This Cryptohopper review will introduce you to a cryptocurrency trading bot that was designed to help traders make profits from the cryptocurrency markets. It’s a great tool for anyone who wants to trade cryptocurrencies on their own.
Cryptohopper works on several different exchanges, and users can set it up on as many as 10. Once you’ve installed and set up the app, you’ll need to get some cryptocurrencies in order to begin trading.
Fortunately, Cryptohopper supports over 400 currencies, including major coins like Bitcoin (BTC) and Ethereum (ETH), as well as lesser-known altcoins like Ripple (XRP).
No matter which cryptos you have access to, Cryptohopper makes it easy to buy them with just a few clicks of your mouse or using an external exchange app. Once you’ve got your crypto holdings, you can start trading them with the Cryptohopper robot!
- How Does Cryptohopper Work?
- Crypto hopper review features
- Trailing stop loss
- Normal Trailing Stop Loss
- Trailing Stop Buy
- Trailing Stop Short
- Pros of using Cryptohopper
- Cons of using Cryptohopper
- Final Words: Should You Use Cryptohopper?
How Does Cryptohopper Work?
In order for this platform to work, it needs to connect to one or more exchanges that are supported.
Traders just need to get their API from the exchange and then enter it into CryptoHoopper account, normally it can be found in the settings but it depends on the exchange.
For this process, CryptoHopper has some tutorials on their website on how to do this.
Once you’ve installed and set up Cryptohopper, it will start making trades on your behalf using your available funds.
It will automatically perform technical analysis based on market sentiment. It depends on how you set up the trading strategies it will buy and sell cryptocurrencies for you.
The app is designed for both active trading and passive trading. Active traders can manually input market orders into the app in order to make trades of their own choosing.
Passive traders can set their bot up to watch a particular market for a price movement that they define – once the price reaches that level, the bot will automatically place a trade for you.
Like any other trading bot, it’s not perfect. There are some unpredicted events that may happen in the market, that the bot cannot anticipate. So it still needs human intervention to make it profitable on your part.
Crypto hopper review features
This automated trading platform has a lot of features that we can utilize in the cryptocurrency trading arena. We will make an overview of these features available in CryptoHopper.
The features include:
The automated trading feature will allow the user to set up the bot to trade automatically 24/7.
The bot will be able to execute trades based on the trading strategy set by you. You can also set stops, take profit, and limit trades as well.
The bot will execute these trades without any human intervention, however, it is not completely hands-off.
Because of some unforeseen situations that may happen in the market, it is recommended that you monitor your trades and make manual adjustments as needed.
Market Sentiment Analysis
This feature utilizes a machine learning algorithm that allows us to identify whether the market is bullish or bearish based on social media sentiment analysis.
This analysis can help us make more informed decisions about our trades because if we know where the market sentiment is going we can act accordingly and try to ride the momentum of a bull or bear trend.
We will also utilize this information for our market predictions feature as well.
Mirror trading will allow traders to mirror the trades of any of the top traders on CryptoHopper.
And it’s available for free and paid options. However, for the free version, the access is limited.
There are templates and strategies or signals that you can pay for and use. The idea is almost the same with paid trading groups that they can provide trading signals for you as a premium member as long as you paid for a subscription.
The best part about this feature is that you will be able to choose how much you want to allocate for each trade that the trader makes.
For example, if a trader has a $1000 account and you mirror his trades, it means that you are trading with an allocation of $1000 as well.
However, if a trader has $10,000 in his account and you mirror his trades with an allocation of only $1,000, then your total risk is limited to only 1% because at most your account value can only drop 1%.
Paper trading is a virtual simulation of the real market. You will be able to see how your trades would have been if you were investing in real funds.
You will also be able to see the actual performance of your paper trades before you actually start using them for real money. And this kind of feature is available for free on any package in CryptoHopper without the need to link your actual account or exchange.
