If you are a newbie and want to start trading in the renowned and rewarding cryptocurrency market, a trading bot might be worth considering. This will save you from spending time in front of a computer to purchase and sell digital currencies.
According to its core pre-programmed circumstances, the bot will function autonomously. Although there are currently many trading bot systems on the market, Cryptohopper is among the most popular ones.
Cryptohopper is a comprehensive trading platform created to make trading easier in the cryptocurrency market. Investors may automate their investing processes, imitate skilled traders, establish signals and alerts, and do much more with Cryptohopper. This platform could help investors to stay on top of the market at all times. Let’s look at the key features, benefits, and drawbacks of Cryptohopper to aid in your decision-making process.
Introduction
Cryptohopper is a platform that completely lets you utilize an automated trading bot. According to the underlying circumstances that the bot has been taught to execute, trades will be conducted on your behalf. The platform was created by two brothers, Ruud Feltkamp and Pim Feltkamp. They combined their ideas, abilities, and experiences to develop a bot that deals autonomously for the user, is available around the clock, trades in a range of coins, and can connect via an API to various cryptocurrency exchanges. The company claims that since the Cryptohopper platform’s debut in 2017, it has enabled trades for above 140,000 individuals.
Although access to Cryptohopper’s core features requires a subscription, users can browse the website for free. In addition, until customers are certain they want to subscribe to a plan, they do not even need to enter their credit card details.
You must submit your API key to your Cryptohopper account to connect your exchange account to it. You can find this key in your exchange account settings. If you are a newbie, Cryptohopper’s tutorials page offers comprehensive resources for connecting your account to numerous exchanges.
Once you’ve connected your exchange account to your Cryptohopper bot, it will start making trades according to the settings you’ve given. Depending on market circumstances, it will conduct technical analysis before buying or selling your cryptocurrencies following the trading techniques that have been established. This cryptocurrency trading will continue unless you switch it off or change the settings.
Cryptohopper focuses on giving investors access to more sophisticated charting tools and trading opportunities, but the website is still simple and simple to use. Contrary to most open-source systems, Cryptohopper enables users to customize their investing experiences and gain access to advanced features without knowing how to code.
When it comes to testing investment ideas and innovative technique scanners that quickly identify charting candlestick patterns, Cryptohopper combines powerful features in a beginner-friendly platform.
Cryptohopper also offers new users a wide range of special resources to understand more about trading and the cryptocurrency market. For instance, individuals can test their investment strategy without risking real money using paper trading accounts at Cryptohopper. For those who are still unsure of whether they want to use Cryptohopper or not, paper trading accessibility can be helpful.
Trading automation is Cryptohopper’s key feature. This translates to your bot trading for you around-the-clock. It applies data and uses the settings and tactics you have made to purchase and sell coins to make a profit. Automated trading performs trade at short notice, while a human is more prone to overlook the chance. It can do this because the bot runs continuously and tracks all currencies at once.
You can use Cryptohopper’s helpful trailing stop-loss feature if your bot is trading in a possible bull market. This is where you can use movable stop losses to safeguard your winnings and quit the market if a market correction does occur. Additionally, you may use the bot to automatically deposit trading winnings into a reserve fund and look for future pricing goals.
Additionally, Cryptohopper has simplified the entire process of developing your automated bot. In fact, they’ve developed a streamlined drag-and-drop editor that allows you to construct your automated bot from scratch.
This means that you don’t even need to know how to code; all you must do is click on the exact indicator you want to use, decide whether you wish to buy or sell, set up some basic parameters like volumes, and you’re ready to begin.
Cryptohopper currently supports 13 exchanges. Some examples are Kraken, Binance, BitPanda Pro, HitBTC, Coinbase Pro, Poloniex, KuCoin, OKEX, Bitvavo, Bittrex, Huobi, and Bitfinex.
You can configure your bot as you like after selecting your pricing tier, but you can also use the Cryptohopper marketplace to buy an algorithm that another trader has already developed. Although some trading tactics are free, the majority of them are not.
This is an appealing choice for beginner traders because it allows them to adopt an automated strategy that has already been developed while reading user evaluations, viewing performance data, and having a detailed analysis of the bot’s intended functions. Although a profit is not guaranteed, this is nevertheless a useful tool.
Additionally, you can modify the strategy you purchase, using it as a template and customizing it as per your trading requirements. Moving on, you can develop your own technical analysis and receive the finest buy and sell signals from your strategy using 130 indicators and candle patterns available in the Cryptohopper strategy creator.
There are three primary pricing tiers offered; however, members can also take advantage of a free seven-day trial called the Pioneer Plan. This plan offers 80 positions, a TA with a 10-minute period, 15 chosen coins, a simulated trading bot, 2 triggers, and 80 positions.
The explorer plan, which costs $19 a month, is the second option. It includes 80 positions, 2 triggers, 15 chosen coins, 1 simulated trading bot, and a TA with a 10-minute interval.
The third option is the adventurer plan, which costs $49/month. It offers 50 chosen coins, 1 simulated trading bot, 5 triggers, 200 positions, 1 TA with a five-minute interval, and exchange arbitrage.
The Hero plan, which costs $99 a month, is the final choice. 500 positions, TA with a 2-minute interval, 75 chosen coins, 10 triggers, market-making, coins for signals, and a simulated trading bot are all included in this offer.
It’s vital to remember that Cryptohopper doesn’t offer any returns, and consumers should take advantage of the free trial before investing in a subscription. Payment options include monthly or annual subscriptions.
Both Android and Apple mobile platforms support Cryptohopper’s simple setup. The app provides very strong security. Only users are granted access to their investments thanks to the biometric security features.
Additionally, you may set up push alerts to get real-time information on previously established patterns, open orders, and other things. Users may monitor their movements and change in pricing from their smartphone’s home screen.
The mobile platform is just as user-friendly as its desktop counterpart. Orders can be traded with a single click, and positions can be managed anywhere. For iOS and Android devices, the application can be obtained without charge. Some coins supported by Cryptohopper include XRP, BTC, BCH, XMR, ZEC, DASH, and LTC.
Key features
- 130 indicators
- Unique strategy builder available
- Intuitive mobile app
- A variety of coins and exchanges are supported
- Trading automation
- Good for beginners
- Customer service is top notch
- Mirror trading
- Free trial
Pros
One of its key advantages is the platform’s ability to combine robust functionality with a slick, user-friendly layout. Even total beginners can invest heavily in Cryptohopper immediately because of its extensive trading terminal and user-friendly layout. No prior experience with cryptocurrencies is necessary to start using Cryptohopper. Users can create a paper trading account without having an exchange account to check out Cryptohopper’s features. In as little as three minutes, most users can create an account and get going.
Another advantage is the flexibility that Cryptohopper provides to traders of various skill levels. For instance, if you’re an experienced trader with a proven track record in online trading, you can create an automated bot that precisely matches your needs.
The platform also includes a support staff that can assist with any problems. Users can get in touch with the team by filing a support ticket in the assistance section of the website. They can also be reached through their Facebook, Twitter, and Telegram groups. The website also includes tutorials that show users how to utilize the platform and a variety of Questions in the Support Section.
Cons
There are several drawbacks to the Cryptohopper platform. First, traders must sign up for a monthly membership to access the most advantageous services. Additionally, if you have any questions, you cannot contact the company by phone or via live chat.
Final Verdict
For people who invest in cryptocurrencies frequently or need more sophisticated tools than their existing broker offers, Cryptohopper might be the answer. The platform can be a powerful tool for more seasoned investors and provide an entry to the cryptocurrency market for newbies.
