Cryptohopper Review

Constantly watching the crypto market can be tiring, so an automated trading platform might be a solution. Let’s explore one such platform in detail in this Cryptohopper review to see if it can simplify your trading.

With hundreds of thousands of users and a growing reputation, Cryptohopper seems like a promising option to automate your trading process. On the flip side, many complain about technical issues and unexpected charges. So, is Cryptohopper legit and effective? Well, let's figure it out together.

In case you’re considering alternatives to Cryptohopper after reading this review, Binance or Bybit, a few of the largest cryptocurrency exchanges, also offer automated trading features that are built directly into them. It’s definitely worth exploring these platforms, especially if you’re already using them for manual trading.

Verdict at a glance: Cryptohopper offers a user-friendly interface, but beginners may still find it challenging to fully grasp its features and terminology. Despite its claims to be powerful, transparent, and easy to use, technical issues and unexpected charges have been reported on many user Cryptohopper reviews.

What is Cryptohopper?

Cryptohopper is an automated crypto trading bot that allows users to trade digital assets on various cryptocurrency exchanges. Many user Cryptohopper reviews agree that it’s among the popular options. After all, it has over 550,000 users trading over 600 cryptocurrencies on the platform.

Talking about its roots, Cryptohopper was built in 2017 by two Dutch brothers, Ruud Feltkamp and Pim Feltkamp. Pim, a seasoned developer, created Cryptohopper as a personal tool to streamline his own cryptocurrency trading. The idea was to create an “ideal trader” which is fast, reliable, and – most importantly – always trading.

Apparently, many people liked it, and then the user base quickly grew from family and friends to people worldwide. As the platform’s popularity continues to expand, the team tries to make the platform accessible by supporting 12 languages. It also released a Cryptohopper app available on mobile devices (Android and iOS) and smartwatches, making it convenient for users to trade on the go.

The core feature of Cryptohopper is automated trading, allowing users to set up strategies that execute trades 24/7 without constant manual intervention. It connects to your crypto exchanges, offering a convenient way to manage your holdings across platforms from one central location.

This platform claims to be beginner-friendly, with an easy-to-navigate interface and helpful tutorials. Still, it has pro tools, like custom bot building and advanced technical indicators, suitable for experienced traders.

With such features and growing popularity, questions like “Is Cryptohopper legit?” often arise. So, let’s find out an answer in this Cryptohopper review, where I’ll delve into its features, benefits, and potential drawbacks, as well as briefly touch on how to set up an account on this platform.

Cryptohopper Review: PROS

This trading bot offers a range of features that can benefit both beginner and experienced traders. In this section of Cryptohopper review, let’s talk about the key advantages of using the platform.

Tailor Your Trading Experience: Automated or Manual

With artificial intelligence (AI), the automated trading tools on Cryptohopper can adapt to changing market conditions, ensuring your trades are always aligned with the latest trends. To start automated trading, simply create a trading bot – a feature exclusive to Explorer, Adventurer, or Hero subscribers.

There are two ways of using a Cryptohopper bot (or the platform calls it “hopper”): trade completely automatically or trade semi-automatically with certain tools.

What I want to highlight in this Cryptohopper review is that getting started with fully automated trading is a breeze. You can either customize a pre-built template or design your bot from scratch. If you use a template, you can filter the options by your chosen exchange.

That’s it! The bot will start trading for you. That sounds easy, right? However, you have to account for the critical analysis behind choosing the suitable template or adjusting the settings if you decide to make the bot from scratch. Also, Cryptohopper profits are not guaranteed, and success depends on various factors, including market volatility and the quality of your trading strategies.

For those who use a template, Cryptohopper provides details if you click the “Info” button. It shows important information, like the risk level, strategy, and available coins.

Still, you need to understand the strategy, risk tolerance, and specific market conditions to choose the best template for you. For example, knowing the volatility of the cryptocurrency you’re trading lets you know whether you should enable the stop-loss orders.

