Those who have been associated with the crypto sector would no doubt be of the opinion that the digital asset market moves at a rapid place. And they would be speaking out of the experience.
While trading cryptocurrency, the gains that you see at one hour of the day are lost in another hour, and the expected loss in certain assets happens faster than you may first realize it to be.
As such, it is essential that you act fast and keep your logic intact in order to make the most out of your assets. And in order to do so, you need to keep watching the market at all times to study its dips and bumps and act according to what seems best for your investment.
But if you work a day job or have other responsibilities aside from trading cryptocurrency, then devoting your complete day to the market is a no go. After all, if you are simply stuck to your computer screen the whole day, then you may miss out on other opportunities that may arise for you in the meantime in other sectors. Keeping this in mind, a large amount of day traders turns to trading bots in order to practice this vigilance on their behalf.
Cryptohopper is one such tool, which promises to take the burden of crypto day trading off of your shoulders. But which still offers to provide you with the kind of benefits that you seek on a day to day basis.
To learn how Cryptohopper works and exactly what does it bring to your desk, here is a review of the trading bot. This would help you determine whether or not the program is the right fit for you.
What is Cryptohopper and How Long Has It Been in Business?
Cryptohopper works as a semi-automated algorithm. It works on pre-set strategies while monitoring the market, and performs actions such as selling your cryptocurrency on specific signals obtained through its operation.
The program is easy to set up and offers template-based settings for new users who are still familiarizing themselves with the functions of a trading bot. With that, it also offers advanced customizations for more experienced day traders who are already familiar with how automated scripts work. It supports up to 75 cryptocurrencies for day trading activities.
Based out of Netherlands, Cryptohopper bot was built in 2017 by two brothers, who wanted to bring together their individual experiences as a web developer and a day trader to offer a solution that could execute automated trading in cryptocurrency.
Their objective was to give themselves an opportunity to relax from their grueling day to day trading tasks, while also making sure that they did not lose out on the gains that the market had to offer during their time of absence.
As a result, both brothers developed Cryptohopper together. Their original intention was to use the bot as a tool that would work 24/7 to supplement their own cryptocurrency trading needs. But as more and more people from their social circle started asking them about using the bot, or hopper as it was known at the time, they determined that there was a day trader market for the tool itself.
From there, the brand name of Cryptohopper was born. And it didn’t take it long for it to grow from a smalltime personal project to a well-known cryptocurrency trading software. At the time of writing, the bot is available through its official site to users all over the world, who could use it with renowned exchanges.
Cryptohopper Has Received Rave Reviews from Users
When it comes to trading bots, the overall objective for them is to not only bring convenience to the table for their daytraders but also throw in significant profits into the mix.
Cryptohopper doesn’t guarantee any profits to its users. But its overall interface, functionality and its ability to actually turn profits for users have made it earn rave reviews from most people who have used its services. And critics agree for the most part.
Cryptohopper supports a number of popular cryptocurrency exchanges. These institutions include:
With that, Cryptohopper is in the process of forming partnerships with additional exchanges such as CEX.IO, HitBTC, and Cobinhood.
One of the best parts about Cryptohopper is that it comes with a free trial of 7 days. Once the free trial ends, traders could use one of the preset pricing plans offered by the company.
Cryptohopper has three different pricing plans for its users.
Starter Plan – Explorer Hopper
Available at $14/month, the Explorer Hopper comprises of 80 positions, up to 15 selected cryptocurrencies, and up to 2 triggers in a month. Buying is available with 10 minutes interval.
Medium Plan – Adventure Hopper
Available at $49/month, the Adventure Hopper comes with 200 positions, up to 50 selected crypto coins, and up to 5 triggers in a month. Buying is available with 5 minutes interval.
Pro Plan – Hero Hopper
Available from $99/month, the Hero Hopper is the bot’s most advanced plan. It comes with 500 positions, up to 75 selected cryptocurrencies, and up to 10 triggers a month. Buying is available with 2 minutes intervals along with technical analysis.
The free trial offers the Explorer Hopper services; whereas, the Hero Hopper comes with the support of all 75 cryptocurrencies supported by the tool.
All plans support paper trading, but the Hero Hopper brings more advantages to the table with arbitrage and the ability to use all available crypto assets for signals.
Ease of Use
With a helpful and easy to use interface, utilizing Cryptohopper remains a stress-free experience for novice and expert users alike.
Its conventional services are available through its webpage. But starting from July 3, 2019, the service also launched a mobile app that provides the same services of day trading but in the form of an intuitive interface.
The app remains easy on the eyes, but still packs a ton of functionalities within it. The app is available for both iOS and Android users.
Cryptohopper bot allows its users to set up their trading bots with pre-set template and strategy packs from its marketplace. These pre-set plans make it easier for daytraders to get the basics of different strategies and cryptocurrency market trends in one place, and tweak them further from there according to their liking.
Along with this, users could also configure basic settings pertaining to the spend on buying cryptocurrencies and the percentage on selling crypto. With that, they could also tweak more advanced settings such as ones based on strategies, indicators, and triggers.
Traders could also configure their signals and learn from their historical data to make sure that they are making informed decisions while also helping their trading bot do the same along the way.
Cryptohopper implements various security mechanisms to safeguard its users and their funds.
For instance, the web bot provides security mechanisms such as two-factor authentication (2FA). But the mobile app takes it one step further and allows users to set up biometric authentication along with 2FA.
Along with this, the crypto bot has disabled any withdrawals by default. It also encrypts saved passwords and API keys that are stored within its database. The bot also uses Distributed-Denial-of-Service (DDoS) protection from Cloudflare and security mechanisms from Amazon Web Services (AWS).
Cryptohopper’s customer support is different than those available on conventional business models.
It offers a chatbox that allows you to find answers to common questions instantly through its support database. But in order to reach out to a human representative, you need to go through an email/contact form system on the site. Its email addresses are also listed publicly, but the unavailability of a phone number seems jarring to those who prefer speaking to human representatives over the phone.
Since the cryptocurrency market is volatile and daytrading is a risky business by itself with no accurate projections, Cryptohopper doesn’t promise any certain amount of profits to its users.
With that being said, some users that have utilized the service do report noticeable profits after using the bot. But given that daytrading works differently for everyone and is dependent on a wide array of factors, you should base your opinion over your own experience.
Based on the review, Cryptohopper is a great trading bot for both beginner and advanced daytraders. But in order to assess its suitability, it is advised that you use it through its trial offering and see how it works for your own, personal trading mechanisms.
If anything, the easy to use interface and the massively helpful templates would make the trial period a breeze of fresh air than a daunting experience.
Just ensure that you are keeping a close eye on the bot during the trial and have some funds to spend on the trading mechanisms so that you could see how the overall experience turns out for you if you adopt Cryptohopper as your primary trading bot.