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7. July 2020
Cryptohopper settins in 2020

Cryptohopper settings in 2020 – THE MEGA GUIDE

[Total: 7   Average: 4.6/5]

We have already reported on our first experiences in the test with Cryptohopper. The interest in Cryptohopper is great. So we were asked more and more often what settings to make. Whether for beginners or advanced, we will explain exactly how Cryptohopper works and how you have to proceed. We’re also looking at how to set Cryptohopper settings in 2020. In this post we have summarized the complete knowledge about Cryptohopper. This has turned into a MEGA GUIDE. Here you will find all necessary information about Cryptohopper and the settings for it! You will also receive tips from us to create the right strategy for you.

Cryptohopper explained briefly and clearly

Cryptohopper is a trading bot that executes buy and sell orders fully automatically for customers. Cryptohopper not only manages your cryptocurrency, but also exchanges it with each other on the respective exchange. How the bot trades the cryptocurrency can be specified in the settings beforehand. To save a lot of research and analysis, you can choose one of many trading strategies and let the bot trade afterwards. It is also possible to let the bot act according to certain “signals”. These signals are available at Cryptohopper both free of charge and for a fee. This makes Cryptohopper suitable for both beginners and advanced users.

In order to take advantage of the bot, you have to take care of the API connection between Cryptohopper and your exchange after registration. You create your API key on your respective Exchange and this makes it possible that you can use these keys to connect the bot to the exchange and Cryptohopper can access and communicate with the exchange. (Read on and learn how to connect via API)

Is Cryptohopper reputable?

There are allegations online that Cryptohopper is not serious. It is often associated with the “Lion’s Den” scam. People advertise dubious trading bots, which then prove to be scam. In this way, dubious companies harm Cryptohopper. Unfortunately, many think of it and think Cryptohopper would be scam. Even large crypto news portals like coincierge then classify cryptohopper as frauds.

At this point it should be clearly pointed out that Cryptohopper is a reliable and reputable company based in the Netherlands. This is clear from the fact that over 100,000 traders are already registered with Cryptohopper. An astonishing number, considering that the company was only launched on August 12, 2017 by two brothers. The two Feltkamp brothers are cryptocurrency investors and manage, among other things, billions of dollars in the portfolio.

In order to trade on Cryptohopper you do not have to deposit money directly with Cryptohopper. They connect to their crypto exchanges using an API key. These exchanges, which are then connected to Cryptohopper, are then traded. This means that Cryptohopper has no direct access to your money. Of course, you can increase the security of your Cryptohopper account with 2-factor authentication.

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Transaction costs are, besides the costs for the trading bot, the biggest cost factor in trading. If you register with the crypto exchange Binance via our link, you save 5% transaction costs lifetime.  The promotion is limited in time.

Opinions and experiences of Cryptohopper customers

We are really only interested in what people say who have already tested Cryptohopper, so let’s take a look at what we find about Cryptohopper.

Cryptohopper user experience
– Michael Zweig –
I have been trading professionally for 7 years. Trading cryptocurrency is a lot of fun due to the volatility. I have been using Cryptohopper for over a year now and I am very satisfied. At this point I would like to praise the developers of the software. As is well known, people don’t talk about money, but for me Cryptohopper has become a bubbling source of income that takes relatively little time (if I compare it to stock market). Good job and thanks for the tool.
Cryptohopper user feedback
– Eduarda Silva Gomes –
I want to thank Cryptohopper from the bottom of my heart for the great work! At the beginning I didn’t even have any basic knowledge of trading & crypto. Cryptohopper offers a lot of tutorials and they even have their own academy !!! Which is accessible free of charge for every customer. There you can learn trading practically. I can only advise everyone to try it out. I am very happy that I can now work as a mother from home and I am very satisfied with the income!

On the site of Cryptohopper directly we find further customer reviews:

Cryptohopper good or scam?

However, the customer’s opinion on the side of the provider is rather questionable, since a provider would hardly publish bad reviews about himself. Therefore, other customer opinions that can be found in forums etc. are all the more important.

How beginner-friendly is Cryptohopper?

Most trading bots are mostly aimed at experienced traders. Cryptohopper, on the other hand, contains a number of functions that are also aimed at newcomers to trading. Of particular note is the Hopper Academy, which is available to all members. There, all members have access to a number of videos that carefully explain how Cryptohopper works and how to get the most out of the trading bot. In addition, Cryptohopper has an active community that can prove very useful for newcomers. There are telegram groups and a special forum for members, which is also available in different languages. This way, new members can exchange ideas with experienced traders from all over the world and learn from them. All in all, the information available is greatest compared to other trading bots.

