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Cryptohopper Review 2024: Trading Bot Analysis
Luis Clark
- URL: https://www.cryptohopper.com
- Year Founded: 2017
- Pricing: Free to $99.99 per month
- Free Trial: Yes (7 days)
- Payment Options: Bitpay, PayPal, Bancontact, Giro Pay, Bitcoin, KBC, credit and debit cards (MasterCard, American Express, Visa, and Discover), Sofort Banking, iDeal, Przelewy24, Bank transfers, Litecoin Payments, Apple Pay, Google Pay
- Supported Exchanges: Bitrex, Bitvavo, EXMO, Bitpanda Pro, Binance, KuCoin, Crypto.com, Bybit, OKX, Huobi, Coinbase Pro, Binance US, Kraken, Poloniex, Bitfinex, and Coinbase Advanced
- Cloud Based: Yes
- Reported Profitability: Dependent on the market and user strategy (Most users aim for 1% to 3% per day)
- Customizable Strategies: Yes
- Scalping: Yes
- DCA: Yes
- Arbitrage Bot: Yes
Cryptohopper Review: Our Opinion
Cryptohopper is an all-around crypto trading bot service that doesn’t just offer trading bots and supports automated trading but enables users to manage over 7 exchange accounts from one dashboard.
It also allows traders to execute trades by copying other professional traders as well as participate in social trading as it offers a signal service where users can buy trading strategies.
In general, Cryptohopper provides a comprehensive trading terminal and offers an all-inclusive service for users looking for crypto trading bots.
This all comes at a cost though, as Cryptohopper is arguably one of the most expensive trading bots in the industry. But it offers a free trial, which will enable you to test out the Cryptohopper bots service before committing to a monthly payment system.
Intro/Company Overview About the “BOT” Creators
Cryptohopper was founded in 2017 by 2 Dutch brothers, Ruud Feltkamp and Pim Feltkamp (a day trader and an engineer respectively).
It is based in Amsterdam in the Netherlands and works as a SaaS (Software as a Service) solution that connects to popular cryptocurrency exchanges via API keys.
Currently, Cryptohopper has more than 160,000 registered users.
In 2018, Cryptohopper underwent a rebranding phase as it replaced its brand imagery (previously a Kangaroo). This rebranding phrase came with new features such as more built-in indicators, increased signallers, paper trading mode, candlestick pattern recognition, and more. The new changes were fully mentioned at the North America Blockchain Expo in 2018.
Pim Feltkamp was behind the creation of its trading bots which quickly grew in popularity from their immediate families to friends then finally globally, which is when Cryptohopper went public.
Beyond its trading bots, Cryptohopper offers a wide range of services including
- Allowing users to connect to over 7 crypto exchange accounts
- Enabling users to participate in social trading where users can buy trading strategies for their Cryptohopper automated trading bot as well as engage in an internal chat for ideas
- Use Market-Making, DCA, and Arbitrage tools and the Cryptohopper proprietary charting solution.
- Engage in copy trading
- Use custom strategies
Pros
- Easy to use
- Good customer service
- Offers custom strategies
- Connect to a wide range of exchanges
- 7-day free trial
Cons
- High pricing plans
Cryptohopper Review: Unique Features
Automatic Trading Platform
Cryptohopper allows you to execute automated crypto trading using several automated trading methods including social trading, semi-automatic, and fully automatic trading.
With automated trading, you do not need to worry about keeping up with market movements.
The Cryptohopper automated trading bot automatically recognizes trends and switches to a better strategy when needed.
All you need to do is create or download the strategies – the trading bot will watch the market for you and buy or sell based on the set parameters.
Cryptohopper is hosted in the cloud and available 24/7, this means you can execute trades at any time and from any device including your mobile phone and smartwatch.
Semi-Automatic Trading
This automated trading method is suitable for inexperienced traders who are not yet ready to dive into algorithms and algorithmic trading. It is also best for traders who like to keep the buying decisions to themselves.
With this automated trading method, you open the trades but the trading bot sells them automatically.
Cryptohopper offers several useful tools for semi-automatic traders. These tools are divided into 2 groups: buying tools and selling tools.
Buying tools available on Cryptohopper include Trailing stop-buy, Dollar Cost Averaging, and Trailing stop-short.
