In September 2017, Ruud Feltkamp invented the cryptocurrency trading bot Cryptohopper. A trading bot that promises to assist traders in capitalizing on trading opportunities in cryptocurrency markets has been developed. Using the Cryptohopper software on your mobile device also enables you to automate your trades. The software performs investment analysis and auto-position transactions as part of its auto-trading functionality.
When it comes to semi-automated trading, this program will copy the strategies that the best cryptocurrency traders use and give advice on how to use them. Copy trading is the name given to this strategy, which is utilized frequently in the foreign exchange and stock trading markets.
How does the Cryptohopper bot work
Cryptohopper allows you to trade fully automatically as well as manually.
In fully automated trading, the robot analyses all investments and makes trades on its own. The manual version has the user-made strategies and trades that they do themselves.
Also, it’s important to know that Cryptohopper lets you trade on margin, and most of its brokers offer up to 1:100 leverage. When you use margin trading, you can place trades that are bigger than the amount of money you have to trade. For example, a leverage of 1:100 means that you can set up a trade that is 100 times bigger than your money.
Cryptohopper’s Key Features
In this Cryptohopper review, beginners will learn how they can use Cryptohopper to trade automatically. But that doesn’t mean it doesn’t have a lot of great features that everyone will enjoy.
The very first thing that you are able to do with Cryptohopper, which is free to use, is to connect all of your exchanges so that you can manage your portfolio from one location. This tool is available for free for an indefinite amount of time, and it is something that you can use to simply monitor your portfolio across all of the exchanges in a single location.
You have three different choices available to you when it comes to constructing an automatic trading hopper.
- Auto Trading Bot:
An Auto trading bot is the most basic option, and it works as described in the previous section. You choose a template and link it to your exchange account. Once you’re connected, the hopper will place buy and sell orders for you automatically.
- Arbitrage Bot:
Designed to take advantage of price differences between exchanges, arbitrage bots can be a useful tool in markets with a lot of buyers and sellers. For an arbitrage bot to work, you must connect your Hopper to at least two exchanges.
- Market Maker:
Market Maker bots are more advanced than the other two options. They place calculated buy and sell orders to make money off the spread. At first, it can be hard to understand how market makers work.
In the Cryptohopper marketplace, you can buy templates and trading plans that have already been made. All of the templates and strategies that are available were made by other users. They cover a wide range of trading styles, such as scalping, swing trading, and position trading.
When you click on a template for sale, you will be taken to a page with all the basic information, such as price, a number of purchases, reviews, quote currency, cryptocurrencies traded, performance data, and more.
Many users buy strategies that work well from the market and use them with their own templates. Most strategies come with suggested settings for stop-loss and take-profit, but you can change these to fit your trading style and level of risk tolerance. There are also signal packages that can be bought.
You should use paper trading to try out your tactics (whether they are your own creations or ones you have obtained) if you want to make the most out of Cryptohopper and turn it into a profitable avenue. One virtual trading account is included in every subscription.
This allows you to test whether your plan will work in practice. The paper trading Hopper allows you to run two strategies at once, one with real money and one for practice.
Cryptohopper prices suit all audiences. Pioneer allows 20 holdings and free portfolio management for life. Then utilize the “Explorer” strategy, etc. One-hopper subscriptions are possible. You can construct several hoppers, but each subscription can only run one. As a sponsored Hero account, I can only run one hopper at a time.
Additional subscriptions enable all three hops. Hoppers are running bots. Every paying subscriber gets two hoppers. Live Hopper and paper trade Hopper. Run more Hopper with various subscribers. Free and $19/month premium plans are available. Pro traders favor the $99/month Hero plan.
I’d love an unlimited bot plan. However, the cost and value of a high-end bot must be weighed.
At the moment, you can connect your Cryptophopper account to 15 cryptocurrency exchanges, including popular ones like Binance, Coinbase Pro, and Kraken.
Even though you won’t be charged extra trading fees when you use Cryptohopper, you will be charged a commission for each buy and sell order your bot executes (by the exchange, not Cryptohopper).
This can make low-cost (and less regulated) exchanges like Binance and KuCoin more appealing to use.
Cryptohopper accepts a wide range of currencies and payment methods, including fiat currency, popular cryptocurrencies, PayPal, debit/credit cards, Bitpay, and “Pay with balance.” These payment methods can be used to buy all CH subscriptions, including paid signals.
Only seasoned crypto traders should use Cryptohopper. Using the strategy builder, backtesting, and automation features, you can trade around the clock without worrying about making a mistake. Their site is a wealth of useful information, and they offer a number of lessons aimed at newcomers. It may take some time to get used to Cryptohopper’s user interface.
New traders have the option of either paying for or receiving their signals for free. Perhaps more user guides might help the Cryptohopper team better explain how to use their expansive system. It’s important to take the time to learn about oneself. For assistance, you can either initiate a chat with a support representative or search for answers in the Cryptohopper forum.