Investors need to keep their emotions in check for a successful investment career. It’s the most important requirement. It’s even more critical than having access to capital and markets – Navad Abdali
But the question that lingers on most traders mind is how do your keep your emotions in check ?
The cryptocurrency space has evolved so much so that there are trading tools that helps traders to manage their emotions about the markets .
We will be looking into a couple of them . Starting with cryptohopper .
- 1 What is Cryptohopper ?
- 2 Cryptohopper Automatic Trading Bot
- 3 Cryptohopper Paper Trading
- 4 Cryptohopper Market Making Bots
- 5 Cryptohopper Supported Exchanges
- 6 Cryptohopper Safety and Security
- 7 How to Start Cryptohopper ?
- 8 Cryptohopper vs Pionex
- 9 Trading Styles and Strategies
- 10 GRID TRADIND BOT
- 11 INFINITY GRID BOT
- 12 REBALANCE BOT
- 13 Summary of both Platforms
What is Cryptohopper ?
Cryptohopper is an automated trading platform that helps traders automate their trades. By using their own strategies and settings trading can set up the trading bots to trade 24/7 while they focus on other things .
As long as you you are not constantly checking the charts your emotions are controlled and this is well achieved using trading bots of which cryptohopper helps traders achieve this goal.
But before we delve deeper let’s squash one popular crypto trading bot myth.
Does the bot always make profits ?
Using crypto bots doesn’t me you are guaranteed 100% profits the moment you press play . You would need to have your basic understanding of the market , risk level and a bit of technical analysis.
The bots only assist you with what you would be doing repetitively.
Now that said let’s see why people use cryptohopper !
Owned and operated by cryptohopperBV based in Amsterdam, the Netherlands, cryptohopper houses trading bots that helps eliminates human emotions and helps traders trade based on rules and analysis !
Some features that draw traders to cryptohopper are , social trading or mirror trading , automatic trading , exchange arbitrage , market making bot , strategy designer , paper trading and exchanges ..
Cryptohopper Automatic Trading Bot
Most traders have their set of rules based on indicators. They entry trades when this signals or indicators are triggered . With the automatic trading feature on cryptohopper traders can input this set of rules into the bot and have their trades executed once these set of principles are met .
This is a traders dream to be able to just set rules and have their bot take care of the rest . This takes out the emotions behind the trade .
Example : if you use Rsi , Macd as key indicators for your trade , you get the opportunity to configure the necessary setting into the bot , and have it execute a trade once those principles are met .
Mirror trading/social trading.
Crypto trading can be a daunting task for a newbie however the the industry has evolved to the point where you can ride on the shoulders of experts to make money in the market .
All that’s required of you is to do you background check of the experts you like , their win-loss ratio , trading style and then roll with them .
Cryptohopper provides this opportunity for traders.
Cryptohopper Paper Trading
If trading was a sport , paper trading is like your training field where you get better before the main game .
Paper trading plays an important role in a traders career as it gives you the opportunity to test your strategies without any much capital risk .
Cryptohopper provides this Platform for traders to train hard before the main game !
Cryptohopper Market Making Bots
Market making is such an interesting money making strategy , usually left for the “big boys” however cryptohopper levels the playing field for every to make the markets .
Market making is basically quoting two sides of the market in a particular asset , providing bids and offers along with the same market size of each .
Market makers benefit from the bid – ask spread .
Cryptohopper Supported Exchanges
Cryptohopper is a just a trading terminal and not an exchange. Therefore to use it it must be connect to an exchange .
Cryptohopper supports most of the popular exchanges which you connect to via api and trade .
Let’s get started with Cryptohopper now that we know what it has to offer .
Cryptohopper Safety and Security
Before we get started let’s discuss if cryptohopper is safe. Cryptohopper is just a trading terminal which aids the use of trading bots . This terminal is connected to your exchange which has your money via API .
This bots do not have withdrawal right hence can’t withdraw your money .
In a nut shell using the trading bots on cryptohopper is safe as long as money on your exchange is safe as well .
Now let’s get started
How to Start Cryptohopper ?
For a first timer you would have to create an account with cryptohopper before you can get access to the available features.
Visit the cryptohopper site ( https://www.cryptohopper.com/login and locate the login menu .
Setting up your account is easy to do . Just fill out the forms and follow the instructions and you are good to go .
Fees and Pricing
Cryptohopper isn’t an exchange hence does not have trading fees however there is a price to pay to be able to get full excess .
You can start cryptohopper for free to see if it’s something you would like . The free feature helps you test it out with your strategies and ideas and if you like it you can upgrade to the available paid packages .
