Recently, Cryptohopper has introduced two variety of bots – the Market Maker and Market/Exchange Arbitrage Bot. This launch is very much in line with Cryptohopper’s objective of providing round the clock services to its customers, services where complex trading methods are simplified and presented in an easy and user-friendly way. This helps in creating trading solutions and designing automated trading strategies that can be available to the user 24/7. However, to understand the significance of the launch, one needs to have a brief idea about what exactly the Cryptohopper does and how it functions.
Cryptohopper is an ‘automated crypto trading platform’ which enables the customers to trade in cryptocurrency without an investment of much time and energy so that they can experience a hassle-free trade without checking for updates regularly. This saves valuable time and energy of the customer, which he can now divert elsewhere, and the only thing he needs to do is to set up the configuration according to his needs. The automated trading strategies can be used to trade various types of cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin and others offered by different exchanges.
The trading takes place with the help of the ‘hopper’ which keeps a tab on the market 24/7 to quickly open positions in accordance with the user’s trading strategy or signaller. “It scans the market for the lowest prices to place buy and sell orders when the trades have moved into considerable profits.” Thus the customer hardly needs to keep a regular check on the individual prices of the cryptos as this work is automatically done by the hopper who not only keeps a check but also conducts the transaction accordingly.
There are certain features that make Cryptohopper stand out, despite being a new entrant into the cryptocurrency market. One of the top features is that it is completely data-driven, having a computer bot doing trade on the user’s behalf, thereby eliminating chances of human error or trading decisions driven by human emotions. Since Cryptohopper is based on Data Analysis and Artificial Intelligence, it leaves very little room for errors in deriving trade decisions. To suit the customer’s needs, up to 130 indicators and candlestick patterns can be applied.
Moreover, as Cryptohopper is driven by complex data analysis and algorithms, one may feel that expert coding knowledge is required to use it. On the contrary, no coding experience is required at all for users except setting up the basic configuration of the hopper.
The hopper can keep a track and scan in terms of one’s chosen indicators, preferences, long or short term profit goals, up to as many as 75 coins simultaneously. Being an automated trading solution, the user can track, buy, or sell his investments 24/7 and 365 days with minimum efforts. As soon as they do so, they send crypto signals to the subscribers according to the strategies that they have chosen. These strategies are designed by approved traders and based on technical analysis and indicator configurations. Traders are also screened by the staff before they become marketplace sellers or signallers.
The new bots or rather the new weapons in Cryptohopper’s arsenal have been designed to meet the needs of dynamic crypto space and changing the cryptocurrency market. The Market making bot will trade the ‘spread’ of any chosen market, where the spread is “the difference between the bid (buy price) and the ask (sell price).” Once the market is chosen, the bot can do the needful, whereas the Arbitrage bot has been made efficient to the extent that it can function as an independent bot. The latter would keep an eye on market inefficiencies in any exchange and accordingly trade them, based on the differences in exchanges. This would, therefore, be the first of its kind trading platform that has created an ‘Inter-Exchange Arbitrage bot.’
The bots are quite popular among institutional and high-frequency traders. Market fluctuations can now be handled with ease by adding them to the trading strategy, whether used by asset managers or retail traders. All that needs to be done by creating a Cryptohopper account and link exchange with the simulated trading. The bots are available when a user joins Beta, which is as easy as creating the account. Thus like Cryptohopper, the new bots will render the crypto trading experience more smoothly and sophisticated than it has ever been and would make their users prepared to hit the market with a bang.
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