Cryptohopper Review 2020
- Cheap bot provider
- 7 Days Free Trial
- Many strategies to choose from
- Great platform usability
- no real downside so far
Many people spend a lot of time in front of the computer to trade cryptocurrencies. Mostly they try to stay awake all night and just look at the screen to find out when to buy or sell their currency. Meanwhile, there is a vast amount of websites that say that they will handle it all for you. Either for a small percentage of the profit or for a monthly fee. And this is exactly what Cryptohopper seems to be. Does the program deliver what it promises and does it really manage to gain profits for it’s customers or is it simply fraud?
We have dealt with this question and want to show you in this test what you have to pay attention to, what the dangers and advantages can be and what this is all about. You can find a lot of positive experiences about this bot on the internet, but the longer you search, the more negative reviews you will find as well. Which ones are more meaningful now?
But the most important thing first: If you don’t know anything about cryptocurrencies, you should first educate yourself a bit on the internet. If you just throw yourself into the action, it’s just like a normal stock exchange. You lose a lot of money. You should be able to analyze the market at least in a basic way before you start using a trading service or a broker site, you should know how to use a broker platform and you should invest only the money, which you can really afford to lose. However, sometimes even the best traders have to suffer bigger losses. But there is also the possibility to make a profit.
Therefore Cryptohopper.com is good for someone who knows about cryptocurrencies, trading and risks and wants to simplify his life a bit.
How the Cryptohopper Trading Bot Service works
First we have to define exactly what Cryptohopper is. Cryptohopper is a bot that automatically executes buy and sell orders for the respective customer according to the desired settings. Cryptohopper also manages your cryptocurrencies and exchanges them according to your wishes. To make this possible you have to create API keys in your exchanges / broker site so that external applications like Cryptohopper can access and communicate with your broker. Cryptohopper can request information about your assets on your broker site and see if you’ve made the exchange settings correctly.
Using these API keys, Cryptohopper has the ability to make sales and purchases through limit orders. Limit orders are orders at fixed prices. You can set how long this order should be open until it is either fulfilled or deleted. Such limit orders are the only orders the bot can place with an API key. You can set your hopper to act according to certain strategies. Cryptohopper also states that it is the only program that follows signals.
What are Signals?
Signals are triggers that are set by people who look at the market and the currency and use specific knowledge to set signals to buy and sell. You can subscribe to special signaling devices and automatically act on their signals.
Each of these people has a result report and you can see how effective their signals were in the past.
Cryptohopper.com generally supports an engagement of successful users who can offer their strategies and signal services in the Marketplace section. There you can find Templates, Strategies and Signals which can all get rated by other users.
Most of those products cost extra, either as one-time payment or subscription-based. Some are free, especially in the Templates section (with Templates you can safe and load bot settings).
Opening a Cryptohopper Account
Step 1: Signup (firt for Free Trial)
How can I use the Cryptohopper? To register with Cryptohopper you have to click on the “sign up” button in the upper right corner. On the next page you have to enter your first and last name, your e-mail address, your desired username and a password. The password must contain at least 8 letters, numbers or special characters, including at least one number, one capital letter and one special character. After submitting the form you will receive an e-mail in which you have to click on the link to activate your account and you will be redirected to the Cryptohopper page. There you have to login with your previously chosen username and password.
Step 2: The Platform
Then the following page appears, as in the picture, and you can choose if you want to set up your Cryptohopper account with the help of the wizard or if you want to do everything on your own. We did it with the help of the wizard. First of all you have to choose your crypto exchange or broker. You can choose between Binance, Huobi, Poloniex, Bittrex, Coinbase Pro, Kraken, Bitfinex and KuCoin. If you don’t yet have an account at the respective trading platforms, you can create a new account. Soon HitBTC, Cex.io, Cobinhood, and Bitstamp will be added.
If you have been actively trading before and are already registered on one of the websites, you can connect your accounts in the following way: You need the API key, the API Secret and the UID. These three things can be found in the profile of your respective stock exchange under API Management, in the profile or under Settings.
On the left side you will find the navigation bar. Here are for example the dashboard, the statistics, the signals you follow, charts, the settings and the trade history. There is also the Academy with video tutorials to help you get started. Under “user settings” you can also change your profile, invite friends and subscribe to special hoppers.
Step 3: Deposit and Trading
There are three different subscriber variants: Free Hopper (7 days trial), Starter (Explorer Hopper), Medium (Adventure Hopper) and Pro (Hero Hopper).
