Digital coins have given investors the potential to become millionaires worldwide by merely trading those currencies online. With the advent of cryptos, many software developers have quickly jumped on board to offer investors solutions for trading them effectively.
- Although some products have provided the resources needed to take advantage of cryptocurrencies to both new and seasoned traders, others are simply a way to cheat people out of their hard-earned cash.
- Over the past few years, we’ve had the opportunity to check a range of items, and today, we’re going to look at Cryptohopper in detail to see if it delivers as expected.
- From the moment you enter the Cryptohopper software, you are instantly bombarded with a large amount of information telling you that this trading bot will allow you to trade cryptos automatically 24/7 based on your preferred technical indicators, or you may choose to sign up for one of the trading signal providers of the company and trade manually.
There is also a section on all the features that Cryptohopper provides and the list of trades that you can connect to for trading. They also grant a range of plans based on specific trading preferences and criteria, at varying prices.
As we said, Cryptohopper is a trading bot that allows you to trade automatically or manually a variety of cryptos. You can access a video on the homepage that does not have much detail except for a quick overview of what Cryptohopper is and what it does.
When we compare this to other crypto-trading apps, we found that other crypto-apps, such as Algo Signals, provide more comprehensive details in their introductory video, giving you a much better understanding of what the software offers and how it works.
We are moving on to the Strategy Designer feature Cryptohopper offers now. If you’re new to the online world of crypto-trading, this functionality will be of little use as you’d need a broad understanding of indicators and candlestick trends to make successful use of the software.
Cryptohopper appears to be geared to experienced traders when compared to Algo Signals. On the other hand, Algo Signals is designed for both new and experienced traders, and this software does all the research for you and offers you trading signals on the cryptocurrency you would want to trade and info when to do so.
That said, Algo Signals also allows the platform to be personalized based on one’s preferences for trading. You can configure and set the desired likelihood for the trading signals you will get, placing you in full charge of the trades.
Demo Trading – Practice Before You Step into the Trading Arena
Cryptohopper provides a paper trading feature, an account you can trade on without holding any cryptocurrencies or trading accounts. It helps one learn how to exchange and use the software and other functions without risks being taken.
The website provides you with a wealth of information on setting up your paper account, but it also clarifies that setting up your account does not guarantee profits. To benefit from Cryptohopper, a trader needs to have a good understanding of market conditions.
Algo Signals also provides a trial trading account that enables you to transact and see their tools in practice. This account is much easier to set up, navigate, and use, making trading in cryptos much more available to new and experienced traders alike.
The trading platform is one major difference between Cryptohopper and Algo Signals. Cryptohopper gives traders access to register with a large range of exchanges to allow them to trade cryptos. For example, these include Binance, KuCoin, Coinbase, and many more.
When signing up with an exchange, you’ll be forced to reveal your API keys to a third party and then use their trading network for trading. We liked the fact that Algo Signals has done the work for you and offers access to a range of trustworthy brokers providing an all-inclusive trading ecosystem that includes a creative trading platform, a choice of effective trading tools, safe banking options, and competent customer support.
Okay, so here’s where we can really distinguish a leading software product from one that has the sole purpose of making money in this business. When you want to trade signals with Cryptohopper, you’ll need to pick one of their signal plans. Here you can choose between their 7-day Free Hopper Trial account, their $19-per-month Explorer Hopper starter plan, the $49-per-month Adventure Hopper medium plan, and the $99-per-month Hero Hopper pro plan.
Every account form is designed to include various features, such as the number of positions that can be opened, the maximum amount of digital coins that can be exchanged, technical analysis, and the number of signals that you will receive.
The method is much easier with Algo Signals. The software is free to use; there are no plans one needs to sign up for. The only financial promise that one has to make is to pay $250 to the chosen broker. Nevertheless, this money is used as trading capital and belongs to the trader. The other advantage is that the procedure is smooth and simple to do until a trader wants to withdraw its funds.
One of Cryptohopper’s offers is the opportunity to short-sell one’s cryptos. That means you can still trade and profit even if the price of cryptos rise or fall. You can also create a stop-loss order on your trades, which will then trade the digital coins automatically when the price starts to fall. This saves traders from selling too early and helps them to maximize profits.
Shorting cryptos is useful compared to Algo Signals because it helps you benefit regardless of the market movements. We enjoyed Algo Signals because you are trading crypto CFDs (Contracts for Difference), meaning you don’t necessarily buy and sell digital currencies. You just guess the way the crypto-prices will travel. Also, if the price of your favorite crypto goes up or down, you can make a profit here too.
Mirror Trading is a feature that Cryptohopper provides. You can duplicate or copy a pro trader and open and close trades depending on the trader’s strategy once you have signed up and entered the Marketplace. Although this mirror trading feature is free to use, the models, signals, or tactics may need to be purchased, and you can then trade manually. Indicator cheat sheets are also available at Cryptohopper. Those are skilled grade techniques built from advanced metrics and were designed and tested by approved traders.
- Such strategies are a set of technical indicators chosen by a trader. They establish an overview of criteria that will determine buy and sell decisions by a trader when using Cryptohopper.
- It is important to remember that these cheat sheets do not include certain factors that direct the hoppers’ trading, including one’s favorite cryptos or any specific trading instruments.
- In other words, these cheat sheets of indicators are market research that gives you insight into the market and the predicted future moves.
- Although this is a beneficial function, it may be too advanced for new traders and is more suited for experienced traders who understand what to look for in market movements.
