**Cryptohopper** is built by developers from the Netherlands, what better place for a bot to originate from than the land of the “Tulip Mania”. Unlike Gunbot this bot uses a subscription model making it affordable for people starting with trading and those with smaller budgets.
Even better they offer a FREE TRIAL period for you to test the bot and make real trades with it! So you can decide for yourself wether you want continue using it or not.
The bot is is hosted on a server so no need to host it yourself, configure it or hit the terminal to do some command-line ninja stuff to install it on something exotic like a Raspberry Pi to keep it running. This makes it **easier for the non-techies **among us. The downside to this however is that the more subscribers the bot has the slower their site becomes. They have been upgrading their servers so hopefully the slowness that has been plaguing it will be a thing of the past.
For those of you not familiar with trading bots, these bots do not require you to put money on an account with the developers of the bot. The bots usually work via an API (application programming interface) that allows them to execute trades on an exchange for example on Bittrex or Poloniex. You need to provide them with API keys (which you generate on your exchange), these keys give the bot** restricted access** to your account for the purpose of trading.
The 1 (and imho most valuable) thing that makes this bot stick out is the signallers it has built in. **Cryptohopper** is the first auto trader that has integrated professional external signals.
A signaller is a service run by people that scan the crypto markets, and are looking for** signs** of an upward move. Signallers use cloud computing and cutting-edge machine learning algorithms to screen hundreds of technical indicators 24/7 for all digital currencies. The signallers have performance reports, so you will know their profitability from these records.
In this example 20 minutes after the buy signal the bot is at a 2.30% gain. If find this example to be representative for most of the trades of course some signals are misses or take longer to become profitable. In my experience about 70% of the signals are profitable.
Yes you can combine both good buy signals and technical analysis indicators at the same time or separate. You can set stop limits, and trailing stops on an exchange like Bittrex. That feature alone is worth the money. You can even make your own trades directly from the bot’s interface.
I tried the TA, RSI, Bollinger bands strategies but what works best for me are the signals. I set a low gain like 3% to 5% and have the bot sell when the target is reached regardless if it would go higher or not. Of course this way I miss out on some serious gains from time to time.
You can also add stop losses and trailing stops. So if you want higher gains you could use the trailing stop
You can also combine a strategy with a signaller, or make your own custom settings.
You can set general settings and settings for each individual coin pair.
It’s also possible to run backtests to verify if your settings are profitable using historical data or to use existing configurations.
It starts from a 19 dollar per month for the cheapest version up to 99 dollars for the most expensive version which also has arbitrage (see my other article). Anyone who takes trading seriously should be able to make a profit higher than this subscription price.
You don’t have to pay $700 dollar upfront to find out it’s too complicated or doesn’t give you the ROI you thought it would. And with the **free trial** you can test the service before buying unlike with any other bot.
All in all a very nice bot. The only downside so far I have noticed is the lagging of the interface due to server issues but those should be fixed soon.
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
