you have the API keys you add them to your Cryptohopper account and this authorizes the bot to use the funds in your exchange account to execute trades on your behalf.
Cryptohopper Exchange Compatibility
As of July 2021 you can use the following exchanges with Cryptohopper:
- HitBTC (Official Partner)
- OKEx (Official Partner)
- BitPanda Pro (Official Partner)
- Bitvavo (Official Partner)
- Binance US
- Coinbase Pro
- Exmo (Currently in Beta)
Covering most of the market volume and liquidity. Image via Cryptohopper.com
As you can probably tell from the list these exchanges represent the vast majority of liquidity in the cryptocurrency markets. That means your bots shouldn’t have issues with unfilled trades or slippage.
As far as which coins you can trade the platform currently supports Bitcoin, Ethereum, Litecoin, and 100+ other cryptocurrencies. More are added as they reach large enough trading volumes.
Cryptohopper has four account tiers, which includes the free, but limited Pioneer package. The first paid package is the Explorer Hopper package which costs $19 a month and gives much greater power and options. If you’d like to try it out for yourself Coin Bureau is offering a FREE 7 Day trial of the Explorer Hopper package.
The next tiers are the Adventure Hopper at $49 a month and the Hero Hopper at $99 a month. Which level you choose will ultimately depend on your trading needs as each higher tier comes with more positions, coins, triggers and added features.
Each tiers yields better features. Image via Cryptohopper.com
No matter which tier you choose it’s pretty certain that just one profitable trade will pay for your monthly fee.
Customer support comes in several flavors at Cryptohopper. For the most basic questions you’ll likely be able to find an answer in their comprehensive online Knowledge Base. If your answer isn’t found there you can submit a ticket and wait for the support team to get back in touch with you. There’s also an online form and email address ([email protected]) where you can contact support, or you can use the online chat feature on the website. Unfortunately there’s no telephone support available.
As you can probably tell from our review, when used properly and with respect for the market, Cryptohopper can be a good way to automate your trading. This is true for every level trader, from beginners to trading pros. Of course those with more trading experience will be able to take advantage of more advanced strategies, but the learning curve isn’t difficult so new traders will also be able to get up to speed quickly.
In fact, we really liked the drag and drop framework used for the Designer. Plus it’s great that no coding knowledge is required in creating Cryptohopper bots. It makes it so simple to create a trading strategy that anyone can do it.
Plus you can get started for FREE with a 7 day trial. And once you see how simple it is to create your own automated crypto bot with Cryptohopper you can progress right to the paid plans, which to be honest are so inexpensive that just one good trade will pay for your monthly (or possibly yearly!) subscription.
Warning ️: Trading Bots do NOT guarantee profit. Always exercise risk management