Cryptohopper Reviews - Is Cryptohopper a Scam or a Legit Trading Software?
These digital coins have given investors worldwide the opportunity to become millionaires by simply trading cryptos online. With the emergence of digital currencies, many software developers have quickly jumped on board to provide investors with solutions to trading cryptos effectively. While some products have really given both new and experienced traders the tools required to profit from cryptocurrencies, others are simply a way to scam people out of their hard-earned cash.
Over the last few years, we have had the opportunity to test a variety of products and today, we will review Cryptohopper in depth to understand if it delivers as promised.
From the moment you enter the Cryptohopper site, you are immediately bombarded with a large amount of information informing you that this trading bot will enable one to trade cryptos automatically, 24/7, based on one’s preferred technical indicators or you even have the choice to sign up to one of the company’s trading signal providers and trade manually.
There is also a section on all the features offered by Cryptohopper as well as the choice of exchanges you can connect to in order to trade. They also offer a variety of plans at different costs based on one’s personal trading preferences and requirements.
Let us explore Cryptohopper in more detail.
VISIT TRUSTED CRYPTO TRADING BOT
As we have said, Cryptohopper is a trading bot that enables you to trade a variety of cryptos either automatically or manually. On the homepage, you can access a video that does not provide much information except for a short review on what Cryptohopper is and does. When we compare this to other crypto trading software, we noticed that other crypto software, such as Algo Signals, provides more detailed information in their introductory video, giving you a much clearer understanding of what the software offers and how it works.
We move on now to the Strategy Designer feature that Cryptohopper offers. If you are new to the online world of crypto trading, this feature would not be of any value as you would need a broad understanding of indicators and candlestick patterns in order to use the software effectively. When compared to Algo Signals, Cryptohopper seems to be tailored for professional traders. Algo Signals, on the other hand, is tailored for both new and advanced traders and this software does all the analysis for you and provides you with trading signals of which cryptocurrency to trade and when. That being said, Algo Signals also allows on to customize the platform based on one’s trading preferences. You can customize and set the preferred probability for the trading signals you will receive, putting you in full control of your trading experience.
Demo Trading – Practice Before You Step into the Trading Arena
Cryptohopper offers a paper trading feature, which is an account that you can trade on without owning any cryptocurrencies or an exchange account. This allows one to learn how to trade and use the software and other features, without taking any risks. The site provides you with a wealth of resources on how to set up your paper account but they also make it clear that configuring your Hopper does not guarantee any profits. A trader needs to have a clear understanding of market conditions in order to profit with Cryptohopper.
In comparison, Algo Signals also offers a demo trading account that allows you to practice trading and view their features in action. This account is much simpler to set up, access and use, making cryptocurrency trading far more accessible to both new and advanced traders.
OPEN DEMO TRADING ACCOUNT
A big difference between Cryptohopper and Algo Signals is the trading platform. Cryptohopper gives traders access to register with a wide choice of exchanges so they can trade cryptos. These include, for example, Binance, KuCoin, Coinbase and many more.
By signing up with an exchange, you will be required to reveal your API keys to a third party and then you can access their trading platform in order to trade. We liked the fact that Algo Signals has done the work for you and offers access to a choice of reputable brokers that offer an all-inclusive trading environment, which includes an innovative trading platform, a choice of effective trading tools, secure banking options and professional customer support.
Okay, so this is where we can really separate a leading software product from those that are in this business to make money. If you choose to opt for trading signals with Cryptohopper, you will need to select one of their signals plans. Here you can choose between their Free Hopper Trial account for 7 days, their Explorer Hopper starter plan for $19 per month, the Adventure Hopper medium plan for $49 per month and the Hero Hopper pro plan for $99 per month. Each account type is tailored to offer a variety of features, such as the number of positions one can open, the maximum crypto coins one can trade, technical analysis and the number of signals you will receive.
With Algo Signals, the process is a lot simpler. The software is available free of charge, there are no plans that one can sign up for. The only financial commitment one needs to make is to pay $250 to the selected broker. This money, however, is used as trading capital and it belongs to the trader. The other advantage is that once a trader wants to withdraw their funds, the process is seamless and easy to do.
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One of the features that Cryptohopper offers is the ability to short sell one’s cryptocurrencies. This means that even if the price of cryptos rises or falls, you can still trade and profit. You can also create a stop-loss order on your trades, which will then automatically sell the digital coins when the price starts to fall. This protects traders from selling too early and allows one to maximize profits.
In comparison to Algo Signals, shorting cryptos is beneficial as it allows you to profit irrespective of the direction of the market movements. What we liked about Algo Signals is that you are trading crypto CFDs (Contracts for Difference), which means you are not actually buying and selling digital currencies. You are simply making a prediction regarding the direction the price of the cryptos will move. Here you can also make a profit even if the price of your preferred crypto is moving up or down.