The trading software itself is user-friendly and does not require a professional programming experience. Another interesting option at Cryptogopper is “backtesting”. This makes it easy to check how the set settings work and how the trading bot would act if you choose these settings. That means you can see exactly how much you would have earned in the past if you had chosen these settings. Ideal for beginners to get a feel for the settings.

Also interesting: For beginners who do not yet have an account on a crypto exchange, there is the option of paper trading. This option can be activated at any time and retrieves information from the exchange in real time. This allows beginners to try out trading in the robot free of charge. So you trade with play money and can learn something new.

First steps with Cryptohopper: The registration

When we first looked at Cryptohopper, we opted for the free 7-day trial. It is never a bad idea to be able to test the bot before you take out a paid subscription. To register with Cryptohopper you have to enter an email address, a username and a password. When assigning a password, it is always advisable to choose a longer password with special characters and lower and upper case.

cryptohopper registration step by step

After you have entered the information, you will receive an activation link in your email inbox to activate the account. You must click this link to activate the account. Now you can log into your account and choose the package you want.

Cryptohopper Hopper configuration
This is what the view looks like when you have logged in. You can configure a “hopper” directly, i.e. connect it to the respective exchange etc.

You can then assign a subscription to the “hopper”:

Cryptohopper Hopper settings

You can choose from 3 alternatives:

cryptohopper pricing

The packages differ in their maximum number:

  • open positions
  • selectable coins
  • adjustable trigger (this is something like a condition that a trade is executed, e.g. increase in price over a certain limit)
  • and finally time intervals in which trading takes place.

You have to decide which package is best for you. The $ 49 per month medium package is pretty good value for money (compared to the competition and the cheapest package). The medium package should therefore be sufficient for most traders. If that’s too expensive, you can buy the cheaper version for $ 19 a month. Professionals probably can’t avoid choosing the most expensive option for $ 99.

Which exchanges are supported?

Cryptohopper supported exchanges

The following exchanges are supported:

We used Binance for our test. Binance is therefore well suited for trading because having the exchange’s own cryptocurrency (Binance Coin (BNB)) gives discounts on trading fees. These are clearly noticeable in many trades.

API settings for exchanges

BinanceBitfinexCoinbase (Pro)KrakenBittrex

1. Step

Go to  https://www.binance.com/

2. Step

You go to your account at Binance and then to “API Management” and give the API a name, e.g. “Crypto Hopper”.

3. Step

You have to verify this process by entering the code you received by SMS or from Google Authenticator.

4. Step

You will receive an email from Binance and follow the instructions there.

5. Step

Now navigate to Cryptohopper and go to “config” in the settings and to “baseconfig” in the submenu and then to “Exchange”. You select your exchange, i.e. Binance, and enter the API key and the secret key.

Cryptohoper Binance API

1. Step

Go to https://www.bitfinex.com/

2. Step

Go to your user icon and click on “API Keys”

Cryptohopper Bitfinex API connection

3. Step

After clicking on “API Keys”, click on “Create New Key”. To do this, check whether the ticks are all set correctly. You use it to check what you can do with the API connection in your Bitfinex account. The default settings can usually be left as they are. Withdrawing your credit is deactivated in the standard settings.

4. Step

Now navigate to Cryptohopper and go to “config” in the settings and to “baseconfig” in the submenu and then to “Exchange”. You select your exchange, i.e. Bitfinex, and enter the API key and the secret key.

Binance API Cryptohopper

1. Step

Go to https://pro.coinbase.com/

2. Step

Go to your user icon and click on “API”.

3. Step

After clicking on “API”, click on “+ New API Key”. To do this, check whether the ticks are all set correctly. You use it to check what you can do with the API connection in your Coinbase account. We have checked “View” and “Trade”. Then at least the trading must logically be made possible.

4. Step

After all settings have been made, click on “Create API Key”.

5. Step

Now navigate to Cryptohopper and go to “config” in the settings and to “baseconfig” in the submenu and then to “Exchange”. You select your exchange, i.e.Coinbase Pro, and enter the API key and the secret key.

Binance API Cryptohopper

1. Step

Go to https://www.kraken.com/

2. Step

Go to Settings and choose “API”.

