Cryptocurrency Reviews

Cryptohopper Review: Cryptocurrency Trading Bot Platform

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Are you looking to start trading the multi-billion dollar cryptocurrency arena, but have little to no experience? If so, it might be worth considering the merits of a cryptocurrency trading bot.

This will allow you to buy and sell digital currencies without needing to sit at your computer. Instead, the bot will operate autonomously, based on its underlying pre-programmed conditions.

While a number of trading bot platforms are now available in the marketplace, the likes of Cryptohopper is often considered to be the most reliable.

As such, if you’re thinking about using Cryptohopper to engage in automated bot trading, be sure to read our comprehensive guide first. We’ve covered everything that we think you should know, such as how the bot works, what it can do, pricing, and more.

Let’s start by getting an overview of what Cryptohopper actually is.

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What is Cryptohopper? An Overview

In its most basic form, Cryptohopper is an online platform that allows you to make full use of an automated trading bot. This means that trades will be placed on your behalf, based on the underlying conditions that the bot has been instructed to implement. With the Cryptohopper platform first launched in 2017, the company now claims to have facilitated trades for more than 140,000 people.

As we will discuss in more detail further down, Cryptohopper is more of a semi-automated bot. By this, we mean that the bot is only as good as the person that programs it. For example, if the bot’s primary objective is to purchase Bitcoin when it increases in value by more than 5% in a 24 hour period, then this is exactly what the bot will do.

As such, there is no guarantee that the bot will be successful in making you consistent profits. On the contrary, you could just as easily lose money.

Cryptohopper Features

Nevertheless, the Cryptohopper bot is currently compatible with eight leading cryptocurrency exchanges. This includes the likes of Binance, Coinbase Pro, Bittrex, Bitfinex, and KuCoin. This ensures that your automated bot has sufficient levels of liquidity to achieve its pre-programmed objectives  – 24 hours per day.

One of the best benefits of using Cryptohopper is the flexibility is offers to traders of all experience levels. For example, if you’re a seasoned investor with a long-standing track record in the online trading space, then you have the option of building an automated bot to mirror your exact requirements.

In this sense, you can essentially release your ‘Secret Sauce’ into the markets on a 24 hour rolling basis. At the other end of the spectrum, if you’ve got virtually no experience in online trading, and you don’t quite feel comfortable enough to pre-program your own automated bot, you can instead purchase a strategy directly from the Cryptohopper marketplace.

Finally, it is important to note that Cryptohopper is a paid-for service. There are three different pricing plans available, and depending on your individual needs, will cost you between $19 and $99 per month.

So now we’ve provided you with an overview of what Cryptohopper is, in the next section of our guide we are going to explain how the automated bot process works in more detail.

Automated Trading at Cryptohopper: How Does it Work?

First and foremost, it is absolutely fundamental that you understand how a semi-automated trading bot works.

The reason for this is that there is often a misconception from newbies that you can simply release the bot into the wild, subsequently resulting in unforeseen profits along the way. This couldn’t be further from the truth.

Instead, automated bots function exactly how they are programmed to function. As such, the process is largely suited for those of you that want to implement your proven trading strategies in an autonomous manner.

Cryptohopper Templates

For example, let’s say that you have found great success in swing trading Ethereum during the weekend trading period. Although you are able to execute your proven strategy manually, this requires you to sit at your computer for long periods of time – which is not only unsociable, but it can also be a cumbersome process.

On the contrary, by programming your Cryptohopper trading bot to execute your strategy on your behalf, there is no requirement for you to spend any time monitoring the markets. In fact, your automated bot can operate 24 hours per day, allowing you to execute your strategy for the entire weekend. This is a perfect example of utilizing the benefits of a Cryptohopper automated bot.

It is also important to note that an automated trading bot will allow you to avoid the emotional waves of market volatility. Too many traders place irrational orders on the back of a market swing that goes against them, which ultimately results in long-term in losses. On the other hand, bots are simply programmed to follow your instructions, and thus, they are not affected by the rollercoaster ride of cryptocurrency trading.

