This Cryptohopper review will take a look at this cryptocurrency auto trading bot that specializes in the multi-billion dollar cryptocurrency arena.
This platform is specifically designed to make it easy for beginner traders, especially if you are interested in the benefits of running a cryptocurrency trading bot.
You don’t need to create your own auto trading bot if you don’t want to, they have a marketplace where you can get any bot you like, or even follow a successful human trader.
If you’re interested in trading cryptocurrencies, you will soon find that it involves long hours in front of a computer looking at charts. That’s why auto trading bots are so popular, they can trade on your behalf, implementing trading strategies without emotions such as greed and fear. The strength of trading robots is that they operate autonomously, based on their underlying pre-programmed conditions.
While there are several similar platforms available, you’ll find that Cryptohopper is often considered to be one of the most reliable.
This Cryptohopper review will give you a comprehensive overview of how this automated trading platform can help you to create a trading bot. And if you don’t want to create your own bot at first, then there are also a ton of options to use other auto trading bots. You will be able to pick and choose between tried and tested crypto auto trading bots with performance details and their full track record.
Let’s dig a bit deeper into this Cryptohopper review.
What is Cryptohopper?
Cryptohopper is an online tool that enables you to automate your trading and manage your portfolio. It does this by connecting directly to your brokerage account or exchange.
It’s designed to make traders more productive by allowing them to copy trades of other traders, it automatically analyzes the markets, manages all exchange accounts from one place, and even uses advanced tools like arbitrage, market-making, and backtesting.
In gathering information for this Cryptohopper review, I found that they have a clever and secure way to trade your account without you needing to give them all your wallet details. You connect Cryptohopper with your exchange or brokerage account with the help of an API key. That way they do not have withdrawal rights on your API, and your funds stay safe on your exchange. The API key just permits them to trade on your behalf and is easy to locate on most platforms.
Basically, Cryptohopper is an online trading platform that helps you to create and run an automatic trading bot.
That means that trades will be done on your behalf, based on the trading parameters that you gave it. The Cryptohopper platform initially launched in 2017, and has since grown to a community of over 200,000 cryptocurrency traders that have executed over 33 million trades! That’s impressive!
As we will discuss in more detail in this Cryptohopper review, the platform not only allows you to create your own trading bot, it also allows you to do backtesting without risking your money.
So even though you don’t need to be an expert coder to create a trading bot with Cryptohopper, review your simulated trading in their backtest tool to see if your strategy is a winner or not. Remember, the bot is only as good as the parameters you choose for it. For example, if the bot’s primary goal is simply to purchase Bitcoin when it increases in value by more than 5% in 24 hours, then that’s exactly what the bot will do.
Obviously, past performance does not guarantee future results, trading is always risky, and there is no guarantee that the auto trading bot will be successful in raking in cash for you.
Cryptohopper Review: Features
Your Cryptohopper bot can be linked up to all of the most well-known exchanges such as:
- Coinbase Pro
This also means that you can manage all of your exchange accounts from one location, and benefit from the liquidity of some of the largest crypto exchanges for your auto trading.
One of the biggest benefits uncovered in this Cryptohopper review is that they go to great lengths to make it easy for anyone from novice to the more experienced trader to get started on their platform.
If you already have an idea about how you want to trade, and which indicators you want to use for your auto trading bot, then you will be able to incorporate those ideas quickly, test using the simulated trading, and deploy it.
For the novice trader that’s just starting out and still testing the waters, there is the option to simply copy what other successful traders are doing, or simply grab an existing bot from the Cryptohopper marketplace that has been proven to work. It’s the best of both worlds!
Cryptohopper is not free, but it is surprisingly affordable for what it is offering. You can start for free, without even needing to enter credit card details, but if you’re interested in setting up an auto trader, prices start at $19 a month for their Explorer Starter Package, with a 7-day free trial. The Hero Pro Trader package is the most expensive, at $99 a month, but still very reasonable for this type of service, and you can get a good discount by paying annually.
Now that you have a good overview of what Cryptohopper is, next we will dig deeper into how the automated bot feature works because I’m sure you are interested to know more about that.
Automated Trading Cryptohopper Review: How Does it Work?
It is important to understand that no matter what auto-trader you use, how well it functions is still ultimately determined by the rules it was given to execute. You should also bear in mind that the conditions in which it was initially tested do not necessarily reflect the current market conditions, and therefore past performance is not a guarantee of future success.
