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With the cryptocurrency industry increasingly garnering interest, many face a conundrum on the best way to enter the space and begin buying and selling various types of these innovative financial instruments.
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.
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, those inclined to day trade or swing trade cryptocurrency are often dismayed by the potential losses they read about in the papers or online every day.
Nonetheless, despite the ups and downs of cryptocurrency trading and all the risks, the practice is still growing in popularity.
Let’s take a close look at one platform called Cryptohopper that many people are using to buy, sell and manage their cryptocurrencies.
Onto our Cryptohopper review!
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.
The Cryptohopper platform assists you in buying, selling, and holding a huge number of coins and cryptocurrency exchanges using an Application Programming Interface (API).
The Cryptohopper’s official site secures the semi-automated trading bot, which allows traders to eliminate every form of human tendencies and emotional sentiments while trading, allowing traders to rely mostly on the technical based trading algorithms and programmed trading styles offered by the platform.
The next sections of our Cryptohopper review will delve into the features offered by the Cryptohopper platform.
The functions on Cryptohopper are easy to use and navigate thanks to the platform’s web-based solution made up of the best features that allow for a better user interface that holds a variety of functions. The Cryptohopper platform is most suited for the beginner trader who finds it difficult to scale through other platforms. The seamless process in registration and crypto trading offered by the platform cannot be overemphasized.
Another feature in the Cryptohopper functionality is that the platform allows users to configure the bot for automatic trading through the use of social trading and algorithmic trading that can be traded throughout the day at any time.
The platform also lets beginners learn the trading techniques of expert traders and follow their trading styles. Following the trading style of third-party experts allows minimum loss from trading on cryptocurrencies and other coins on the Cryptohopper platform.
First-time users can also derive trading strategies by following a variety of technical indicators provided by the Cryptohopper platform. These unique technical trading indicators as well as the ability to trade following the pattern of experts make trading an easy step for first-time traders as well as intermediate traders who seek to step up their trade.
The Cryptohopper platform allows users to access the web-based platform using a variety of devices, from mobile phones to desktops, laptops, and so on. The advantage of this is caused by a semi-automated trading style that is advanced through an Application Programming Interface (API) integration that contains a variety of Cryptocurrency exchanges on the platform.
This feature is not just important to the expert traders but is also vital to beginners. Cryptohopper’s tech-novation styles offer ease to traders when trading on the platform; the convenience of swapping from desktop to mobile makes the whole trading process a better experience for new and expert traders.
Range of Tools:
The trading tools on the platform are superb. The tools adopt excellent trading features from the bot backtesting tool to the trailing stops, configurable templates, customizable technical indicators and so much more. These tools allow for easy trading on the platform free from troubles. They also assist expert and new traders in making the best of their trade, allowing for minimal losses while trading on the platform.
If you are looking to trade with the best guide ever, then the Cryptohopper might be the platform for you. Aside from the already mentioned trading tools, traders can also depend on indicators like RSI, MACD, Stoch, Bollinger Bands, and others.
Integration exchanges are vital to the overall performance of the cryptocurrency platform. The more exchange integration there is, the better the chances of the cryptocurrency platform functioning beyond measure.
In relation to exchange integrations, Cryptohopper scores high on the list having over five of some of the most vital exchange integrations known; from the Coinbase Pro to the Bitfinex, Huobi, Cryptopia, Poloniex, Kraken, Bittrex, Kucoin, and Binance. In addition, the platform is making plans to expand its exchange integrators with additional integrations like Cobinhood, BitFlyer, CEX.10, HitBTC, and Bitstamp, which are all planned to arrive on the platform soon.
Customer support is a strong feature of the Cryptohopper platform. The platform gathers a team of well-trained individuals to help you keep up with all your customer complaint needs. Traders can contact customer service through a variety of means, from phones to social media and so on.
Social media platforms like Twitter, Facebook, Telegram, and a host of others can be used to communicate with the platform’s customer service. Cryptohopper’s website also contains a wide range of frequently asked questions (FAQs) as well as tutorials that assist first-time traders to pull through the platform. The Cryptohopper team can also be contacted by submitting a support ticket in the support section of the website.