Automated Bot Features

If you like the sound of using Cryptohopper to facilitate your automated trading needs, we’ve listed some of the main features of the bot below.

  • Bull Market If your bot is operating in a potential bull market, you can utilize the useful trailing stop loss feature. This is where you can protect your upward gains with adjustable stop losses, subsequently allowing you to exit the market when an eventual market correction does take place. The bot also allows you to search for potential pricing targets, and automatically place trading profits into a reserve fund.
  • Bear Market If the markets have taken a turn for the worse, then you can instruct your bot to fully prepare by exiting a trade at the first sign of a downward trend. Alternatively, as long as you are using an eligible exchange, you can also instruct your bot to engage in short selling.
  • If you’re convinced that a particular blockchain asset is only in bear market temporarily, then you can get your automated bot to facilitate dollar cost averaging. This is where your bot purchases additional coins at pre-defined intervals (such as every 5% decline in price).
  • Consolidation Periods Consolidation periods or sideways markets can be a nightmare to trade. However, they also present multiple opportunities to scrape micro profits within a specific range. For example, if Bitcoin was trading in the $9,600 – $10,600 range, you could instruct your bot to enter and exit short term trades when certain triggers have been met.

Programming Your Cryptohopper Bot

As we noted earlier, your Cryptohopper trading bot is only as good as the person that programmed it – you. Don’t forget, the bot is only programmed to follow the pre-defined conditions that you implement, so an unsuccessful strategy will all-but certainly lose you money. In terms of the design process, think of it like the ‘IF/THEN’ function found within Microsoft Excel.

The IF’ part of the equation is the market trigger, and the ‘THEN’ part of the equation is what the automated bot should do when the trigger is activated.

For example, let’s say that your market trigger is Bitcoin breaking the $10,000 mark. To be sure that the pricing target is broken convincingly, you set the automated bot to trigger at $10,100. This would be the ‘IF’.

You now need to tell the bot what you want it to do when the $10,100 trigger is activated. This would be the ‘THEN’. At this point, you have a number of options – both basic and advanced. For example, you could then instruct your automated bot to engage in a trailing stop loss. In layman terms, your bot can purchase $500 worth of Bitcoin every time it increases in value by 5%.

Cryptohoppper Setup

At the same time, your bot can adjust your stop loss orders autonomously, so that when the price of Bitcoin decreases by 5% at any given time, your entire trade will be closed. The important takeaway here is that in order to achieve this strategy manually, you would literally need to be sat at your computer screen making the required adjustments. Not only this, but imagine attempting to implement a similar strategy across multiple coins? This would be a logistical nightmare.

Drop and Drag

When it comes to the end-to-end process of designing your automated bot, Cryptohopper has made the process super easy. In fact, they have created a simplified drop and drag designer that allows you to build your automated bot from the ground up.

Not only does this mean that there is no requirement to have any background in coding, but all you need to do is click on the specific indicator that you want to implement, choose whether you want to buy or sell, configure a few fundamentals such as volumes – and you’re good to go.

Technical Analysis

If you’re an experienced cryptocurrency trader, then you’ll know the importance of having a firm grasp of technical analysis. The good news is that the Cryptohopper design process allows you to integrate more than 130 technical indicators into your bot. This includes the likes of the exponential moving average (EMA), relative strength indicator (RSI), hanged man, and parabolic sar.

Pre-Live Testing

It goes without saying that one of the most important aspects to the Cryptohopper platform is its pre-live testing hub. In a nutshell, once you have designed your automated bot, the platform allows you test it within the strategy designer.

This allows you to see how your bot is likely to perform in the wild without risking your own money. In doing so, you can then make any necessary adjustments or additions before going live. The overarching idea here is to test, test, and re-test your bot before risking your own funds!

