It is a well known fact that the cryptocurrency market is live 24×7, and can change without a moment’s notice. Since it is physically impossible for a human to stay up for this duration, it makes investing in cryptocurrency difficult. However, it is a rising trend, and as with all rising trends, it isn’t possible to not show an interest in cryptocurrency trading. Is there a solution to this? We certainly hope so.
Into this very volatile mix, comes trading bots. These trading bots are meant to earn profits and minimize losses on the trader’s account. This functions as a sort of passive income, while making sure that steps are taken according to the current market conditions, making sure that users don’t miss out on the cryptocurrency market, just because they are in no position to stay in tune with it for a few hours.
Cryptohopper is a largely popular trading bot, and we examine why, how and what, and make a detailed analysis, as to whether it is, indeed, worth the hype.
Crytpohopper: What is it?
Cryptohopper is a bot that trades automatically for the user, has the ability to stay in touch with the market and make trades 24×7, and deal with a range of cryptocurrencies and exchanges. The idea is that a human trader sets up the bot, and provides it with enough rules, tweaking the algorithms in a way he or she believes will successfully navigate the market. It boasts the perfect blend of tech and domain knowledge, and has won the hearts of users.
Completely automated, the algorithms have a series of indicators, out of which the trader can pick the ones he or she believes might have the maximum impact on the market.
They offer a free trial for you to test the bot. The main attraction is that Cryptohopper has compatibility with around 75 currencies, and 9 major exchanges, making it a one for all solution. It uses Application Programming Interfaces, and carries out automatic trades, with wonderful security and pure reasoning. One might go as far as to say, your trades are in good hands.
- Intelligent automatic trading: Traders can configure the bot to follow a set of algorithms, monitoring certain indicators, and use a set strategy, which integrates with the bot, and makes trades. There is also an option by which the bot can follow calls and predictions given by third party trading experts, using the social aspect of the bot. This provides the following advantages to a user:
- 24×7 trading
- Logic based trades, avoiding human emotions, and the effects they have on trades.
- Power and precision, with simultaneous coin trade.
- Social trading, through Telegram trading, making use of the experience and insights of other analysts.
- Cloud Based Service: This removes the need to keep the computer switched on, by being logged in at all times through any device. This also takes away any system requirements.
- Anybody can trade: Since strategies can be bought and sold in seconds, and can be fed to your bot easily, you don’t have to be a market expert to make trades. Since there are risk free simulators you can use until you become good at the trading ground, it is safe to say that Cryptohopper also acts as a trainer, preparing you with 130+ indicators, and allowing you to see how your strategies pan out, rather than pushing you headfirst into trading. This is especially useful for new traders who wish to get a feel of the market, and want to perfect their techniques before making any significant trades. In addition, since you can make use of other people’s wisdom, it gives you more confidence to make trades, even if you are an experienced trader.
- Trailing stop loss: Once you have gained a certain amount of profit, the bot will turn on stop loss. Similarly, it will sell an asset if it has dropped by a chosen amount. While using trailing stop buy, the bot functions differently. Once your chosen indicators are favorable, the bot starts scouting the market for opportunities, and at the first indication of an uptrend, the bot buys.
- Papertrading: A risk free method for newcomers to know the market, Cryptohopper offers papertrading, which enables you to make trades without owning currencies, or an exchange account. This helps you get a feel of the market, and learn which strategies work best, and which indicators are key. It connect to public data, deposit up to 100k of any cryptocurrency, and trade away, in this free simulator. This is done in real time, and helps you learn the ropes, especially if you are new, and somewhat wary, of the cryptocurrency market, as you should be.
- Strategy Designer: Strats are what make you win or lose big or small in the world of cryptocurrency. Most traders have one or more strategies that prepare you hopper for any market condition, and determine when your hopper buys or sells. This is based on sound technical analysis of market conditions,and Cryptohopper is more than ready to assist. The drag and drop strategy designer helps you to easily choose your favourite technical indicators, and put into into a complete strategy, with no coding required. With more that 130 indicators and candle patterns, you can create your very own technical analysis, giving your strategy an edge.
- Backtesting: You’ve figured out what you think is the beststrategy. Now what? How do you apply it and see its results in the real world, without spending money, and incurring no losses? Well, that’s where backtesting comes into play. Using historic data, you can plug in your strategy and see how it fares with real world information, a perfect case of using the past to predict the future. This helps you fine tune your strategies and learn, making you a better strategist, more in tune with the market, as it is.
- Exchange Integration: Compatibility with 9 exchanges, and more coming soon is indeed a winning factor with Cryptohopper.
- Tools: Cryptohopper provides a multitude of tools and features, like savable templates and other indicators.
- Customer support: Users can avail the platform’s support team by submitting a support ticket. The team also has an active Twitter account, Telegram group and Facebook group, all of which respond on user issues. In addition, the website covers basic FAQ’s and provides a large number of tutorials to help users get started, and navigate the hopper. Additionally, Cryptohopper Academy videos are also available.
Advantages of Cryptohopper
Cryptohopper has a large user base, and not without reason. Most users report a satisfactory trading experience, and many are impressed with its quick set up, ease of use and insightful trading. Many have made profits, and avoided heavy losses using Cryptohopper, and claim that a better bot is hard to find. With a free trial that impresses users, it has quickly caught on, and is here to stay. Do you wonder why? Well then, explored below are some major advantages of Cryptohopper, which make it one of the best trading bots in use currently.
