Cryptohopper Review: Is this Bitcoin Trading Bot Worth It?

If you are an experienced crypto trader who wants to automate a trading strategy, then bitcoin trading bots are the logical solution.

In this Cryptohopper review, you will learn everything you need to know about this popular crypto trading software and find out whether it is worth getting.

What is Cryptohopper?

Cryptohopper is an automated trading bot that offers a wide range of features. This bot can manage your portfolio, copy experts, and automate trading 24/7.

To use Cryptohopper, you have to link it to your crypto exchange account.

The bot increases trading efficiency by automatically analysing markets, managing several exchange accounts, and performing advanced techniques like automatic arbitrage and market-making.

How It Works

After registering an account on Cryptohopper, connect it to the exchange of your choice. An exchange connection is called a hopper, and you can create as many hoppers as you like. That means that you can connect to numerous crypto exchanges.

The platform offers three types of hoppers, namely:

• trading bot;
• arbitrage bot;
• and market-maker.

When creating a new hopper, choose any of these three options. Additionally, you can carry out manual trading with the bot, an option available under all packages. However, automated trading is only available in the paid packages.

For the trading bot to do its job, it needs an API key. Assuming that you already have a verified account on the exchange you have linked to the bot, you can create an API. For example, if you are using Binance, click the profile icon on the exchange and select “API Management.”

Name the API and click “Create API.” Give the hopper full access but do not allow it to make withdrawals. Once you are done, open your bot account and go to config wizard. Next, add the API key for the bot to start working. Ensure that your exchange account has funds for the bot to make purchases.

The bot will buy or sell crypto based on the trading strategies you have set. As long as you have funds in your exchange account, the bot will keep working until you turn it off.

You can buy these strategies from the bot’s marketplace and add them during the configuration process. Alternatively, you can buy a template from the marketplace, which comes with a strategy.

But remember: Trading bots are not plug-and-play passive income machines!

Trading bots, like Cryptohopper, are used to test and deploy advanced trading strategies that will only work if thoroughly tested “in the wild.” And even then, the risk of losing money persists as market conditions change.

Cryptohopper Pricing

The platform offers four packages. They include Pioneer, Explorer, Adventurer, and Hero. Pioneer is free, while the rest are paid packages.

The table below shows a comparison of the four packages.

Some of the payment methods include PayPal, credit card, bank transfer (EUR or USD), Giropay, Sofort Banking, bitcoin, monero, and litecoin.

Features

To better understand this trading bot, here are its features:

Device Compatibility

The trading software is compatible with Mac, Windows, Android, Linux, and iOS. However, you can use it on your web browser.

When using the Safari browser, the API field will appear as a password field, which the browser will automatically fill. The company has not fixed this issue yet, according to its website.

Supported Exchanges

Currently, the platform supports fourteen crypto exchanges. They include Binance, Huobi, Bitfinex, Kraken, Poloniex, Coinbase Pro, Bittrex, KuCoin, Bitvavo, HitBTC, Bitpanda Pro, OKEX, Binance US, and Cryptopia.

Marketplace

The platform has a marketplace where users can buy templates, strategies, and signals. You can add any of these services to your hopper (trading bot).

A template has the basic, buy, and sell settings and a strategy of the hopper’s base configuration. On the other hand, a strategy contains technical indicators and candle patterns that will determine your bot’s buy and sell moments. Signals help users to copy professional traders and close or open positions automatically.

Trading

Using this automated trading bot, you can access arbitrage trading, shorting, dollar-cost averaging, market-making, paper trading, backtesting, trailing, algorithm intelligence, and mirror trading.

Furthermore, you can create triggers so that you can react early to the signs of a bear market and you can design your own strategy.

Cryptohopper Plus

Cryptohopper Plus is a loyalty program that allows users to earn privileges, depending on the experience points you get. The platform will enroll you in the program automatically when you sign up.

The four levels include:

• Plus
• Pro
• Expert
• Master

You can view the benefits of each level below.

Customer Support

The platform supplies documents, tutorials, a blog, and an FAQ section.

These resources help users to navigate through the software and to understand the different types of trading. However, if you cannot find what you what, you can contact support by clicking the blue message button at the bottom right of the screen. Alternatively, you can use the contact details available on the contact page or fill the contact form.

You can also join the communities on Facebook, Telegram, Twitter, and Discord, and ask your questions.

The Academy

The platform offers an expert certification course and other courses to help you use the software. You can also take a skill course if you are interested in becoming a market-maker or a technical analyst.

All the courses are free apart from the certification course.

Is Cryptohopper Beginner-Friendly?

Thanks to the wide range of resources available, beginners will not find the software very intimidating. However, they will have to read and watch several guides before they can start using the bot. Moreover, the platform has an online community where they can ask questions and get assistance.

That said, since trading is a complex topic, beginners will have a harder time using the bot than advanced traders.

Is It Safe?

The company advises users to enable two-factor authentication for security. Also, the platform encrypts passwords and API keys. It also uses Cloudflare, which has DDoS protection and a firewall. What’s more, Amazon Web Services hosts the platform and secures its servers.

Because Cryptohopper supports reputable exchanges, it surmises that your funds should be safe with them.

Is Cryptohopper Worth It?

Yes.

Looking at the features and the learning resources, you can tell that the company has put a lot of effort into creating a high-quality product. Furthermore, users can access the software for free. If they eventually choose to upgrade, they will enjoy affordable prices.

The platform also supports many exchanges and allows traders to connect to more than one platform. Other merits that stand out are:

• It supports 75 cryptocurrencies.
• You will see frequent help popup messages when setting up your trading bot.
• The platform does not charge trading fees.
• You can learn how to trade with “fake” crypto through paper trading.

Despite all the merits, beginners in trading and crypto will have plenty of learning to do before they can grasp how different trading types work. Additionally, traders will have to apply additional safety measures to keep their funds safe. For instance, users should not store any crypto on an exchange unless they are using it to trade.

That said, Cryptohopper is an ideal bot for anyone that wants to trade cryptocurrencies seriously.