So now that you have a firm grasp of what your Cryptohopper bot can do, let’s take a look at the platform’s marketplace.

Cryptohopper Marketplace

The second – and equally as valuable feature available at the Cryptohopper platform is that of its marketplace. Essentially, this allows you to obtain automated bot algorithms that have already been built by other traders.

While many of these pre-programmed trading strategies can be obtained for free, some come at a price. Nevertheless, the trading bots available in the marketplace come with both their advantages and disadvantages.

On the one hand, if you have virtually no experience in trading strategies and thus, the thought of releasing your own automated bot into the wild petrifies you, then you can simply obtain an automated strategy that has already been built. Each bot will of course have its own underlying strategy, and most designers do provide a full breakdown of what the bot is trained to do.

Cryptohopper Marketplace

Most importantly, the underlying fundamentals built into the bot are completely transparent, meaning that you can verify the historical track-record of the bot before making a commitment. Moreover, in an eBay-style rating system, you can view the feedback posted by prior users of the strategy.

Once again, even if the bot has enjoyed a successful trading record to date, this doesn’t mean that you are guaranteed to make money. As such, you should always tread with caution when using somebody else’s strategy.

What we really like about the marketplace is that you also have the option of making further amendments to a specific bot strategy. This allows you to use the initial strategy as a template, with the view of adjusting it to your specific requirements.

How Does the Bot Trade?

If you’ve read our Cryptohopper guide up to this point, then you should have a firm grasp of what the platform offers. As such, you now need to decide whether you want to design your own bot from the ground up, tweak a pre-programmed bot from the marketplace, or mirror a marketplace bot like-for-like in its current form.

Irrespective of your chosen strategy, it is important that you have an understanding of how the bot actually implements your desired trades. First and foremost, there is no requirement to upload any funds to the Cryptohopper platform, as the bot will simply execute trades from your external trading account.  For example, if you’re looking to use the bot on Binance, then you’ll need to fund your Binance account in exactly the same as you normally would.

However, in order to give your automated bot the required authority to make trades on your behalf, you still to link your external exchange API with your Cryptohopper account. The process of doing this will vary from exchange-to-exchange, although in most cases, you’ll find the API details within your account settings portal.

Finally, you then need to head over to your Cryptohopper account, and enter the required exchange API credentials. Once you’ve done this, your Cryptohopper bot can then execute trades on your behalf.

Cryptohopper Compatibility – Exchanges and Coins

At the time of writing, Cryptohopper bots are compatible with eight exchanges in total. Checkout the list below.

  • Binance
  • Bitfinex
  • Bittrex
  • Coinbase Pro
  • Huobi
  • Kraken
  • KuCoin
  • Poloniex

As you’ll see from the above list, the eight supported exchanges represent the vast majority of cryptocurrency trading volumes. Therefore, you’ll have no issues finding liquidity for your desired trading strategies.

Cryptohopper Exchanges

In terms of what digital currencies you can trade via your Cryptohopper bot, the platform notes that this covers 75 different cryptocurrencies. This includes major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, and a number of smaller-cap projects. The reason that the platform doesn’t support more ERC-20 coins is that the underlying trading volumes are substantially too small to make it worthwhile for your bot.

Cryptohopper Pricing

The Cryptohopper platform comes with three main account tiers. This includes the Explorer Hopper at $19 per month, Adventure Hopper at $49 per month, and the top-tier package – Hero Hopper, at $99 per month.The one that you opt for will ultimately depend on your trading needs.

Firstly, the Explorer Account allows you to have upto 80 trading positions open at any given time, which is likely to be sufficient for the vast majority of us. The cheapest plan also limits you to the trading of 15 selected coins, with a maximum of two triggers. Furthermore, the  Explorer Hopper plan facilitates cryptocurrency trades at 10 minute intervals.

Cryptohoppper Pricing

If any of the above metrics are likely to hinder your ability to execute your chosen trading strategies, then you might need to consider the Adventure Hopper plan at $49 per month.

