Cryptocurrency bots have become quite a popular thing today. Whether the trader is amateur or professional, at some time or the other they have come across cryptocurrency trading bots. This is because, a person cannot stay up the whole day and night and the cryptocurrency market is live and volatile throughout the 84,600 seconds in the day.
Therefore, to earn the profits during the nap times, traders make use of the bots that come in quite handy while booking the profits as a sort of passive income. One of the most popular bots that is used in the automated trading of cryptocurrencies is the Cryptohopper. In this Cryptohopper review, we will cover all the features of this bot (good and bad) and check if it is actually worth the hype.
What is Cryptohopper?
Cryptohopper is advertised as a powerful trading bot, that works with complete automation. The algorithm is designed to accommodate the technical indicators that are chosen by the trader, as well as the signalers that are provided as a subscription from the company itself.
The bot works well with quite a number of exchanges, including Bittrex, Poloniex, Binance, and Bitfinex, to name a few. The interface of the bot is quite simple providing an option for the beginners to trade quite efficiently.
Since the bot is going to be trading on your behalf, the company has ensured that it uses the top of the line safety features. This makes the bot quite a useful tool, to have when you are trading funds from one account to another.
The bot has been well-reviewed by the users and there have been reports of high profits while using the Cryptohopper. Using the Cryptohopper, you can go on automation and earn money on your favorite exchange,by automatically buying and selling different cryptocurrencies.
Cryptohopper Review: Features of Cryptohopper
Since you are going to be working closely with the Cryptohopper, you should have an in-depth knowledge about the features that are offered by the bot. You should be able to build up trust with the bot, and that is possible only when you know how the bot is going to work. The bot will handle your funds and will be working throughout the day to generate profits. Here are a few of the features that set the Cryptohopper apart from the other cryptocurrency trading bots:
1. Algorithmic and Social Trading
This is the core of the Cryptohopper trading bot. The control that is behind the whole system works on two basic principles, algorithmic trading and social trading. Using the two methods, the traders are able to configure the trades and the strategies that follow using the various technical indicators that can be integrated with the bot. The traders also have an option to follow the calls and predictions that are given by third-party trading experts through the crypto signals using the social trading aspect of this bot.
2. Automatic Trading
Unlike many bots that swarm the ecosystem, Cryptohopper trades throughout the day on the basis of a detailed analysis that is coded into its algorithm. You do not have to worry about things like panic sales and greedy buys since the algorithm of the bot will not allow for such trades to happen. The bot works more efficiently than a human trader could; working round the clock all days of the year.
The trades on multiple coins are done simultaneously by the bot, unlike any human trader who can focus on a single coin properly at a time. You can set the limits to which the bot would be allowed to trade and it will keep track of all the limits without requiring any additional attention.
3. Strategy Customization
Even though the trading bot allows for the maximum profitability, professional traders like it when their own strategies are being followed to conduct the trades. This is why, there is a section in the Cryptohopper that allows you to build your own strategies and increase your comfort in trading.
There are many technical indicators within the bot that can be tweaked in order to trade the way that you like it. Even with all this customization, Cryptohopper remains one of the easiest bots to operate and personal strategies can be shared with others so that they can copy your configurations of the technical indicators.
4. Following Signals
Usually when a normal person trades, they follow the predictions and analysis that are handed out by experts on Telegram groups. Cryptohopper now allows its users to directly connect these groups with the bot and the signals are picked up automatically by the bot and the profits are delivered to the user.
There are more than 20 experts who have already connected with the Cryptohopper platform and are providing exclusive signals to the users. Since the bot is automated, the traders do not have to be even online in order to follow the signals that are given. This greatly increases the efficiency of trading because sometimes you miss out on some great signals simply because you were not online.
Backtesting is a method to check the strategies by running them against the numbers in the past and checking the result. This helps to form trading strategies that will most definitely produce results. If you are not happy with the results, you can change your strategy completely or tweak it a bit to get the results that you want. Backtesting is an important feature of Cryptohopper, helping the traders form some of the best strategies.
You can assess the results in detail, noting down all the trades that the bot performed in accordance with the configuration and make the changes accordingly. This can help predict the trades in the future but it is not a definite way of assuring profits since the market is too volatile for long-term future predictions.
6. Trailing Stops
The most important aspect of trading is to make profits after making an investment. When you buy a coin, you are not looking to keep it for sentimental value. You want your investment to generate profits like any other asset. This profit can come within seconds or minutes or sometimes even days. You do not want to sit in front of a screen and put your life on hold until you see the coin that you bought rise up the charts.
The Trailing Stops feature of Cryptohopper comes in handy here, helping you set the limits where to sell the coin and not make any hasty decisions while trading the coin yourself. Within this feature, there are five ways in which you can fix the limits of the sale, taking the backseat while Cryptohopper drives your trades.
When dealing with an online trading bot, you need to be sure that the bot will have support for the exchanges where you want to perform the trades. Cryptohopper makes life easier in this aspect, having support for multiple exchanges as mentioned earlier. Having the exchanges connected to the trading bot makes the trades fast and efficient, without the hassle of going through multiple channels.
The current supported exchanges include Poloniex, Binance, Kraken, KuCoin, Bittrex, Cryptopia, Bitfinex, and CoinBase Pro. The company claims that there are five other exchanges which will soon support the Cryptohopper trading bot in them. Huobi is the official partner of Cryptohopper and there is a special offer available for all the traders who sign up on the exchange through the code given on the official website of Cryptohopper.
