- What if you could automate your crypto trading settings?
- What if you could copy the trading strategies of other winning traders?
- What if you could test your strategies before putting in actual money?
- What if you could trade on multiple exchanges from a single platform?
Well, this is what Cryptohopper offers.
A platform for crypto traders which has been around for a long time, and has made a spectacular name in the crypto space.
Even though Cryptohopper is designed for professional traders, it has a few free features which a newbie trader could use. You will learn all about this in this detailed review of Cryptohopper platform.
In Cryptocurrency trading, every second count and using a bot ensures your trades are making a profit even when you are sleeping. To make life easier, you need to use a crypto trading bot such as Cryptohopper.
What is Cryptohopper?
Cryptophopper is a cloud-based crypto platform that is idle for advanced and beginner traders alike. Even if you are at a stage of learning about trading crypto, being a part of Cryptohopper will help you hone your skills like a pro trader.
Cryptohopper provides the tools unlike any other, which may have a steep learning curve, but once you ace it, you might have discovered a gold mine. The key here is to spend the first few countless hours learning the system. What I really like is, you can build your own strategy or pick an existing strategy, backtest it for the past data, do paper trading for current data, and then make it live. Such kind of sophistication makes Cryptohopper one of the top trading bots in the crypto industry.
If you are someone who is just getting started with crypto trading, you can always use their marketplace to pick strategies/signals (free and paid) and use it to automate your trading.
Top Features of Cryptohopper – What Makes it Special?
Cryptohopper is a multi-feature packed platform for crypto traders. Using the platform, you can not only trade on multiple platforms, but you can also build your own trading strategies, backtest it, and automate the trading.
As you start using this platform, you will discover a lot of features. Here I’m highlighting some of the popular features that you must know before you sign up.
The very first thing you could do with Cryptohopper (which is free), you can connect all your exchanges, and manage your portfolio from one place. This feature is free forever, and something you can use to just monitor your portfolio of all the exchanges at one place.
Strategy builder and backtesting:
The most powerful aspect of Cryptohopper is strategy designer, builder and backtesting component. You can pick any indicators or candles, to design your own strategy. None the less, you can backtest the newly designed strategy to validate it.
Once you are happy, you can deploy it to any hopper (Connected exchange).
Crypto Arbitrage bot:
One of the unique features of Cryptohopper is arbitrage bot. This bot is available for Hero subscription users, and it could let you make a profit with little changes in the market.
There are two types of Arbitrage bots available on Cryptohopper:
Market Arbitrage bot:
This bot finds the price difference between three different coins on the same exchange, to help you increase the quantity of your base coin. In the words of Cryptohopper, here is how market arbitrage bot works
“For example, say that you have BTC as the base coin. That Hopper has found a market arbitrage opportunity that includes the coins Ethereum and Litecoin. First, it will buy Ethereum (48 ETH) with Bitcoin (1 BTC) on the exchange (sell Bitcoin). Secondly, the Ethereum (48 ETH) the Hopper has just bought is used to buy Litecoin (153 LTC). The final step is to buy back Bitcoin (1.005 BTC), completing the triangle and increasing the initial amount of Bitcoin.”
Watch this below video to understand how the market Arbitrage bot works:
Cryptohopper let you take advantage of the price difference of the same coin on two different exchanges. The only requirement is, you need to have the same coin on both the exchanges. For example, you hold the LINK coin on Binance and Coinbase.
At one point in time, The cost of LINK on Binance is $4 whereas on the Coinbase it is $4.20.
The bot will help you to sell the LINK on Coinbase automatically, and buy on Binance at the same time, thus helping you make a little profit on the arbitrage opportunity. You need to transfer the coin from one exchange to another manually.
Again, watch this video to understand how Arbitrage bots work:
Market Making bot:
Apart from automation, CH also offers you a manual trading terminal, which works in conjunction with your Hopper settings. You can always change your Hopper settings from “Base config”. Here is a video guide explaining how to access the manual trading terminal:
Apart from the strategy designer, you have the ability to test the strategy using their in-built backtesting tool.
Once you are happy with the result of backtesting, you can save the strategy to test it with paper trading before making it live. Or if you feel super confident, you can make the strategy live by connecting to one of the Hopper.
If you want to make most out of Cryptohopper and make it a profitable avenue, you should test your strategies (Your own or even downloaded one), using paper trading. Every subscription enables you to get one paper trading account, and the best way to approach is:
This way, you ensure that your strategy is working in the live market condition. You can always have one live strategy and one test strategy running using the paper trading Hopper.
