Anyone new to the cryptocurrency world knows that money can be made and lost in coin exchange. You can exchange your currency to make a profit or you can even lose money. Some markets are especially volatile. Among them, new cryptocurrencies show the most problems as they don’t have sufficient money behind them.
But exchanging cryptocurrencies can be difficult. Cryptohopper is a place where both sellers and buyers meet. The platform is where you can buy or sell cryptocurrency. But this platform is different as it supports automatic trading functions. It also integrates social aspects where you can communicate with other traders or specialists.
There are many types of trades carried out here. However, I specialize in 2 cryptocurrencies and this is my sole experience with the platform. I only work with Litecoin and Libra. The volume of transactions on these coins is considerable.
The most interesting function in my perspective is found in the automation process of the platform. I see automatic trading as a tool that works as your assistant. If I want to check if Huobi’s share has increased, I can have an automated tool that sells the coin in case it doesn’t.
Other automated functions work to my advantage as well. When it comes to the ultimate freedom to work in the space you want to work in, automation frees up your schedule.
But how does automation work and can you trust it? Automation functions on the platform are dynamic. They calculate the average of a certain crypto coin and then they sell or buy. This is the type of tool which works without your input but which you still need to check from time to time.
The law of averages failed me one single time. It was a really bad time for Kraken as it was going up and down and the average would have little relevance at all. Of course, the cryptocurrency started losing value more and I lost some money. As a result, I don’t trade in this coin anymore, but it has little relevance to how the platform is set up.
Social trading signals are implemented on the platform. This is where experienced traders send a signal on a coin’s rising value. You know that this signal is a trigger to either buy or sell.
For me, it works similarly to a Facebook notification system. You get alerted when there’s a live event. The same happens here on the platform. These social triggers are short windows of opportunity to trade the coins and aim for profit.
Also called signals, these triggers are especially useful to those new to this world. If you aren’t sure when to buy or sell, these signals will let you know when to take action. But in time, I started to manually follow my coins of interest.
I went a bit further. As stated above, I specialized in 2 coins which then allowed me to know them inside out. I wouldn’t be able to trade in these coins without these social triggers otherwise. Today, I can tell anyone on the platform how the short-term future is going to look for these 2 cryptocurrencies.
Although not a fully original idea, mirroring implementation on the platform has created an interesting space for growth. You choose your favorite traders and you mimic their actions.
As with any feature, it doesn’t guarantee success. According to Business Insider, there are more than 100,000 users on the platform. Most of them struggle to make real money. But if you follow those with real experience and users who put in the effort to learn the trade, you can get better results.
In time, mirroring won’t work as well. I know some of the funds I had needed to be elsewhere compared to what these users were doing. But no day passes in which I don’t check to see my favorite’s performance. Some of these users are exchanging large amounts of money and the risk associated with these moves is a bit too much for me at the moment.
You won’t find hundreds of exchange markets on the platform. However, there are a few which are growing in popularity. According to exchange rate availability, they include OKEx, KuCoin, bitvavo, Binance, Binance.us, Coinbase Pro, and a few others.
If you’re not familiar with these markets, you need to do your research if you want to stay away from large losses. For example, OKEx is a new and interesting player, being founded in 2017 and expanding into Malta, a digital paradise for many professionals.
Simple Strategy Designer
The tools of the platform are mastered quickly. Based on drag and drop functionality, they let you create your strategies in minutes. Unlike most other web platforms, you can create a strategy that works for you on an automatic basis.
Every morning, I set up an exchange plan for my day. I have the cryptocurrencies and the amounts I want to exchange. Then I simply add the time I want this exchange to happen and schedule the operation. The same can be repeated with multiple coins. You can drag and drop these operations on your list of priorities.
Buy and sell signals can be extracted from these operations. You can have your custom results ready after a few days. Judging by your strategy designer, you can adjust all of your actions on the platform. In case you’re unsure of how this process works, there’s a test strategy section on the website where you can simulate your plans.
A similar tool can be found in the back testing section of the website. This predicts the outcome based on your previous transactions. For pure analytics, I find it one of the most interesting functions on the website. You can also compare your results to your mirroring user’s results and check out if and how much you’ve lost or won in comparison.
While it sounds complicated, having multiple trading platforms in one place has its perks. I’m not sure I’d be interested in trading on separate platforms for all of the markets of interest.
While the platform does have a subscription cost, it remains low. You can join a very basic plan for $19 per month. However, there’s a 7-day free trial period. You can sign up for this free week today and check out all the markets and what the platform has to offer.
My advice is to also start trading minimum amounts based on mirroring tactics. You choose the top exchange players and you mirror their actions to see how you perform.
If you decide to join the platform as a permanent client, you will have the opportunity to step away while still trading. Auto functions buy, sell and trade while you sleep. It can be one of the platforms for single traders to save time which is the most valuable commodity in the end.