The cryptocurrency market is very different from your traditional stock markets. Unlike the stock market that closes at night, the cryptocurrency market never sleeps. This means that all the amazing trading opportunities that pop up at night are impossible to capitalize upon.
Additionally, the crypto markets are extremely volatile. They vary in double-digit percentages daily. If the markets take a hit while you are asleep, you would end up losing a lot of your hard-earned money.
This is where cryptocurrency bots come in handy. You can configure these bots and automate all your trades. By doing this you will be able not only to minimize your losses but also to maximize your gains.
Due to the sudden rise in the popularity of these automated trading bots, the number of such bots available in the market has increased rapidly. In this article, we will have a close look at one such bot and provide a complete Cryptohopper review so that you know what this particular bot has to offer.
What is Cryptohopper?
Cryptohopper is one of the automated cryptocurrency trading bots that has gained a lot of popularity due to the plethora of features that it has to offer. Due to the abundance of features contained in a single bot, it is advertised as the most powerful cryptocurrency trading bot out there.
With the trading bot hosted on the cloud, you can simply connect your exchange account to the bot and automate all your trades. By doing this, you can be sure of not losing even a single trading opportunity that comes by during the day.
With all the popular exchange support as well as a $0 trading fee charged by the bot, Cryptohopper has become a very useful trading bot that you can use. Unlike us humans, all trades that are made by the bot are based on valid signals. Thus, ensuring that the overall profit that you gain is very high.
With state of the art security, you connect your exchange accounts to the bot without having to worry about being hacked. With several other features that would be extremely useful to the traders, Cryptohopper has become one of the most used trading bots out there. Let us now move to the features section of this Cryptohopper review.
Features of Cryptohopper:
As we are going to have a look at the Cryptohopper trading bot in this Cryptohopper review, we need to see some of the most useful features that this bot has to offer. Some of these features are:
1- Social and Algorithmic trading strategies: The Cryptohopper trading bot is always on the lookout for trading signals from trusted providers. This is a feature that you find on most of the other bots as well.
By taking action based on trusted trading signals, the bot ensures that all the trades that were made by it were in the best interest of the trader. What makes Cryptohopper uniques is its ability to also consider social signals.
When we are trading on an exchange, we usually consider the words of popular influencers or the media. Cryptohopper is capable of doing the same. With the bot being able to react to the news on the media as well as trading signals, you can be sure that you will not miss out on any trading opportunity that comes by.
2- Automatic trading: All of us humans have a limitation on the amount of work we can do every day. The human body requires proper sleep to function properly. While the human body needs rest, the crypto market waits for none.
With the market running all day and night, the number of trading opportunities that you will end up missing while you sleep is extremely high. Luckily, Cryptohopper has been designed to handle this exact scenario.
The entire bot is hosted on the cloud which means that just like the cryptocurrency market, the Cryptohopper bot never sleeps. This ensures that you never miss a single trading opportunity when you are asleep.
3- Customized strategies: The Cryptohopper trading bot comes with a set of pre-configured trading strategies that you can use and automate all your trades. However, most of the experienced traders have their trading strategy and would want to use them instead of the pre-configured ones.
Cryptohopper allows you to do this. You can easily create customized strategies and configure your bot to use it. This is great for both the new as well as the experienced traders. The new traders can make use of the pre-configured trading strategies and automate their trades while the experienced can configure the bot to use their strategies and maximize their profits.
4- Trade based on signals: If you have been in the crypto space for a while now, you might have already been aware of several telegram groups where you can receive trading signals from experts. Many traders depend on such signals to place trades on an exchange.
However, there are times when you might not see these signals on time and end up missing an amazing trading opportunity. This is where Cryptohopper comes in. Cryptohopper can be connected to the Telegram groups where these signals are published. The bot then places trades based on these signals.
The best part of all this is that you need not even have to be online for the bot to pick up on the signal. The entire process is automated. Thus, making the Cryptohopper bot extremely useful.
5- Backtesting: Even though the Cryptohopper trading bot offers a bunch of trading strategies that you can use, the overall profit that you will be able to earn by using these strategies is not very high. While the experienced traders will be able to create quality trading strategies easily, it is not very easy for the novice to do the same.
If you want to test out your trading strategy before actually using it with your actual money, you can do so with the Cryptohoppers backtesting feature. With this feature, your strategy will be tested against the past market conditions to see how well the strategy was devised.
This allows you to tweak your strategy to maximize returns without having to test using your hard-earned money.
6- Trailing stop: This is a very useful feature that is present in most of the premium trading bots out there. Features such as stop-loss, stop-buy, and stop-short are features that every automated cryptocurrency bot must possess.
However, with the trailing stop feature, the bot follows the price of a particular cryptocurrency to ensure that the price does not reverse. If it does, then the bot either buys back the crypto assets or sells based on the market condition. Thus, helping reduce the overall loss that one has to incur while maximizing the profits at the same time.
7- Exchange support: This is one of the most important aspects to consider while choosing a cryptocurrency trading bot to automate all your trades. Not all trading bots support all the cryptocurrency exchanges out there.
There is no point in buying a trading bot that does not support the exchange that you usually use. This problem is non-existent with Cryptohopper. This bot supports a plethora of cryptocurrency exchanges across the world.
Popular exchanges such as KuCoin, Binance, Bittrex, etc are all supported by this bot. All you need to do is provide the bot your API keys and the bot will begin to automate all your trades based on the market conditions.
8- No additional fees: In the beginning, you would need to pay a nominal subscription fee to start using the Cryptohopper trading bot. Apart from this subscription fee, you need not have to pay a single penny extra.
This means that all the trades that the bot makes would then not incur any additional charges. Some of the automated cryptocurrency bots do charge a certain fee for every trade that the bot places on your behalf. Since this is not the case with Cryptohopper, your overall profits are going to be higher.