Note: In Cryptohopper ecosystem, paper trading is called as “Simulator”.
Cryptohopper offers a marketplace where you can buy or download free strategies, templates and signals.
Let’s understand the difference between these three:
- Templates are for more advanced users. It allows you to create a template for your Hopper and set triggers to load it when the market behaves a certain way.
- A strategy is based on technical indicators. You can create your own strategy with strategy designer, or you can download strategies from the marketplace.
- Signals are done by the technical analyst that sends you signals on when to buy or sell your assets. This is idle for the users who want to use the signals from other analysts. Make sure to check and see if the signaler has a proven track record and you trust the signals he sends.
Here is a screenshot of one such signals:
And when you scroll down to the bottom of respective signal page, you would see more details like:
If you plan to use signals to trade on Cryptohopper, make sure you spend a good time shopping for a good signaler.
Supported Cryptohopper exchanges:
At the time of writing this review, Cryptohopper supports the following exchanges.
How to start using Cryptohopper:
Here is how to get started with Cryptohopper:
- Create an account on Cryptohopper
- Once you are logged in, click on Your Hoppers and click on config wizard (top right).
- Click on “Start wizard”
- Now select the exchange on which you have an account, and use the API method to connect.
And, once you have connected to an exchange account, you can configure your Hopper with pre-made templates, subscribe to signals, or configure with your custom strategies.
If you are starting for the first time, select “configure yourself’ or “subscribe to signals” to find free signals. I have used “Configure yourself”, and picked a simple “Buy extreme dip” bot to take advantage of extreme volatility.
It literally took me <5 minutes to configure my first bot.
And within a day, I started seeing some profit. Mind it, this is when my bot was not very optimized, but it was pleasing to see the results within a few hours.
Note: I later on added one premium strategy to my account, and within hours the result starts pouring in.
Now, I let you discover more features of your own, as Cryptohopper offers a free trial which is good enough to help you learn and test the platform before you purchase your first paid subscription. Let’s look at the pricing of Cryptohopper.
Cryptohopper pricing caters to the audience of every size. The free plan “Pioneer” let you setup 20 positions and free portfolio management for life. After that, you can use the “Explorer” plan, and so on.
You can attach your subscription to one-hopper at a time. You can create multiple hoppers, but at a time you can run only one-hopper with any of your subscriptions. For example, I have a sponsored Hero account, so even though I have created 3 different hoppers I could run only one at a time with my subscription.
The good part is, I could assign my subscription to another bot at any time. Assigning subscriptions can be done from the hoppers page. Go to “view all your hoppers” and simply click on the button labelled “subscriptions” in the top right corner, and assign your desired subscription to the Hopper.
I can enable all 3 hoppers, by adding more subscription to my account. The easy way to understand the word “Hopper” is, it is a running bot. Every paid subscription offers you two hoppers. One live Hopper and one paper trading Hopper.
You can have multiple subscriptions to run more Hopper. There is a free plan, and the first paid plan is only $19/month, which seems reasonable. The most popular plan among pro trader is the Hero plan which cost about $99/month.
I wish they have sort of unlimited bot plan, that would be super cool. However, the value one bot could provide and the cost of running such high-end bot needs to be considered as well.
Cryptohopper supports multiple payment options which include payment via PayPal, Debit/Credit card, Bitpay, Pay with balance, and many top cryptocurrencies. These payment options can be used to buy any subscription of CH including paid signals.
Conclusion: Review of Cryptohopper
Cryptohopper is a well-established crypto trading platform for experienced traders. Features like strategy builder, backtesting, automation will help you to trade round the clock without stress. Even for newbies who just started recently, they have a ton of guides, and their blog is a gold mine to learn about various strategies that work. Cryptohopper interface is unlike any other that you have used, so be ready to learn a new machine that could take a little time.
There are paid and free signals which could be used by novice traders to get started even with no or little experience. However, I believe there is room for improvement in everything, and Cryptohopper could do that with more help guides related to their platform, which is a giant machine. Discovering on our own takes time, but it is worth it. One can always get on the support chat or even speak with Cryptohopper community in case if needed help.
Have you been using Cryptohopper? How’s your experience with Cryptohopper? Let me know in the comment section below… If you like this review of Cryptohopper, share it with your crypto traders friend.
If you have a question about Cryptohopper, ask in the comment section below.
Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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- What is Cryptohopper?
- Top Features of Cryptohopper – What Makes it Special?
- How to start using Cryptohopper:
- Cryptohopper Pricing:
- Conclusion: Review of Cryptohopper