The external signals feature is a one-of-a-kind by Cryptohopper. The platform works by searching and spotting excellent investments and signaling your hopper on this improvement. One major advantage of this feature is that it lets you know which and when to best invest in a cryptocurrency letting you save funds and mitigate loss.
For External signals to function, traders have to subscribe to the feature on the Cryptohopper platform. Once subscribed, the platform would send signals of promising investments to your hooper. You could examine the recorded history of the investments to select the most appropriate signaler.
Completely Cloud-Based Platform:
The Cryptohopper is available always. If you’re thinking of trading with a platform that has all trades, and features on the cloud, then the Cryptohopper platform is best suited for you. The platform works with a 24/7 on-the-cloud feature that allows you to access improvements and upgrades in real-time without hassle. There is little or no need for upgrades or extra installations before accessing the platform’s unique features, simply plug into the internet and play.
Also, because of the Cryptohopper platform’s cloud-based feature, traders can access the most immediate suggested cryptocurrencies to trade on. This feature offers traders a detailed trading style while trading on the platform.
Trailing Stop Loss Feature:
Ever wondered about having a trading companion always on standby to signal to you when to bail out of the market? Well, there you go, Cryptohopper’s trailing stop loss feature works like an expert in trading to assist you in pulling out when your coin drops to an all-time low. The feature allows you to trade your coins up to success letting you take the leverage off the trade. Once there is a significant drop in your coin, the platform signals you to pull out your coins before the loss deepens; this is the trailing stop feature.
The trailing stop loss is vital for first-time traders and intermediate traders that are not vast with the underlying changes that occur in the market. This feature helps put these traders on track while trading cryptocurrencies on the platform.
Keep reading for more on our Cryptohopper review.
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 as well. 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, users 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.
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Pricing and Fees
While Cryptohopper offers excellent capability, customizability, and security, it should be noted that the platform is 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.
On the pricing plans on Cryptohopper, there are four plans. The first is the Pioneer Plan, which is a free trial plan for all members on the platform for 7 days. Once the pioneer plan is exhausted, the hooper becomes disabled and users can subsequently purchase a full subscription from the platform. The Pioneer Plan offers traders 80 positions, TA with 10 min intervals, maximum of 15 selected coins, and 1 simulated trading bot for 7 days.
After the 7 days pioneer trial, traders are left with an option to purchase any of the three available plans on Cryptohopper. As stated previously, these plans can be a bit expensive when compared to other automated cryptocurrency platforms in the market. The first package is the Explorer or simply the starter package, which cost $19 per month; here traders get access to a max of 15 selected coins, TA with 10 min interval, 1 simulated trading bot, and 80 positions.
The next pricing package is the Adventure or the Trader Plus Package, which costs $49 a month. Traders get access to 200 positions, TA with 5 min interval, exchange arbitrage, a maximum of 50 selected coins, 1 simulated trading bot, and a maximum of 5 triggers when using this package.
The last package is the Hero or Pro Trader package, which costs $99 per month. When using this package, traders are open to 500 positions, TA with 2 min interval, maximum 10 triggers, all coins for signals, maximum 75 selected coins, 1 simulated trading bot, market arbitrage, and market-making.
The Cryptohopper platform allows traders to choose to purchase per month or simply purchase the package for an entire year. There are also no refunds on the platform, once a package is bought, it cannot be returned or changed; we advise you to purchase the package monthly and give it a trial.
Fees and Accounts
Manual traders would love the fees available on the Cryptohopper’s platform, this is because the platform offers free activities for manual investors. Manual traders can undertake transactions, monitor their trade, trade in real-time as well as access Cryptohopper’s strategy back testing features all for free with no hidden cost or monthly payment.
To get started with the activities on the platform, Cryptohopper requires no minimum amount, this gives traders the leverage of taking control of the amount they intend to invest on the platform. Nonetheless, Cryptohopper requires a minimum deposit of €300 for the platform to place a spread on your risk through several transactions while letting you maintain the minimum trade requirement.
For full access to Cryptohopper’s automated features, manual investors would have to upgrade their account to any of the paid packages offered on the platform. Aside from the usual fees paid on Cryptohopper, traders would also be subject to fees payable on the exchange of your order because the platform acts as a meeting point for trading and doesn’t allow trade in itself.
