Automated trading bots have seen a surge in adoption in recent years as they offer many features that allow even beginners to start trading cryptocurrencies. Cryptohopper is such a bot that trades automatically on your behalf according to your technique. If you are planning to venture into the multibillion-dollar cryptocurrency arena, but have little experience of doing it, automated trading bot Cryptohopper can be of real help to you.
The bot is compatible with nine leading exchanges including Coinbase, Binance and Bitfinex, so it offers you enough liquidity as per your pre-programmed objective. You need not sit on the computer for a long period of time to do the trading.
More time to execute strategies
Cryptohopper is an automated trading bot that allows you to select from a number of strategies that the bot will implement on your behalf to get you profit. It makes use of a trading algorithm for this purpose. As it trades on your behalf, the developers have imbibed in it top-of-the-line safety features, which is very helpful when you are trading funds from one account to another as your transactions will occur in a safe and secure way. The automated bot can operate round-the-clock for you, so you have more time to execute your strategy for the entire weekend.
On the homepage, the software features a video that doesn’t provide much information to the users except for a short introduction of the platform. Other software, such Algo Signals score better on this aspect as its introductory video is much better in its presentation of the software features.
The bot comes with a drag and drop strategy designer. You just need to click on an indicator, set it on buy or sell option as per your choice, and save your strategy.
Key features:
- Easy to set up and configure
- Trades on its own
- Support for over 70 cryptocurrencies and 09 leading crypto exchanges
- Support for trailing stop-loss, trailing stop-buy and trailing stop-short
- Dollar-cost averaging
- Options to fully automate trading
- Cloud-based application with accessibility for anywhere
- Triggers and backtesting
- Mirror trading is available
- No trading limits, one can trade with 0.1 bitcoins and any other higher amount
With an API key, you can connect your account with any of the compatible exchanges to let Cryptohopper buy and sell orders for you. As it supports drag and drop mode, you can simply drag elements to build your trading strategy to let the bot execute that automatically. You can automate trading with Bitcoin and other altcoins such as Ethereum, Ripple and Litecoin.
The platform also features Hopper Academy which is helpful for beginners with its informative videos and tutorials. The academy has useful information on cryptocurrency trading, crypto exchanges and the functioning of crypto bots.
Like any other software or trading bot, Cryptohopper has its own set of pros and cons. So, let’s have a look on the platform’s pros and cons.
Pros
1) Easy to setup and configure
2) 3 packages with a 7-day free trial
3) Nice and neat user interface
4) Keeps tracks of stats trading history and price movements of 75 cryptocurrencies
5) Cloud-based, no installation or coding is needed
6) Technical analysis with integrated indicators
7) Trading as per signals handed by third-party experts
8) Secure and GDPR-compliant platform
9) Resources tab helps in a quick start
10) Also allows manual buy and sell
11) Professional and readily available customer service
Cons
1) Not widely known yet
2) Some users have reported bugs on the platform
3) Free signals lack quality
4) The shorting option is not an actual short
5) You may experience a small delay on sell orders
6) You may run into issues while using the platform
7) Team info is not available
Signals from professional traders
Cryptohopper offers a marketplace where one can use trading strategies or trading signals from professional traders. Some strategies are free but you should go for paid ones if you want good results. If you have no experience in trading strategies, you can simply obtain an inbuilt automated strategy.
The underlying fundamentals of Cryptohopper are transparent, which means you can verify the historical data of the bot before making a commitment.
Cryptohopper Pricing
The Cryptohopper platform comes with three main account tiers. These are:
Explorer Hopper: This plan is ideal for beginners. 80 open trading positions are given with technical analysis every 10 minutes. Price: $19/month.
Adventure Hopper: Ideal of intermediate traders. More than 200 open positions are given with technical analysis every 5 minutes. Price: $49/month
Hero Hopper: Hero Hopper Plan is the best option for advanced traders. It provides an accurate analysis of the market movements. You can execute trades at 500 open positions, every two minutes. Price: $99/month.
You can pay for your monthly subscription plan either by depositing cryptocurrency or through PayPal. In cryptocurrencies, the platform supports the following:
· Bitcoin (BTC)
· Ripple (XRP)
· Monero (XMR)
· Bitcoin Cash (BCH)
· Litecoin (LTC)
· Dash (DASH)
· Zcash (ZEC)
Conclusion
The Cryptohopper team has put considerable efforts to provide the cryptocurrency community with a mix of technical indicators and signallers that can help them generate profits. It allows you trading without owning an exchange account, so you can test new strategies without any risk. This way, you can see how Cryptohopper will perform in the wild without risking your own money.
Set up 2-factor authentication (2FA) on your account to be safe, and connect it with a live account having a moderate amount of funds to contain the loss in case the bot underperforms.
Moreover, some security concerns need to be addressed by the team. Someone can take advantage of its API access to purchase extremely low-value coins just to be pumped and dumped.
Third part signals arrive too late that expose it to a sudden downturn. One should consider using a more reliable paid signal service.
Cryptohopper is designed to help traders generate profits on a more consistent basis. Although the bot has enjoyed a successful trading record to date, you are not guaranteed to make profits. You could just easily lose money.
Free 7-day trial is available on all three packages mentioned above for the new users. With all these user-friendly features, Cryptohopper is worth a try.
The Verdict
If you are looking for more advanced and security features in the automated crypt trading bots, then Growlonix, 3commas, Coinigy and Zignally are worth the considerations. Growlonix scores brownie points on many scores over these platforms as this advanced cryptocurrency trading terminal offers Advance Order types which is natively not available on many exchanges. The unified trading platform beats other platforms as it is designed for the day trader and long term trader with no lock in of funds. Supported order types include Take Profit, OCO (SL+TP) Trailing Stop Loss, and Step TP.
If you are looking for charts and portfolio management, go for Coinigy, but if you are looking for more advanced type on all leading exchanges, Growlonix is a good choice.
