Cryptocurrency trading can be a complicated ordeal. As we will explain in this Cryptohopper review, crypto prices are very fickle, ultimately depending on various factors ranging from general market conditions to the limitations of human nature. Some of those factors can be controlled/predicted, and this is where cryptocurrency trading bots come in.

Cryptohopper is a cryptocurrency trading bot created to simplify the trading process, and provide assistance to traders no matter their experience level so the can make the most of their trading opportunities,  maximize their profits and reduce the chance of losses.

A bot is essentially a piece of pre-programmed software; it requires a certain amount of human input to operate properly. To explain it bluntly, a human programmer/trader sets up the software in a way he believes will result in profit, sets it loose onto the market and hopefully starts earning money.

Bots are capable of overcoming most limitations of the average trader: they can trade 24/7 without the need to rest or eat and without succumbing to human emotions. As such, they do have a certain appeal, especially to people who aren’t willing to spend their entire lives staring at charts and making trade orders. That being said, we decided to take a look at one of the currently available market options called Cryptohopper.

Cryptohopper trading bot is a rather young automated crypto trading platform, having its domain originally registered in July 2017. Created by two brothers from the Netherlands, one a day trader, and the other a web developer, it can brag about having a perfect blend of experience and knowledge – both in the worlds of trading/technology – behind it from the start. The two merged their ideas, skills, and experiences and created Cryptohopper.

When it comes to the end-to-end process of designing your automated bot, Cryptohopper has made the process super simple. In fact, they have created a simplified drop and drag designer that allows you to design your automated bot from the ground up.

All you need to do is click on the specific indicator that you want to implement, choose whether you want to buy or sell, configure a few fundamentals such as volumes – and you’re good to go.

While you are here, have a look at our Gunbot review.

The bot can connect to a wide variety of exchange Application Programming Interfaces (APIs) and trade a significant pool of coins automatically, 24/7. It currently offers integration with the following exchanges:

Work is apparently being done to integrate the bot with HitBTC, Cobinhood, Cex.io, Bitstamp and bitFlyer APIs.

Cryptohopper is different than most of the market competitors in the sense that it’s web-based; it’s stored on the company’s servers, operates on a cloud-like infrastructure and can be accessed through any web browser. While the advantages of this include fast and simple access to the bot, without needing any additional hardware to set it up and keep it running, the downsides are that the bot can suffer slowdowns at times of high website traffic.

Cryptohopper offers a wide array of features:

Cryptohopper is relatively easy to get into; you need to first create an account on the platform; Once the account is created, you’ll be given access to your hopper, aka the actual trading bot. After doing that, you need to select your exchange and connect it to your hopper by entering the exchange wallet’s trade-only API keys. The entire process is made simpler thanks to a useful wizard which will lead you through every step of the way.

Some of the additional features of Cryptohopper are:

The bot will require a trading strategy to operate and trade for you. While other bots come with pre-programmed strategies, Cryptohopper mostly requires you to create a custom strategy using its tools. A user gets to set up the bot parameters himself, but the process isn’t that complicated; you’ll be given a host of settings that you can tweak and adjust in a way which you believe will bring you the biggest profit. Some of the strategies you’ll find when trading with Cryptohopper include:

Ultimately, you’ll be able to either set up your own strategy or rely on outside signals.

Registering an account on Cryptohopper platform is a simple process as the main page has a prominent green “Signup” tab at the top of the page.

Open the Cryptohopper website and fill out the required information: name, email address, username, and password in order to sign up.

You then need to confirm your email account by clicking the activation link you will receive in your inbox, and gain access to the dashboard.

After you are in, the platform has a convenient setup wizard that will lead you through the account configuration and do things like exchange API keys integration and other mandatory configurations.

After this, you are ready to use the bot. It is that simple.

You can subscribe to signals, configure templates, and begin backtesting the Hopper, as well as add more security by setting up the two factor authentication on your account.

Cryptohopper enables users to sign up to integrated professional external signals, a service that is provided by experienced traders who look for positive signs of an upward move. There are two options: both free and paid subscriptions to signallers.

Signals/signalers are an interesting feature of Cryptohopper, reminding us of the social trading elements we saw with platforms like eToro or Genesis Vision.

Signals are inputs sent by trading groups called signalers; your bot can use these signals to adjust its trading behavior. Cryptohopper has 20+ crypto signalers and all of them have their own signal track record visible to everyone. That way the person using the bot can check out signalers’ past work and choose to follow his signals, if he/she feels that signaler was on point with his calls.

When a signaler sends out a trade signal, user’s bot will pick up on it instantaneously and automatically and execute what the signal told him to. It’s also possible to follow multiple signalers at the same time. Some signalers are free, others require certain compensation for their signals. So far, Cryptohopper is the only automatic trading platform to embed signalers onto its platform.