What the Cryptohopper platform gives you, is not only the ability to quickly create or pick a trading bot but also to adapt and test out any necessary changes to make sure that your auto trading bot functions optimally.
Cryptohopper Review: Premade Templates
There are a lot of pre-made templates that link up to all the various exchanges and many of the templates come with free strategies to get you started. You also have the option of linking other strategies in the Cryptohopper marketplace to your template.
You will need to pick a template that corresponds to where you keep your cryptocurrency wallet. For instance, if you have Bitcoin in Coinbase, you would need to pick a template that specifies Coinbase as the exchange, and BTC as the currency. This saves you from the hassle of setting up the basics of your hopper bot and helps you to get started quickly.
Once you have selected one or more templates, you can then move on to the strategy you want it to use. Don’t worry about remembering these steps now, there is a lot of training material available for free on Cryptohopper, review all of the documentation and videos they provide and you will have your own bot up and running in no time.
With your template in place, your next step is to attach a bot trading strategy to it. Many of the templates come with free strategies that are ready to trade, but there are also strategies created by other members that are available in the marketplace for as little as $1.99 with ratings and reviews from real users to help you choose.
Browsing through the strategies that are available in the market, I was impressed by how much detailed information is given about how to use the strategies, what timeframe it works best with, trading frequency, the average holding time for a trade, and much more.
Remember that if you have the option of simply creating one of your own strategies to trade with, and any strategy can be tested in simulated mode so that you can make sure it works as expected before going live.
Besides the premade Templates and the ready-to-use Strategies we have already spoken about in this Cryptohopper review, you also have the option of subscribing (often for free) to get trading signals from experienced Cryptohopper traders.
The Signals page in the Marketplace gives you the “top 10 weekly signals” and signals that are both free and paid with details such as the number of signals during the last 3 months, the average profit per trade, and total number of subscribers.
You also get a full overview of weekly results, performance reports, real-time stats of trades from the last month, and reviews from users.
Automated Bot Features
The biggest advantage of having a bot trade for you, is that you don’t get caught up in emotional trading where you respond to either fear or greed when making a trading decision. With an auto trading bot, you set up your trading parameters based what you believe will be a good trading strategy, you test your setup using the backtesting tool, refine it, and then deploy it.
The bot will then trade according to those parameters whether it’s 3 AM in the morning, if you’re sick in bed, in a meeting, or whatever else keeps you busy. You won’t miss trading opportunities just because you’re not sitting in front of your computer, it trades for you, in the same way you would have traded based on the parameters you decide upon.
Cryptohopper Review: Bull, Bear and Sideways Markets
The markets move in cycles, either going up, going down, or moving sideways. The length of those cycles is visible depending on the timeframe you choose. What does that mean?
It means that the markets might be rallying up strongly (a bull market) when you look at the charts from a daily perspective. The market might have been moving higher for months, but when you look at the market on a weekly chart, you might find the opposite, it could be that it is going down strongly (bear market). Looking deeper at let’s say an hourly or even just a 5-minute chart, you might find a completely different trend or see it simply going sideways (consolidation).
This is important to know because the timeframe you choose to trade on will be within a smaller cycle contained in a larger cycle. The strategy you choose to trade needs to align with the cycle of the timeframe you chose.
Cryptohopper comes with some built-in tools to let you know when the market direction and cycle changes, and that allows you to set up your auto trading bot to be aware of those cycles and respond accordingly.
So, if you’re in a bull market cycle, you will be focusing your trading strategy on the market rising, and getting out of trades when the cycle shifts to a sideways or downward trend.
Setting Up Your Cryptohopper Auto Trading Bot
Remember that your bot will only trade as well as the rules that you create for it.
Also, remember that computers are actually pretty dumb. They do exactly what you tell them, and nothing more.
There’s a joke about software programmers that illustrate this beautifully (not that software developers are dumb, they just have to think like machines to write software).
The joke goes, the programmer’s wife (or husband/partner) says: “Please go to the store and buy a bottle of milk, if they have bread, buy two.”
The programmer comes back home with two bottles of milk and no bread. Why? Well, because the instructions were followed to the letter:
- Buy 1 bottle of milk
- If they have bread, buy 2
- The instruction was only to buy milk
- Therefore, increase the number of milk bottles to 2
It’s a silly joke, but that is how computers “think”, so your trading strategy instructions need to be equally clear. If you are getting results that you didn’t expect, go back and check the logic in the simplest terms, and you will find what went wrong.
