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Constant growth, innovation, and increased competition with professional trading firms in the cryptocurrency industry have forced retail traders to find new and better avenues to make potential profits. But with the constant volatility and highly unspeculative nature of the industry, it can be extremely difficult to create a profitable trading strategy that could work. This is where trading tools like Cryptohopper which facilitate the automated buying and selling of digital currencies come into play.
In this Cryptohopper review, we dive deep into how the automated trading bot works, its top features, supported bots, pricing, security, and customer reviews to gauge whether it's worth using to complement your trading strategy.
Cryptohopper is a worthwhile crypto trading platform with algorithmic bots that supports 16+ exchanges and a fleet of 1,000+ cryptocurrencies. Investors can automate investing procedures using pre-configured trading templates, paper trade crypto, set signals, intuitive backtesting module, and alerts on Cryptohopper. Undoubtedly, Cryptohopper is one of the best crypto bots for trading, which can be easily configured without any coding knowledge. Its copy-trade system is another great aspect for professional traders to earn additional income and those (without much experience) that wish to follow and copy the most profitable users.
Unfortunately, experienced traders find the features available on the free and basic subscriptions very limited, such as a maximum of 1 crypto bot and 2 trigger orders at any time. The premium packages are suited for serious traders, however, the pricing of up to $99 per month is quite expensive.
- Create strategy scanners using Cryptohopper’s copy-trading feature
- Place trades on behalf of investors using pre-configured instructions on 1,000+ digital assets
- Integrate with Binance and 15 other reputable centralized crypto trading exchanges
- Browse a marketplace with tested crypto trading strategies and real traders to replicate
- Intuitive mobile app to monitor the performance of a trading portfolio 24/7
- Does not support decentralized crypto exchanges
- While coding skills are not required, users must have a thorough understanding of technical analysis, backtesting and strategies
- Free and basic subscriptions are limited in features and premium packages are expensive
- Some feedback that automated orders can be delayed resulting in slippage
Cryptohopper was launched in 2017 to specialize in automated trading bots to give investors more control over their time. The end product was a cloud-based trading tool that allowed investors to trade across multiple centralized exchanges simultaneously. With this tool, investors can easily preset commands and conditions and let the trading bot buy and sell digital currencies once those conditions are triggered. However, Cryptohopper is only as efficient as its human user because the investor still needs to set up the trading commands the trading bot works with.
The AI trading tool can easily be configured to trade over 1,000 cryptocurrencies 24 hours, seven days a week. The automated pre-configuration reduces the screen and research time investors have to undergo before locking profits. In addition, the Cryptohopper platform can be used to copy the successful crypto trading strategies of other investors. Thereby operating as a copy-trading and social networking software that investors can use to connect and communicate with one another on the Cryptohopper platform.
|Year of Launch||2017|
|Supported Exchanges||16 exchanges using APIs|
|Number of Trading Bots||Auto trading bot, copy-bot, arbitrage bot, market maker bot, and unlimited number of custom bots|
|Demo Exchange to Test Bots||Yes|
|Mobile App||Yes (Android and iOS)|
|Pricing||Free plan, paid subscriptions between $19 to $99 per month|
How Does Cryptohopper Work?
In simple terms, the role of Cryptohopper is to essentially automate actions that normally a trader would have to make while trading. These actions have to be calculated, and strategized and most importantly, need to be taken at the correct time. However, cryptocurrencies are a 24/7 market. This means that a user without an automated bot like Cryptohopper may not be able to watch over their positions or take necessary actions at all times, which could end up with them losing funds.
To avoid this, the Cryptohopper bot is enabled on centralized exchanges like Binance or Coinbase with the help of Application Programming Interfaces or APIs. Similar to smart contracts in cryptocurrency that automatically execute written codes, traders can simply set up a strategy on Cryptohopper and be free of any worries. When the price of the asset that is being traded reaches the point where the trader had set up Cryptohopper to sell or buy, the action will be executed instantly without any manual intervention.
Typically, automating trade or letting an AI-powered bot take strategic decisions on its own was a luxury that only those people could enjoy who had complex coding knowledge. But thanks to excellent alternatives like Crypthopper, this facility is now something that everyone can access with ease.