The Trailing Stop-Buy (TSB) can be used to delay and track your buy to ensure that you do not purchase at the bottom. TSB tracks the price until it goes up and then you can initiate your buy order.
Dollar Cost Averaging is used to average out your buying price. It is used like the Martingale technique which is used when your position is deep in loss. You need a lot of funds for this technique because you will need to keep doubling down on your investment until you make a profit when the price rises.
The Trailing Stop-Short is a buyback function that is initiated when you expect a position to make a more significant loss.
Cryptohopper also offers selling tools like Take-Profit, Trailing Stop-Loss, and Take-Profit.
The Stop-Loss function prevents you from making further losses while Take-Profit sells automatically when you have made a profit.
The Trailing Stop-Loss tracks the price up and sells your position when the price goes down for a percentage.
Copy Trading
Copy Trading which is also known as Mirror Trading allows you to copy the trading strategies of professional traders in Cryptohopper.
You can fully copy expert traders by subscribing to signalers who send out signals that your bot can automatically execute.
You can view the performance of a signaler in the Cryptohopper marketplace.
You can also semi-copy a trader by using Stop-Loss to protect you against deep losses and using the Trailing Stop-Loss to sell at the right time.
Full Automatic Trading
To use this automated trading technique, you need to know how the Hoppers scan the markets, how to use the trading tools, and advanced analysis tools.
An important aspect of using this technique is determining which coins you want to trade and how to spot the best buying opportunities.
Next, you need to build your own trading strategy or download a strategy from the Cryptohopper marketplace.
You also need to select the indicators you intend to use. Once this is done, you can test the strategy until it gives you the desired result.
Paper Trading Account
Cryptohopper offers paper trading accounts that allow users to test their strategies and trade using real exchange data with virtual crypto funds before trading on the actual trading bot.
With paper trading, you can test and perfect strategies without the risk of losing money in sideways or bearish markets on your actual trading bot.
The platform gives you the option to create one paper trading Cryptohopper account for every paid subscription. You will also be asked if you want paper trading access when signing up for Cryptohopper.
To get the best out of paper trading on Cryptohopper, you should connect your exchange account. You are also required to select a base currency.
Cryptohopper offers templates that you use for your paper trading.
To create a new simulator, do the following:
Go to your Hoppers or scroll to “View all your Hoppers” at the top left of your Dashboard.
Select your preferred exchange and base currency.
Select your preferred template.
Toggle the “Paper Trading” switch to make the template a simulator
Click the deposit button to deposit the fake funds that correspond with your selected base currency.
Your starting balance should be automatically adjusted when you make the deposit. If you already have funds in your paper exchange account, you can manually adjust it.
Cryptohopper gives you a paper trading exchange account for every exchange for which you create a simulator.
Supported Crypto Exchanges
Cryptohopper supports 15+ crypto exchanges. This includes leading exchanges like Binance, Coinbase Pro, Crypto.com, Huobi, KuCoin, and Kraken.
Other supported exchanges include Poloniex, Bitfinex, Bittrex, OKX, Bitvavo, HitBTC, Bitpanda Pro, Binance US, Coinbase Advanced, Bybit, and EXMO.
Cryptohopper Review: Trading Strategies
Cryptohopper offers a list of free and paid strategies created by them. These trading strategies consist of a set of technical indicators that determine when your trading bot should buy or sell.
So your trading bot will use these trading strategies to search for the buy and sell criteria. When it does find conditions that satisfy the criteria, the Cryptohopper trading bot will place an order.
You can make a strategy for yourself or buy a pre-built one from the Cryptohopper marketplace.
Now, while there are sub-strategies, Cryptohopper supports the following primary trading strategies:
Mirror Trading: This crypto trading bot strategy does not use predefined techniques rather it simply uses copy trading to replicate the trades of a professional trader 24/7. It also allows you to subscribe to trading signals, which tell your trading bot when to buy or sell.
Crypto Exchange Arbitrage: This strategy takes advantage of the difference in cryptocurrency exchange prices and allows you to profit from it without requiring you to withdraw funds from your exchange. It does this by allowing you to connect exchanges where you have funds and then letting your Hopper search for arbitrage opportunities.
