Trading bots are automated software programs with underlying algorithms that buy and sell various cryptocurrencies for profit. These bots abide by the trading rules and strategies, market trends and make decisions based on them. Trading bots can be integrated with several cryptocurrency exchange platforms.

Automated crypto trading is only advised for usage by seasoned crypto traders, as beginners might struggle to grasp the technicalities of trading bots, with little to no experience. Bots can also make the learning curve less steep for beginners, so they can choose one to use according to their level of knowledge.

Each trading bot has its pros and cons, traders need to make adequate research before choosing one for business purposes.

Let us discuss a trading bot widely used by cryptocurrency traders.

Cryptohopper

Cryptohopper is a customizable crypto trading bot compatible on both iOS and Android devices. It offers different trading methods to its users; semi-automatic, mirror/copy trading, or full automatic crypto trading. This unique feature makes it stand out from other bots. Cryptohopper was the first bot to offer trading signals. This is ideal for beginner traders as they can emulate experts and use their strategies. Beginners can practice simulated trading, also known as paper trading, before integrating their Hopper account onto an exchange platform with real finances. The trailing feature allows users to buy crypto tokens when they are low and sell them automatically when they go down.

Cryptohopper’s features include;

Automatic trading
Portfolio management
Copy trading
Trailing features
Paper trading
Dolllar cost averaging
Shorting
Backtesting
Arbitrage
Market-making
Algorithm Intelligence
Strategy design

Let us examine some of the features in detail.

Different Trading Methods

As stated earlier, Cryptohopper offers three trading methods.

With semi-automatic trading, users can conduct their market analysis, open up their trades, and let the bot sell tokens automatically. There are buying and selling tools for semi-automatic traders. Some of the buying tools are Trailing stop-buy, DCA, Short, and Trailing stop-short. Selling tools are Take-Profit, Stop-Loss, and Trailing Stop-Loss.

Mirror/Copy Trading involves copying the reading strategies of other traders, mostly experts, by beginners. Copy bot, signalers and templates are available for this purpose.

With fully automatic trading, the bot controls market analysis, buying, and selling.

Shorting

On Cryptohopper, shorting is a buyback function which allows users to make profit from the sale of a digital asset when its price plummets. When a user expects a position to make a loss, they initiate a Short, then the trading bot sells the position to reserve the funds. When the user thinks the Short in question has reached its lowest trading postion available, they can close the Short and buy back the position, thus earning profit.

Algorithm Intelligence

Cryptohopper allows the use of artificial intelligence. It was in fact the first trading bot to implement its function in trading bots. Users can input their trading strategies and let the AI tool decide which one is bound to rake in more profit.

Managing Portfolios

Users can connect all of their wallets for digital assets to Cryptohopper, for exclusive portfolio management. There are two level of portfolio handling: simple and advanced. The simple method allows users to track what they have and how a bot is performing. Positions can be sold directly from Cryptohopper’s dashboard.

The advanced method has the same features as the simple method, but includes candle viewing and real-time trading stances.

Cryptohopper is an ideal trading bot for both beginner and experienced traders. Its features can cater to their tastes, and its incorporation of artificial intelligence is a pivotal step to being a long-term player in the crypto-analysis field.

Image Source / Cryptohopper

Have you used Cryptohopper for crypto market analysis? Share your thoughts in the comments section below.