Explorer which is $19mo ,
Max 15 selected coins
Max 2 triggers
TA with 10 min interval
1 Simulated Trading Bot
Adventurer Package :
Max 50 selected coins
Max 5 triggers
TA with 5 min interval
1 Simulated Trading Bot
Hero Package :
Max 75 selected coins
Max 10 triggers
TA with 2 min interval
All coins for signals
Cryptohopper provide users with several options to make payment to get started . From crypto currencies to fiat you are covered . This reduced the stress of finding way to make payment .
Cyptohopper can be accessed via the web . The web is mobile responsive as well . You can also use cryptohopper via an app which can be downloads from Apple App Store on iOS and playstore for android users .
Cryptohopper is a trading terminal platform that supports crypto exchanges .
They have good features like automated trading bots , markets making bots etc that helps reduce the emotion side to trading and helps traders make profits .
Cryptohopper is a paid service platform although there is a free trial to get you started .
There are lots of educational videos to helps you learn about the crypto industry which is a great tool for every new and advance trader .
Signals are available however its always best to do your own research about the expert and also the style available to trade .
Cryptohopper vs Pionex
The cryptocurrency market is always evolving and so are great projects . At this point I will be comparing cryptohopper to one of the best trading bot exchanges on the market – PIONEX
Pionex is is the first cryptocurrency exchange with about 13+ free in built trading bots. – Yes free crypto trading bots .
With Licensed in the USA and Singapore pionex provides the best of security for its users.
Pionex aggregates the liquidity from Binance and Houbi near the ticker price. This gives Pionex an extra layer of security , finally Pionex is backed by investors like Gaorong Capital , Shunwei Capital and ZhenFund with a Capital of more than 10 , 000 , 000 USD .
Funds are definitely SAFU at Pionex.
Pionex provides over 300+ assets to trading and your can do so at the lowest fees in the crypto industry if not the lowest .
Pionex charges a fee of 0.05% on every transaction made.
Pionex provides one of the best UI in the market . The web and app is so easy and simple to use . The simplicity of the app is every traders dream.
Pionex is available both on web ( Pionex.com ) and also App Store and play store.
Copy Trading service and Signals
Copy trading is a great feature where beginners can ride on the wings of expert traders to grow their game of trading . Pionex provide users with this opportunity to follow an expert trader and trade along side with them .
There is a community as well where influencers share their opinions about the market to give free insight to everyone in the community.
This is a huge resource for any trader out there and this is free on pionex .
Now let’s dive deep into the trading tools available for traders who want to take their trading to the next level and how they can do so using Pionex trading Bots .
But before we do that let’s talk about Trading styles and Strategies so we can decide which trading bot is best for our type of trading .
Trading Styles and Strategies
There are 3 main styles of trading. i.e how you approach your trades and this influences your holding time , or timeframe .
Short term : day trading and scalping falls under this category and the usual holding time is 1- 2 hours or the whole day .
Medium term : swing trading falls under this category of style . The usual holding period is 2-5 days or a week of the trend is strong .
Long term : position trading style . Which is sometime referred to as investing. The holding time for this strategy is usually months and years .
Pionex Bots and Trading Strategies
Pionex provides about 13 + trading bots for traders , i.e ( DCA BOT , GRID TRADING BOT , INFINITY BOT , MARGIN GRID BOT , ARBITRAGE BOT , LEVERAGE GRID BOT , REBALANCE BOT , REVERSE GRID, STOP LIMIT BOT , SMART TRADE BOT . TWAP , BTC MOON , ETH MOON.
Let’s discuss the core and which trading strategy best fits it.
GRID TRADIND BOT
Grid trading bot is a sort after bot for traders who want to trade the range. The market is either going up or down or sideways . Therefore in a sideways market a ranged in formed and the grid trading bot helps you capitalize on this to make money .
E.g bitcoin is ranging between 40,000 and 50, 000 you can capture the fluctuations using the grid trading bot .
INFINITY GRID BOT
Infinity Grid Bot : if you are bullish about the market the infinity Grid bot is yours . This bot does not put a cap on the upper limit hence your trade is free to run to the upside while also benefiting from the fluctuations.
Rebalance bot : For the Hodlers ! Rebalance bot helps you hold a basket of assets for the long term , buying and selling assets to maintain the weight of assets . This bot is great for those who want to hold their trades for the long term .
Summary of both Platforms
Cryptohopper is a trading platform that connects exchanges via api
Pionex is an Exchange on which you can trade and use all the available trading tools
Pionex has a transaction fee of 0.05 % where as cryptohopper offers a monthly fee starting from $19
Pionex has one of the best user interface in the crypto space .
I will choose pionex user interface over cryptohopper
Cryptohopper has a good number of trading bots that would suite some trading styles .
Pionex provides a wide range of trading bots that fits any trading style .
Pionex provides top notch customer services via mail and on their social media platforms .
In conclusion the crypto industry has evolved and therefore there are many service out there to improve you as a trader.
The best way is to always do you best research and find the right tools that best serve your needs .