3. Step

Now click on “Generate new key“.

4. Step

Now check whether the ticks are all set correctly. You use it to check what can be done in your Kraken account via the API connection. Tip: Remove the tick from “Withdrawal”, ie the possibility to withdraw funds from your account via API.

5. Step

Important: Under “nonce window” enter: 1000000. This is important because of HTTP network inconsistencies.

6. Step

Now navigate to Cryptohopper and go to “config” in the settings and to “baseconfig” in the submenu and then to “Exchange”. You select your wallet, i.e. octopus, and enter the API key and the secret key.

Binance API Cryptohopper

1. Step

Go to https://global.bittrex.com/

2. Step 

Select “API” via Settings.

3. Step

Now click on “Create New API Key“.

4. Step

If you haven’t set up 2FA yet, do so first. So you have the greatest possible security.

5. Step

Check that everything is activated correctly. Tip: Deactivate “Withdrawal”. This means that you cannot withdraw funds from your exchange via the API.

6. Step

Enter your 2FA code if needed.

7. Step

Now navigate to Cryptohopper and go to “config” in the settings and to “baseconfig” in the submenu and then to “Exchange”. You select your exchange, that is Bittrex, and enter the API key and the secret key.

Cryptohopper API configuration

Tip: It can happen that on some exchanges the secret key for the API connection is only displayed once. It is best to write it down or copy it.

Cryptohopper is more than just a trading bot

It is now possible to choose from 3 bots. So there is not just the classic trading bot. You now have a choice of three bots.

 

Cryptohopper classic trading bot

1. Of course there is still the classic trading bot. Here you can include the technical chart analysis, define strategies or let the bot act according to signals.

 

 

Cryptohopper Arbitrage Trading2. The Arbitrage Trading Bot has recently been launched. This bot enables you to trade between several exchanges. This enables you to use the price differences on exchanges to your advantage.

 

Cryptohopper market maker experience

3. The Market Maker is available as an additional option. It allows you to automatically swutter over your best trades that your hopper made.

 

How to configure your “hopper” (classic trading bot)

In this section we want to look at how to configure and set up a classic bot. With a trading bot you have three options: You can “build” a hopper yourself, use a template or let the trading bot act according to signals.

In our experience it is quite simple to use a template, which is why we will show you briefly. A template is almost complete by itself and does not have to be set up great. If you have not yet created a hopper, do so first. To do this, click on “Your Hoppers” and add a new hopper.

Cryptohopper Hopper configuration

When adding a hopper, you are offered the choice between the three trading bots presented earlier. Select the middle bot and click on “Create Trading Hopper“.

All bots on cryptohopper

Now you can add a template to the bot. You can sort by exchange and select the cryptocurrency you want to trade.

Cryptohopper Hopper Vorlagen

We chose Binance and Bitcoin. When the hopper has been created, you can configure it, delete it and turn it off and on. Simply click on the wheel:

Cryptohopper config

In addition, if you have not already done so, you can add a subscription to the hopper. To do this, click on “Add subscription“.

After you have followed everything up to this point, you can now edit the template as desired. First go to “Config” and below it to “Baseconfig“. There you can give the template a name, edit it and save it.

Cryptohopper Trading Vorlage

Cryptohopper trading settings explained

After the API settings have been carried out successfully, we now devote ourselves to the individual settings for buying and selling coins. We show you not only step by step how to make the settings for it, but also how to develop a strategy and how to act so successfully.

BUYING

After we have done all the basic settings, we start making the purchase settings. We explain every step and show you how to configure your bot.

BUY SETTINGS

Cryptohopper Einstellungen: buy settings configuration

We go through the most important settings for buying the coin with you step by step and show you how to set them.

1. Percentage bid

With these functions, you can make a purchase offer that is both higher and lower than the current exchange rate of the cryptocurrency. Please note: It is not sensible to specify a percentage deviation that is too large, such as 15 or 20%. Because then it may be that with your bid price the order cannot be executed before the time runs out. If you do not want to use this function, enter “0” there.

2. Max open time buy

This option specifies how many minutes a buy order remains open before it is canceled.

3. Max open positions

This option provides information about the maximum number of open positions (investments) that your hopper may have open at the same time. (Note: this also depends on the type of subscription. The cheapest package already contains 80 positions.)

4. Max percentage open positions per coin

Here you can set the maximum number of open positions per coin.