Most times traders have complained of the exorbitant fees placed on the Cryptohopper’s platform. You should navigate the automated platform properly before making payments. Also, if you don’t intend to invest a huge sum, it is better you do not invest in a Cryptohopper package.
Keep reading for more of our Cryptohopper review below.
Ease of Use
One of the best features offered on the Cryptohopper platform is that traders get access to the services of the platform for 7 days before paying in. With this feature, traders can begin to navigate the platform and get a grasp of the functions before going on to make payments. This convenience has been a big plus to the platform by most traders. The platform doesn’t ask for your banking information or your credit card details to let you use the free 7-day trial.
Other exciting tools that make the Cryptohopper platform convenient are expert-level tools that do not allow prerequisites. This feature offers you the ease of customizing your investments in your unique style with access to high-level tools while maintaining the same program.
Another tool for ease on the platform is a swift and easy setup process. While on the platform you do not require a piece of prior knowledge in cryptocurrency to get moving. Cryptohopper lets you set up a paper trading account to test trade and learn all the basic features on the platform.
Also, traders on the platform are not made to pay any extra fees; there are no percentages given to the platform, neither would Cryptohopper charge you any extra fees.
Cryptohopper’s education is superb. The platform offers a variety of tools to assist expert and first-time traders to navigate and explore through the platform. Some educational tools offered on the platform assist in a lot of ways, some let you have a grasp of the platform, while others offer you directions and guides on the platform itself.
Here are a few educational tools:
First, the paper trading account is a feature that keeps traders informed on the process of the platform. Traders get a first-hand experience of the activities on the platform; this lets them easily become experts on using the Cryptohopper platform. Once a trader is skilled in the activities, then they can go ahead to using the real platform.
Also, Cryptohopper’s analysis tools are very unique. Access to these analytics tools is dependent on the kind of package plan you choose on the platform. You get access to 30 indicators, which let you customize tools that allow the personalization of your automated trading experience.
All these education tools make the Cryptohopper platform exceed expectations and make the platform a standard education tool. Other fabulous education tools are the copy trading techniques that let traders copy the trading style of other experts on the platform and use the same pattern to trade.
Is Cryptohopper Safe?
So, is Cryptohopper legit enough to trust? 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 all 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.
More below with our Cryptohopper review.
The popularity of a platform is dependent on its reviews from the users of the platform. Following our review, Cryptohopper has scored on major features, which are evident to the platform’s overall development. Nonetheless, a shortcoming would be the price offered on the platform.
On Trustpilot, Cryptohopper scored high on the rating platform, with an overall rating of 4.0 stars over a 5-star scale. The review was gathered by over 140 reviewers with over 65% giving the platform an excellent score. This top score places the platform on a suited level for engaging in the various automated activities offered for traders.
- CryptoHopper reviews on Trustpilot: 4/5 stars.
Cryptohopper Pros and Cons
The Cryptohopper platform has scored on several wins, and some of the features have placed the platform in overall excellent performance in the industry. Here are some of the most notable advantages and disadvantages of the Cryptohopper’s platform laid out in our Cryptohopper review:
- The platform is suited for copy trading.
- Traders are free to have accounts set up with any brokerage they choose. This feature allows for more flexibility.
- Traders have access to huge and more advanced analysis tools that do not require expert coding experience for their functioning.
- No additional hidden charges on the platform, only fees are payable.
- The platform has a standard mobile version with advanced security for the best ease.
- Allows traders use a 7 free day trial.
- Has a high rating on Trustpilot from over 140 reviewers.
- Traders must first purchase a monthly plan to have access to the best features on the platform.
- The customer service does not have a call center to communicate.
- Doesn’t refund the money paid on the platform.
Cryptohopper Review: Parting Thoughts
If you are interested in getting into the world of cryptocurrency, using Cryptohopper could be a great way to do so. It is intuitively simple to use and has a great set of tools and even training settings.
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.
So, if you’re ready to start buying and selling cryptocurrency, check out Cryptohopper and see if the platform is a good fit for you.
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