This increases your open order limit to 200 positions at any given time, and you can trade a whopping 50 selected coins.

Moreover, unlike the Explorer Hopper plan that limits you to just 2 triggers, the Adventure Hopper plan comes with 5. Finally, you can execute orders at intervals of 5 minutes.

If you think that you need even more flexibility with your Cryptohopper trading bot, then the premium plan comes at a price tag of $99 per month. The Hero Hopper package will permit 500 open positions, and allow you to trade the maximum allocation of 75 coins.

You’ll also be accustomed to a maximum of 10 triggers, and you can engage in technical analysis at intervals of 2 minutes. As an added bonus, the Hero Hopper plan will also allow you extract trading signals for all coins, as well as employ arbitrage strategies.

In order to pay for your chosen monthly subscription, you can either do this via PayPal, or by depositing cryptocurrency. If opting for the latter, the platform supports the following coins.

  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Ripple (XRP)
  • Zcash (ZEC)
  • Monero (XMR)
  • Litecoin (LTC)
  • Dash (DASH)

Finally, it is also worth noting that Cryptohopper offers a 7 day free trial. The trial mirrors the capabilities of the Explorer Hopper package, subsequently allowing you to get a feel of how the platform works before parting with your money. If you do opt for the trial, there is no requirement to provide any payment details, so it’s effectively risk-free.

Customer Support & Public Reviews

If you need to speak with a member of the Cryptohopper customer service team, you have the choice of submitting an online contact form, or sending the team an email at support@cryptohopper.com. Unfortunately, there is no live chat facility, nor can you contact the team by telephone.

In terms of public reviews on Cryptohopper, the general consensus is largely positive. While the platform does have a rather concerning TrustPilot score of just 6.1/10, this is only across 4 reviews.

Ultimately, there are no underlying concerns with the actual technology itself. The public domain seems to validate that the automated trading bot does exactly what it has been instructed to do.

When complaints have been made, this is mainly with respect to the marketplace strategies that users have purchased. However – and as we have noted throughout our review, there is no guarantee that any of the pre-programmed strategies will make you a profit. Therefore, such negative reviews should be taken with a pinch of salt.

Cryptohopper Review: The Bottom Line?

If you’ve read our Cryptohopper review from start to finish, you should now have a firm understanding of what it offers, and ultimately – whether it’s right for your individual trading needs.

The best thing about the platform is that it is suitable for all experience levels. For example, if you’ve got no experience in trading, but you still want to utilize automated strategies, then Cryptohopper is perfect.

On the other hand, if you’re a highly experienced investor and you’re looking for a way to automate your proven trading strategies on a rolling 24/7 basis, Cryptohopper is also ideal.

We also really like the drop and drag framework that the platform utilizes when it comes to designing and building your bespoke automated strategies. As such, there is no need to have any understanding of programing or coding, which is exactly how it should be.

Finally, in terms of pricing, we think that all three plans offer excellent value. Even at a price tag of $99 per month, in the grand scheme of things this is a reasonable price to pay if you’re serious about committing to an automated trading system.

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Cryptohopper

8.8

Ease of Use

9.0/10

Fees

9.0/10

Reputation

8.0/10

Customer Support

9.0/10

Design

9.0/10

Pros

  • Easy to Use
  • Good Value for Money
  • Good Exchange Support
  • Good Marketplace
  • Drag & Drop Framework

Cons

  • TrustPilot score of 6/10
Kane Pepi

Kane holds a Bachelor's Degree in Accounting and Finance, a Master's Degree in Financial Investigation and he is currently engaged in a Doctorate - researching financial crime in the virtual economy. With a keen passion for research, he currently writes for a variety of publications within the Financial and Cryptocurrency industries. kane@moneycheck.com


Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank or credit card issuer and have not been reviewed, approved or otherwise endorsed by any of these entities.


Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.


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