All those hoppers manage cryptocurrencies buying and selling day and night. The difference lies in the positions. At the Starter you have 80 positions, at the Medium you have 200 positions and at the Pro you have 500 positions. You can also choose different cryptocurrencies (15, 50 or 75). Another important difference is the buying interval which varies between 10 minutes, 5 minutes and 2 minutes per hopper. The price starts at $19 per month and the maximum is $99 per month.
Next comes the most important point. You have to adjust your hopper. The default template comes with a few sample settings, but keep in mind that they don’t necessarily have to generate profits. The best thing is to look at the market for yourself and try to find the best setting for yourself.
There are two ways to buy your preferred coin. You can either subscribe to a signal generator that tells your hopper when to buy and sell, or you can do the trades yourself based on your own knowledge. The most important thing is that you’ve figured out for yourself in advance what is important and how you would like to trade. The first thing to do is to click on “config” in the left navigation bar.
If you would like to test if your bot works without really executing transactions, you have to click on switch on at the point “live bot”. Under “Output” you will see what your bot is trying to do and if any errors have occurred. Then select an exchange or brokers platform and enter your API key and your API password. Then select a cryptocurrency you want to use for your account. Caution! Only select coins you’ve previously learned about and would like to trade with.
Cryptohopper Transaction Fee
The program depends on your strategy, which you define beforehand. In order to determine the sales strategy yourself, click on “advanced multiple TA settings”. What you should always keep in mind, however, is that you have to pay 0.5% per transaction as a fee. Therefore, the percentage profit should be at least 0.55% in order not to make a loss on the transactions. There are still various other settings, which I do not want to go into further now.
Testing Cryptohopper with a Demo Account
Is Cryptohopper Scam or not? In our short Cryptohopper test we got a good insight into how the website works. However, you would have to perform a much more intensive test run to be able to say with 100 percent certainty that Cryptohopper is fraud or serious. However, we come to the conclusion that it is a quite serious site. It constantly points out the dangers of trading online and you only pay the monthly fee, which you can also pay via Paypal. Thus the danger of a Cryptohopper fraud is minimized.
Despite all knowledge losses are not always to be avoided. The Hopper is only a tool, which acts according to your settings. Under the point “Strategies” there are already many prefabricated trading strategies which are explained in detail when you click on them. On the single strategy pages you also find ratings of users who’ve already tried them.
You have to choose the number of strategies you want to buy, with a minimum value of “one”. Your hopper will then scan the entire market at the interval you have previously booked. There you can define how many you want it to buy with each scan. The selling process is the same as buying.
Is the Cryptohopper App serious and how do Trading Results turn out?
After reading through thousands of reviews and filtering out those that are obviously wrong or written by frustrated investors who have lost money, you get a pretty good picture of Cryptohopper. The instructions for the website remind you on many points that you can not only win money, but also have to expect high losses. However, most users of Cryptohopper seem to be quite happy with the trading bot service and would obviously recommend it to others. The website is very well structured, easy to understand for everyone who speaks English and is something for new beginners as well as for established traders.
The Resources tab makes it easy to get started quickly. There you find the “Get Started” section, Tutorials and even a Trading Academy part with free beginners courses.
You don’t pay money directly into the cryptohopper.com website (unless you buy a special hopper to trade), but it only manages the credit from your broker sites and makes purchases and sales in your name, according to your rules.
In our experience, the website is not a scam, but serious and worth a look. What you should be aware of, however, is that there are sometimes scammers on the platform who might send you a message like, for example: “We have found the best settings and for a small amount we will share them with you” or “download a new program..” Attention with such messages. Such messages can be sent via e-mail, Facebook or telegram.
The trading results will always vary and are therefore not to be indicated with a certain percentage or an amount, since these always depend on it: How much money you invest, which settings you have made, how the market behaves, whether you trade risky or rather conservative, etc.
The Crytohopper App suitable for beginners with background knowledge, who read through the Resources section or Helpdesk before.
In the Ressources / Helpdesk area you find explanations to all possible topics. From “How to buy Bitcoins” and “How to create an account in …” to “How much profit can you make”, “Is profit guaranteed” and “Can you have several hoppers in one account” to “Trading”, “Configuration”, “Safety and Security” and so on.
It’s definitely a good idea to read a few points on the Helpdesk tab and browse the Tutorials before investing your money pointlessly and then wondering why you lose money or cancel your hopper at that point. It also explains, among other things, how to cancel your orders/sales before they are executed.