If the default options don’t suit your preferences, consider heading to “Marketplace”, where you can browse pre-configured trading templates made by other users. I suggest not getting too distracted by the potential profit percentage only because past performance does not indicate future results.

On the other hand, things get even more complex if you make the bot from scratch. You have to configure many aspects. One of them is “Buy settings”, which allow you to choose an order type, the maximum number of open positions, or whether or not you enable some features, like cooldown and auto-merge positions.

You should also decide on a strategy – a mix of technical indicators (mathematical calculations based on past data) and candlestick patterns, which you can use to open up and close positions automatically.

By default, Cryptohopper already offers many built-in strategies, like Default Strategy Low-High Risk, Bollinger Bands, and Relative Strength Index (RSI). However, you can choose advanced technical analysis techniques like Moving Average Convergence Divergence (MACD) and Exponential Moving Average (EMA).

Besides fully automated trading, you can use a Cryptohopper bot to trade semi-automatically. This approach is a good option for users who may not feel comfortable having a bot decide when to buy positions. In this method, you do your own analysis and purchase or sell an asset with features like:

• Trailing Stop-Buy. It aims to automatically buy more of an asset as its price increases, setting a stop-buy order at a certain percentage below the current price.
• Stop-Loss. This helps limit potential losses in a trade by setting a sell order at a specific price below your entry price.
• Dollar Cost Average (DCA). It systematically invests a fixed amount of money in an asset at regular intervals, regardless of price.

If configuring the automated trading strategies is too much for you, consider using the “Copy Bot”. This feature allows you to follow and copy the trades of successful traders within the Cryptohopper community.

How to use Cryptohopper’s copy trading bot to maximize its potential returns? My tip is to click the profile before purchasing a copy bot to check the reviews and essential information, such as total copiers, currencies, and average profits within a certain period. It helps you select a copy bot that aligns with your trading goals and risk tolerance.

While Cryptohopper is known for its automated trading features, it also allows users to execute manual trades directly from their dashboard. You can select coin, amount, and order type.

However, I think its manual trading features are not as robust as those offered by another Cryptohopper alternative like 3Commas, which is known for its advanced manual trading tools. 3Commas provides more detailed charting tools and a wider range of order types.

Ensure Your Efficiency With Various Testing Tools

Since Cryptohopper is a trading platform, using testing tools can help ensure the efficiency and reliability of its automated trading strategies.

One key testing tool is Strategy Designer. This is where you can automate technical analysis, and your Cryptohopper bot can use it to scan the markets and decide whether or not to buy/sell.

Technical analysis uses mathematical formulas to analyze price data and identify potential trading opportunities.^[1] The right combination of technical indicators and candlestick patterns determines its success.

Traders use technical indicators to analyze market trends, volume, momentum, and volatility based on historical price data to help them predict future price movements. Meanwhile, candle patterns provide visual clues about market sentiment and price fluctuations.^[2]

The specific technical indicators and candlestick patterns you choose determine the signals your strategy generates. In essence, the goal is to find a balance between generating enough signals to be profitable while also ensuring that the signals are reliable and have a high probability of leading to successful trades.

Explore different technical indicators and candle patterns to find the optimal combination for your trading style. However, note that the available options vary depending on your Cryptohopper pricing plan.

Using Strategy Designer is quite simple as it works like a drag-and-drop interface – that's what I want to emphasize in this Cryptohopper review. You only need to select certain elements – no need to code – and test the strategy directly.

If your trading signals seem out of place, such as at price peaks instead of troughs, consider switching to different indicators or patterns. Adjusting indicator settings can also improve signal quality.

Strategy Designer may be a good tool for experienced traders as they can define their trading rules. Still, it can be challenging for newcomers who may not be familiar with the terms and their implications. There’s a question button for each technical indicator and candle pattern, but the explanations might not be detailed enough for absolute beginners.