Probably one of the easiest ways you can get started is to work with moving averages. That doesn’t mean that it’s the ultimate trading strategy, or that it would necessarily make you a ton of money, but it will give you a good start. Remember to always start with simulated trading, make sure it works, and then move on from there. Never risk money that you cannot afford to lose.
There are a lot of other options and indicators besides moving averages to choose from, and if you want to get even more advanced you can hook directly into Tradingview and use any advanced indicator based alert you created there. You have a lot of options on how to create your trading bot with Cryptohopper, review all their training videos and you will see for yourself.
Market Maker Bots
An intriguing option with Cryptohopper is to create your own market maker bot.
What is that?
In simple terms, a market maker oils the wheels of the market to make it run smoothly.
Investopedia puts it like this: “A market maker must commit to continuously quoting prices at which it will buy (or bid for) and sell (or ask for) securities. Market makers must also quote the volume in which they’re willing to trade, and the frequency of time it will quote at the Best Bid and Best Offer (BBO) prices.
Market makers must stick to these parameters at all times, during all market outlooks. When markets become erratic or volatile, market makers must remain disciplined in order to continue facilitating smooth transactions.”
How Do You Make Money With a Cryptohopper Market Maker Bot?
A Market Maker bot allows you to place layered limit buy and sell orders, so that traders can buy and sell where they want, thus keeping the market liquid. By placing these orders the orderbook of the exchange will change, and the market will move accordingly.
You make money with the spread, which is the difference between the price the buyers and sellers pay.
If you have ever had to do a foreign exchange transaction, for example, to get dollars for euros, you will know that you never get the “market” exchange rate. You pay a higher rate, because the company that facilitates the transaction for you, makes money from the difference between what regular buyers and sellers pay.
This type of bot, therefore, makes you money by executing a lot of trades by helping others trade, and in the process, you benefit from it as well.
Arbitrage Trading Bot
This type of trading bot makes you money by automatically exploiting pricing differences and inefficiencies in the market between different exchanges, and also between the exchange rates on the same exchange between multiple coins.
Firstly, in case you did not know, both regular Forex and also cryptocurrencies do not have a central “clearing house” that decides upon the price or exchange value between different currencies. It is all determined dynamically by the market, and therefore small inconsistencies are created that you can use to profit if you move fast enough.
Doing this type of arbitrage trading manually is possible, but not efficient, and that’s where the Cryptohopper arbitrage trading bot comes in. It does for you what would have been very difficult to do manually, and allows you to automatically profit from these pricing differences.
This feature alone makes Cryptohopper a very powerful platform because of the way it can access multiple exchanges simultaneously, cross-check the prices, and execute trades to help you benefit from the market inefficiencies.
This is very powerful and as far as I know, a unique feature of Cryptohopper, review their documentation, tutorials, and videos to learn more.
If you want to take advantage of trading Signals, Strategies, or Templates that are ready to be used instead of writing your own, then go the Marketplace where you will find a lot of options to choose from!
There are literally dozens of different Templates, Strategies, and Signals, and all of them can be sorted by a number of filters such as best rating, most subscribers, newest, etc.
You can also filter them by Exchange so that you can pick a Signal or Strategy bot that runs on the Exchange you’re using.
The prices all seem very reasonable, with most bots being under $10 and quite a number that are completely free. All of them have descriptions, user feedback and a lot of them give you direct contact with the developers through their Discord links so that you can get support directly from them if needed.
When I started writing this Cryptohopper review, I was very surprised at how cheap their beginner package was.
Their most expensive pro trader package is $99 per month (if you don’t take advantage of their discount when you prepay), which is very reasonable if you’re serious about trading, and their Explorer package starts at only $19 a month.
Here is a breakdown of the different packages:
- Pro trader package
- $99 / month
- 500 positions
- Max 75 selected coins
- Max 10 triggers
- Technical Analysis with 2 min interval
- All coins for Signals
- Market Arbitrage bots
- Market Making bots
- Algorithm Intelligence (in BETA)
- Trader plus package
- $49 / month
- 200 positions
- Max 50 selected coins
- Max 5 triggers
- Technical Analysis with 5 min interval
- 1 Simulated Trading Bot
- Exchange Arbitrage
- Starter package
- $19 / month
- 80 positions
- Max 15 selected coins
- Max 2 triggers
- Technical Analysis with 10 min interval
- 1 Simulated Trading Bot
- FREE 7-day trial
- 20 positions
- Portfolio management
- Manual trading
- All available exchanges
Cryptohopper Review – Main Features
Automatic Trading For All Of Us
Super Easy UI
You can set up your auto trading hopper in as little as 5 minutes and get going. Cryptohopper is for anyone. No coding experience is required.
