Cryptohopper Review 2024 - Is it Legit or a Scam?

What is Cryptohopper?

The idea behind Cryptohopper is to automate the processes involved in the access and review of market data.  Logically, the ability to make intelligent investment decisions improves with a wealth of dependable data at hand.

By using this software, an investor can avoid the tedious repetitive tasks associated with keeping abreast of market charts. The difficulty in reviewing market variables and flagging headwinds is taken care of by the robot.

On the Cryptohopper homepage, testimonials of other bot users abound, claiming to earn as much as $1,300 profit on their daily trades. With an easy sign-up process, anyone can become a member of the community in a matter of minutes.

Who Created Cryptohopper?

According to the Cryptohopper website, the trading bot was created in 2017 by Ruud and Pim Feltkamp, two brothers from the Netherlands.

Ruud began his career as an actor, but apparently became enamoured with the world of blockchain and cryptocurrencies and later found success as a day trader.

Pim, meanwhile, who also has a background in acting, is reported to be a developer and engineer who automated the trading process. The brothers wanted to enable anyone to trade in a useful and enjoyable way.

Ruud serves as the Chief Executive Officer of Cryptohopper, while Pim is the Chief Technology Officer.

Key Features of Cryptohopper

Payout

Cryptohopper doesn’t make any claims about payouts on its website as the robot doesn’t follow a set strategy—rather a user can create any strategy they like and Cryptohopper will automate it, so potential returns will depend on the risk profile and strategy choice of each trader.

Users can also purchase the strategies of other traders and two of the most popular strategies have been reported to have generated returns of nearly 2% per day and 45% in seven weeks respectively, according to reviewers.

Verification System

Creating a Cryptohopper account is fairly straightforward. New users can easily sign in with their Apple, Facebook or Google account.

Alternatively, they can fill in the brief registration form which involves entering their name, email address, username and password. They then just need to click the activation link in the email they receive and the new account will be created.

To start trading, a user will first need to connect Cryptohopper to an exchange, which typically involves creating an API on the exchange. Instructions for connecting to each exchange are available on the website and the whole process can be completed in a few minutes.

Withdrawal Process

When creating an API, there is no need to give Cryptohopper “Withdrawal” rights as the robot merely executes trades on the exchange according to a chosen strategy and so has no bearing on the withdrawal process.

Users can therefore withdraw as much and as often as their exchange allows, with the speed of withdrawal depending on the payment method used.

Costs and Fees

Cryptohopper’s basic “Pioneer” package is free to use, while the “Explorer” starter package is $19 per month, the “Adventurer” trader plus package is $49 per month and the “Hero” pro trader package is $99 per month, with each providing progressively more positions, triggers and other features.

Users then have the option of downloading other traders’ signals, templates and strategies from the marketplace, which have a range of prices, starting at free.

User Testimonials

Plenty of positive testimonials can be found on the Cryptohopper subreddit. Meanwhile, the app has an average score of 3.7 stars on the Google Play Store, with reviewers lauding its ease of use and the ability to back test and paper trade.

Customer Service

Those who want to know more before registering can open a chat box by clicking the button in the bottom right corner of the website.

The Helpdesk section of the website enables users to search for their query among the support and information articles, or submit a ticket for a problem that isn’t otherwise addressed. The website also has a range of useful resources including tutorials, documentation and an academy.

Affiliated Brokers

Cryptohopper supports 15 different exchanges, including all the most popular ones. Users may select any of these regulated exchanges to connect their Cryptohopper account to and the robot will automatically execute trades on that exchange according to a chosen strategy.

Is Cryptohopper Legitimate?

The reputed founders of Cryptohopper are well known, especially in the Netherlands, so the fact that they are the faces of the software speaks to their belief in it.

There are numerous testimonials on Reddit, the Google Play Store and the Cryptohopper marketplace from users who have found success with the robot and made regular profits.

As the software simply automates the strategy it is given, any user ought to be able to make money with Cryptohopper as long as they find the right strategy.

5 Reasons to Use Cryptohopper for Trading

Take the Emotion Out of Trading

Many traders lose money through impulse buying and panic selling. Cryptohopper automates your strategy so you can let the data drive your trades.

More Free Time

Manual trading can require constant monitoring of the markets to quickly react to a change. Cryptohopper will instantly execute trades when a signal appears so you can sit back and relax.

Arbitrage Trading

Profiting from the price differences between exchanges would normally involve keeping up with all the prices and moving your funds between exchanges, but Cryptohopper’s arbitrage tool finds opportunities for you—without the need to make any withdrawals.