Cryptohopper Comparisons and Alternatives
|Exchange||Crypto Assets||Trading Fees||Rating||Promotion||Website||Review|
|Depends on exchange connected||None|
|None available at this time||Visit Coinrule||Coinrule Review|
|None available at this time||Visit TradeSanta||TradeSanta Review|
|Unlimited via exchange API||None|
|None available at the time of writing||Visit Bitsgap||Bitsgap Review|
Review of the Top Features on Cryptohopper
Cryptohopper offers a wide range of features that investors can utilize to make more profitable trades. Here is our commentary on the primary features of Cryptohopper.
The Cryptohopper platform is built around auto trading. Users can tailor the platform to their individual strategies with the highly configurable automation feature that can be beneficial for all types of traders, even those without any prior experience in trading. Automatic trading, just like the name suggests allows users to automate the entire trading process. A few examples of automated trading features include thorough backtesting, technical analysis (TA) scan interval, selected coins to buy, and simultaneous targets to buy, amongst others.
Alternatively, customers can purchase tested trading strategies from the Cryptohopper Marketplace. This way, they can mitigate potential losses from a lack of market knowledge while increasing their chances of locking profit from their trades. This means users can simply copy pro traders with a great track record that can be verified with a full history of their performance.
Additionally, users can subscribe to trade signals, which would let tell the bot when to buy or sell. Those with more experience can also create their own strategies, and allow the AI-powered bot to take care of the rest. In short, the automatic crypto bots on Cryptohopper are one of the best features, and with proper use, can make traders even better with 24/7 trading automation. The only downside is that it does require basic knowledge of crypto trading.
Backtesting and paper trading
The backtesting tool is a feature widely used by advanced traders. It essentially includes checking the effectiveness of a strategy before actually using it in order to earn profits. Backtesting too has been made simple and a de-cluttered experience with the help of Cryptojopper. Using Cryptohopper to deploy strategies that are backtested is also an automated process, with the user’s interaction only being limited to what their preference is.
Backtested strategies can be put to the test using Cryptohopper's demo account via its paper trading feature. This account comes with a real bot and one simulator. With these tools, investors can learn about the platform’s features and run simulations before creating an account or investing funds.
That way, investors can build confidence and avoid risks without the need to subscribe upfront to run the bot or test the available strategies. All trading strategies available on the live account are available on the demo account without any limitations, so users can evaluate both simple and complex trading strategies before deploying live funds.
Related: What is the best demo account for cryptocurrency?
Trading algorithms are created using complex coding and frameworks that can be difficult to create or understand for a majority of crypto users. Cryptohopper’s Strategy Designer is built to ensure that even a beginner can start creating their own strategies by combining and testing indicators.
Practicing and designing solid strategies is surely an easy way to earn profits. However, one can also sell their successful strategies on the Crytphopper marketplace. As a unique feature that not a lot of platforms or automated bots provide, Cryptohopper has gotten much praise from the community for adding this option.
130+ technical indicators and candlestick charts
Cryptohopper features over 130 of the most used cryptocurrency indicators, candlesticks, and customization capabilities to enable skilled traders to personalize the crypto bot to suit a current, or new trading strategy. This allows serious crypto traders to combine multiple techniques, boosting their chances of minimizing losses and generating returns. While there is a solid backtesting program to test out new strategies without any coding experience, some knowledge of technical analysis is required to configure the implementation of the indicators.
This can be a time-consuming task, but Cryptohopper makes it easy with custom alerts for most indicators. Overall, traders will not be short of combining their favorite technical indicators to develop a unique trading bot.
Trailing indicators to maximize potential profits
Volatility is a defining aspect when it comes to cryptocurrencies. Prices fluctuate at a surprisingly high rate, and this needs to be countered in the most effective way possible. Trailing orders does exactly that, without any extra actions to be taken by the users. Ideally, Trailing orders on Cryptohopper are of three types. These include:
- Trailing Stop Loss. Trailing stop loss lets users take full advantage of a profitable situation. When the price goes up, the trailing stop loss adjusts accordingly and increases the stop loss price. When the crypto finally plunges, the spiked stop loss gets hit, which helps the users make better profits.
- Trailing Stop Buy. Using this, the trader’s Hopper will only buy when the price has already dipped once. Essentially, it will place the order as the price of the crypto starts going up right after it plunged.