5. Only buy when there are positive pairs

Your hopper only buys coins if there has been a positive price development for a coin within a certain period of time. You can set the time frame yourself.

6. Enable cooldown

With this function you determine whether and how much time should pass in which the hopper does nothing after a purchase or sale of a coin has been made.

COINS AND AMOUNTS

Cryptohopper Einstellungen: Coins and amount

Here you determine which coin you want to trade as the base currency and which other coins are to be traded with it. For example, choose Bitcoin (BTC) as the base currency, and Ethereum and Litecoin should be included as further tradable coins. So the bot trades between Bitcoin and Ethereum, as well as between Bitcoin and Litecoin. Tip: If you are still a beginner and want to grope your way, choose a stablecoin like USDT as “Base currency“. This is not as volatile as other cryptocurrencies.

How many coins (Allowed coins) you can ultimately choose also depends on your subscription. When selecting the coins, it is helpful not to select coins arbitrarily. A brief look at the trend of the past few days or news is certainly helpful.

You can also specify how high the percentage (Percentage buy amount) of your total amount of funds that should be carried out per order. For example, you have a Bitcoin and set 10%. Then the bot trades a maximum of 10% of the BTC in ether or other cryptocurrency. It makes sense not to choose this value very low, otherwise the trading fees will reduce your profits. We use about 3-5%, but our portfolio is relatively large. If you want to specify the maximum execution per order not as a percentage, but in absolute terms, you can enter absolute numbers under “Minimum BTC amount per order“.

In addition, you can determine how much the bot can use of your total amount for trading (Maximum BTC amount allocated). For example, if you have a Bitcoin on the exchange and specify 0.5 BTC there, the hopper will only trade up to 0.5 BTC. This can be helpful if you connect multiple bots to the same exchange. If you only use Cryptohopper, you can also enter the full amount here.

STRATEGY

Cryptohopper strategie einstellungen

If you want to trade according to a specific strategy, then you can choose a strategy developed by Cryptohopper. You can also add other strategies that you develop yourself or purchase on the marketplace. There are not only paid, but also free strategies from other users. As soon as you have created or acquired a strategy, this is also displayed in the selection of strategies.

By the way, you can also trade according to trading signals. All you have to do is activate “Signals only“. Depending on the signal, the bot buys it immediately afterwards. These signals are also available on the marketplace both free of charge and for a fee.

To get to the marketplace, click on “Marketplace” in the left sidebar and you can buy signals and strategies.

Cryptohopper einstellungen: buy strategie win
>> You want to analyze coins yourself? Then read our article on the 5 most important trading indicators! << 

TRAILING STOP-BUY

With this function you can set a kind of “minimum growth” for the price of a coin. That means the hopper only places a buy order if a trend reversal becomes apparent. The hopper ignores the trend reversal until the percentage entered has been reached.

trailing stop buy cryptohopper einstellungen
Trailing stop-buy illustrated. Source: cryptohopper.com

SELLING

Cryptohopper selling settings

You can make all settings that have to do with the sale of your positions under the Selling Settings. We go through each point with you individually.

SELL SETTINGS

In this area you can set parameters that determine how your bot should sell. Here you enter something like what percentage profit you would be satisfied with (“Take profit at“). Again, it is important to think about trading fees and not to set the profit margin too low.

You can also set how long your position should remain open (“Max open time sell“).

If you want to sell your coin with more profit than the current market price, you can set a percentage here. For example, if the highest bid for a coin is 1 and you specify a price 1 (%) higher, a sell order will be placed at the price of 1.01. If you activate this, you should also check whether your “Max open time time sell” is long enough.

Tip: In addition to the cost of the bot, it is also important to keep an eye on the trading fees of the respective exchange (exchange), so as not to make any mistakes. We ourselves have been using Binance for a very long time. Binance has a huge selection of coins, is safe and the trading fees are very low compared to other providers. So you pay a maximum of 0.1% trading fees. For example, if you trade a lot and / or also have the Binance Coin (BNB), the fees may be significantly lower. On other exchanges, the fee can also be 0.25%, which can reduce profits.

In addition, you will receive an exclusive 5% discount on the trading fees through our invitation link, for a lifetime!

Also interesting: If you take a trading break, you can, for example, lend the coins that you have on Binance and receive interest for them.

SELL STRATEGY

You can activate this function if your positions are to be sold according to a defined strategy. If you consider the strategy or indicators to be safe, then it is definitely very helpful. However, positions may be sold at a loss.

