In the first place Cryptohopper is a platform that allows you to trade cryptocurrencies manually. But it also is a platform that lets you use trading signals for automated trading.
There are three basic licences for the program that cost between $19 and $99 per month. Is this program worth these prices?
Let us explain the problems we have with Cryptohopper. First let us talk about the trading platform function. If you want to trade cryptocurrencies, you just have to get an account with an exchange or a broker.
They will give you a platform to trade on for free. Most of these companies have advanced platforms that allow you to use indicators, different types of orders etc. So, we don’t see any advantage to Cryptohopper here. Especially because of the fact that with Cryptohopper you would have to reveal your API keys to a third party.
But we all know that if somebody is going to buy Cryptohopper, it will very probably be for the trading signals. So, the question is, are they profitable? We doubt it.
We had a look at some of the trading signals providers that can be connected to Cryptohopper and they claim miraculous trading results, but the numbers don’t add up.
Check our picture to see two examples. These signals claim whopping global performances of tens or even hundreds of thousands of percent. But when you look at their real time stats, you see losses dominating.
Illegal investment advice
Another problem with the Cryptohopper automated trader is that you would be using trading signals from an anonymous third party. We have every reason to assume that these signals providers are not regulated, therefore not authorized to provide their signals in regulated countries.
This is why we believe Cryptohopper and its automated solution cannot be trusted.
We recommend staying away from Cryptohopper, because there are red flags with its automated trading solution.
We believe no free or cheap trading signals will make you rich. We believe the reliable way is to learn and build your own profitable strategy. You can try it on a free demo with a regulated broker.
Don’t trade with real money until you are consistently profitable on the demo.