Getting started with Cryptohopper, one of the easiest and affordable Cryptocurrency trading bots

Cryptohopper    <-- click to get a free 1 month trial !

Cryptohopper is a web-based fully hosted cryptocurrency trading bot. Plans start as low as $20 a month and it is essentially turn-key from there, after you set up a strategy.  We will cover some of the basics such as what are it's main benefits, how easy it is to use, which plan to choose, what extra features should you consider subscribing to, and towards the end we will share some ideas on a strategy you could use to get started trading with Cryptohopper today.

Cryptohopper really stands out among cryptocurrency trading bots in that it has a clean looking easy to use graphical web interface.  You create an account at Cryptohopper.com and then create an API key with your exchange with trading privileges and then input the required information.  There is some basic setup involved and they have video tutorials to help walk you through the process.

View the Cryptohopper Academy Videos....

If you are trying to decide whether it is worth your time, consider some of it's benefits:

• Easy to use graphical interface.
• Can pay for subscriptions with crypto or Paypal.
• Hosting for the bot is including in the price.
• You can run multiple bots (called hoppers) for additional fee.
• You can set the bot to act on external signals from available trading groups (some groups are a small subscription fee and some signal groups are free)
• You can create strategies based on popular technical analysis indicators such as Stochastic, RSI, Stochastic RSI, MACD, EMA, SMA, and KAMA along with additional nuances to the strategy.
• They have a feature that allows dollar cost averaging (DCA)
• Their website includes a message board where people can ask questions and talk strategies.
• They are growing and releasing new updates and features regularly (including on working to fix a few bugs here and there).

In terms of how easy it is to use, it seems fair to say that while the interface is very easy to use, it can be tricky to setup a good strategy and get it to execute properly.  Many other trading bots require much more computer expertise and often require use of a command line interface or a VPS, Cryptohopper makes all of that easy.  A typical user of any trading bot should certainly already have at least some trading experience and knowledge of basic technical analysis indicators would be very helpful.  Cryptohopper still may be an option for someone with less trading experience if they wanted to setup their hopper to act off of Signals rather than a technical analysis strategy of their own.  If that is the case, you could get away with selecting a signaler, choosing what coins to trade, and setting a profit target and other basic money management features if desired.  Whenever the signaler sends out a signal for your coin, the hopper would automatically put in a buy order. 

Now that we have covered Signals, we need to mention that Cryptohopper offers 3 levels for their hoppers: Bunny (entry level), Hare (mid-range), and Kangaroo (max coinage).  For someone who wants to make the most use of the most number of coins that get recommended by a Signaler, a Kangaroo package may be best as they allow the most number of coins to be actively traded.  The other differences in the packages have to do with how often it checks prices and executes trades.  Different strategies may work well with different packages.  The signaler services themselves range from free to around $6 a month for one such as the popular Mining Hamster signals subscription.

If you think Cryptohopper sounds like the perfect vehicle to implement your world domination crypto trading strategy, it may be possible but you could also be slightly disappointed.  While the interface is clean and easy to use, the technical analysis tools themselves are fairly standard if not basic.  They are however constantly improving the product and have recently added new features and appear open to new suggestions.  They do however allow you to use their backtest tool to backtest your strategy to see if it should be profitable or not.  If you believe you can make many using a MACD, RSI, or EMA strategy for example, Cryptohopper has you covered. In the following section I will go over a basic strategy that people have used and that has tested mostly profitable.

A technical analysis strategy that I liked using recently was to set the hopper to Bitcoin / USD (or USDT).  I used a Bunny account and then turned on an oscillator or two (RSI or Stochastic) with standard settings (although you may want to fine tune them in the backtesting tool) and this basically means that the bot will buy when it thinks prices are "oversold" and sell when it thinks prices are "overbought."  In Cryptohopper you can tell the bot if you want it to sell based on your technical analysis or not, I chose to not have the bot sell when the TA says to sell, but to instead rely on the profit target or trailing stop loss to handle the selling for me. I chose a 15 min. chart and would get several trades per day usually.  There is also a feature I learned to turn on called: "Only buy When There Are Positive Pairs" which is just a little extra downside protection for when Bitcoin decides to fall like a rock.  If you end up holding some bags (positions that haven't sold) you can use the dollar cost average feature  (DCA) manually from time to time.  I also usually don't run a hard stop loss with this strategy because I am only using it on a coin that I like and believe in.  i personally would not recommend blindly running a strategy without a stop loss ( or some kind of risk management) on crappy altcoins that nobody has ever heard of.  Pick a pair where you like both, in my case, I like Dollars and I like Bitcoin...  win / win.  

I hope you found this information useful.  I spent a decent amount of time tinkering with Cryptohopper and I still like the product and believe in it long term.  While I did share my experiences, I would like to point out that none of this is to be considered financial advice and is purely for informational purposes only.  If you would like to give Cryptohopper a try, you can get a free Cryptohopper Trial month by Clicking Here.  

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