Greedy buying, panic selling, these are simply some of the ways that feelings may impact your trading and turn a winning trade into a loser. You can apply up to 130+ indicators and candlestick patterns to your auto trading bot. Cryptohopper uses pure analysis to drive its trading decisions.
Superior Tracking Technology
Cryptohopper can track approximately 75 coins at the same time and scan them all while comparing them to your chosen profit objectives, indications, and trading choices.
24/7 Active Tech
Your Automated trading bot enables you to trade 24/7 days, 365 days a year. It buys, sells, and tracks your investments while you sleep.
Cryptohopper Review: The Marketplace
Crypto signals are created by third-party technical analysts that concentrate their efforts on finding coins that are on the rise. Once they have identified a promising investment, they share that knowledge with anyone signed up with them.
Professional traders have the option to apply to become market sellers or signalers. Applicants are screened by Cryptohopper personnel to test their knowledge, previous experience, and objectives as sellers.
They are made from technical analysis and particular indicator setups. They are like complex indicator cheat sheets that are developed by screened and approved traders. You benefit from their experience and technical skills in creating profitable indicator combinations and settings.
Bot Setup Templates
Most setups are coin specific. They need to be set up to work efficiently for specific market conditions. The design template marketplace uses trading bot templates that can be used together with the strategies to guarantee that your hopper works optimally all the time.
There is a large collection of ready to use indicators for you to quickly integrate into your hopper. You just select and click – no complex coding needed.
90+ Candlestick Patterns
As far as we could determine in our Cryptohopper review, it is the only trading bot that can identify candle patterns. By being able to identify such a large variety of candlestick patterns, you have a whole different set of options open for your auto trading bot that is simply not available anywhere else.
You get all the tools you need on Cryptohopper, review seller scores, and join social channels to compare market seller evaluations. It’s even possible to view real-time reports for crypto signals and pick the very best performing signaler for your hopper bot.
9 Global Crypto Exchanges
Cryptohopper links to Bittrex, Bitfinex, Coinbase Pro, Huobi, Poloniex, Kraken, Binance, Kucoin, and Cryptopia via their API’s.
0$ Trading Fees
Trade without fear that you lose profits due to trading fees that keep piling up. You simply pay Cryptohopper your low monthly subscription fee and keep all your profits for yourself!
Safe and Secure
The way that Cryptohopper API is set up means that it has no access to withdraw your funds. Your funds are held safely on your exchange, all Cryptohopper does is auto trade for you. Your login is secured by 2FA and combined with AWS hosting, it makes Cryptohopper a very safe platform.
Backtesting and Papertrading Features
You don’t need to risk your funds simply to see if a bot trading strategy will work. You can see exactly how it would have performed in the past by seeing when it would have bought and sold, and what your profit would have been. Past performance is not a guarantee of future profits, but it gives you a great start!
Free Paper Trading
You can use paper trading with any size account up to 100K of any currency offered on your exchange. That means that you’ll be able to test your strategy until you feel it is perfect without risking real funds.
You Don’t Need To Be An Expert To Get Started
Cryptohopper makes it easy enough for you to start trading with just a simple 3-minute setup. You don’t need to have an exchange account or know much about cryptocurrencies. Remember you will learn as you go by using risk-free paper trading until you are confident enough to go live.
Trailing Stop-Loss To Lock In Profits
Our traders love this feature. It allows you to let an asset rise in value, and take profits automatically when it starts to decline.
Smart Trailing Stop-Buy
The TSB feature uses smart buy tracking technology that gives your hopper the ability to figure out whether a coin is really rising, or just showing a short-term reversal.
Smart Trailing Stop-Short
The Trailing Stop-short feature alerts your hopper to buy back assets that were previously sold when there is a possible recovery underway.
Dollar-cost averaging (DCA) refers to the practice of dividing an investment up into multiple smaller investments of equal amounts, spaced out over regular intervals to reduce the impact of market volatility. Cryptohopper can do DCA automatically for you.
This feature allows you to create customized triggers ranging from notifications to sell and other actions to make sure you stay on top of what’s happening in the market.