- With Algo Signals, the brokers they have selected deliver robust educational centers, as well as easy to understand and comprehend regular market analysis.
Now, we’re not suggesting that Cryptohopper is inherently better than Algo Signals. Alternatively, what we’re suggesting is the software you use to suit your expectations and trading needs. If you’re new to the world of cryptocurrency trading, it’s literally a waste of time to sign up for a program and pay for features you don’t understand. We recommend taking the time to view the different apps and carefully examine the features on offer and how they can improve your performance in trading.
Is There a Cryptohopper Scam or Is It Safe?
When you want to trade effectively, the opportunity to trade in a secure trading environment without worrying about protecting your funds and the security of your personal data is crucial. We searched the web for other feedback and found some comments warning about using the software. While we understand that there are many negative reviews online, and rivals are also putting them there, we took this opportunity to check out the software for ourselves.
- We’ve tested several software products in the crypto industry and consider Cryptohopper to be a bit complicated.
- Although we agree that this trading bot can be customized specifically to suit your trading needs, this is certainly not a ‘plug and play’ device. It took a lot of reading and understanding when it came to configuring the software to trade.
- In other instances, we’ve been stuck when deciding what exchange to sign up to and which indicators to use.
- Although the website provides many online resources and tutorials, it was often challenging to go through the entire learning process when all we really wanted to do is exchange cryptos.
- By comparison, the procedure is much easier with the Algo Signals program.
- After you have signed up and chosen the broker, you can configure the Algo Signals to make trades for you.
- You can also trade manually if you so wish, putting you in complete charge of your trading activities.
All the research is done for you by the Algo Signals algorithm – it will evaluate the markets and even make the trades for you. This program also provides live streaming of results, giving traders access to the latest market movements in real-time. You can then change the trading features with this critical information to match the current market conditions. The trading process with Algo Signals is easy to customize completely.
How Do I Join?
We have 3 simple steps to get started on the Cryptohopper website:
- You need to start by choosing the exchange you’d like to trade with, including Cryptopia, Binance, Bittrex, and many more. For all the exchanges, the platform provides tutorials on how to get started. I assume this is a personal decision about which exchange to use.
- You will need to open a Cryptohopper account once you have signed up at an exchange. You’ll need to include some basic details here, and you can access the hopper dashboard once your account is approved and opened. Now it was here that things got complicated for us. The Cryptohopper website notes that a trader can create as many Hoppers from the dashboard as one would like, but these Hoppers need a separate subscription and trades on the exchange account you selected. The learning process took us awhile here. Now you need to pick a template that fits your chosen trade. You also have the option to build a template for trading from scratch. Once you’ve created your Hopper, you’ll need to go to the config tab and copy the public and private API key from your exchange account and paste it into your configuration and save your option.
- The final step includes configuring your Hopper. The simple template given does come with settings, for example, but as Cryptohopper warns, this example does not guarantee any profits. One must configure their Hopper based on the market conditions and make the required adjustments as the market conditions change. The hopper you make will buy crypto coins for you, or you have the option to subscribe to a signaler, which will send signals to buy for your hopper. You can also base the trading process on technical analysis, and marketplace buying techniques can achieve this or customize them yourself. The effectiveness of using Cryptohopper comes from actually doing your homework – and a lot of it. To understand how the software functions and how it can help you trade cryptocurrencies in the markets, you can read the forum and all the tutorials offered online. In contrast, the sign-up process for Algo Signals is a lot easier. Your account is opened after you have given some basic information. Then pick the broker you want, and you can start trading.
Cryptohopper or AlgoSignals?
Although we found Cryptohopper to be a little difficult to use and understand, it’s obvious that this app and its many features work for some traders. Below we presented a table of comparisons of the features we tested and how they worked.
Note, trading is a personal activity, and you need to use the best trading tools to help you efficiently achieve your trading goals.
|Cost||This program provides a range of plans, the costliest being $99 a month.||Algo Signals pays no fees and does not sell any trading plans. Deposit $250 into the account of your selected broker so that you can trade with this money.|
|Strategies||You can either buy Cryptohopper strategies and models, or you can build your own trading strategies.||The broker you want to trade with will provide you with a choice of trading tools and market analysis to allow successful trading.|
|Automated Trading||You can trade with the Cryptohopper bot automatically.||Trade automatically using the trading software Algo Signals.|
|Straight Forward||If you don’t have previous experience, creating your Cryptohopper account, registering with an exchange, and developing your trading template can be very complicated.||Trading is straightforward. After you have registered with Algo Signals and signed up with your favorite broker, you can instantly and automatically start trading cryptos based on the given signals.|
|Demo Account||There is paper trading, and you can simulate trading activities.||A demo trading account is available, which allows you to check the features and software before conducting a real money trade.|
|Customer Support||Customer service is available where needed.||The customer service is available where needed.|
|Trading Platform||You need to register before you can trade at any one of the exchanges.||Pick one of the brokers you want, and start trading.|
It goes without saying that we live in a world full of scams, and many goods and software services are not performing as expected. Although Cryptohopper offers all the features and resources needed to trade cryptos effectively, we feel this product provides far more experienced traders. The explanation for this is that the models and strategies purchased from Cryptohopper require some market understanding before configuring their trading system.
As we said earlier, the software you use is a personal option. While Cryptohopper provides an all-inclusive solution, it was much simpler to use Algo Signals to start trading cryptocurrencies in the markets.