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Cryptohopper is a bot shop, as I call it. It's a place where one can program/design bots. Thus, using a multitude of different AI-based execution elements. If you are a crypto trading enthusiast looking for kick-butt bots to boost your profits, you are in the right place!
In our Cryptohopper review, we go over all the main features. We wish users to get a clear idea of what they are getting when joining Cryptohopper.
Cryptohopper is the second most popular Autotrader platform behind 3commas. If you are not familiar with crypto trading bots. Very simply, they are a bunch of lines of code giving buy/sell signals.
Some of these bot signals are manual. Thus, this is where the users execute trades themselves. Or rather, they are executed automatically through an API on an exchange.
Cryptohopper is primarily for auto-trading, so most users there will use the signals with APIs to place trades on the exchanges they use.
Main features of Cryptohopper
Going through the list of cool features Cryptohopper provides is fairly straightforward. The ones we like are paper trading, market-making & the signal providers marketplace. Add the 3-day FREE trial to the mix, and you have a winner here! Let's look at some of the benefits below.
- Market-Making Bot
- Exchange/Market Arbitrage Tool
- Strategy Designer
- Signal Provider Marketplace
- Social Trading Platform
- Paper Trading Mode
The above features of Cryptohopper give it a broad appeal to a wider base of users. Hence, most users looking for a crypto auto-trader should at least try them. In some respects, we can see this being a tool that some would even prefer over the 3Commas platform.
In trading, you have to keep an open mind and not become too set in your ways. Markets are always changing, and in cryptocurrency trading, that is even more so. To put it bluntly, the speed of the change we see all around us is extreme.
Don't become too set in your ways; feel free to explore what you don't know and learn some more advanced forms of crypto trading with Cryptohopper. They really have made complex subjects easy for users.
I find it amazing. Yes, amazing how simple they made it.
Give it a try!
Market-Making Bot
The Market-Making Bot will, in some respects, be confusing for most. So Cryptohopper goes a long way to make this enjoyable. Dare I say, relatively a simple task. The real complexities of market-making go far beyond what they offer, but this is a good start.
Whether you're trading large sizes as a Binance automatic trader bot, or on a small, illiquid exchange like Cex.io. You have the tool here to really help you get your crypto orders filled.
Using a Cryptohopper strategy for market making or arbitrage, maybe you were reading Cryptohopper Reddit and found the perfect strategy for market making. They allow you to adapt and create your own as you grow.
The definition of a Market-Maker per Cryptohopper:
“A market maker must commit to continuously quoting prices at which it will buy (or bid for) and sell (or ask for) assets. Market makers must also quote the volume they're willing to trade and the frequency at which they will quote at the Best Bid and Best Offer (BBO) prices. Market makers must stick to these parameters at all times, during all market outlooks. When markets become erratic or volatile, market makers must remain disciplined to continue facilitating smooth transactions.”
Maybe an overcomplicated explanation still; in layman's terms, a market maker is there to provide liquidity for a smoothly functioning, efficient market. This ensures buyers/sellers can get filled quickly and at fair prices.
Now with Cryptohopper, the Market-Making bot looks to simplify this process as much as possible and help you as a trader may profit from big spreads on coins of low liquidity or maybe from newly listed coins that just started trading. There are many ways to profit from using the Cryptohopper algorithms and this Market-Making bot.
Cryptohopper Market Arbitrage Tool
This is very tricky, but in our Cryptohopper review, we will go over this in a bit of detail. Arbitrage is the simultaneous buying and selling of an asset on different exchanges or in derivatives markets. This is a very profitable part of trading when done right, simply because of price differences between exchanges.
Cryptohopper gives you the tools to start arbitrage trading on your own. They have 3 main types of Arbitrage on Cryptohopper. Read below to learn more about the different types of arbitrage.
- Spacial Arbitrage
- Triangular Arbitrage
- Statistical Arbitrage
Firstly, we will start with Spacial Arbitrage: Also known as geographical arbitrage, the simplest form of arbitrage. In spatial arbitrage, thus, an arbitrageur looks for price differences between geographically separate markets.
Secondly, we have Triangular Arbitrage: This is the result of a price discrepancy among three foreign currencies that occurs when exchange rates do not exactly match.
These opportunities are rare, and traders who take advantage of them usually have advanced computer equipment and/or programs to automate the process. With cryptocurrencies, you get a lot more of these opportunities due to the nature of the crypto markets.