Each user is given significant flexibility with his trading strategy. He can choose not to tweak the hopper (bot) much, leaving his trading fortunes to the default settings. He can also dig deep and either learn how to use Cryptohopper tools to analyze various technical indicators himself or sign up for automated signals with one of the third party signalers available on the platform. You can create several strategies, either for different coins or for different (bear/sideways/bull) markets. Bots trading features can also be turned off at your volition. There is much more to say about the bot; all of it is explained in detail in Cryptohopper documentation which we’ll cover a bit later in the article.

Cryptohopper service uses a subscription model with 3 plans on offer:

All accounts include 0 additional trading fees from Cryptohopper, buy settings lower bids, cooldown, trailing stop, settings like stop loss, TSL, auto close, and DCA, personal & global trading stats, 120+ indicators & candle patterns, syncing/tracking/selling manual buys, strategy backtesting with historical data, active community and staff support, and a reserve section to manage savings.

Once you access the Cryptohopper website you’ll be able to enter a 7-day trial of the Explorer Hopper.

Alternatively you can get a 30-day free trial period of the same plan if you sign up via a referral; either way you’ll get to know the software better and decide if you want to purchase one of the full packages listed above. Cryptohopper also offers enterprise-grade custom-tailored packages for more serious clients. The packages can be bought either on a monthly basis or full year in advance.

Read our full guide on bitcoin trading bots and see which are the best!

According to its promotional material, the bot is capable of giving you a steady stream of profits even if you have little to no knowledge about cryptocurrency trading.

The claim is head-scratching at best, as money-making schemes which brag about how “easy” and “simple” it is to achieve constant profits usually turn out to be complete scams. Still, we can give Cryptohopper the benefit of the doubt here, as their claims and marketing aren’t that outlandish and are in line with typical modern-day western advertising practices.

In order to pay for your chosen monthly subscription, you can either do this via PayPal, or by depositing cryptocurrency. If choosing the latter, the platform supports the following coins.

Cryptohopper has a rather active community behind it. While their Reddit page hasn’t seen much activity in a while, they have a very lively Discord where users can go and ask any sorts of questions about the bot. A good source of information/communication is the Cryptohopper forum, which you can access once you create an account on the bot’s website.

Cryptohopper website also has an interactive helpdesk which you can use to find a solution for your bot-related problems. From getting started with the bot, over configuration and general questions, to strategy designing and internal features of Cryptohopper, the knowledge base offered here is really good.

Besides those direct means of support, the project offers an extensive library of resources for getting started with/troubleshooting the bot. The resources section of their website contains detailed tutorials on how to set up Cryptohopper and its tools. These tutorials are laid out in a simple, step by step manner, making it very easy to digest and apply the instructions. Furthermore, you can use the extensive documentation section, this relatively regularly updated blog or this community-created review if you are interested in learning more about Cryptohopper, bots and trading in general.

Cryptohopper is a trading bot that offers some interesting features, including cloud trading, some social trading options and a large variety of coins/exchanges to trade on/with. Stop losses and trailing stops are especially welcome elements here, as they help you tremendously with risk management. As with any trading bot, you’ll find conflicting reports regarding its effectiveness, functionality and safety.

While Cryptohopper is in its essence an algorithmic trading platform, it is easy to setup and use and is a perfect fit for both newer traders as well as more experienced practitioners.

The development of the Cryptohopper Academy video series and multi-lingual Hopper forum are enormously helpful for traders who are only just dipping their toes into the turbulent waters of crypto trading.

With its comprehensive list of features, general user-friendliness, and support for 75 different cryptocurrencies and nine leading exchanges, Cryptohopper has a lot going for it and does well to stand out it a market full of competing trading bots and cryptocurrency management platforms.

One important notice for all users of crypto bots or any crypto service – pay attention to best practices when it comes to your device security. Cryptocurrencies are a honeypot for all top-notch dark hackers and your money could be gone very fast if you are not cautious.

As a result, it’s best to set up 2FA on your account, and to make full use of the free trial run, as well as make a modest financial commitment to start off. It may also be a good idea to connect the bot with a live account that contains a moderate amount of funds as there is less to risk if the bot underperforms or the signals do not generate the expected results.

It’s also important to note that while trading bots do not have withdrawal access, if they become compromised malicious actors can take advantage of a bot’s API access to buy extremely low value coins that are then “pumped and dumped” on other exchanges.

Furthermore, users have reported that the free third party signals are of a low quality, especially in sideways or bearish markets as the notifications arrive too late, and expose the trading bot to sudden downturns.

Still, a couple of negative reviews here and there can be brushed aside; not everyone will be able to grasp the concepts related to Cryptohopper (no matter its relative ease of use) and sometimes people’s experience will suffer due to their own hardware/internet. That shouldn’t scare you away, as this bot is one of the more user-friendly ones on the market. Ultimately, Cryptohopper is a fully functional, legitimate tool which can, with some hard work and a bit of luck, potentially help anyone turn a profit by trading crypto.

The post Cryptohopper Review 2020: Is This The Best Crypto Trading Bot? appeared first on CaptainAltcoin.

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