Crypto trading bots are a way of automating trading to reduce direct involvement in trades. These bots have become very popular recently as both experienced and new traders can use them to earn from trades.
This review covers one of the automated trading bots, Cryptohopper. We will cover every detail to help you decide if you wish to use it for your trades.
Inside this review
What is Cryptohopper?
Cryptohopper is a crypto trading bot that integrates with a number of crypto exchanges. Built for both beginners and experienced traders alike, Cryptohopper competes with professional algorithmic traders and hedge funds.
With it, you can set custom automated trades that ensure you don’t miss a price pump or get caught in a dip.
You can choose to use one of Cryptohopper’s pre-configured bot templates or create your own. Coding knowledge is not required.
Once a bot has been configured, instructions are sent to the exchange of your choice where the trade is executed. Cryptohopper does not handle funds.
The platform also supports mirror trading and paper trading, both attractive features for beginners and anyone who may be inquisitive about bot trading in general.
Who owns and operates Cryptohopper?
Their AI-driven bot was created to make trading more fun, accessible and worthwhile. It now hosts over 9 million transactions worth roughly $2 billion every month.
Is Cryptohopper safe?
Perhaps the most important thing to note of Cryptohopper’s security is that it does not handle your funds. This is because they integratedecision-making via API with your exchange. When a bot you’ve configured on Cryptohopper “decides” to put on a trade, it is passed to the exchange and executed there.
According to our research, Cryptohopper’s website is protected by Cloudflare with a web application firewall for protection against DDoS attacks. It is also hosted on Amazon Web Services.
We have not found any public evidence to suggest that Cryptohopper’s security has been compromised.
How does Cryptohopper work?
The Cryptohopper trading bot mostly automates trading so that anyone can set up trades and make a profit without having to know much about trading or coding. This is a revolutionary way to make trading possible for everyone.
Critically, trading with a bot removes human in/decision making.
For those who are not skilled in trading but wish to learn, Cryptohopper has a mirror trading feature that allows users to copy the trades of more experienced traders on the platform. Copy trading has been widely adopted among equity investors thanks to eToro.
Whether copy trading or trading with a bot, Cryptohopper does not handle your funds. Instead, they integrate with your crypto exchange’s API, where trades are executed on demand.
Cryptohopper also offers a paper trading feature, which means new traders can experiment with trading using pseudo money to gain experience and learn the ropes before risking real funds.
Who is it aimed at?
Anyone can use Cryptohopper regardless of their experience in trading cryptocurrencies. It is a beginner-friendly bot that allows users to either automate their trades using the bot or copy more experienced traders.
Fees and charges
There are three types of accounts available on Cryptohopper, namely the Pioneer, Explorer, and Adventurer accounts. All three accounts come with portfolio management, manual trading, and support for all available exchanges.
The Pioneer account is completely free and comes with 20 positions. The Explorer account comes with 50 positions and costs a flat fee of $16.58 per month while the Adventurer account comes with 200 positions and costs $41.58 per month.
Cryptohopper currently supports 16 of the top exchanges. These include Binance, Coinbase Pro, Kraken, Poloniex, OkEx, HitBTC, Bitpanda pro, Bittrex, Bitfinex, and several others.
- Demo account. Users can open a free demo account and experiment with trading before using real funds for live trading. If you are new to crypto bot trading, this feature can help build your confidence in the process and potential returns.
- Mirror trading. This feature allows users to copy the trades of more experienced users. This way, they can profit from such trades while learning how to trade on their own.
- DCA. Dollar Cost Averaging is a well-known strategy that allows an investor to make periodic purchases of a specific asset over time to minimise the effect of volatility on their overall trade.
- Backtesting. Backtesting is a method for testing how well a strategy would have performed ex-post. It is very important in validating the profitability of a trading strategy prior to execution.
- Marketplace. Buy a range of automated trading signals, templates, and strategies.
Pros and cons
- Beginner-friendly with pre-existing rules that anyone can easily deploy.
- Backtesting means strategies can be tested before deployment.
- Supports a large number of top exchanges including Binance, Coinbase Pro, and Kraken.
- Copy trading allows beginners to trade like an experienced trader.
- There is a monthly subscription, which will eat into the potential profit of smaller accounts.
- No mention of government regulation, probably because Cryptohopper do not hold any of your crypto assets.
There are several alternative crypto trading bots with similar functionality.
- Coinrule. Both Coinrule and Cryptohopper are easy, beginner-friendly bots with rules users can adopt or choose to make their own.
- 3Commas. Designed for intermediate to advanced traders, while Cryptohopper is for both beginners and advanced traders.
- Pionex. Not to be confused with Poloniex, this is a crypto exchange with its own suite of integrated bots.
- Mizar. Integrates with multiple exchanges, has copy trading functionality, and a demo account.
- TradeSanta. Templated trading strategies. Supports top exchanges, including Binance, Coinbase Pro, HitBTC, and Kraken.
Is Cryptohopper worth it?
Given all that Cryptohopper has to offer — automated trading, beginner-friendly interface, mirror trading, demo account, backtesting, and more — it is a platform worth trying out, especially for new traders. However, bear in mind that there is a monthly subscription fee to access its best features. Traders with a small account to trade may find it difficult to make a profit after the fee is taken into consideration.