- Cloud based platform: Local storage of both data and applications is a thing of the past. While most people prefer to keep their data and storage requirements to a minimum, a cloud based trading bot is indeed the stuff of dreams. There is also zero risk of you data being wiped out accidentally. This entirely rules out any risks associated with a physical disk, and makes sure you don’t have to deal with space constraints associated with your local storage. In addition to these points, it also keeps you connected when you are on the road, or unable to keep your local system connected to the internet. All you need is a stable internet connection for your first set up. From that point onwards, it simply becomes a matter of accessing it when you want. Everything else is already taken care of. This also helps you make profits and avoid loses, even when you are not able to spend all your time poring over charts and data related to the cryptocurrency market. While it is impossible for you to call the shots 24×7, your cloud based bot will make sure it takes the necessary steps for you.
- Not-so-steep Learning curve: Cryptohopper attends to the needs of newcomers, who take the leap of faith into the cryptocurrency trading sphere. Rather than have them place blind trades, or make useless strategies, Cryptohopper has an exclusive beginner platform, that will handle all the analysis and technicalities, till the users are comfortable enough to do this themselves. In addition, Cryptohopper provides training arenas in the form of papertrading and backtesting, making sure that traders have an opportunity to test out their new ideas and strategies, without being penalized by losses. This gives users enough time to familiarize themselves with the market and its conditions.
- Security: Since security is a core deciding factor for all things crypto, it is an important factor while choosing your trading bot. Cryptohopper offers complete security, not storing any tokens within itself. This, in addition to security, provides complete anonymity and confidentiality, making it a prime candidate among cryptocurrency traders. Even in case of a hack, as the hopper cannot access funds, hackers cannot access the funds. For extra security Cryptohopper has an option to activate two factor authentication (2FA). The website itself is protected using Cloudfare, and its web app firewall, as well as protection against DDOS. The cloud, being hosted on Amazon Web Services, uses their serves, and all passwords and API keys are encrypted.
- Analysis: With one of the best technical analysis among trading bots, Cryptohopper easily leads in this departments. This has been attested by users, and have generally been observed that with the same market data in front of you, you would be on the receiving end of better analysis with Cryptohopper.
- Optimization: Due to a large number of technical indicators, 130+ in number, there is a high change for optimised strategies and higher profits. In addition, there is an option to use third party insights, and it is a sure shot way to increase the bot’s standing, as making use of expert advice will only prove profitable to users.
Disadvantages of Cryptohopper
That’s not to say that Cryptohopper is perfect, as nothing is. Since it is a matter of money, make sure you pay attention to the following pitfalls:
- System bugs: Many users have reported a number of bugs on the platform. While it is nothing serious, there may be cause for concern in the future, and a risk is a risk,plain and simple.
- Users are unable to trust the Origins: Many users report a lack of credibility in the origin story of Cryptohopper, and sees it as an attempt to avoid accoutability for a single person or group of proplr. This, in turn, makes people wary of trusting the bot, and is a huge set back as far as Cryptohopper is concerned.
- High Pricing: Comparing the pricing with the seemingly normal indicators and strategies that are being displayed, one finds a high price range for services. Although a free trial of 30 days is available, it comes with very limited options, and is not enough to judge the platform successfully.
- Honest Reviews: Most users claim that reviews displayed on the site seem to be aimed at promotion. There are attestations to the promises, but none about them ever working out, which is a cause for doubt among the users.
Can you Really Make Money using Cryptohopper?
Since the ultimate aim of the trading bots is making money, this is an important question that needs to be asked. Technically, with all the features and services offered, one should mathematically be able to make up to double profits. With such a volatile market, trading in cryptocurrency is a risk, and it is found to be particularly risky with bots. That being said, users have reported 1 to 10% profit on an average on an average risk. With some experience, one can gain better profits. There are also users who claim extreme losses, having to pay more in monthly subscription than profits.
With such a volatile market, making profits would depend solely on your strategies and tips you rely on through social trading. Finding the least priced packaged and making use of it to formulate winning strategies is the way to make it big in the profits department.
Pricing and Options
There is an initial 7 days free trial for users to get them to explore the site, making the most of the features and services. Once they have had their fill and decide to opt for Cryptohopper, there are three main pricing plans:
- Explorer Hopper: A starter plan with 80 positions and 15 selected coins, providing 2 triggers and tech analysis every 10 minutes, this is a $19/ month plan.
- Adventure Hopper: A medium level plan with 200 positions and 50 selected coins, and 5 triggers and 5 minute technical analysis, priced at $49/ month.
- Hero Hopper: Aimed at professional traders the hero hopper plan has around 500 positions, covering 75 coins and 10 triggers. It has technical analysis made available every 2m. All coins for signals, and arbitrage is available, priced at $99/ month.
While it is possible to pay an annual fee, Cryptohopper does not provide any refunds, and the free trial should be made use of properly, before taking a decision. There have been reviews, however, that Cryptohopper is overpriced, for the services and features it provides, and many have reported to have to pay more for the plans than the profits they generate, making people doubtful.
While all these points are in the open, it is up to the user to determine if the bot meets their demands and requirements. It would be useful for users who are new to the field to make good use of the free trial to get their choices evaluated. In addition, the first trades should be done using papertesting and backtesting, to avoid major losses.
The world of cryptocurrency trading is confusing and extremely volatile. Venturing into this world is risky, and it is usually advisable to go in, armed with a bot to assist in this process. It would be in your best interest to get the opinion of users before purchasing a plan.