9- Copy-trading: One of the features that Cryptohopper provides its user is called copy trading. This feature is extremely useful to both learn as well as earn with the help of an experienced trader.
To use this feature, you need to find an experienced trader and set the Cryptohopper bot top copy for this particular trader. Once this configuration is set-up, all the trades that were placed by the experienced trader would be copied and placed on your exchange account as well.
As you would be copying the trades placed by an experienced trader, the risks of having to endure a loss is very low. Thus, making it a very useful feature.
10- Other features: As mentioned earlier, Cryptohopper is a very unique cryptocurrency trading bot with features filled to its brim. Apart from the above features, the bot has many more unique qualities from a simple UI to detailed charts, the bot is a go-to destination for automating your cryptocurrency trades.
With new features being added regularly, Cryptohopper has raised the bar of the automated trading bot market.
Advantages of Cryptohopper:
Cryptohopper is a feature-rich automated cryptocurrency bot. With so many features packed into a single package, the advantages that the bot has to offer is too high. Some of the advantages of using Cryptohopper are:
1- Zero software installation: One of the most annoying parts of any software is its installation on your local system. Luckily, Cryptohopper is a cloud-based software that can be accessed using your computer’s browser.
This zero installation setup makes it extremely easy to get started with automating all your cryptocurrency trades using the bot. Another plus point of having the bot hosted on the cloud is that you need not have to worry about the maintenance of the software either. This worry-free setup of the Cryptohopper trading bot is very helpful for all traders who decide to use it.
2- Trial period: Cryptohopper is a subscription-based cryptocurrency trading bot. However, not everyone would be willing to spend the extra money to use new software. This is why Cryptohopper also comes with a 7 day trial period. During this period, you can use the bot without having to pay a single penny.
Once you are satisfied with the performance of the bot, you can decide to go with the paid model.
3- Security: Security is a very important part of a cryptocurrency trading bot. Since you would be giving your API keys for the bot to trade on your behalf, a bad security implementation would put all your funds at risk of being stolen.
Luckily, Cryptohopper has state of the art security features on its software. This means that you can configure the bot to trade on your behalf without having to worry about your funds being stolen.
4- Simple but elegant UI: The user interface is what wins the heart of people at first sight. This is exactly what Cryptohopper has implemented. The user interface of the bot is elegant and very professionally built.
It is extremely easy to navigate throughout the entire website thanks to the well-designed UI. With simplicity at its core, the UI is elegant and also buttery smooth. Hence, you will have a great experience using the bot.
5- Detailed analysis: Most of the cryptocurrency trading bots out there do analyze the market conditions. However, most of them cut-corners by considering data from just a couple of sources.
This is not the case with Cryptohopper. With multiple signals taken into account, the bot makes decisions only after the data coming from multiple sources is analyzed. This detailed analysis of the market conditions is the main reason for the success of the Cryptohopper trading bot.
Disadvantages of Cryptohopper:
Even though Cryptohopper is a great automated trading bot with a plethora of features to offer its users, it still has a few disadvantages. While these might not be deal-breakers, they do exist.
1- No substantial feedback from customers: Cryptohopper does claim to provide high returns to its users. However, this cannot be confirmed unless customers themselves provide a review on the same.
However, the number of feedback on the gains, given by the customers is not very high. This means that it becomes very hard to verify the claims of the Cryptohopper in the real world scenario.
2- Developers: Not much is known about the people behind the Cryptohopper trading bot. While this might not have been an issue in a decentralized world, in the centralized environment that Cryptohopper exists in, knowing more about the people behind this project is essential.
Can we make money with Cryptohopper?
Cryptohopper is a feature-packed automated trading bot. With the help of these features not only will you be able to automate your trades and gain profits but will also be able to learn more about the cryptocurrency markets thanks to the various analysis tools that come along with the package.
Just like most other automated trading bots out there, you will certainly make money in a bull market. However, a bearish market with high volatility might prove to be lethal for your gains. However, with features such as trailing stop loss and trailing stop buy, you can be assured that the losses that you might have to incur in a bear market are also minimized.
While making a substantial amount of money might not be possible with the pre-configured trading strategy, you will surely be able to capitalize once you have a good trading strategy configured. So, the trading strategy that you adopt plays a key role in the amount of money that you would end up earning from the bot.
Just like all other good things in the world, Cryptohopper too comes with a price tag attached to it. You can initially try out the free 7-day trial that they offer. However, once this ends, you will need to pay for one of the three subscription plans that are offered.
The subscription plans of the Cryptohopper trading bot are on the more expensive side. The base plane starts at $16.58 and the most expensive plan is priced at $83.25. With the base plan, you are limited in many ways.
The maximum number of coins that you can trade using the base plan is just 15. Additionally, this plan also comes with a 10 minute time interval between two successive trades. This means that one trade is placed every 10 minutes.
With the highest subscription plan, you can trade using 75 different cryptocurrencies. Additionally, the time interval between two successive trades is just 2 minutes. Thus, ensuring that no trading opportunity is missed.
Cryptohopper Review – The Conclusion
Cryptohopper is an automated cryptocurrency trading bot that came into the market during the last cryptocurrency bull market of 2017. In this Cryptohopper review, we have had a closer look at many of the unique features that this particular bot has to offer its users.
With so many features crammed into a single software, you cannot expect anything less than the best. With great features to increase your overall profits backed by state of the art security, you can be sure of creating a passive income source while not having to worry about getting robbed.
With the crypto market gearing up for another great push, the demand for this feature-packed trading bot is going to increase rapidly in the coming months. So, now would be the best time to subscribe and start using this amazing cryptocurrency trading bot.