As the prerequisite for exploring Strategy Designer is to set up a trading bot, this tool is only available to an Explorer, Adventurer, or Hero subscriber. Also, some technical indicators are accessible only to users with Hero subscriptions.

Besides Strategy Designer, Cryptohopper provides a backtesting tool to further optimize your trading bot. It scans when your hopper would have bought and the potential result with your current setup, simulating your trading strategy to assess its effectiveness and identify potential flaws.

How to use Cryptohopper’s backtesting feature? Well, you can start the backtesting process by selecting your currency, strategy, candle size, and price level at which you want the trading bot to automatically sell your position and secure a profit. Then, you can enable trailing stop-loss and stop-buy and choose a period for the backtest to run.

The test result then displays various performance metrics, such as max profit, stop-loss percentage, and successful sells. Do multiple backtests and check the “Backtest history” tab showing the tests you’ve done so that you can easily choose and deploy the most successful test.

A backtesting tool may be a valuable asset for traders, but I think any Cryptohopper review reader notices that many trading bots also have this feature. So, what makes this platform stand out? I think it’s the Algorithm Intelligence that works like an automatic backtester.

While backtesting is a useful tool for evaluating strategies, Algorithm Intelligence goes a step further by analyzing multiple strategies, including those from third-party signal providers. It then selects the top-performing strategy based on current market conditions and adapts it to changing trends for each trading pair.

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Specialized Features for Beginners and Experienced Traders

Other than trading bots and testing options, I want to highlight the platform’s specialized features for both beginners and experienced traders in this Cryptohopper review.

For instance, the onboarding process is designed with beginners in mind, featuring a Config Wizard for a seamless setup. After signing up, you’ll be guided through connecting to your exchange, selecting a bot, configuring it, and confirming the agreement to start trading.

A helpful element in this feature is the progress bar interface, which displays estimated times for each step, providing a clear visual representation of your progress and breaking down the process into manageable chunks.

Cyptohopper also provides “Fast Connect” for several exchanges, like Bybit and Coinbase, so you can quickly and easily connect your accounts to the platform.

Besides the Config Wizard, newcomers can benefit from paper trading, where they can practice trading strategies without risking real funds. It allows them to gain experience and build confidence before using real money.

Cryptohopper also offers specialized features for seasoned traders. For instance, those seeking to capitalize on wide spreads can explore the Market Maker bot (exclusive to users with Hero subscriptions). This feature allows users to place layered limit buy and sell orders, enhancing market liquidity.

The spread, the difference between the highest bid and lowest ask price, is often wider in illiquid markets. By placing orders at various price levels, market makers contribute to narrowing the spread, creating a more liquid market and potentially profiting from the resulting price differential.

Other than the Market Maker bot, Hero subscribers can access the Arbitrage trading bot. With this bot activated, an experienced user on Cryptohopper profits from market inefficiencies. In the crypto world, market inefficiency means buying a coin on one exchange with a lower price and selling it for a higher price on another. Traders can profit from these price discrepancies.

Note that the Arbitrage bot requires funds of both coins on the relevant exchanges to function properly. If either exchange lacks the necessary funds, the bot may not be able to execute trades.

Additionally, experienced traders who want to earn income while helping others can consider selling their strategies on the “Marketplace”.

Some users have reported earning over €100,000 monthly by selling their strategies and signals on the Cryptohopper Marketplace. This testimonial shows the potential earning power of experienced traders who want to share their knowledge and expertise with others.

Community-Driven Features

In addition to the core and supportive trading features, you can explore the social feed and Tournaments on the Cryptohopper app and web platform to interact with the community.

On the social feed, for example, users can view posts, comments, and other content shared by other users, as well as create new posts themselves. Also, see trending topics or hashtags related to cryptocurrency to stay informed about current trends on the “Trends” menu or head to “Messages” to communicate with other users privately.