Market Maker: The Market Maker strategy watches trends and executes buy or sell orders quickly in accordance. This strategy works primarily with technical indicators.
Social Trading: Using this strategy for your Cryptohopper trading bots allows you to subscribe to a professional signaler who will send their signals to your Cryptohopper bot.
Trailing Orders: This strategy allows you to buy or sell asset pairs based on their price direction. For example, you can sell a profiting position automatically with the price drops then let your buy order track the price and execute the buy order when the price rises again. This is all done automatically.
Customizable Strategies
Cryptohopper allows users who know the right technical indicators to use but have no idea how to code to build their strategies.
Users can also sell their custom strategies in the Cryptohopper marketplace for other traders to buy.
The interface for adding your custom strategies to the bots is all visual with no coding (drag and drop). You also get to test the strategy before deployment.
To set a custom strategy using the Strategy Builder click on the top left section on the menu called “My Library“.
Hit “Strategy Designer”.
Next, input the name of your strategy and add an optional dl description.
Click Save and choose an image.
Next, click “Indicators” and select the indicators you want to use in your custom strategy.
Enter the required details in the empty fields. The fields differ depending on the Indicators you choose.
After this, click “Candle Patterns” and select your preferred Candle Pattern.
Fill in the required data in the empty fields. This also depends on the particular Candle Pattern you choose.
Lastly, click Save.
Cryptohopper Review: Plans and Pricing
Cryptohopper offers 3 monthly pricing plans as listed below:
Free Plan
This plan is completely free and features the following: unlimited copy bots plus free manual trading in all supported crypto exchanges, portfolio management, and up to 20 open positions per exchange.
Explorer Plan
This pricing plan comes with a 3-day free trial and is billed at $19 per month. It features everything in the Pioneer plan plus:
- 10 min trading strategy interval checks
- Market scanning with the power of 15 trading bots
- Backtesting
- Paper or simulated trading
- Strategy Designer for building customizable strategies
- Trading Signals via Signalers
Adventurer Plan
This plan costs $49 per month and includes everything in the Explorer plan plus:
- 5 minutes of trading strategy interval checks
- Market scanning with the power of 50 trading bots
- 200 open positions per crypto exchange
- 5 event-based triggers
Hero Plan
The Hero pricing plan is billed at $99 per month and includes everything in the Adventurer Plan plus:
- 2-minute trading strategy interval check
- 500 open positions per crypto exchange
- 10 event-based triggers
- All cryptocurrencies with trading signals
- Extra technical indicators
- Arbitrage and Market Making
- AI designer and AI strategies
- Market scanning with the power of 75 trading bots
Payment Methods
Cryptohopper supports a wide range of payment methods including Bitpay, PayPal, Bancontact,
GiroPay, Bitcoin, and KBC.
It also does credit and debit cards (MasterCard, American Express, Visa, and Discover), Sofort Banking, iDeal, Przelewy24, Bank transfers, Litecoin Payments, Apple Pay, and Google Pay.
Deposit speeds depend on the payment method being used. Bank transfers, for instance, can take up to 7 working days depending on your financial institution.
You can also get a refund after 2 weeks of your deposit for the Hero, Explorer, and Adventurer Plans.
The minimum amount of funds needed to start trading depends on the exchange that you’re using.
Cryptohopper Review: Opening a Cryptohopper Trading Bot Account
To create a Cryptohopper account go to the official website: https://Cryptohopper.com and click the Sign-Up button at the upper right corner of your screen.
Next, you need to enter your email address, select a username, and choose your password. Alternatively, you can use your social logins (Meta, Apple, or Google) to register.
Login and Cryptohopper will help you set up your trading bot automatically.
Input your full name and where you reside.
Next, you’ll need to connect to a crypto exchange.
To do so, you’ll need to first sign up to your preferred trading platform or choose the exchange you currently use to trade.
It’s important to note that your funds will always stay on the exchange.
If you do not have an exchange account but want to explore the Cryptohopper solution without linking to an exchange, you can choose ‘Simulated funds’ in the next step.
Set up a connection between Cryptohopper and your preferred exchange by entering your API keys. This differs per exchange but the detailed process for each exchange is listed here.
