Cryptohopper trading bot is among the cryptocurrency trading on the rise globally. Crypto trading bots have emerged as a saving grace for those who don’t have in-depth experience of crypto trading. And Cryptohopper is a significant player in this arena – a trading bot that doesn’t have to be micromanaged day and night. But is it profitable, or is it just another scam? Let’s find out.
Cryptohopper trading bot helps traders cash in on the trading opportunities. Compared to its peers, Cryptohopper offers fully featured service, with easy-to-use platform leveraging on high-performance trading signals generator. You don’t have to sit beside your computer in perennial wait to make some profit.
So, does Cryptohopper deliver on its promise? Let’s find out in our extensive Cyrptohopper review.
Here’s what we’ll cover in this review:
Pros: Legit bot, extensive feature set, strict KYC, exchange partnerships
Cons: Lacks algo trading, expensive premium plans
Cryptohopper trading bot enables users to trade in a range of cryptocurrencies either manually or automatically. Buy and sell orders are executed automatically as per the user’s desired settings. To achieve such automation, Cryptohopper bot must be given access to your exchange account using APIs that establish a bridge between broker/exchange and the trading bot.
Once API-exchange settings are matched correctly, Cryptohopper can execute trades using limit orders at user-defined fixed price levels. The open orders can be fulfilled or deleted accordingly. The hopper can be set to perform other types of trade (using APIs) that meet your trading strategies. The ‘Strategy Designer’ feature of Cryptohopper caters to the professional traders who design their trading strategies using live technical indicators.
What are Cryptohopper Signals?
Signals are the trigger points on specific prices that, if set off, execute a buy or sell order. In Cryptohopper, you can specify the trigger signals where the order will be executed automatically. It will execute the order and send the confirmation to the user. You can also set it to follow an experienced trader’s signals and execute orders accordingly.
The Marketplace section of Cryptohopper is where many successful users come together for sharing their services and strategies which new traders can follow. There are templates, signals, strategies, and trading information to be followed. These features cost extra.
Opening a Cryptohopper Account
Step 1: Signup
Do you want to know how to register on Cryptohopper? It is simple! Just hover and click on the ‘Sign Up’ button located on the top-left of the page. Now, enter the vital details including e-mail address, personal details, username, and password. Ensure that you create a password that contains an alpha-numeric combination with special characters. Once this form is submitted, an activation e-mail will be sent to your email which you have to click to further complete your account activation. Once you are redirected, log in using the username and password you created in the previous step.
Step 2: Platform and Dashboard
When you log in for the first time, you will have two options to set up your Cryptohopper account. You can set it up manually or choose a wizard to complete the process. Manually, you have to select your broker/exchange. Cryptohopper supports Kraken, KuCoin, Poloneix, Binance, Cobinhood and more. If you do not have an account on these exchanges, create one.
Now, you have to connect your Cyrptohopper trading bot account with the exchange. This process requires a UID, API key and API secret. These details can be accessed from your profile page on the crypto exchange. Once you enter them, Cryptohopper automatically makes the requisite connection.
On the ‘Dashboard,’ the navigation bar on the left side contains most buttons. You can setup trading signals, view charts, trade history, statistics, and user settings. Video tutorials in the ‘Academy’ can help new users acclimatize to the platform. Here, you can send an invitation to your friends, make changes to the profile and subscribe to special hoppers.
Step 3: Deposit and Trading
Cryptohopper subscription is divided into four categories namely:
- Free Hopper – 7 days trial
- Starter – Explorer Hopper – 80 positions
- Medium – Adventure Hopper – 200 positions
- Pro – Hero Hopper – 500 positions
These categories separate the various features, services, and functionalities the platform offers. The number of open positions further separate these accounts. The number of cryptocurrencies you can trade also varies as per 15, 50, and 75 nomenclature. The hopper also has a buying interval of 10, 5 or 2 minutes respectively for each subscription plan. The Starter plan costs $19 per month whereas the Pro plan goes for $99 per month.