If you want to participate in trading competitions, visit the “Tournaments” page and browse the available opportunities, from paper trading to actual crypto trading. Click one of the tournaments you’d like to join and see the details, such as how to join, how the scoring works, and when the tournament ends.

“How does Cryptohopper price the tournaments?”, you might ask. Well, no need to worry about that, as those are free to join. Anyone can participate and get valuable prizes, such as free subscriptions and experience points (XP).

Manage Multiple Accounts With Asset Manager

If you manage multiple trading accounts for family, friends, or clients, Cryptohopper has an Asset Manager tool. It lets you add API keys for those accounts so you can manage all of them from a single dashboard.

Besides a centralized portfolio view, here are key features and benefits provided by Asset Manager:

• Bulk settings. Apply settings to multiple bots simultaneously for efficient management.
• Unlimited bots. Create an unlimited number of bots to cater to different trading strategies.
• Free tier. The Pioneer plan allows you to manage client accounts manually at no cost.
• Automated trading. Automate trading with your clients’ accounts using AI, custom signals, or copied strategies.
• Performance tracking. Monitor the performance of all connected bots.
• Flexible subscriptions. Assign different subscription levels to clients based on their needs and your desired level of asset management.

In short, Cryptohopper helps you streamline account management, automate trading processes, and provide a high-quality service to your clients.

Did you know?

Compare Crypto Exchanges Side by Side With Others

All Crypto Exchanges may look similar to you but they're NOT all the same!

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Cryptohopper Review: CONS

After reading parts of the Cryptohopper review above, I think you understand that this trading bot offers numerous advantages. However, to fully answer the question, “Is Cryptohopper legit?”, you need to weigh some of the cons associated with using this platform. Let’s uncover those in this section!

Technical Issues

Although the Cryptohopper app or desktop version has many features, it’s not without its limitations, as users report common technical criticisms and issues.

For example, users have reported discrepancies between displayed data and actual market prices, hindering accurate portfolio tracking. Data delays may also lead to missed opportunities or incorrect trades. Additionally, users have reported that trading bots often malfunction, executing trades incorrectly or deviating from their programmed strategies.

Sadly, some also reported difficulties contacting customer support and getting timely assistance for these issues. Meanwhile, some of the pages on the Help Center aren’t up-to-date with overlapping terms, making it challenging to find accurate information and solutions to problems.

I personally figured that some tools didn’t work as the platform claimed. For instance, the paper trading didn’t show virtual numbers or assets which made me confused to accurately assess my strategies and understand the potential impact of different parameters.

Overcharge Concerns

Besides technical issues, another recurring complaint about Cryptohopper is users’ difficulty canceling subscriptions. Some user Cryptohopper reviews have reported being charged multiple times, even after requesting cancellation.

Despite the platform’s claims of not charging fees, many users have reported unexpected charges to their accounts. These charges may appear without clear explanations or breakdowns, causing confusion and frustration among users.

These issues highlight the importance of carefully reviewing Cryptohopper price plans, including the terms and conditions, and ensuring you understand the cancellation process and potential fees before subscribing to the platform.

Cryptohopper Pricing Plans

At this point in this Cryptohopper review, you've seen the pros and cons of this platform. To make an even more informed decision, let’s talk about its pricing packages!

Similar to another Cryptohopper alternative like 3Commas, this trading bot offers tiered pricing plans. For those on a budget, it has a free plan called Pioneer, where you can set basic configurations, like portfolio management and manual trading, and get access to the Cryptohopper app. Sadly, the free plan doesn't provide automated trading bots, which is typically the primary reason for using the platform.

To get more of the features, I recommend subscribing to the Explorer plan for $29/month. This Cryptohopper pricing plan offers a comprehensive range of features, including everything from the free Pioneer plan, plus Strategy Designer and paper trading.

You can try it out with a 3-day free trial before committing. Explore as much as possible during the trial to know if Cryptohopper is the right fit for your trading needs.