Next, choose a quote currency that you’ll use to buy cryptocurrencies. All sold positions will be converted automatically to the selected quote currency.
Cryptohopper recommends newbies use EUR or USDT.
That’s it! The last stage involves choosing whether you want to use a custom strategy with your bot or follow signals from Professional Signalers.
Setting Up Cryptohopper Bot with Exchange
To see how to set up your bot with an exchange. Let’s use Binance as an example.
The first step is to create an account with Binance.
Next, go to API Management and choose Create API then select System generated API Key and hit on Next.
Name the API something memorable like Cryptohopper API.
Complete the puzzle by sliding it into place then verify your API Keys by undergoing email verification, phone verification, and authentication code.
Next, you’ll need to whitelist the IP address of Cryptohopper’s servers in your API Key settings. This permits Cryptohopper to perform trading actions on your Binance account.
To do so, go to Base config in Cryptohopper and choose Exchange then Binance.
Tap on Binance and click Generate IP Addresses then copy the displayed addresses.
Go to Binance and paste the addresses into the Restrict access to trusted IPs Only” field.
Click on Edit and check the box beside Enable Spot and Margin Trading.
Copy the API Keys displayed on Binance and paste them into Cryptohopper. After a while, the 2 platforms will be linked together and your balance will become visible on Cryptohopper.
That’s it! Note that the steps differ per exchange so you’ll want to look up your specific exchange before proceeding.
Cryptohopper Review: Trading Experience/Using Cryptohopper Bot
Cryptohopper offers an easy-to-use trading experience for even complete beginners as its user interface is seamless to navigate.
It also offers social trading and copy trading for newbies plus pre-built strategies to make it easy to trade.
There’s also a demo Cryptohopper account that allows users to practice their trading strategies without real funds.
Cryptohopper Review: Security
The Cryptohopper website is protected by Cloudflare. The Cloudflare web application firewall and DDoS protection are active on Cryptohopper’s website.
The platform is hosted on Amazon Web Services and its servers are secured by them.
Cryptohopper encrypts users’ passwords and API keys.
Users can secure their accounts with two-factor authentication. The platform offers 2FA with Google Authenticator and Yubikey.
Cryptohopper does not have access to your funds. This means that even if there is a data breach, the hackers will be unable to access your funds.
Cryptohopper collaborates with cryptocurrency exchanges renowned for robust security protocols, guaranteeing the safeguarding of your assets.
Customer Satisfaction
Cryptohopper offers customer support from Monday to Friday between 08:00 AM – 12:00 PM Amsterdam time.
The customer support team can be contacted via Live Chat, the Cryptohopper Discord channel, and the Cryptohopper official email at support@cryptohopper.com.
You can also submit a support ticket or ask your questions in the Cryptohopper question base.
The question base is a forum where you can post and reply to questions. The Cryptohopper support team also provides answers to questions asked in the question base.
The platform also has a help center as well as lots of educational resources.
Cryptohopper offers good customer service to users. Customer reviews on third-party review platforms indicate that the support team offers helpful services.
Does Cryptohopper Bot Platform Offer Education?
Yes, Cryptohopper offers education in its exhaustive docs section. It covers everything you need to know about how to use bots. There’s also the Cryptohopper Academy that offers tips on how to trade effectively with crypto trading bots.
3Commas Review: Final Thoughts
Cryptohopper stands out amongst other competing trading bots for its ease of use and ample selection of features. It also supports popular crypto platforms like Kraken, Coinbase, and Binance.
However, its highest pricing plan which holds most of its features goes for $99 monthly, which may be expensive for newbies.
If you want to explore other options, we recommend checking out our detailed analysis of 3Commas Review. And for a comprehensive overview, our Best Crypto Trading Bots page is a must-visit.
FAQ
Most frequent questions and answers
There is no way to guarantee profit with bots like Cryptohopper. It is typically useful in automating strategies that you have already found useful.
Cryptohopper collaborates with partnered exchanges and authorities to secure traders’ accounts. It also protects user data.
Cryptohopper offers bots that allow you to trade with automated trading strategies and use pre-built strategies to execute trades automatedly.
The minimum buy amount depends on the exchange you’re connected to from Cryptohopper.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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