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Emotions can be a weapon that works against traders in the cryptocurrency market. It is an undesirable aspect that can lead to losses. Panic selling, greedy buying are just some of the ways that emotion may affect your trading for the worse.
The ideal solution to this problem is using an automated trading bot that will also come with other benefits such as reducing the trader’s time on the screen, better speed, and accurate analysis of the market condition.
Cryptohopper trading bot automates your trading and helps in taking the emotion out of the equation. It uses pure analysis to drive its trading decision. Such bots have found favor from most of the traders.
One of the most famous crypto trading bots. Cryptohopper is a powerful trading platform that works with complete automation. This platform is designed to help the traders of all experience levels to make the most of their trading opportunities, maximize their profits, and reduce their chances of losses.
The developers designed the algorithm to accommodate the technical indicators that are chosen by the traders and signalers. The following are some of the key Cryptohopper features.
Automatic Trading Cryptohopper is uniquely designed to give the traders a better user experience. This algorithm is fully data-driven hence eliminates emotions that may affect the trader for worse. It uses pure analysis to drive its trading decisions. It applies up to 130 and more indicators and candlestick patterns to arrive at more accurate decisions. Cryptohopper also has superior tracking technology. It can track up to 75 coins simultaneously and scan them all against the trader's chosen profit goals, indicators, and preferences. Strategy Designer You can design one or more strategies that will keep your bot prepared for all market scenarios. Such strategies will tell your bot when to buy and/or sell depending on the technical analysis. The visual strategy designer allows the trader to easily drag and drop their technical indicators into a complete strategy. The traders do not need to enter any difficult code; instead, they can just click on an indicator, set it for buy or sell, configure it, and save the strategy. There is also a chance and space for the experienced coders to edit the strategy through JSON. Exchange and Market Arbitrage Cryptohopper allows the traders to benefit from the price difference of exchanges, and between pairs. The algorithm allows the traders to do exchange arbitrage without sending funds from one exchange to another. The traders only need to connect the exchange that has funds on it and enable Exchange Arbitrage, then let their Hopper search for arbitrage opportunity. Copy / Mirror Trading With Mirror Trading, you do not need to be an expert to survive and create a fortune in the market. Both experienced and new users can join the Cryptohopper marketplace and mirror pro traders. In this marketplace, traders can buy and sell strategies at an instance and feed them to their hopper. The marketplace has templates, strategies, and signals. Paper Trading Paper trading is completely free to use with every subscription. It allows users to trade using real-life exchange data using fabricated crypto. It is the easiest way to practice trading cryptocurrencies since the user can trade without owning any cryptocurrency or exchange account. They can learn to be professional traders without taking any risks. They can test their new strategies before implementing them on their exchange hopper. Trailing stop tools These tools allow users to trail the prices of the market upwards and downward. There are three types of trailing tools: Trailing Stop Loss, Trailing Stop Buy, and Trailing Stop Short. Backtesting Cryptohopper allows you to run the strategies against the numbers in the past to check their success. If the result is not pleasing, you can customize a new strategy. This helps in settling for a strategy that will most likely give good results.
The developers designed Cryptohopper with both the experienced and inexperienced users in mind. The platform has an easy peasy user interface. The buttons for all the major features are conspicuous on the home page; the new users can easily find them. The content on the website is also written in a simple and easy to understand language. Where necessary, there is an explanation of features and a guide to using them. Paper trading and backtesting tools also help traders to familiarize themselves with the platform without risking their funds. Cryptohopper also has resources that can help new users to quickly develop the knowledge of both the platform and the market. These resources include the Guides for Starters, Tutorials, Documentation, Academy, and Blogs.
Cryptohopper works through API that allows them to trade using linked exchanges. This process requires the API keys which are generated from the users’ preferred exchanges. The keys give the bots restricted access to your account for trading purposes.
Cryptohopper is a safe platform since the bot has no option of withdrawing users’ funds. The bot accesses the trader's exchange account through API keys that allow the bot limited access to making trades only. The funds are held safely on the user's exchange to curb security risks. The platform also uses two-factor authentication (2FA) and secured hosting which makes it very safe to use.