For more experienced traders, Adventurer or Hero subscriptions might be more suitable. These plans unlock more features and capabilities. For instance, the Market Maker and Arbitrage bots, which you can use to improve market liquidity and profit from price discrepancies, are exclusive to Hero subscribers.

With such features, I think Cryptohopper price packages are fairly competitive compared to similar platforms. While the higher-tier plans may be more expensive, they offer significant benefits for experienced traders who need advanced features and capabilities.

If you think Cryptohopper is your best option, consider subscribing to its annual plans to save money. These plans offer a big discount than the monthly subscriptions.

How to Set Up a Cryptohopper Account?

If the advantages, disadvantages, and fees discussed in this Cryptohopper review match your needs and budget, it’s time to get started with the tool. Let me show you a step-by-step guide to setting up your account!

Step 1: Visit the official website and click on the “Sign up" button.

Step 2: Create an account by entering a username, email address, and password, and agree to its terms and conditions. Alternatively, sign up with your Google account, Facebook profile, or Apple ID. You'll be redirected to “Config Wizard” where the platform guides you to set up your account.

Step 3: Enter your full name and your country of residence.

Step 4: Connect an exchange to start automated trading. You can select your preferred exchange. Some provide “Fast Connect”, a convenient feature that lets you log in to your exchange account with a single click.

If you don’t have an exchange account or want to explore the Cryptohopper bot without connecting an exchange, choose “Select without testing” or ”Switch to paper trading”.

Step 5: If you connect an exchange, enter your API keys and follow detailed on-screen instructions based on your chosen exchange.

Step 6: Select a quote currency, such as USDT, BTC, or EUR, to purchase coins – availability may vary by location. Sold positions are automatically converted to your chosen quote currency. Feel free to change your quote currency after the initial setup.

Step 7: Choose a bot type. At the time of writing this Cryptohopper review, there are four bot types: “Copy Bot,” which lets you follow other successful traders; “Trading signals,” which provides buy and sell recommendations; “Quick bot builder,” for rapidly creating simple bots; and “Custom bot” that allows you to build highly customized trading strategies from scratch.

Step 8: Configure your bot, whose settings vary depending on the bot type you selected in the previous step.

For example, for those choosing “Quick bot builder”, the tool will ask you to select a low, medium, or high-risk level. If you're still unsure, don't worry! You can always change these settings later or download strategies from the marketplace.

Step 9: After configuring all of the settings, you'll be redirected to the pricing page, where you have to choose a Cryptohopper price plan to proceed. If you want to explore the platform first, hit the “Skip subscription and start trading manually” or ”Exit config wizard” button.

Step 10: Fill in the order form by entering personal information, like your full name and address. Then, select a payment term and method. Don’t forget to review your subscription order before hitting the “Complete your order” button.

That’s it! Now, your account is set up and ready to start trading.

Conclusions

Let's recap what we've learned from the Cryptohopper review above! While it claims to be a beginner-friendly tool, figuring out how to use Cryptohopper and its features still needs some time and effort.

Yes, it has the Config Wizard that helps users set up their Cryptohopper account quickly, but understanding the platform features and terminology has its own learning curve. There are technical terms and concepts that absolute beginners might find challenging to grasp.

Furthermore, you need to consider common criticisms where many users mention that they experience multiple technical issues and get overcharged.

If you're searching for a Cryptohopper alternative, consider Binance, a major cryptocurrency exchange that also offers automated trading features. Binance trading bots are known for their flexibility and customization options, allowing you to create and execute your own trading strategies.

The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice. BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor.

Scientific References

1. W. Bazán-Palomino, D. Svogun: ‘On the Drivers of Technical Analysis Profits in Cryptocurrency Markets: A Distributed Lag Approach’;

2. L. Jing, Y. Kang: ‘Automated Cryptocurrency Trading Approach Using Ensemble Deep Reinforcement Learning: Learn to Understand Candlesticks’.