One of the features that Cryptohopper offers is Mirror Trading. Once you have signed up and joined the Marketplace, you can then mirror or copy a pro trader and open and close trades based on the trader’s strategy. While this mirror trading feature is free to use, you will need to buy the templates, signals or strategies and you can then trade manually. Cryptohopper also offers Indicator Cheat Sheets. These are professional grade strategies which have been created from advanced indicators and they are designed and tested by approved traders. These strategies are a collection of technical indicators that a trader has selected and it creates an outline of parameters which will dictate a trader’s buying and selling decisions while using Cryptohopper. It is important to note that these cheat sheets do not include the other aspects that may guide the hoppers trading, and this includes one’s preferred cryptocurrencies or any additional trading tools. In other words, these indicator cheat sheets are market analysis that gives you insight into the market and the expected future movements.
While this is a beneficial feature, especially for advanced traders who understand what to look out for in market movements, it might be too advanced for new traders. With Algo Signals, the brokers they have selected offer comprehensive education centers as well as daily market analysis that is simple to understand and grasp.
Now, we are not saying that Algo Signals is necessarily better than Cryptohopper. Instead, what we are saying, is the software that you choose needs to meet your trading needs and preferences. If you are new to the world of cryptocurrency trading, signing up to a software and paying money for features you do not understand, is simply a waste of money. We recommend taking the time to view the different software and to carefully evaluate the features on offer and how these can boost your trading success.
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Is There a Cryptohopper Scam or Is It Safe?
The ability to trade in a secure trading environment without worrying about the safety of your funds and the security of your personal information is vital if you are to trade successfully. We went online and searched the Internet for other reviews and found some reviews warning about the use of Cryptohopper. While we understand that a lot of negative reviews exist online and are placed there by competitors, we took this opportunity to try out the software for ourselves.
We have reviewed many software products in the crypto market and we found Cryptohopper to be a little complicated. While we understand that this trading bot can be tailored exactly to meet your trading requirements, this is definitely not a ‘plug and play’ product and it required a lot of reading and understanding when it came to configuring the software so we could trade. We were stuck in many cases, such as which exchange to sign up to and which indicators to use. While the site offers a lot of documentation and tutorials online, it was sometimes quite frustrating to go through the entire learning process when all we really wanted to do is trade cryptocurrencies.
In comparison, with the Algo Signals software, the process is a lot simpler. Once you have signed up and selected the broker, the Algo Signals can be automated to make trades for you. If you wish, you can also trade manually, putting you in full control of your trading activities. The Algo Signals algorithm does all the work for you – it will analyze the markets and will even make the trades for you. This software also offers live data streaming, which gives a trader real-time access to the latest market changes. With this vital information, you can then adjust the trading features to meet the current market conditions. It is easy to fully customize the trading process with Algo Signals.
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How Do I Join?
On the Cryptohopper website, they provide 3 easy steps to getting started as follows:
1. You need to start by selecting which exchange you would like to trade with, such as Cryptopia, Binance, Bittrex and many others. The site offers tutorials on how to get started for all the exchanges. In terms of which exchange to use, I assume this is a personal choice.
2. Once you have signed up at an exchange, you then need to open a Cryptohopper account. Here you will need to provide some basic information and once your account is approved and opened, you can access the hopper dashboard. Now this is where things got complicated for us. It states on the Cryptohopper site that from the dashboard, a trader can create as many Hoppers as one would like yet these Hoppers require a separate subscription and trades on the exchange account you have selected. The learning process took us awhile here.You now need to select a template that corresponds with the exchange you have picked. You also have the option to create a trading template from scratch. Once your Hopper is created, you then need to go to the config tab, and you need to copy the public and private API key from your exchange account and paste it in your configuration and save your selection.
3. The final step requires you to configure your Hopper. The basic template that is provided does comes with example settings, but as Cryptohopper warns, this example does not guarantee any profits. One needs to configure their Hopper based on the market conditions and to make the necessary changes as the market conditions change.The hopper that one creates can buy crypto coins for you or you have the choice of subscribing to a signaler, who will send signals for your hopper to buy. You can also base the trading process on technical analysis and this can be done by purchasing strategies on the marketplace, or you can configure them yourself.The success of using Cryptohopper really comes from doing your homework – and a lot of it. You should read the forum and the all the tutorials provided online to get an understanding of how the software works and how it can help you to trade cryptocurrencies in the markets.In comparison, the sign up process with Algo Signals is a lot simpler. Once you have provided some basic information, your account is opened. You then simply select your preferred broker and you can start trading.
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Crypto-Hopper or Algo-Signals?
While we found Cryptohopper to be a little complicated to use and to understand, it is evident that this software and its many features work for some traders. Below we have provided a comparison table of the features we reviewed and how these features worked for us.
Remember, that trading is a personal activity and one needs to choose the right trading tools that will help them achieve their trading goals effectively.
READ THE REVIEW OF ALGO SIGNALS
It really goes without saying that we live in a world full of scams and there are many products and software services that do not deliver as promised. While Cryptohopper offers all the features and tools one would need to trade cryptocurrencies effectively, we feel that this product caters a lot more to experienced traders. The reason for this is that the templates and strategies that one can buy from Cryptohopper require some understanding of the markets before one can configure their trading template.
As we have said before, the software you choose is a personal choice and while Cryptohopper offers an all-inclusive solution, Algo Signals was a lot easier for us to use and to get started in trading cryptocurrencies in the markets.
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