Test Out Your Strategies

When trading manually, the only way to find out if a strategy doesn’t work is to see if you end up losing money with it. With Cryptohopper though, you can back test your strategy and demo trade with it to see if it works before committing any money.

Learn from the Experts

It doesn’t matter if you don’t have any strategies of your own—you can buy and use strategies from pro traders instead. It’s still a good idea to back test and paper trade them first though.

What’s the Best Way to Use Cryptohopper?

Cryptohopper could be a good way to improve your trading skills, especially for newer traders. The software is fairly intuitive and much easier to use than complex CFD trading platforms.

If you find a strategy you like the look of on the marketplace, you can easily back test it and try it out in your paper trading account without risking your own funds.

Has Cryptohopper Ever Appeared on TV?

Dragons’ Den

This British reality programme sees five multi-millionaires listen to pitches from budding entrepreneurs before deciding whether to invest in their products. Although some have wondered whether Cryptohopper ever appeared on Dragons’ Den, our research shows there is no evidence that this is the case.

Shark Tank

With a very similar premise to Dragons’ Den, Shark Tank is a US show that sees entrepreneurs pitch their ideas to American investors. Questions have also been asked about possible connections between Shark Tank and Cryptohopper, but we couldn’t find any after looking into the matter.

Has Cryptohopper Ever Been Endorsed by a Celebrity?

Elon Musk

Entrepreneur and Tesla CEO Elon Musk is well known for being outspoken about cryptocurrencies—particularly Bitcoin and Dogecoin. However, he has never publicly endorsed Cryptohopper, as far as we could tell.

Kanye West

American rapper and singer Kanye West has also discussed crypto in the past, hailing Bitcoin as the “true liberation of America”. Despite his strong belief in cryptocurrency though, we couldn’t find any evidence that he has ever used Cryptohopper.

Gwyneth Paltrow

Best known for appearing in films such as Iron Man, actress Gwyneth Paltrow joined Bitcoin wallet startup Abra as an advisor. Although she clearly has an interest in crypto, our research didn’t uncover any links between Paltrow and Cryptohopper.

Cameron and Tyler Winklevoss

The entrepreneur twins and former Olympic rowers are big names in the crypto industry after founding the digital currency exchange Gemini. We have explored whether the pair have ever used Cryptohopper, but if they have, they have never admitted it publicly.

5 Ways You Can Maximise Success with Cryptohopper

No strategy or software is guaranteed to make you money, but there are certain things you can do to increase your chances of success and minimise the risks involved, as we’ll go into below.

Start Small

Don’t risk a significant amount of money until you really know what you’re doing. Your strategy may take some tweaking and adjusting of settings before you get it right.

The good thing about Cryptohopper is that you can back test strategies first and test them out in demo trading without losing anything. When you do put your money into them, make sure to use some risk management techniques such as using stop losses.

Save Some Profits

You can adjust at which point you take profit in your strategy according to your risk profile. Each time you make a profit, your returns compound and your funds grow.

However, it could be wise to withdraw some of that profit and save it in your bank, rather than continue to risk all your funds as they grow. Once you have withdrawn your initial investment in profits, you will be able to trade with the rest risk-free.

Follow the Advice of Experts

Learning from those with more experience is very valuable, especially when you’re still pretty new to trading. Cryptohopper’s mirror trading features make it easy to copy the pros. You can subscribe to third-party technical analysts for trading signals, which Cryptohopper can use to open trades automatically.

You can also buy strategies and templates from approved traders. Just remember to back test and simulate them first as you may need to adjust the settings for the current market conditions or the coin you choose.

Keep a Record for Tax Purposes

Remember that crypto gains are taxable in most countries, so it’s important to keep a record of all your trades and their profits or losses.

The amount of tax you will have to pay depends on your location, but there will always be some sort of penalty for misreporting or failing to report profits, so it’s important you report them accurately. Some countries will also let you offset your losses against profits—so keep a record of those too.

Only Invest What You Can Afford to Lose

No matter how cautious you are and whether you employ risk management techniques, there will always be some level of risk involved in crypto trading. It is for this reason that it is advisable not to invest anything you can’t afford to lose. This is why starting small and saving some profits are important.

Our Conclusion: Cryptohopper

The robot is easy to use, efficient and comes with a range of useful features such as a demo account, arbitrage trading and mirror trading.

It’s therefore unsurprising that, according to the website, about half a million people have chosen to use the software to open more than 100 million trades. Those who struggle to find time to monitor the markets or don’t have a strategy of their own will find Cryptohopper particularly useful.

Being able to automate your trading can potentially lead to more regular profits for less effort, which is why robots like 1K Daily Profit, Bitcoin Loophole, Bitcoin System and Crypto Engine are becoming so popular.