Cryptohopper Review: A Comprehensive Look at the Automated Trading Platform

Cryptohopper is an automated trading bot that connects to major exchanges like Binance and Coinbase through API keys to execute cryptocurrency trades 24/7. This bot operates based on user-defined strategies, trading signals, or templates found on its marketplace. In this article, we’ll explore the platform’s core features, advantages, drawbacks, user experiences, and pricing to help you determine if Cryptohopper aligns with your trading goals amidst the volatile crypto landscape.

What Is Cryptohopper?

Launched in 2017, Cryptohopper aims to simplify the trading process for users by enabling them to deploy customizable bots that execute trades autonomously. The platform is equipped with features such as backtesting, paper trading, and a marketplace providing signals and templates, catering to both novice traders and seasoned professionals.

Cryptohopper offers tools like Dollar Cost Averaging (DCA), trailing stop-loss, arbitrage bots, and TradingView integration for automated execution. Users can manage multiple exchanges from a single dashboard, with the platform ensuring that it does not hold custody of any funds. Additionally, mobile apps for iOS and Android allow traders to monitor their activities on the go.

Traders can connect popular exchanges, configure bots via a user-friendly drag-and-drop interface, or copy strategies pioneered by professional traders. While basic automated trading tools are available for free, more advanced features require a subscription.

Key Features of Cryptohopper

1. Automated Trading

The backbone of Cryptohopper is its automated trading feature, enabling constant execution of user-defined strategies. By setting parameters like buy/sell signals and profit targets, the bot can operate without human intervention, eliminating emotional decision-making and allowing for up to 10 simultaneous positions per hopper.

2. Social Trading Platform

Cryptohopper’s social trading feature permits users to follow and emulate successful traders in real-time. Users can access a marketplace filled with trading signals and templates, ranked according to past performance, which allows for an interactive community-driven trading experience.

3. Copy Trading (Copy Bot)

The Copy Bot feature automates the replication of trades from successful traders directly onto your connected exchanges. Users can filter hoppers based on risk levels and historical performance to optimize their portfolios, simplifying the trading process for those with less experience.

4. Dollar Cost Averaging (DCA)

Cryptohopper’s DCA strategy automates the buying process at regular intervals, helping to average down entry costs. Users can set triggers for specific market conditions to optimize their long-term positions and manage risk effectively.

5. Paper Trading

The platform’s paper trading feature allows users to simulate live trading with virtual funds, using real market data without financial risk. This function is essential for testing strategies and gaining confidence before moving to live trading.

6. Backtesting

Cryptohopper supports users in refining their strategies by offering backtesting tools. Traders can evaluate the viability of their strategies against historical data, ensuring a more informed decision when going live.

7. AI Trading

The AI trading feature employs algorithms to analyze multiple strategies and automatically deploy the most effective one based on current market conditions, facilitating adaptive trading.

8. Trading Terminal

The platform provides an advanced trading terminal loaded with real-time charts, live order books, and entry tools. It integrates seamlessly with connected exchanges, allowing for efficient trading directly from the dashboard.

9. Connect to Major Exchanges

Cryptohopper connects securely via API with leading exchanges, accommodating a wide variety of trader preferences. This ensures that users can manage their portfolios efficiently from one location.

10. Strategy Designer

The Strategy Designer is a no-code tool enabling users to create custom trading strategies by combining various technical indicators without any programming knowledge. This flexibility makes it accessible to traders of all levels.

Pros & Cons of Using Cryptohopper Bots

Pros

• 24/7 Automated Trading: Cryptohopper bots operate around the clock, facilitating timely trades and eliminating the need for constant market monitoring.
• Customizable Strategies: Users can create strategies tailored to their preferences or opt for pre-designed ones available in Cryptohopper’s marketplace.
• Multi-Exchange Support: The platform integrates with major exchanges, allowing for a consolidated trading experience.
• User-Friendly Interface: Cryptohopper includes onboarding tools and tutorials, making it easier for both beginners and experienced traders to navigate.
• Active Community & Marketplace: Traders benefit from community support and shared knowledge through the platform’s marketplaces for signals and templates.
• Risk Management Features: Features like paper trading and trailing stop-loss help users manage their risk effectively.

Cons

• Subscription Costs: The cost of advanced features can be high, particularly for smaller trading accounts.
• Need for Trading Knowledge: While the platform automates many processes, a fundamental understanding of trading strategies and market conditions remains essential.
• Learning Curve: Beginners may find the platform’s multitude of settings and options overwhelming.
• Mixed User Experiences: Users report varying customer support experiences, with some citing slow or unhelpful responses.
• Dependency on APIs: The reliability of automated trades can be affected by technical issues with exchange APIs.

Cryptohopper’s Pricing Tiers

Cryptohopper offers transparent pricing across four tiers, catering to different trading volumes.

• Pioneer (Free): Limited to manual trading with basic automated tools.
• Explorer ($24.16/month annually or $29 monthly): Supports 80 positions with starter automation.
• Adventurer ($57.50/month annually or $69 monthly): Offers 200+ positions, customization options, and arbitrage features.
• Hero ($107.50/month annually or $129 monthly): Unlimited positions, advanced AI tools, and enhanced indicators.

Is Cryptohopper Safe and Legit?

Operating since 2017, Cryptohopper is generally viewed as a legitimate platform. However, safety depends largely on how users configure their API keys and manage permissions. By ensuring that only read and trade permissions are granted (with no withdrawal options), users can minimize risks.

Security & API Permissions

When setting up API keys, it’s crucial to avoid granting permissions that would allow for fund withdrawals. Enabling IP whitelisting and setting up two-factor authentication further enhance account security.

User Complaints

Some users have reported issues with slow customer support, unexpected trades due to bugs, or problems with auto-renewing subscriptions. It’s vital to be aware of these areas while considering using Cryptohopper.

How to Get Started With Cryptohopper (Step-by-Step)

Step 1: Account Creation

Visit the Cryptohopper website, click on “Sign Up,” and register using your email or social media accounts.

Step 2: Personal Details

Complete the required information to personalize your account settings.

Step 3: Exchange Connection

Choose your exchange and generate API keys, ensuring only read and trade permissions are granted.

Step 4: Bot Configuration

Name your bot, select a risk level, and customize your settings for optimal trading performance.

Step 5: Start Trading

Save your configurations and activate your bot. Monitor your portfolio and make adjustments as necessary.

Cryptohopper stands as a capable option for automation in the trading world, providing a variety of features that can benefit different types of traders.