Cryptohopper - Popular Crypto Trading Bots - CoinNav.io

Cryptohopper is a user-friendly and cost-effective web-based cryptocurrency trading bot. It offers a seamless experience, allowing users to design personalized trading strategies and automatically execute trades across popular exchanges. With Cryptohopper, you can harness the power of automation to trade cryptocurrencies effortlessly and efficiently.

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Cryptohopper: A Comprehensive Review

Cryptohopper: A Comprehensive Review

In my perspective, Cryptohopper stands out as an excellent choice, especially for newcomers to automated trading. Here's why:

It operates on a cloud-based platform, eliminating the need for hosting, software installation, or coding skills. Accessible via any web browser, providing convenience across various devices. Offers a 30-day free trial, allowing users to explore its features without any upfront commitment. Even the paid version comes at an affordable price, starting as low as $20 per month.

Unlike other bots in the market, Cryptohopper tackles common challenges by offering a user-friendly web-based and cloud-based solution that doesn't require coding expertise. Its 30-day free trial further enhances its appeal, enabling users to experience the platform before making a financial commitment.

 

Designing a Personalized Approach

Unlike many other bots that offer pre-programmed strategies, Cryptohopper empowers users to create their own custom trading strategies using its comprehensive tools. Rather than relying on generic settings, you have the flexibility to configure a unique base setup for all coins and tailor specific configurations for individual coins.

Creating a custom strategy with Cryptohopper doesn't mean starting from scratch. Instead, you can fine-tune the default settings and craft a personalized approach that aligns with your specific requirements. For instance, you can define parameters such as profit-taking levels and percentage-based stop losses, ensuring your strategy is tailored to your preferences.

 

Customizing Technical Indicators

To illustrate the customization capabilities of Cryptohopper, you can configure your hopper to execute trades automatically based on well-known technical indicators such as MACD, EMA, RSI, Bands, and Stoch. However, to optimize your strategy, it is recommended to fine-tune the default settings according to your preferences. This includes defining parameters like the lengths of moving averages, overbought and oversold thresholds for RSI, and selecting the timeframe over which these indicators are applied.

 

Custom Triggers

For more advanced functionality, you have the option to set custom triggers that allow you to create specific "if...then" commands tailored to individual coins or your entire trading strategy.

This means you can create a strategy that automatically buys certain altcoins, such as Ether (ETH) or Ripple (XRP), when their relative strength index (RSI) on 15-minute candles indicates oversold conditions. You can allocate 2% of your funds for these purchases. Additionally, you can set a trigger to stop buying if the price of Bitcoin falls below a predetermined threshold.

Custom triggers offer endless possibilities and allow you to fine-tune your trading approach based on various market conditions.

 

Testing and Seeking Support for Strategies

To address the intricacies associated with the various options available, you have the advantage of back-testing your strategy (excluding triggers) to evaluate its historical performance and gain insights into its potential future performance.

Moreover, if you require assistance, Cryptohopper boasts an exceptional community that readily provides suggestions and guidance for strategy development. This means that although users have some responsibilities, the backtesting feature and the supportive community ensure that you won't be left uninformed.

 

Signals

One of the notable features of Cryptohopper is its signal functionality. Signal groups provide buy and sell signals for cryptocurrencies through Cryptohopper, which can be automatically executed by your hopper if you have the respective crypto in your tradable coins.

While some signal feeds are free, others come at a cost, usually under $10.

However, it's important to exercise caution when using signal feeds. Stop losses may need to be set loosely to avoid premature triggering before the coin has a chance to gain momentum. Additionally, signaled coins can experience significant price drops, requiring careful management of exits along with stop losses.

That being said, signals can be beneficial for those who are not confident in their ability to select or time coins and want to take advantage of potential high returns. It's crucial to approach trading with signals with care, especially compared to less volatile options like BTC/ETH or BTC/USDT.

Please note that signals typically offer returns ranging from 3% to 30%, but it's also common to experience losses of 5% or more before a significant uptrend (followed by potential losses over time after the surge). A buy and HODL strategy is not recommended when using signals, and it's advisable to employ a loose trailing stop, such as a 5% trailing stop armed at 0%.

It's worth mentioning that Cryptohopper has certain limitations. Each hopper is limited to one base currency on one exchange (e.g., USDT on Binance, BTC on Bittrex, or USD on GDAX). Additionally, the less expensive versions have restrictions on the number of coins that can be traded. If you plan to run multiple base pairs on various exchanges and trade a wide range of coins, costs can become significant. In such cases, you may consider exploring other premium bots with higher price tags that don't require a separate purchase per base currency or exchange. For most users, starting with a free trial and then opting for the $20 package is a sensible approach. Gain proficiency, prove profitability, and then upgrade to a plan that suits your needs.

 

Getting Started With Cryptohopper

In the previous section, we discussed the fundamentals of Cryptohopper and why it's worth considering the trial. Now, let's dive into the practical steps to get started.