- Trailing Stop Short. This type of trailing order can be used to mitigate risk. The trader’s Hopper will automatically sell the position before the price dips. Once it has already decreased and is making its way back up again, the bot will buy back again too. While profits may not essentially be huge when it comes to this order, losses will definitely be minimized.
Dollar Cost Averaging (DCA)
DCA is a common practice among investors and Cryptohopper completely automates this strategy. The point of DCAing investments or positions is to essentially get a lower average price. This can be done for both investments as well as trading positions. Thus, a user can simply load funds, set up their Cryptohopper bot, and let the bot take care of investing or trading by buying assets at the right time in parts.
With the Arbitrage Feature, investors can trade across exchanges omitting a transfer of funds. By connecting these exchanges, the bot searches for crypto arbitrage opportunities and performs the trade so the users' can profit from the price differences. This bot can be programmed to execute arbitrage trades at any time. Ultimately, investors can profit from the price difference between the available trading pairs traded by the hopper across these exchanges.
Another unique feature of Cryptohopper is Copy Trading. Cryptohopper allows users to mimic the trading strategies of expert traders on the platform. There is a complete marketplace to browse through a variety of pro traders and find a trader to copy. This feature is ideal for beginner investors who can buy or sell cryptocurrencies by following the exact trading decisions of advanced traders. Cryptohopper customers can easily use strategies from experts called ‘Signalers’ for this purpose. The trader's bot, also called 'Hopper', is notified as soon as signals to buy or sell are created, and will deploy a process to take necessary actions.
There is a cost to copy-trading on Cryptohopper as the Signalers can charge between 15% and 30% commission per trade. This is a steep price to pay but can be very profitable if following a signaler with a high trade success rate. Those who do not want to subscribe to Cryptohopper's trading signals can use other available traders’ strategies and templates, including trading algorithms they can leverage to execute trades.
Similar to eToro's copy-trading system, copy-trading on Cryptohopper can provide potential passive income to users. It is, however, important to find and subscribe to the right Signaler to ensure good quality trades. This can be done by checking their performance reports.
Having to log in and log out of multiple exchanges to access multiple cryptos can be a task. Investors or traders often end up having to create multiple accounts throughout different exchanges so that they can trade assets that wouldn't be available on one platform. Trading Terminal solves this problem by creating a single place to keep track of one’s entire portfolio. It aggregates data from all connected exchanges and shows real-time information regarding prices, value, and the number of crypto under a single dashboard. Naturally, this can prove to be highly beneficial and time-efficient.
At the time of writing, Cryptohopper supports up to 16 cryptocurrency exchanges and trading platforms, of which the first 7 are its official partners. While it is already available on the most commonly used exchanges in the world, Cryptohopper developers assure that they will be working on making the bot available on a larger number of exchanges.
However, the current coverage is more than adequate based on our experience as they collectively cover all the major trading pairs. The exchanges supported include ByBit, Exmo, OKX, Bitpanda Pro, Bitvavo, HitBTC, Huobi Pro, Bittrex, Binance, Coinbase Pro, Poloniex, Binance.US, Bitfinex, Kraken, Kucoin, and Crypto.com.
The overall interface of the Cryptohopper website is highly visual within an easily accessible window. However, a beginner may require some time to be acclimated to using Cryptohopper if they don't have any experience with creating or programming bots, and the multiple features, options, and configurations for each automated strategy can be overwhelming. Despite this, Cryptohopper makes its best effort to ensure each and every option on the navigation menu is clear and concise.
Once the trader is familiar with the platform, Cryptohopper can be extremely easy to use. It has managed to perfectly categorize every product offered with the required data and examples. There are multiple blogs and video instructions on how to take maximum advantage of the platform and move through the website or app.
Overall, the user experience of Cryptohopper can be considered to be excellent. It has all the necessary resources to get even a new trader started, and has attractively placed sections that elaborate on single categories. From infographics to user testimonials and content cards, Cryptohopper has truly done a good job in terms of appealing to the audience and potential customers. However, Cryptohopper is more suited for serious crypto traders to navigate and understand its features. Moreover, the demo account option can be used to practice and test the platform’s functionalities before using real money.
