Cryptohopper Review 2024: Is This Trading Bot a Scam?

No live phone support
Dependency on the connected exchanges
Inherent market fluctuation risks are involved

84.97% of retail CFD accounts lose money

Cryptohopper Review 2024

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Cryptohopper Review 2024: A Detailed Look at Why You Should Avoid This Platform

Cryptohopper is a well-known crypto auto-trading bot that claims to allow users to trade cryptocurrencies automatically by leveraging AI-driven algorithms. Like many other platforms in the market, such as Immediate Edge and Ethereum Code, Cryptohopper makes bold promises of high returns with minimal effort. However, despite these claims, several red flags suggest that Cryptohopper may not be a legitimate platform, and users should proceed with caution before using it.

Key Concerns About Cryptohopper:

Unverified Success Rates: Cryptohopper does not provide verifiable data to support the high profitability it claims.
Complicated Pricing Plans: The platform has a tiered pricing structure that can quickly become expensive, especially for users who want access to all of its features.
Lack of Transparency: There is little information about the company’s founders, and Cryptohopper’s trading strategies remain vague.

Is Cryptohopper Legit?

Despite its popularity, Cryptohopper’s legitimacy remains questionable for several reasons:

Unverified Trading Results: Like many fraudulent platforms, Cryptohopper makes grand claims about its AI-driven trading system but provides no verifiable evidence to back these claims. While users can view their past trades within the platform, the overall success rate is not transparently shared, raising concerns about the accuracy of its advertised results.
Aggressive Marketing: Cryptohopper uses aggressive marketing techniques, much like other scam platforms. Users are often lured in by promises of easy profits and automated wealth, but the reality is far less promising. The platform’s focus on gaining new users quickly, with limited support and guidance, suggests a lack of focus on the long-term success of traders.
Unregulated Brokers: Another major issue with Cryptohopper is its association with unregulated brokers. While the platform claims to partner with exchanges like Binance and Coinbase, users are often connected to brokers who may not be regulated in their jurisdictions. This exposes users to significant financial risks.

Cryptohopper Scam: What You Need to Know

Several warning signs point to Cryptohopper being a scam or, at the very least, a highly unreliable platform. Here are some of the key red flags:

Fake Testimonials: Like other questionable platforms, Cryptohopper features testimonials that appear to be fabricated or exaggerated. These glowing reviews tout massive profits with minimal effort, a hallmark of scam platforms that rely on attracting unsuspecting users with false promises.
High-Risk Trading Strategies: Cryptohopper markets itself as a versatile tool for both beginners and experienced traders. However, many of the strategies it encourages, including those based on high leverage, expose traders to significant risk. This is particularly concerning for new users who may not fully understand the dangers associated with leverage.
Lack of Transparency About Founders: Legitimate platforms typically disclose detailed information about their founders and team. Cryptohopper, however, remains vague about its leadership, which raises further doubts about its credibility.

How Does Cryptohopper Work?

According to its website, Cryptohopper uses AI algorithms to automate crypto trades. Users can set up their trading bot to follow predefined strategies, or they can choose from a range of marketplace strategies provided by other traders. While this sounds promising in theory, there are several drawbacks to the platform’s approach.

Backtesting Issues: One of Cryptohopper’s main features is the ability to backtest strategies using historical data. However, backtests often fail to account for real-world factors such as slippage and market volatility, leading to unrealistic expectations for live trading.
Customizable Strategies: Cryptohopper offers a high degree of customization, allowing users to create their own trading algorithms or use pre-existing ones. However, unless users have extensive knowledge of technical analysis, they are likely to encounter difficulties in setting up profitable strategies.
API Integration: The platform integrates with leading exchanges like Binance and Kraken, allowing users to connect their exchange accounts via API keys. However, this connection poses risks, as any compromise of the API key could result in unauthorized trades on your account.

Cryptohopper Pricing Plans

Cryptohopper offers several pricing tiers, each with different levels of access to features:

Explorer Plan: The cheapest option at $19 per month, this plan is extremely limited in terms of features. Users are restricted to only 80 positions and a limited selection of indicators.
Adventurer Plan: At $49 per month, users have access to more features, but they are still restricted in the number of open positions and technical indicators they can use.
Hero Plan: At $99 per month, this is the most expensive plan and unlocks all features, including market arbitrage, but remains costly for new traders, especially when combined with the risks associated with using auto-trading bots.

These pricing plans add up quickly, and the limitations placed on the lower tiers push users to upgrade to more expensive plans without fully understanding the risks involved.

Best Settings for Cryptohopper

Many users look for the best settings to maximize their profits on Cryptohopper. However, the reality is that there is no perfect setup that guarantees success, especially given the volatile nature of cryptocurrency markets.

Technical Indicators: Cryptohopper offers several popular indicators, such as the Relative Strength Index (RSI) and Moving Averages (MA). However, relying solely on technical analysis can lead to poor results, particularly in unpredictable market conditions.
Trailing Stop-Loss: This feature is designed to limit losses and lock in profits as trades move in your favor. However, the trailing stop-loss feature often doesn’t perform as expected in live trading, particularly in highly volatile markets.
Backtesting: Cryptohopper allows users to backtest their strategies, but as mentioned, these tests rarely account for real market conditions, leading to over-optimistic expectations.

Cryptohopper vs Other Auto-Trading Bots

When comparing Cryptohopper to other auto-trading bots like Immediate Edge and Ethereum Code, it’s clear that Cryptohopper has some unique features but also shares many of the same issues that plague these scam platforms.

Immediate Edge: Like Cryptohopper, Immediate Edge uses aggressive marketing tactics and makes unverified claims about its profitability. Both platforms fail to provide transparent results, making it difficult for users to assess the actual performance of their trades.
Ethereum Code: Ethereum Code also promises high returns using automated trading. However, like Cryptohopper, Ethereum Code has been flagged for fake endorsements and unverified performance claims. Both platforms operate with minimal regulatory oversight, putting users’ funds at risk.

Is Cryptohopper Safe?

In short, no. Cryptohopper poses several risks, particularly for inexperienced traders. Here are some key reasons why Cryptohopper is not considered safe:

Unregulated Brokers: As mentioned, Cryptohopper often connects users to unregulated brokers, leaving them vulnerable to financial loss without any protection.
Security Risks: By using API keys to connect to exchanges, Cryptohopper exposes users to potential security breaches. If a hacker gains access to your API key, they can manipulate your trades or withdraw funds without your consent.
High-Risk Strategies: The trading strategies promoted by Cryptohopper are not always appropriate for new traders, particularly those involving high leverage, which can amplify losses significantly.

FAQs

Is Cryptohopper a scam?

While Cryptohopper is not an outright scam, it exhibits several red flags that make it highly risky for users. The platform’s lack of transparency, unverified claims, and risky strategies make it a questionable choice for traders.

How much does Cryptohopper cost?

Cryptohopper has three pricing plans, ranging from $19 to $99 per month, depending on the features you need.

Can I trust Cryptohopper’s trading results?

Cryptohopper’s trading results are not independently verified, and many users report that the platform’s backtesting feature provides overly optimistic outcomes compared to real-world trading.

Cryptohopper good for beginners?

No, Cryptohopper is not recommended for beginners due to its complex setup, high pricing, and risky trading strategies.