Overview of the Cryptohopper trading bot
Automated trading using crypto trading bots (crypto bot) is gaining momentum. This is a great chance to automate trading. You only need to enter a certain algorithm of actions in the bot settings, which will be based on your trading strategy.
Cryptohopper is a popular crypto bot that was founded by two brothers. One was a web designer and the other was a professional trader.
How Cryptohopper Works
By linking a cryptocurrency bot to your own account on a cryptocurrency exchange, you can set up automatic trading through the bot functionality. In fact, this program will conclude transactions on your behalf based on certain rules that you have entered in its settings.
To link a cryptobot with your account, you need to use an API key. You can find it in your account on the cryptocurrency exchange. Cryptohopper supports work on several exchanges at once:
- BitPanda Pro;
- Coinbase Pro;
By linking several accounts to a cryptobot at once, you can significantly increase the efficiency of automated trading, since the bot will be able to conclude suitable transactions on several platforms at once.
First of all, the principle of operation of a cryptobot is to technically analyze the market, if the conditions match the settings, the bot makes a trade. It will repeat such transactions until the user changes its settings.
Automated trading may look very easy, but the trader still needs to monitor the situation in the market. If you do not change the bot settings in time, you can miss out on profitable deals or even lose your deposit.
Advantages and disadvantages of Cryptohopper
Cryptohopper is popular among a large number of traders for a reason. The developers of this cryptobot give users the following benefits:
- 12 compatible exchanges;
- the bot is easy to set up and use, friendly to beginners;
- training courses within the platform;
- ready-made strategies from developers are available.
Cryptohopper cryptocurrency bot has no particular disadvantages. The only thing that can be noted is the need to pay extra money for the full list of platform features.
The functionality of different cryptocurrency bots . Cryptohopper offers users a really wide range of settings, however, their availability depends on the chosen package.
Pioneer is a free package that is available to every customer. 20 positions available, manual trading, compatibility with all exchanges and portfolio management.
Explorer – $19 per month. A free 7-day trial is available. By subscribing to the package, the user receives:
- ⦁ 80 positions;
- the ability to add 15 assets to trading;
- 2 triggers for trading;
- automatic technical analysis every 10 minutes;
- the ability to simulate the actions of a trading bot (to check the settings).
Adventurer – $49 per month. For the package you get:
- 200 positions;
- maximum 50 coins;
- 5 triggers;
- technical analysis every 5 minutes;
- imitation of a bot;
- exchange arbitrage.
Hero – $99 per month. You get access to:
- 500 positions;
- maximum 75 coins;
- 10 triggers;
- technical analysis every 2 minutes;
- market arbitrage;
- market making;
- beta version of the smart algorithm.
Cryptocurrency bots are a great way to make trading more efficient. With Cryptohopper, you can depend on additional profits if you figure out how to set it up correctly.