Cryptohopper has a free plan that comes with up to 20 open positions, basic portfolio management, and manual trading on its exchange via APIs. The free option is suitable to explore the platform, however, traders that want to get the most out of Cryptohopper will need to purchase a paid subscription. There are three paid plans available: Free, Explorer, Adventurer, and Hero, of which one offers a free trial. The cost ranges between $19 to $99 per month paid monthly or can be reduced if purchased annually.
In comparison to its competitors that we have reviewed such as Coinrule, TradeSanta, and Zignaly, the pricing plans on Cryptohopper are slightly more expensive based on our reviews. To pay for a subscription, Cryptohopper accepts payment using Paypal, Bitpay, Giro pay, Bancontact, KBC and even Bitcoin. Here’s a look at Cryptohopper’s pricing and features:
|Pioneer||Free||20 positions, portfolio management, manual trading, all available exchanges|
|Explorer||$16.58 per month for annual fee, or $19 monthly fee||80 positions, portfolio management, manual trading, all available exchanges|
|Adventurer||$41.58 per month for annual fee, or $49 monthly fee||200 positions, portfolio management, manual trading, all available exchanges|
|Hero||$83.25 per month for annual fee, or $99 monthly fee||500 positions, portfolio management, manual trading, all coins for signals, market arbitrage, algorithm intelligence|
While Cryptohopper doesn't have any access to the user’s funds whatsoever, it still has a strong 2FA option that users can set up. The developers claim to be constantly working towards creating the product to be of utmost security and work with exchanges that have a reputation for being highly secure entities too. It should be noted that crypto bot APIs have been targeted before by hackers which can compromise the connected exchange. A recent example involved 3Commas in which the API was compromised.
Moreover, Cryptohopper also has a Security Bounty Program, where people who find bugs or any discrepancies within the platform can report it in exchange for a potential reward. However, this isn't an assured outcome, since Cryptohopper reserves the right to decide if the bounty hunter should be rewarded or not.
According to Trustpilot ratings, the platform has a 4.0 out of 5 stars. Of the 237 Cryptohopper customer reviews, 56 percent of the respondents rated the automatic trading software five stars, whereas 26% rated it 1 star. Some complaints are about platform bugs, while others are about poor customer service.
Meanwhile, most customers indicated the platform is simple to use and set up. Cryptohopper provides an online chat feature for contacting the support team, located in the bottom right-hand corner of the Cryptohopper website. The blue chat button allows users to live chat with the online agent and visit the FAQs page. Another customer service checkpoint is the support ticket. Users can drop detailed information on their challenges alongside their email addresses.
Frequently Asked Questions
Cryptohopper is reasonably rated by its existing customers, with a 4/5 star rating based on 237 reviews on TrustPilot at the time of writing. On our use of the platform, we found it will be highly suitable for experienced traders only that are comfortable with developing, testing, and configuring automatic trading bots. For newer traders, Cryptohopper's copy-trading feature is worthwhile to generate potential passive income, however, there are viable alternatives to consider such as eToro.
The best way to use Cryptohopper is to first have a strong foundation in crypto and investing. The platform is only as efficient as the user and only responds to predefined commands. Therefore, the best results of using the bots will come from experienced traders with a solid and proven track record of trading cryptos.
Yes, the pioneer plan on Cryptohopper is free to use. However, it allows access to a limited number of tools and features as compared to other plans that charge a certain annual or monthly subscription fee.
Cryptohopper is definitely targeted at pro traders that want to automate their existing trading strategy or refine their edge to improve their profitability. Using a bot to automate the entire trading process without relying on codes makes it quite easy to use. Cryptohopper does stand out with its combination of technical indicators, third-party trading experts, templates, and alerts on offer. Sadly, the platform relies on the user to supply the needed info since it runs on algorithmic logic. As a final verdict, Cryptohopper is a suitable crypto bot trading platform that appears to be secure, has a very wide set of features, a competitive pricing plan, and satisfactory customer service.
|Features||4.7 / 5|
|Supported Fiat Currencies and Deposit Methods||2.5 / 5|
|Supported Cryptocurrencies and Trading Pairs||5 / 5|
|Fees||3.8 / 5|
|Ease of Use||4 / 5|
|Customer Support||4 / 5|
|Security Measures||4 / 5|
|Mobile App||4 / 5|