Beginners Guide to Cryptohopper Trading Bot: Complete Review

Cryptohopper is a cryptocurrency trading robot designed to help simplify the trading process, and help traders of all experience levels to make the most of their trading opportunities.

While there are a number of cryptocurrency trading bots currently available such as 3commas, Cryptohopper aims to empower traders by providing an easy to use and fully featured service that allows its users to easily trade multiple cryptocurrencies while removing human frailties from their trading process.

The semi automated bot doesn’t guarantee profits and simply allows traders to make more intelligent trades based on algorithmically programmed trading approaches and external signals.

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Cryptohopper Overview

The Cryptohopper website states that the project was started by two brothers, one a successful day trader, and the other, a brilliant web developer. The two merged their ideas, skills, and experiences to create a bot that trades automatically for the user, works 24/7, and trades a variety of coins, while also being compatible with a number of cryptocurrency exchanges via an Application Programming Interface (API).

Outside of this, there isn’t much information provided online about the team behind the project, however, the platform is owned and operated by Cryptohopper BV which is based in Amsterdam, The Netherlands, and the cryptohopper.com domain was registered in July 2017.

The official site houses the semi-automated trading bot that allows traders to remove human tendencies and emotions from the trading process and instead rely on technical based trading algorithms and programmed trading approaches.

Users can also subscribe to external signals and the manipulatable trading solution is aimed at cryptocurrency traders of all experience levels and the team have announced that they have over 75,000 users.

Cryptohopper is compatible with up to 75 cryptocurrencies and nine major exchanges including Binance, Bitfinex, Bittrex, Coinbase Pro, Cryptopia, Huobi, Kraken, Kucoin, and Poloniex.

Cryptohopper Features

• Functionality – Cryptohopper operates as a web-based solution, and features an easy to use and intuitive user interface that includes a wide range of functions. Users can configure the bot to trade automatically 24/7 and make use of both algorithmic and social trading. Trading strategies can be derived via various technical indicators or by following the actions of third party trading experts.
• Technology – The semi-automated trading takes place via API integration with a range of cryptocurrency exchanges and the service can be utilized on any device connected to the internet such as a desktop, laptop, tablet, or mobile phone.
• Range of Tools – The platform provides a good range of trading tools and incorporates features such as a bot backtesting tool, configurable and saveable templates, trailing stops, and customizable technical indicators. Users can also rely on indicators such as Stoch, RSI, Bollinger Bands and MACD.
• Exchange Integration – Cryptohopper is currently compatible with nine exchanges including Binance, Bitfinex, Bittrex, Coinbase Pro, Cryptopia, Huobi, Kraken, Kucoin, and Poloniex. Support for BitFlyer, Bitstamp, CEX.IO, Cobinhood, and HitBTC is scheduled to arrive soon.
• Customer Support – The platform incorporates a support team that is available to deal with any issues. Users can contact the team by submitting a support ticket in the Support Section, and they can also be contacted via their Twitter account, Telegram group, and Facebook The website also contains a number of FAQs in the Support Section, as well as a number of Tutorials that help users to navigate the platform. In addition, the team have also produced the Cryptohopper Academy video library.

Cryptohopper Account Signup

Creating an account is a simple process, and the main page has a green “Signup” tab at the top of the page.

1) Create an Account

Visit the Cryptohopper website and enter a name, email address, username, and password in order to register.

You can then confirm your email account by clicking the activation link in the email sent, and gain access to the dashboard.

2) Setup your Account

From here you can simply follow the wizard as it will help you to quickly configure your hopper. You just need to select an exchange and configure the bot via your preferred exchange’s API keys and also set up basic hopper configurations. The process is very straightforward and there are links to tutorials and additional useful information on each step.

From here you can immediately start using your hopper, and once you have used the wizard and set up your account, you will be able to access a host of features from the dashboard. You can subscribe to signals, configure templates, and begin backtesting your bot, as well as set up two factor authentication on your account.

3) Signup to Signallers

Cryptohopper allows users to sign up to integrated professional external signals, and the signaller service is provided by experienced traders who look for positive signs of an upward move. There are both free and paid subscriptions available and bots can be configured to follow signallers in just a few clicks.

 

Signallers have easily accessible performance reports and their profitability can be tracked, they also make use of cloud computing and machine learning algorithms to consistently monitor numerous technical indicators across a range of digital currencies.  It’s possible to combine both buy signals and technical analysis indicators at the same time, in addition to setting up stop limits and trailing stops.

Cryptohopper Pricing

There are three main pricing plans available; however, Cryptohopper also allows members to make use of a free trial month or “Explorer” plan.

Users can simply sign up and begin using the service without having to submit any payment details. When the trial month ends, the hopper is automatically disabled, and users can then opt to purchase a full subscription.