1. Sign up for the trial.
2. Choose an exchange (e.g., Gdax, Bitfinex) and select a base currency (USDT, BTC, ETH).
3. Navigate to the Config screen.
4. On the Config screen, you'll need to enter your API keys. Follow the provided instructions to obtain the API keys for your chosen exchange (refer to their documentation). Typically, you'll need a key and secret. Remember, the secret is a sensitive password that should be securely stored, while the key functions as an account number. When generating the key and secret, ensure that no withdrawal access is granted to prevent unauthorized fund withdrawals.
5. Proceed to input the desired parameters on the Config screen, such as the allowed coins, your chosen strategy, and stop loss information.
6. Activate your hopper, but keep live trading mode turned off initially. Allow your bot to run in test mode to observe its actions. If you're satisfied with the results, you can switch to live trading mode and let your bot take charge.

Please note that the provided steps are a summary and not a comprehensive guide. For detailed instructions, refer to the Cryptohopper documentation or seek assistance from their support, forum, or Discord channel, which can be accessed through the platform.

To summarize, you need to configure your settings on the "config" screen, establish the connection between your hopper and the exchange using API keys, and conduct a test run to ensure everything is set up correctly.

Please note that a detailed step-by-step guide will be provided in the future. Until then, feel free to utilize the available support channels, including the forum, Discord, and support provided within the Cryptohopper platform, to ask any questions you may have.

 

Tips for Using Cryptohopper

Here are some valuable tips to keep in mind when using Cryptohopper:

1. Start with small trades: Begin with smaller investments and prove your ability to be profitable in both bearish and bullish markets. Once you gain confidence, you can increase your bid sizes.
2. Understand that Cryptohopper is an evolving platform: While Cryptohopper is continuously improving, occasional minor bugs or issues may arise. The team is responsive and actively works to enhance the platform. If you encounter any problems, open a support ticket for assistance.
3. Utilize stop losses and trailing stops: Given the volatility of cryptocurrencies, it is crucial to set stop losses to limit potential losses and trailing stops to secure profits. These features help manage both upward and downward market movements.
4. Enable two-factor authentication (2FA): Protect your Cryptohopper account from unauthorized access by enabling 2FA. This additional layer of security helps safeguard your funds and personal information.
5. Consider market order settings: To ensure market orders are filled, set the "percentage lower bid" and "percentage higher ask" to negative numbers. A value around -0.03% has generally worked well.
6. Beware of spreads on minor altcoins: Less popular altcoins often have wide spreads, meaning you may end up paying a higher price than desired. While this is true for manual trading as well, it's important to be aware of the spread and make informed decisions.
7. Adapt strategies for different market conditions: Develop distinct strategies for bull, bear, and stagnant markets, or ensure that your chosen strategy is effective across all market conditions. Account for the volatility and adapt accordingly.
8. Consider the characteristics of different altcoins: Low-volume altcoins are more volatile and require looser stop losses, but they can offer significant gains during upward trends. High-volume top coins tend to be safer but may have limited upside potential.
9. BTC-based pairs are less volatile: When trading top coins, BTC-based pairs tend to be less volatile compared to USD-based pairs. Trading BTC/ETH is a recommended starting point, as it offers a relatively stable pair with upside potential and tighter stops (around 1.5% - 2.5%).
10. Avoid excessive trading: Frequent trading may lead to small profits that are eroded by fees. In a stagnant market, trading based on shorter timeframes (e.g., 5-minute, 10-minute, or 15-minute candles) can result in numerous buy/sell signals, potentially impacting your portfolio negatively. It's advisable to choose a strategy that generates no more than one or two signals per day.
11. Consider a simple strategy for stability: A strategy using the 12, 26, 9 MACD on 2-hour candles, with a 2.8% trailing stop armed at zero, can work effectively on a stable pair like ETH/BTC. However, it should be adjusted and tailored to suit your preferences and market conditions. Always conduct thorough research and choose a strategy that aligns with your goals.
12. Evaluate signal groups cautiously: While signals can be beneficial, they are not infallible. Some signals may arrive late or have questionable integrity. Joining a high-quality signal group is important, and the choice of group determines the effectiveness. It's recommended to use stops and exercise caution, especially during bearish market conditions.
13. Losses are a part of trading: No strategy guarantees positive returns on every trade in all market conditions. Accept that losses will occur and go through losing streaks. If you have confidence in your strategy, remain resilient and aim to recover losses through solid trades.
14. Know when to turn off your bot: In extreme market conditions or when your strategy is not performing well, it may be prudent to temporarily disable your bot or stop buying. However, be sure to reactivate it promptly to avoid missing out on significant market movements. When in doubt, leaving the bot running with appropriate risk management is a viable option.

These tips provide a general overview, but there are many more aspects to explore. Stay tuned for additional pages covering more in-depth information.