I've been using Cryptohopper trading bot for more than 2 years now, so I think it's time to give my honest review about it hopping that it will be useful for you.
Please remember, the content of this article is simply my personal opinion based on my own experience and not a financial advice in any way.
About automatic trading bots
Before talking about cryptohopper, lets see first why automatic trading bots have become so popular for a while now. There are several reasons behind this popularity, for example:
- they work 24/7, so they are able to catch every opportunity
- they can be used by professionals as well as beginners
- they are emotionless, so they follow the strategy what ever happen
- they can collect micro-profits and still being profitable, a human being cant stay hours in front of his screen to collect small profits
- they can be back-tested before deciding to use them
- they can make mathematical calculations, take decisions and submit trades in a split of a second
- ... and many other reasons for sure.
About Cryptohopper trading bot
Cryptohopper is a cloud based trading bot, witch means that you don't have to let your computer running 24/7 in order to keep the bot running and you don't even need a VPS server for that. Also, as you have assumed, you can access and manage it on the go simply by using your smartphone.
All you have to do is to set it and forget it, and it will do all of the hard work 24*7*365.
At the time of writing, cryptohopper supports 13 big exchanges to maximize the chances of profit:
- Binance (join here to get lifetime 10% trading fees discount)
- Coinbase Pro
- Bittrex
- KuCoin
- Bitvavo
- Kraken
- Binance.us
- Poloniex
- HitBTC
- Bitfinex
- OKEx (join here to get $10 in free Bitcoin when you buy $100 or more of crypto on your first order in OKEx)
- Huobi Pro
- Bitpanda Pro
Before we jump to cryptohopper futures and what it makes this bot extremely efficient, I think it's important to let you know (right now) that you can get 7 days free trial (no credit card required). After the free 7 days expiration, you can either upgrade to a paid subscription (if you feel conformable enough with the bot) or continue the with the lifetime free Pioneer subscription.
Cryptohopper features
What I like the most about cryptohopper is the huge features that is offering in addition to the quick support and the teachable academy that helps users get started even if they are completely newbies in trading.
So, let's talke about cryptohopper best features:
Paper trading
This is my favorite feature, even after 2 years of using cryptohopper!
Every time you want to test a new strategy or signal or even new parameters, the best thing to do (after backtesting it) is to tray it for few days using "paper trading". That allows you to optimize you settings without risking real money.
Backtesting
The backtesting feature allows you to test your strategy against historical data. You can check the performance of different strategies before choosing and deploying the best one according to your objectives. You can backtest your own strategy or market strategy. (Yes, you can buy proven strategies made by professional traders directly from the cryptohopper's market! Simply amazing if you are new in trading!)
Position management
This is also one of my favorite cryptohopper features, because I love take some manual trades when I have time! (the bot continues his hard work at the same time).
You can not only set your stop loss, take profit and trailing stop loss, but also merge or split positions, create a DCA order, quickly move your stop loss to reduce your risk, close position immediately...etc
All those settings can be defined in your strategy and you can at any time (but you don't have to and you shouldn't, unless you really know the way) adjust them according to your market experience. (but be aware of your emotions)
Market making
The primary goal of market making bot is profiting on the bid-ask spread, which is the difference between the ask and the bid prices of a coin. You should choose coins with large spread and let cryptohopper buy and sell them again and again to accumulate small profit at every operation.
Triangular and cross exchanges arbitrage
If you have no idea about the arbitrage meaning, just do a quick search about it.
Cryptohopper can perform both: triangular arbitrage inside the same exchange or a simultaneous cross exchanges arbitrage. At the time of writing, those functionalities aren't available with the basic plan (Explorer subscription) so you need to upgrade to use them.
Other features
Cryptohopper offers many other cool features like templates, mirror trading (using paid and free signals), market strategy to get paid or free strategies, mobile app to manage the bot and to get notifications on your smartphone, detailed statistics about your trades..etc
...and many other features that you can explore by yourself by visiting the official cryptohopper website.
Pricing
Cryptohopper offers four accounts levels:
- Pioneer Subscription (lifetime free plan, useful for manual trading or managing cross exchanges portfolio in one central dashboard)
- Explorer Subscription
- Adventure Subscription
- Hero Subscription
I'll avoid to put prices here because they may change at any time. So, if you want to check the current prices, it's recommended to visit the cryptohopper official website.
Conclusion
As cryptohopper user for more than 2 years, I've seen the project improvements over the time. Every few months, the company launch a new feature or offer (like market making, arbitrage, Pioneer subscriptions, mobile app, teachable academy tutorials...etc)
The best thing is that you can setup you 7 days free account and start trading immediately with absolutely no cost.
After the 7 days free plan expiration, you can still use the bot for free if you prefer not to upgrade to a paid plan at this time.
This give you time to find and backtest the best strategy for you before moving to the next level.