The plans for anyone who chooses to sign up are as follows:

Explorer Hopper Starter ($19 Per Month)

• 80 positions
• Maximum of 15 selected coins
• Max 2 triggers
• Running time every 10 minutes
• Basic Support

Adventure Hopper Medium ($49 Per Month)

• 200 positions
• Maximum of 50 selected coins
• Max 5 triggers
• Running time every 5 minutes
• Extended Support

Hero Hopper Pro ($99 Per Month)

• 500 positions
• Maximum of 75 selected coins
• Max 10 triggers
• Running time every 2 minutes
• Arbitrage
• First line support

It’s possible to pay per month or to purchase the service for a whole year, it’s also important to note that Cryptohopper doesn’t provide any refunds and users should make the most of the free trial before committing to a subscription.

How Beginner Friendly is Cryptohopper?

While many trading bots are best reserved for more experienced traders, Cryptohopper includes a number of features aimed at newbies. These include the Hopper Academy which is available to all members and allows everyone to access a video library that explains just how Cryptohopper works and the best ways to use the service.

Cryptohopper has also developed an active community, and for new entrants to cryptocurrency trading this should prove to be immensely useful. There are active Discord and Telegram groups, in addition to a special forum for members that is available in English, French, Spanish, Dutch, and Portuguese.

As a result, new users are able to converse with and learn from more experienced users from around the world, and continue to learn around the clock.

The platform has also been designed to be easy to use, and doesn’t require any professional programming experience or advanced technical knowledge or skills. In addition, Cryptohopper also allows for comprehensive backtesting, and beginners can easily check if their configurations are working accurately by playing around with and testing their setup. Users can see how much they would have earned in the past and adjust their bots to gain a greater understanding of just how everything works while still learning the ropes.

Is Cryptohopper a Safe to Use?

The project is very active on social media and boasts a large number of users, and new members can also browse Reddit posts in order to interact with past users and gauge the general sentiment regarding the project.

However, there is limited information available about who’s behind the project, although the company has made its Dutch company information public and is registered as Cryptohopper BV, Johan van Hasseltweg 18A 1022 WV, Amsterdam, The Netherlands.

As with all trading bots, users aren’t required to transfer any money to an account controlled by the bot developers, as the bots usually work via an API that allows them to execute trades on linked exchanges. It is necessary to provide your API keys which are generated on your preferred exchanges, and these keys give the bot restricted access to your account for trading purposes.

Furthermore, the bots do not obtain withdrawal rights, and in the event of a hack or data breach, nefarious actors would not be able to directly access your funds. The team at Cryptohopper have also developed working relationships with some of the industry’s leading exchanges and users can also set up two factor authentication (2FA) in order to further secure their accounts.

Cryptohopper Summary

Cryptohopper is an automated trading bot that trades on your behalf using trading algorithms. Once you connect a hopper to a cryptocurrency exchange, you can select a number of strategies that the bot will implement in order to try and make a profit. The online dashboard allows users to easily monitor their performance as well as the reports of signallers and to subscribe to the best signals.

Users can also keep a track of their stats and trading history, as well as the price movements of around 75 cryptocurrencies. Although the service is simple to set up and easy to use it also incorporates a comprehensive range of trading features including:

• Trailing stop-loss
• Trailing stop-buy
• Dollar Cost Averaging
• Shorting
• Trailing stop-short
• Config pools

• Triggers
• Backtesting
• Walletscrubber
• Auto synchronize
• Reserve funds
• Manual buy and sell

Conclusion

Cryptohopper has been engineered to provide the general cryptocurrency community with a viable solution that helps traders to generate profits on a more consistent basis. The mix of technical indicators and third party trading experts or signallers provides traders with increased options as do the template and backtesting features.

While Cryptohopper is essentially an algorithmic trading bot it is easy to configure and use and suits newer traders as well as more experienced practitioners. The team have put considerable effort into developing a platform that is beginner friendly and new users are also able to access an extensive education and community led resource sections.

The inclusion of the Cryptohopper Academy video series and multi-lingual Hopper forum are extremely beneficial to anyone still getting to grips with either trading cryptocurrencies or learning just how to use trading bots.

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.

However, despite the long list of standout features, users are still advised to use the platform wisely and keep note that there is little information on the team behind the project.

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 purchase extremely low value coins that are then “pumped and dumped”. This has happened in the past, and it’s a security concern that needs to be addressed by both trading bot developers and cryptocurrency 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. As a result, users should devote some time to researching signallers and look into subscribing to the more reliable paid signal services.

With that being said, with the market currently going through a bearish phase, newer traders may look at the Cryptohopper platform as a simple way to get acquainted with the markets and learn how to trade cryptocurrencies before the sentiment becomes more bullish.

The platform is well positioned to serve both new and more experienced traders and incorporates a number of features that all its members can look to benefit from.

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