If you do not want this, you can also activate “Hold assets when new target is the same“. As a result, if your hopper tries to sell a coin but your strategy recommends buying the same coin at the same time, that coin will not be sold.

STOP-LOSS

Stop-loss can be one of the most important tools in trading. It protects you from major losses. It is therefore recommended to activate this. So you minimize your loss significantly. After you have activated this, you can determine what percentage loss you would like to accept. This value should not be chosen too small but also not too large. Since the courses are quite volatile, you should give the course “some space”. As a rule, 5% will be sufficient.

So if you want the bot to sell the positions as soon as the price drops by 5%, enter 5 there.

TRAILING STOP-LOSS

Another very popular and sensible setting is trailling stop loss. A trailing stop is a special trade order in which the stop price (we remember stop loss) is not at a fixed price, but can increase with the movement of the market. The idea behind this is to exploit the full potential of a trend reversal and thus achieve the greatest possible profit.

An example:

You buy Bitcoin for $ 10,000. You set a stop loss of 5%. So the bot sells when the price reaches $ 9,500. If the price goes up, nothing happens.

However, if you buy Bitcoin at $ 10,000 and set a trailing stop loss at 5%, then this “stop mark” rises with the rising price. So if Bitcoin rises to 20,000, for example, the 5% pulls in and the bot would sell at $ 19,000 (20,000 – 5%) in the event of a price decline and not just at $ 9,500. In contrast to the normal stop loss, the trailing stop loss is more flexible and makes it possible to achieve significantly higher profits, especially if the trend is reversed.

Trailing stop loss can be chosen a little narrower than stop loss. 1-3% are not uncommon.

AUTO CLOSE

This function allows you to close your positions automatically after a certain period of time, whether at a loss or profit. If you activate this function, the bot will automatically sell all positions after the time has expired. You can extend the period from 5 minutes to 6 months. This function is not really recommended unless there is a valid reason.

SHORTING SETTINGS

To shorten is to be put on a falling course, so to speak. This function is suitable for advanced traders who are familiar with chart analysis. With this function you can make so-called short sales. So it is possible to make high profits even if the price drops. You can use it to increase your inventory. In one way, you can think of them selling coins that you don’t have, so that you can buy them again later at a lower price. The difference is your profit margin.

DOLLAR COST AVERAGING

This method is also controversial for beginners. It would therefore make sense not to activate this function at the beginning. The point is that you or your hopper automatically buy coins when there are certain price drops. You can set the time after which this function starts and the total number of times it should be executed. Of course, you can also set the percentage from which the bot executes this function.For example, if you set 5%, the bot always buys as soon as the price of e.g. Bitcoin drops 5%. Over and over again, or as often as you have set it.

The meaning behind it? By buying more when the price falls, you can lower your average price and generate higher profits when selling. However, this method is also more suitable for advanced users.

Conclusion Cryptohopper settings

Crypto trading bots can bring you high profits and are completely automated. However, it is worth dealing with it and knowing what you are doing.

Cryptohopper offers both beginners and advanced users the opportunity to configure their own “best” trading bot. The cryptohopper trading academy deserves special mention. This is free of charge for traders and serves to acquire knowledge about trading with Cryptohopper. In our opinion, it is highly recommended to use the information options. Not every trading bot offers such learning opportunities. It helped us a lot to understand the bot better right away and to make the right settings.

If you don’t want to configure a bot yourself, it is worth taking a look at the in-house marketplace. It is possible to trade for signals that can be bought or purchased free of charge. Or you can buy a pre-made template directly – every trader will find what they are looking for in the marketplace at the latest.

After that, all you really need to do is gain experience. A lot of explanation, the best videos and descriptions are of no use if you don’t practice yourself and apply the whole thing in practice. For this, Cryptohopper offers a free trading bot “Explorer Hopper”. That means you can test the bot completely free of charge for 7 days and get your first experience. We also advise you to use paper trading, for example to test new settings for the time being and not to use real money in the test.

2 thoughts on “Cryptohopper settings in 2020 – THE MEGA GUIDE

  1. Hi, Im currently using a 7 day trial cryptohopper. I have set everything according to this guide yesterday, except Im using coinbase pro. In almost 24 hours nothing happened on my account, not even a one transaction. Im just new with those bots and cryptohopper seems best for beginners. is that normal, or I have most probably set something wrong? Thanks for your time and great guide!

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