Cryptohopper is a revolutionary cryptocurrency trading bot that trades on autopilot. The bot allows you to buy and sell Bitcoin and other altcoins and is programmed to detect the best times to buy and sell your cryptocurrencies. It has the technology to scan the markets for the lowest prices to place buy orders. It then sells the crypto once the trades have moved into considerable profits.
It claims that trading has never been easier when using the bot as it does all the hard work for you.
A great advantage of Cryptohopper is that it eliminates the need to spend hours learning and mastering how the market operates and how to trade. This makes it very beneficial to traders who do not have much time alongside full-time work to sit down for hours watching their cryptocurrencies.
The bot is able to connect to your current exchange platform, meaning you don’t have to move your money around as it uses the money in your wallet to trade. This helps to reduce time and transaction fees.
Exchanges supported by Cryptohopper
Features of Cryptohopper
Here are just some of the features Cryptohopper has to offer:
Cloud-based
Cryptohopper is completely cloud-based and runs 24/7. It also has the added benefit of updating automatically, meaning you do not need to manually update it every time it creates a new feature.
Trading bot templates
The templates feature allows you to save and load your own templates to change and set up your own trading bot. Templates allow you to build up your own personal strategy when trading cryptocurrencies. Several templates are needed so the bot can adapt to changes in the market conditions. These templates can then be linked to certain triggers such as price movements and fluctuations so the bot knows how to respond accurately.
Trailing stops
This feature allows you to have laser-focused tracking of all your investments. One of the hardest tasks within trading can be selling and making a profit at the same time. It can also take days or weeks to hit your target returns. However, with trailing stops, Cryptohopper allows you to be free and not stuck to your computer screen. It handles all the complicated parts of trading with its multiple tools.
Backtesting
The backtesting feature uses insights from the past to predict the future, which can be a very handy tool when trading. The tool allows you to test your crypto strategy, meaning it will use each individual coin on your exchange and evaluate its real-life data chart to find out the best times to buy and sell. Backtesting is known to be one of the most important ways to tune strategies and teach you how to trade.
Risk
Trading bots are not perfect, so there is a certain amount of risk if you do choose to use one. Firstly, not only are you trusting your money with a third party, but unless the source code is open, you will not know the quality of the software. If you are to take the route of using a bot, ensure that it is reputable and has a track record that is proven.
With the cryptocurrency market always changing and evolving, bots need to be either adaptable or consistently upgraded. One way to build confidence in the bot would be to start with small amounts and build up slowly once you gain that trust.
Remember, though, that any investment in a trading bot will inherently be tied with risk. This is on top of the risk already associated with cryptocurrency trading, so always remember to never invest more than you can afford to lose.
If you want to find out more about cryptocurrencies and trading, we have a range of cryptocurrency guides on our site along with the latest cryptocurrency news.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.