Lastly, we have Statistical Arbitrage: a more complex set of trading strategies that employ large, diverse portfolios and are often traded on very short time horizons. The mechanics of this in the cryptocurrency space are vastly different, as are those for trading other assets such as stocks. The central theme here is to reduce risk and increase profits as much as possible, with hedging most often employed.
Triangular Arbitrage Example Above
The Cryptohopper arbitrage tool is very useful, especially for beginners. Sometimes you can take advantage of price differences between exchanges.
As per Cryptohopper Arbitrage: “It allows you to trade discrepancies in the market, capitalizing on changes in market price between the same pairs on different exchanges. First, the arbitrage bot on Cryptohopper does not transfer funds between exchanges (as you might expect from Arbitrage). Therefore, we don't need permission for “withdrawal rights” through the API.
Arbitrage is more for advanced users, along with Market-Making, but it is really educational in showing you how markets act/function across the board. Cryptohopper makes the process of learning and using this a snap! So please try it out if you become a member of the Cryptohopper universe.
Cryptohopper Strategy Designer
Another great tool in Cryptohopper is the strategy designer. It is a very good tool. Simple to use and powerful. You can also share your strategies with other users and sell them in their marketplace.
The Cryptohopper strategy designer is the place where you can create your ideal strategy. So if you are a user with a specific combination of technical indicators and other advanced forms of trading, be it Candlesticks, MACD Crossovers, RSI OB/OS. The list goes on and on. Cryptohopper is there for you!
Cryptohopper has a whole marketplace where you can create and share your creations. You can also share and use other users' crypto trading strategies.
Signal Provider Marketplace
The Cryptohopper marketplace has 4 categories. Templates, Strategies, Signals & Apps. This allows members to share ideas with one another. It really completes and aids traders to get the most out of the Cryptohopper platform.
- Templates
- Strategies
- Signals
- Apps
Due to the unified nature and design of the marketplace, I kind of feel a bit limited. It is really not, though, as you get plenty here.
You can share strategies & templates with other users again for free or for a fee. You can also join their crypto social trading & receive signals from other users. Lastly, you can also use the App marketplace to connect to tools such as the Telegram bot, TradingView, and various other widgets/utilities to use in combination with the Cryptohopper platform.
Paper Trading Mode
Cryptohopper paper trading mode = safety! Firstly, I can't stress enough that most users, imo, should use this before ever risking any money on a platform they don't know how to use yet. Secondly, this is a great feature for testing strategies to see whether they are profitable.
The paper-trading mode will allow you to use Cryptohopper like you normally would. Hence, you only need to make sure your paper trading settings are enabled.
Thus, you can add fake fund deposits to your paper trading account. This lets you get a feel for what trading will be like with different amounts.
It is very easy to both create and erase paper trading accounts on Cryptohopper. So again, you can learn to use the platform safely and profitably.
Cryptohopper Monthly Pricing
Cryptohopper and their pricing is great! This is because they allow you to graduate from one level to the next. You can start with the FREE version to get a feel for it, then upgrade to a 3-day trial to access more features.
From there, you can start with the $29.00 monthly explorer package. After that, each package offers more features and capabilities. The Adventurer is often for those who fit within an advanced skill but don't need many bots.
Still, all that said, it tops out at $129.00 per month for the Hero package. This will give you the full range of Cryptohopper's trading capabilities. All once again letting you choose based on what you use.
In conclusion…
What is nice about Cryptohopper is how easy they make it to grow and give you the flexible options you need to trade. Doesn't matter if you want to use a Binance automated trading bot. Maybe you want to use crypto signals on Telegram along with your crypto portfolio strategies.
I really like how they tie everything together seamlessly, along with the flexible nature of the features you get, as stated above. They have thought deeply about simplifying some fairly complex trading ideas for their users. You can see this throughout their website.
An example of this is in their site's Cryptohopper documentation and tutorials, which are perfectly indexed to help one educate themselves.
In their crypto signals marketplace, you can make a crypto portfolio of signal providers. Not just regular crypto signals, but rather within Cryptohopper you can also use crypto signals telegram channels. The combinations and abilities they utilize are pretty amazing.
Cryptohopper includes all the tools you need to become a professional trader, with a clear path to do so. We hope you enjoyed the review, if you have any question feel free to comment below. Until next time, we hope you enjoyed the review!
