The crypto trading universe is ever-changing, with opportunities cropping up at all hours of the day. But with opportunities comes the challenge to counter volatility along with making timely decisions to ride the market wave. However, a lot of traders find it overwhelming to stay on point especially when it comes to optimizing strategies and managing trades efficiently. This is when tools like Cryptohopper come into play.
At ProvenCrypto, we think that traders must be empowered with the best tools to automate and enhance their trading experience. Cryptohopper is among some of the best trading robots you can get. It is designed to help you trade smarter, automate strategies, and manage your portfolio.
No matter if you’re a rookie in the crypto world or a pro trader, the easy-to-use interface and advanced features of Cryptohopper make it one of the best platforms for automating your trades. In this article, we’ll take an in-depth look at how Cryptohopper can streamline your crypto trading process, right from setup to performance.
Cryptohopper Overview
Established in 2017 by two Dutch siblings, Ruud and Pim Feltkamp, Cryptohopper was created to make crypto trading easy and efficient for all traders, experienced and novices. Operating out of the Netherlands, the aim of Cryptohopper is quite simple – to provide a seamless way to trade crypto 24/7 and maximize profit opportunities while minimizing risks. Cryptohopper is different from the many other platforms out there. This unique value proposition (UVP) is a one-stop solution for traders who want to automate their trading process and minimize human error. This helps traders focus on strategizing rather than constant monitoring.
The Cryptohopper trading bot comes with many impressive features that can help the trader. One interesting thing is the Cryptohopper Marketplace, where you can buy strategies and signals from other traders. This offers a shortcut to creating effective strategies without having to spend much time developing them from scratch. This is especially useful for new traders.
But wait, there’s more to it. Let’s take a dip into the very first “Hopper” (trading bot) released by Cryptohopper and see how that changed automation! We will also look at other exciting features that make Cryptohopper a preferred choice among traders in the world.
What is a Cryptohopper trading bot?
The thought of signing up for a trading bot and letting it generate profit sounds good, but you should know that Cryptohopper, like any trading bot, is not a money-making machine by default. It’s a tool that works based on the strategies you program into it, so if your strategy is solid, you will see success—for sure!
At its core, Cryptohopper is a semi-automated bot that utilizes IF/THEN logic. This means you can set your trading strategy. Let’s say you have had success trading Litecoin in a given price range, you can have Cryptohopper programmed to follow that same strategy, carrying out trades when the price reaches certain levels. This lets you keep earning while you’re away from the computer. This way, even if you’re sleeping, working, or away from your desk, Cryptohopper is hard at work executing your trading strategy. 24/7.
A good reason to utilize Cryptohopper is that it does not let emotions steer trading. Feelings like fear and greed may lead you to make the wrong choices. But the Cryptohopper bot will simply execute your logic, avoiding those costly emotions. Don’t chase the market anymore– Just clear rule-based trading.
How does the Cryptohopper trading bot work?
The Cryptohopper auto trader makes cryptocurrency trading smarter and easier. Here’s how it works:
- Decide On Your Strategy: Choose a pre-built strategy or build your own – Cryptohopper will do both. These techniques use various indicators, market trends, and customized trading parameters to suit your style.
- Signal Generation: Cryptohopper continuously tracks market fluctuations for you and gives out signals based on buy and sell levels. No guesswork—just actionable insights!
- Trade Execution: After a signal is generated, the Cryptohopper does all the work. With super easy API integration, it connects to your most-loved exchanges to assist in trading on the go.
- Risk Management: Don’t worry about losses, you can set stopping limits as well as trailing stops and target profit. Cryptohopper helps you cut down losses while making profits.
- Portfolio Management: Manage Your Portfolio Easily Through the Cryptohopper Dashboard. Whether it’s trade history, performance stats, or live market data, you have everything to keep your ear to the ground.
- Continuous Optimization: Step up your game with optimizers and backtesting tools that use historical data to check performance. Doing this will help you perfect your approach and maximize your results.
Cryptohopper does not just automate your trading but it allows you to trade smarter, faster, and more efficient!
Cryptohopper Key Features:
If you think Cryptohopper is for you and you want to know a number of the options it has, check the features below.
- Paper Trading Accounts: Not ready to take a chance with actual funds? In paper trading, you can test your strategies without risking one satoshi. Give the Cryptohopper a whirl for a week, and let’s see if your strategy holds any water.
- Professional Analysis Tools: Cryptohopper provides all the tools you need for successful trading. More than 90 candlestick pattern recognitions (and more than 30 unique indicators based on your plan) allow you to fine-tune your strategies. The best part is that no coding is required – just click to set alerts and indicators.
- Copy Trading Functionality: Cryptohopper’s Marketplace lets you purchase winning strategies developed by the world’s best traders. Each strategy provider goes through a rigorous vetting process to ensure that only high-quality strategy providers are made available to members. You may also connect with fellow traders and sign up for premium signals.
