Cryptohopper crypto bot: full app analysis and how-to guide
Cryptohopper is a Netherlands-based semi-automated crypto trading app. It has been helping people with crypto trade since 2017. The current number of users that put trust in Cryptohopper is more than 140 thousand, and the number keeps growing.
Its security is quite high, and compared to other super-secure software such as Pionex, it also offers demos and support for the users.
Pros and Cons
Cryptohopper trading bot: the essentials
What is special about Cryptohopper is that it is suitable for all expertise levels. Thus, it offers full trade automation for beginners and only partial automatization for advanced users.
Cryptohopper guarantees sufficient liquidity through compatibility with the eight largest crypto exchanges (Binance and Coinbase PRO included).
In order to use Cryptohopper, there is no need to deposit funds directly on the platform. It functions as a third-party app, that can integrate with other exchange APIs the person uses and trade with funds deposited there. So far, it is compatible with the eight most estimated exchanges (Kraken, Binance, Huobi, and others).
There is no minimum deposit on Cryptohopper, although the amount of €300 is recommended so that the system can balance between multiple transactions risks and meeting minimum requirements.
The new users can get in touch with the Cryptohopper community via Reddit, Telegram or Discord groups, available in Dutch, French, Spanish, and Portuguese, apart from English.
Registration process on Cryptohopper
Step 1 – Create an Account. As usually is the case, new users need to provide the system with a name, email address, and phone number to make an account. The email confirmation is necessary at this step as well.
Step 2 – Account setup. Upon creation, the user needs to specify the keys to their exchange API and set some of the basic configuration details. The setup wizard helps users with this process and provides all the necessary information and tutorials to make the process seamless. Setting up two-factor authentication is highly recommendable.
Step 3 – Sign up to Signallers. After creating and setting up the account, the next step is to go to the Cryptohopper Marketplace and sign up for some of the bot templates (a.k.a. signallers).
The Cryptohopper App features review
Cryptohopper is available in both desktop and mobile phone/tablet (Android and iOS) versions.
Apart from the full or partial automation features, some of the most important features of Cryptohopper are Pre-live testing and Marketplace options.
Pre-live testing enables users to test their programmed bots, without any risks for real losses.
The marketplace option is another interesting Cryptohopper feature. Namely, if a user doesn’t want to use the app’s predefined bots, nor set the parameters personally, they can purchase bot settings from other users on Cryptohopper Marketplace. It is also possible to customize these settings.
Of course, applying other people’s strategies comes at a risk, but this is also a great way to benefit from the community gathered around this platform. To reduce risks, there is a detailed record of the bot’s effectiveness and its creator’s user ratings.
Additionally, since data is crucial for successful trading, Cryptohopper enables insight into some key analytics. These include Absolute Price Oscillator (APO), Hull Moving Average, Elder Ray, and 130 technical indicators more.
If you like the opportunity to test the bot before using it, check out other bots with demos such as Coinrule or 3Commas.
Security, licensing, and pricing
The fact that Cryptohopper doesn’t require funds goes in favour of its safety. In case of any hacker attacks, the hackers wouldn’t be able to collect any funds as bots don’t have access to them.
Furthermore, although the company is secretive about the names that stand behind the project, the company itself is legit and is registered in Amsterdam, Netherlands. Besides, Cryptohopper is enlisted among the top three crypto trading bots in 2021 by some crypto websites.
Still, it is worth noticing that Cryptohopper hasn’t been licensed by any financial authority so far. The fact that it has been registered with the Dutch Chamber of Commerce instils some trust, though.
Cryptohopper offers four pricing plans:
- Pioneer (free). It includes features such as up to 20 trade positions, manual trading, and portfolio management
- Explorer ($19/month). Up to 80 positions, 2 triggers, 15 selected coins, and more. Also, this plan has a 7-day free demo version.
- Adventurer ($49/month). With this plan, the user gets to have up to 200 positions, 50 coins, Exchange arbitrage, etc.
- Hero ($99/month). Except for the opportunity to trade in 75 coins and having up to 10 triggers, this plan offers Algorithm Intelligence, Market making, and Market arbitrage features.
It is possible to pay for subscriptions only via PayPal or with some cryptocurrencies (Bitcoin, Bitcoin Cash, Monero, Litecoin, Ripple, Zcash, and Dash).
Investing with Cryptohopper: tips and tricks
If the user decides on full automation, the most prominent features at their disposal are Bull and Bear Market, and Consolidation Periods.
The Bull Market feature enables the user to protect previous gains and prevent losses in times when the prices of certain crypto continue to grow. The Bear Market feature, on the other hand, is there to recognize the dropping prices, and potentially exit a trade in case of negative trends. When the market is in a period of consolidating, it can be particularly hard to predict trends and trade efficiently. That is where the Consolidation Periods feature comes into play, as it detects opportunities for micro profits and avoids loss risks.
As for users who feel confident enough to use semi-automated Cryptohopper, they need to do some programming. The Cryptohopper bot is programmed by setting the desired IF/THEN scenarios, and suitable triggers to activate them.
Although the user should be knowledgeable in DeFi to program it, they aren’t expected to be developers. Cryptohopper has developed a simple Drag and Drop interface to help users set their personalized bot with minimum effort.
User feedback on Cryptohopper
It is possible to contact Cryptohopper customer support through multiple channels: through the Support Section, or via Twitter or Telegram.
Additional support is provided through the Cryptohopper community, in the FAQ section, and video library available at the Cryptohopper Academy section.
If support is what you appreciate with trading bot software, we can recommend the Bitsgap bot. It offers support and tutorials that help you get the best of trading.
From the perspective of customer reviews, Cryptohopper is definitely a “would recommend”. Its rating on Apple Store is 4.3, while on Google Play it is 3.2. The significantly lower ratings on Google play come from the recent update, which obviously had a bug and reasonably damaged the user experience for Android devices.
Is Cryptohopper legit or a scam? – Our verdict
Cryptohopper is a legit application, with a long-lasting tradition and a solid base of loyal consumers. It is suitable for both beginners and advanced users and has a series of original features unavailable elsewhere. If we disregard the failure of the recent update, which will most probably be corrected, this is an almost flawless platform.
FAQ on Checking Is Trading Bot a Scam
What is Cryptohopper?
Cryptohopper is a semi-automated trading bot platform. It has been in existence since 2017 and is registered in Amsterdam, Netherlands.
Can I trust Cryptohopper?
Cryptohopper is not a scam. It is a legit trading bot that offers numerous benefits. Although no authorities have issued a license to Cryptohopper, it is registered with Deutch Chamber of Commerce.
It also doesn’t require any funds, which protects against hackers. Cryptohopper has been voted in the top three crypto trading bots in 2021 by numerous crypto websites.
Who can use Cryptohopper?
Cryptohopper is an excellent option for beginners and experts. It offers a fully automated mode that is suitable for beginners, but also only partial automation for more experienced users.
How much can you make with Cryptohopper?
Cryptohopper claims that $250 is enough to start and that it can make a profit of up to 10% daily. While this is true, most reviewers agree that it is more likely to make 2-4% daily or 7-10% weekly. This, of course, boils down to the market conditions and strategies employed in the end.