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With the cryptocurrency industry increasingly garnering interest, many face a disposition on the appropriate methods to enter the space.
For individuals who’ve previously traded stocks, the volatility may entice them as there is an enormous opportunity for day trading in the 24/7 cryptocurrency market.
Onto our Cryptohopper review!
Others who pride themselves on long term investments may find that dollar-cost averaging is the best route to help them reach their financial goals. However, for those inclined to day trade or swing trade crypto, they are often dismayed with an overabundance of emotions and losses that you don’t gain exposure to in traditional markets.
Cryptocurrency trading can be a much more daunting task than the stock market and a tenacious nature is simply not enough to turn a profit. For these investors, emotional trading drives their behavior and their P & L takes an unprecedented turn.
Algorithms and automated trading desks have offered an alternative for those craving exposure to volatility in a less risk-averse environment, by people that know they are inclined or susceptible to emotional trading.
Many traders advocate that while having a great strategy to start out with, following it to a T is where most investors fall short. Cryptohopper is a platform that takes user input, allows strategy customization, and executes trades on behalf of the user through automation, copy trading, and a sophisticated trading bot that aggregates data, and follows through.
Cryptohopper allows users to choose which technical indicators the trading bot should prioritize, has a user-friendly interface, and is not nearly as intimidating as some of the other trading bots available.
By integrating well with mainstream exchanges such as Binance, Poloniex, and Bittrex, Cryptohopper not only works well in theory but also has practical application. Many users are more than satisfied with their returns, reporting ranges from 2% weekly, and in some cases, upwards of 5%.
However, while Cryptohopper allows mostly hands-off trading, one should still prepare accordingly and be familiarized with the Bot’s customizable options to ensure it pursues a viable trading strategy.
Features like algorithmic trading, strategy customization, and social trading allow users to input parameters the robot will abide by, and the automatic trading limits the amount of user attention and input.
Backtesting allows users to review and redraft strategies that are working for them, trailing stops allows proper risk management, and a cloud-based system provides immense feasibility with limited overhead.
In addition, while other trading bots take personal ownership of user funds, Cryptohopper stores all the funds on the exchanges that it currently supports.
Pricing and Fees
While Cryptohopper offers excellent capability, customizability, and security, it should be noted that they are one of the more expensive automated crypto trading bots currently on the market.
With an expensive monthly fee in addition to having to pay for the strategies one wants to use, if you are not starting out with a large amount of capital, it can be difficult to turn a profit.
With a basic package costing $16.58 and limited functionality, if you don’t elect to choose higher-tiered options, many users dissuade traders from using Cryptohopper if they don’t plan on trading with a decent sum of cash.
Is Cryptohopper Safe?
Is Cryptohopper legit? In the cryptocurrency space, many are dissuaded from using automated bots, mining pools, and other online services due to the skepticism and prevalence of scams in the space. They are right to do so and any investor who has entered the cryptocurrency arena must always do their due diligence when utilizing any online service or platform.
With that being said, it should be noted that Cryptohopper is far from a scam and is a legitimate business operation with proven accountability, and has a customer service team that engages with client questions.
Cryptohopper also allows you to practice trading on the platform without using real money with their “Paper trading” simulator allowing you to learn how to trade and tweak your strategies before committing to the real thing.
Cryptohopper Review: Parting Thoughts
The main critique with Cryptohopper lies in its unusually high-priced subscription options. As one of the more notorious trading bots in the space, it undoubtedly offers an array of functionality that is both applicable and user friendly, but it still may be out of budget for newcomers that are still trying to get a feel for crypto.
Try Cryptohopper For Yourself
Practice trading before committing to the real thing
Enjoy our Cryptohopper review?
You may also be interested in Koinly Cryptocurrency Tax Software.