- No Additional Fees: Cryptohopper is transparent; it charges a simple fee monthly without any hidden fees or per-trade fees. Less costs could mean more profits for your business.
Adapting to Market Conditions
This OG “hopper” is still a clear choice for traders. This bot is suitable for manual, semi-automatic, and fully automated trading setups. It operates smoothly across all supported exchanges, handling any market condition, whether bull, bear, or sideways.
- Bull Markets: As prices go up, Cryptohopper’s trailing stop loss locks in profits and protects you from sudden dips. This trading bot is smart enough to place trades at major support and resistance levels; you won’t miss a beat.
- Bear Markets: When the market goes wrong, Cryptohopper protects you from losses by selling at the first sign of a dip. The bot can even benefit from falling prices on exchanges that allow short selling. Or you could simply program it to buy on dips and profit from the inevitable rise.
- Consolidating Markets: When the trend is not clear, Cryptohopper goes after small price movements in sideways markets. For example, suppose Bitcoin is bouncing between $30,000 and $35,000, you can set the bot to buy low and sell high and profit on every bounce.
No matter what the market delivers, Cryptohopper adapts quickly so you can stay ahead of the trend.
A step-by-step guide to setting up a Cryptohopper account
Setting up your account is easy and quick to do with Cryptohopper. Setting up your account couldn’t be simpler; just follow these steps and you’re good to go.
1. Create your account:
On the Cryptohopper homepage, press the “Sign Up” button, and type in the username, e-mail, and password. You will get a confirmation email to verify your account.
Figure 1: register your Cryptohopper account
Connect your Exchange account: Once you register your account, go to the exchange where you want to trade (Binance, KuCoin, etc.) and generate an API key. The API key allows Cryptohopper to securely connect to your exchange and conduct trades for you. Use the directions to add this API key to your Cryptohopper account.
Figure 2: Select Exchange on Cryptohopper. Image via Cryptohopper.com
2. Use Paper trading:
If you’re new to crypto, or you want to test your strategies without risking real money, you can use Cryptohopper’s “paper trading”. With this feature, you can execute real-time trades, however, no actual money is at stake. A good option to get used to the platform before going live. You can also choose a quote currency that corresponds with the pair you want to trade.
3. Choose Your Bot Type:
Now it’s time to choose which type of bot you want to use.
- Pre-built bot: If you’re a beginner or you just want something easy, you can pick a pre-built bot that’s all ready to go.
- Follow Signals: Cryptohopper gives signals from successful traders. You could copy this signal and have the bot trade on your behalf.
- Custom Bots: If you’re an experienced trader, you can create a fully customized bot using Cryptohopper’s powerful features and set up your strategy from scratch. You will also have to set a risk level for the bot (low, medium, high), which tells the bot how aggressively it can trade.
Figure 3: Select Bot type via Cryptohopper.com
4. Check your Settings:
Always visit your settings before enabling your bot. Make sure that everything is set up the way you want, including the selected bot type, strategies, and risk profile. If everything looks fine, press the “Start Trading” button to enable your bot. You will be led to the live trading dashboard
Figure 4: CryptoHopper Bot Overview via Cryptohopper.com
5. Monitor your Trades:
After the bot is up and running you can manage all your trades from the dashboard of Cryptohopper. You can:
- Change the bot settings if you want.
- See your live trades in real time.
- Use technical analysis tools to backtest your trading strategies.
- Check detailed trade stats and performance.
- Troubleshoot any problems that arise.
6. Track on the go:
Cryptohopper also has a mobile app that allows you to track your trades, see market data, check your position sizes, and more. In transit or traveling? Use your phone and trade on the go.
Is Cryptohopper Worth a Shot?
In the end, we think that Cryptohopper is an excellent trading bot that allows users of all levels of trading experience to benefit from its use. By choosing Cryptohopper, new traders will get beginner-friendly tools for copying trades, simulating trades with paper trading, and a DCA-based bot for accumulation. More experienced traders can use powerful tools like arbitrage trading to take advantage of price discrepancies across different crypto brokers.
Meanwhile, Pro trader can monetize their expertise on this platform and generate services on the website. All in all, Cryptohopper teaches you the ropes to trade smarter, more efficiently, and with more confidence, irrespective of your skill and expertise.
What’s more, Cryptohopper’s easy-to-use interface, advanced algorithms, plus connection with many exchanges and wallets make it easy to trade, test strategies, and stay ahead of the market. You may design your strategies, backtest them, set real-time alerts, and auto-trade with this indispensable trading tool.
Another plus point is security, Cryptohopper employs encryption technology and offers two-factor authentication for your data. Want to take your trading to the next level? Start using Cryptohopper today and let your bot do the work while you make smarter trading decisions yourself!
Side note: At ProvenCrypto, we see the potential of trading bots like Cryptohopper, but we stress the need to develop your trading skills. Even though you can use bots to trade, nothing is better than the insight gained from doing it yourself. To learn more about bot trading and strategies, check out our Trading Bots and Crypto Strategies pages for more tips and tricks.