8. Trading Templates
Since the market is always developing new conditions, the strategies that you configure once will not always be able to hold up to the market requirements. For different market conditions, you require different strategies. This is why, Cryptohopper offers the option to create templates that can be used to easily identify the markets and combine the conditions with the different strategies that you can configure for each different type.
These templates can be linked to different market triggers such as the price of the coin or the volume being traded at the moment. With the templates, you do not have to type out the limits each time. All you have to do is upload the template and the bot will start trading according to the strategies that are configured within that template.
9. Other Features
Apart from the features that have been discussed in detail above, there are some additional features which set the Cryptohopper trading bot apart. These are Trailing stop-loss, Trailing stop-buy, Dollar Cost Averaging, Shorting, Trailing stop-short, Config pools, Triggers, Backtesting, WalletScrubber, Auto synchronize, Reserve funds,and Manual buy and sell. All these features have been integrated into the trading bot for an easier and more efficient way of trading cryptocurrencies.
Advantages of Cryptohopper
There are many advantages to using the Cryptohopper trading bot. Some of these are commonly found in other bots as well but there are some which are unique to Cryptohopper. Each of these advantages have been discussed in detail below:
1. Completely Cloud Based
Having data and applications offline is becoming a thing of the past. The future is all based in the cloud, helping users access data without any requirement of the physical disc. Cryptohopper is based entirely on the cloud, meaning that there is no risk of losing data due to an accidental disc wipe. Also, this helps you gain access when you are on the road. All you require is a stable internet connection the first time when you set up the Cryptohopper trading bot. After that, it is all a matter of accessing it when you please.
2. Easier to Learn
Trading cryptocurrencies is becoming a hyped up career and there are people joining in on the buzz without any formal training. Cryptohopper caters to their needs as well, providing a platform to the beginners that will handle all the technicality of trading for as long as they would like. There are features built within the bot that will help the beginners learn more about crypto trading and given enough time, they can turn into professional traders as well, bringing in high profits with their investments.
When dealing in any task related to cryptocurrency, safety and security is a major issue that is often ignored by the trading bots. However, Cryptohopper takes the high road among such bots and provides an interface that is quite secure, not storing any tokens within itself. Rather, it stores all the funds within the trading accounts on the many exchanges that it supports.
4. Detailed Analysis
The Cryptohopper trading bot has one of the best technical analysis with the various indicators integrated within it. When trading in funds, you should have all the data in front of you so that you are able to make an informed decision. If you compare two traders at the same level of intellect but with one using the Cryptohopper trading bot, you will find that the one with the bot has an edge over the other one when it comes to the technical analysis of the market.
The Cryptohopper trading bot has many technical indicators that can be tweaked in order to attain the maximum profits. Another thing that makes this bot desirable is the fact that there is an option to trade according to the signals that are handed out by the third party experts on social media groups.
Disadvantages of Cryptohopper
There are always two sides to a coin. Therefore, with the various advantages, there is a list of disadvantages as well. While the unique features that are offered by Cryptohopper may seem to be quite appealing, beware of the following disadvantages since it is a matter of your finances.
1. No Creator Information
On the official website, there is no information regarding the creators of the bot. There is an elaborate story given on the website that cites the beginning of the process but there are no credentials. This avoids accountability and is a major setback since many users are not able to form trust with the bot.
2. Absence of True Testimonials
While there are many testimonials that are available about the Cryptohopper trading bot. However, none of them seem to be written by a true user. From the perspective of a third person, the reviews look to be written by a group of people who just wanted to promote the bot. There are a few other reviews which do seem genuine. However, they are not positive reviews and generally talk about how the website promised all the features but the traders were still unable to generate high profits as advertised.
For a bot that is necessarily providing normal technical indicators and integrating signals in automation, the pricing for the bot is quite high. There is a free trial available but the features that are unlocked on that package are quite limited. To get the full potential of the trading bot, you will have to pay $99 every month. On paper, this number may seem to be quite less considering the promises are made for high returns.
But again, the reviews of the people who have used the bot suggest otherwise. The packages for the Cryptohopper trading bot start from $19 and go all the way up to the $99 package. There is an intermediate package too, with a $49 price tag. All these subscriptions are renewed monthly.
Can you Really Make Money Using Cryptohopper?
This is the real question that you should be asking when going for any trading bot. In the end, it is all about the profits that you will be able to make, leaving the trading in the hands of an automated algorithm. Given the fact that Cryptohopper has all the features, technically you should be able to generate up to 100% profits on any trade. However, such a transaction happens either only in theory or once in a million trades. Other times, you will be scrambling to make to cope up with the market.
If all the trading strategies that are formed using this trading bot are applied to a slow and low risk market, you will be able to generate high profits on each trade. However, the cryptocurrency market is too volatile for high returns on investments. The bull runs in the market happen twice or thrice in a year and the rest of the times, the market is slow rising and prices have seen quite drastic drops as well.
Using the Cryptohopper trading bot or any other trading bot is quite risky. There are people who claim that using this particular bot is inefficient and you will be paying more in the monthly subscription than you make in profits. If you have prior experience in trading, you will be able to form better strategies with the least priced package and will be able to generate high returns.
However, if you are a beginner, you are in store for a long term investment into the learning process before you make substantial profits. You can expect between 1% to 10% profits on a typical trade before the risk gets too high.