It’s a great way to test the platform and when you are happy with the result, you can start trading in the real market.
These features will allow you to use 130 indicators and reconfigure them according to your own trading strategy. Traders can create their own technical analysis where the bot can decide where to buy and sell crypto.
They can use backtesting tools to see how the system would have performed in the past and they can also simulate a trading strategy using their own paper trades.
Therefore, traders can see if they will have an edge on the market using those strategies that they created.
Crypto hopper price
CryptoHoppers have different pricing plans for trading bots subscriptions available on the platform.
The pricing plans include the following:
Pioneer: Free package (7-day trial)
⦁ 20 positions
⦁ Portfolio management
⦁ Manual trading
⦁ On all available exchanges
Explorer: $19/Month (Try for 7 days for free)
⦁ 80 positions
⦁ Max 15 selected coins/assets
⦁ Max of 2 triggers
⦁ Technical Analysis (TA) with 10 min interval
⦁ 1 Simulated Trading Bot
⦁ 200 positions
⦁ Max 50 selected coins/assets
⦁ Max of 5 triggers
⦁ TA with 5 min interval
⦁ 1 Simulated Trading Bot
⦁ Exchange Arbitrage
⦁ 500 positions
⦁ Max 75 selected coins/assets
⦁ Max of 10 triggers
⦁ TA with 2 min interval
⦁ All coins for signals
⦁ Market arbitrage
⦁ Market making
⦁ Algorithm intelligence (Beta)
Before you jump into automated trading, make sure that the platform is compatible with your favorite cryptocurrency exchange.
And here are the full list of exchanges that will be compatible with CryptoHopper:
Trailing stop loss
Trailing stop loss is a very common feature that could easily help traders to manage their risk. In CryptHopper’s trailing tools they offer 3 types of trailing stop loss.
First, is the normal trailing stop loss, then the trailing stop buys, and the trailing stop short. These three types of trailing stop loss are programmed in different ways, please check each one of them.
Normal Trailing Stop Loss
This type of trailing stop loss is based on the price movement and the amount you have set for your current position.
If the price movement goes against you, it will automatically close your position with a user-defined percentage. However, if the price moves in your favor then it will open with a user-defined percentage.
Trailing Stop Buy
This is different from normal trailing stop loss. This will allows you to buy at a predefined price level before a certain period of time.
This type of trailing stop loss is useful when you want to buy cryptocurrency after its price has reached a certain level and wait for the next drop to buy more at lower prices.
Trailing Stop Short
This type of trailing stop loss is a process of tracking the price down, it will automatically adjust as long as the price is going down.
As soon as the price begins an upswing, it will automatically close the position.
Pros of using Cryptohopper
Cryptohopper is a very simple and intuitive platform that teaches you how to trade without even having to open a trading account. The interface is easy to use while being aesthetically pleasing.
The platform has been designed in such a way that it helps you familiarize yourself with the trading process. You can start by creating an account, and then learn the ropes of automated cryptocurrency trading on the platform.
Cons of using Cryptohopper
The main disadvantage of using Cryptohopper is that the platform does not allow for any customization or setting up of individual bots for each coin.
This means that you will only be able to choose from pre-defined bots that are available on their website. It’s possible though if you want, to create your own customized bot within the system.
Another disadvantage is that it doesn’t offer any other tools apart from technical analysis and market arbitrage, which can be considered basic features for cryptocurrency traders.
Final Words: Should You Use Cryptohopper?
In the end, Cryptohopper is a good platform to get started with cryptocurrency trading. The interface is easy to use and the platform does not require any advanced skills or knowledge about cryptocurrencies.
It’s also simple for beginners to get started with this platform as there are no complicated features or settings.
The good thing about using Cryptohopper is that it can help you learn the ropes of automated trading without having to worry about setting up bots or other technical features on your own.
If you are a beginner and want to learn how to trade without having to worry about complicated technical analysis, then Cryptohopper could be an excellent option for you.