CryptoHopper is a cryptocurrency trading bot founded by two brothers, one a web designer, the other, a day trader. They worked together to create a product that could execute trades on your behalf 24/7, even when you are not in front of a computer. The result was CryptoHopper, one of the most popular cryptocurrency trading bots on the market today. With a host of features and a variety of plans available, including a free trial so you can test the bot before you buy, CryptoHopper is an appealing automated trading bot. Our CryptoHopper Review will help you determine if it is right for you.
By: Evan Jones | Sep 4, 2020 | Modified Sep 8, 2020
Essentially CryptoHopper works by executing trades for you on whichever trading account you link it to. In order to link your exchange account to your CryptoHopper account you need to enter your API key into your CryptoHopper account. This key is found on your exchange account setting. The process may vary from exchange to exchange, but CryptoHopper provides thorough resources on linking your account to various exchanges on their tutorials page.
Once your exchange account is linked to your CryptoHopper bot it will then execute trades according to the settings which you have applied to it. It will perform technical analysis based on market conditions and then buy or sell your cryptocurrencies according to the trading strategies which have been set. It will continue trading cryptocurrencies in this manner until you either turn it off or alter the settings. While the process is automated, there is still oversight required on your part, as a bear market could suddenly result in the bot performing trades which net a negative result. With all this in mind there are a few things you will need to consider before using CryptoHopper
CryptoHopper offers four different pricing plans for their bot which are listed below. CryptoHopper discount codes are frequently available as well.
Pioneer: Free package (7-day trial)
Explorer: $19/Month (Try for 7 days for free)
Once you have picked you pricing tier you are free to set up your bot to your liking, however you may choose to use the CryptoHopper marketplace in order to purchase an algorithm that has already been built by another trader. There are free trading strategies available too, but most of them cost money. This is an attractive option for new traders, as they can use an automated strategy that someone else built, while being able to read user reviews, see a track record, and a full breakdown of what the bot is supposed to do. While this does not guarantee a profit, it is a useful tool. In addition, you can amend the strategy you buy, essentially allowing you to use it as a template and adjust it to your trading needs.
CryptoHopper is currently compatible with 13 exchanges, most of them major. Here is a full list of exchanges compatible with CryptoHopper:
CryptoHopper is a powerful tool for those wishing to enter the cryptocurrency trading scene. While some of these features have been touched on earlier in the article, this will be a complete summary of the main features available with CryptoHopper with a brief explanation of each:
This is related to the marketplace on CryptoHopper, which has both free and paid options. Essentially you can mirror the trading strategies of expert traders. You can buy their templates, strategies, or signals. Templates would include their selection of coins, configuration settings and so forth, they are usually offered as a compliment to strategies. Strategies are designed and screened by approved traders and are a collection of technical indicators and parameters that will dictate your bot’s buying and selling decisions. Signals are a notification of a possible on the rise coin, meaning you can pay to have a third-party advise you when a coin is worth investing in.
Paper trading is free with every package and allows you to trade without owning any cryptocurrencies or an exchange account. You can test out new strategies by depositing up to 100k of any cryptocurrency so you can experiment without actually taking any risks. Once you are satisfied with your paper trading strategy you can implement it on an actual trading bot.
The CryptoHopper strategy designer has more than 130 indicators and candle patterns to choose from, allowing you to create your own technical analysis and get the best buy and sell signals from your strategy. Though it is possible to edit the strategy, most traders choose to use the visual designer to drag and drop indicators to create a strategy. You are then able to load the strategy into their backtesting tool to see if it generates good buy or sell signals. When you are satisfied you can implement it on your actual trading bot.
The main feature of CryptoHopper and all trading bots, automated trading means that your bot will trade for you 24/7. It implements data and uses the strategies and configurations that you have set to buy and sell cryptocurrencies in order to try and generate a profit. By operating 24/7 and tracking all coins simultaneously, automated trading executes trades at a moment’s notice whereas a human is likely to miss the opportunity.
A trio of tools, CryptoHopper’s trailing tools are Trailing Stop Loss, Trailing Stop Buy and Trailing Stop Short. If you set Trailing Stop Loss your hopper will turn on a stop loss once you have profited by a chosen amount or can conversely sell an asset if it drops by a certain amount. Trailing Stop Buy tracks the price down and at the first sign of an uptrend, a buy order is placed, ensuring you buy before the market starts going up again. Trailing Stop Short does the opposite, it tracks the price down and then closes the short as soon as the price begins an upswing.