Hopper settings can be enabled for trading with a default template. Remember, no template generates substantial profits on automated mode. The best way is to scout the market for entry and exit points that suit your budget and trading strategy. Coins can be purchased in two ways. Firstly, users can subscribe to a signal generator prompting them to buy/sell coins. Secondly, they can trade manually as per their market knowledge.
To begin trading on the platform, move towards the navigation bar, and click ‘config.’ The bot can be tested by switching ‘On’ the ‘Live Bot’ button. Once done, you can view your bot’s activity and check for any errors. ‘Output’ tab allows you to further tweak your bot in case of errors. To execute a trade, select the broker/exchange, enter the API details, choose the cryptocurrency you wish to trade, and you are done. You work with reputable brokers in a safe environment using effective trading tools – these are inherent characteristic features of a good platform.
Cryptohopper Transaction Fee
The transaction fees are dependent on the trading strategy as chosen by you in the previous steps. To define it again, you can go to ‘Advanced Multiple TA settings.’ Here, the transaction fee is clearly mentioned as 0.5% for every transaction. To be profitable, you must aim for a figure higher than this threshold.
Cryptohopper Demo Trading and Live Trading
Once you are registered, you can start with either demo trading or live trading. For new traders, we recommend trying your hands at the demo first. There’s no risk, and you can acclimatize with the software aspects of the bot. The demo version allows you to choose a trading strategy where you define ‘stop-loss’ and ‘take-profit’ limits. It employs historical data for trading, and thus you work with past statistics – which is a great way to learn.
Live trading is where things get real with semi-auto and full-auto mode. In full-auto mode, the bot undertakes all the investment research as well as trade execution. On the other hand, in semi-auto mode, the bot researches the various trading insights and strategies and presents them to the user. Studies indicate the Cryptohopper uses the latest in the fintech trading realm including natural language processing, machine learning, and ‘Artificial Intelligence.’ It can process multiple charts simultaneously and generate trading signals.
Mirror Trading and Cheat Sheets
Mirror Trading is the exclusive feature offered by the Cryptohopper trading bot. It allows you to copy the trading strategies of a professional trader – which means your trades open and close, just like his trades. Even though the feature is available free of cost, users have to purchase strategies, templates, and signals which help you during manual trading.
‘Cheat Sheets’ is another great feature of the Cryptohopper trading bot. It provides professional-grade trading strategies built using advanced technical indicators employed by approved traders. It generates a series of buy and sell signals using advanced technical parameters. It must be noted that these cheat sheets do not impact the hopper’s activities in any way. Instead, these reflect the in-depth market analysis for the user available with the platform.
Conclusion – Final Verdict on Cryptohopper
Cryptohopper has all the features befitting a legit crypto trading robot. Our review aims to dispel the myths associated with trading bots by explaining all the features, services, and functionalities in detail. It follows proper regulations, adheres to the exchange protocols and undertakes comprehensive ‘Know Your Customer’ checks.
Its operations are transparent, secure, and legit in the practical sense. Both the deposit and withdrawal are swiftly allowing users quick access to their money. Customer service is available readily, and users can expect a prompt response for their queries. The support team is knowledgeable and friendly throughout the interaction. User testimonials and reviews further establish as a reputed platform with successful bot trading services.
Remember, automated bots carry an inherent risk. No bot can guarantee perennial profits on auto-pilot mode. Invest carefully and proceed with caution when choosing automated trading strategies. Ensure that you understand and grasp their trading lesson videos before execute live crypto trades.
Frequently Asked Questions
Is Cryptohopper legit?
Cryptohopper is a legit trading bot. It has a vibrant community of professional traders backed by a solid team.
How much money can Cryptohopper earn for me?
While the amount that you can earn is theoretically infinite (that is correct) we never claim that the bot can generate up to 20%, anywhere.
What is the minimum deposit with Cryptohopper?
The minimum deposit is the minimum amount that the exchange allows. As you do not directly store funds at CH, you need to adhere to the exchanges trading rules (usually around 20 usd / trade)
How can I withdraw my profits from Cryptohopper?
Profits cannot be withdrawn from CH as the profits aren’t stored on your CH account, but on your Exhange, Profits hence, can only be withdrawn from the exchange.