Cryptohopper is an online bot trading software for crypto coins. The software keeps an eye on the charts and determines the right moment to make a trade. The goal of the software is to obtain more Bitcoin by trading Bitcoin for another coin at a low rate and selling back with a profit.
Trading can also be done manually on cryptocurrency exchanges like Binance, but a trading bot like Cryptohopper can make things a lot easier for you. One of the advantages is that you can allow the trading bot to do its job day and night.
Just like manual trading, there are also risks involved when trading through Cryptohopper. Our experiences so far have been largely positive and we’ve made some nice profits.
It is important to take your time to configure the settings in Cryptohopper. For example, you can determine that a coin will be purchased once it has gone through a decline in price and is expected to rise again. These and many other settings can be configured but it does require some crypto trading knowledge.
Don’t worry if you do not have enough knowledge, because you can also use template trading settings. In Cryptohopper you can do this by purchasing a trading strategy. Various trading strategies have been made available by experts who have excellent knowledge and experience in trading with crypto coins.
Connecting Cryptohopper with Binance
To start, you’ll need to open an account on Cryptohopper and on the Binance exchange. You can then link Cryptohopper with Binance. Your crypto coins will always remain on Binance, but you are allowing Cryptohopper to make trades on Binance for you.
You can also connect Cryptohopper with other exchanges like Bittrex. Poloniex, Kucoin, Huobi Pro, Coinbase Pro and Kraken, but in this article we’ll describe how to trade on Binance through Cryptohopper.
Get started with a Cryptohopper trial account
Just to be clear: When you want to start trading with Cryptohopper, you’ll need to have Bitcoin (or other coins like Ethereum) on Binance. That is the only requirement for getting started on Cryptohopper. Click here and select Sign Up to register and open a 7-day trial account on Cryptohopper.
Complete your details and select a strong password with at least 8 characters, of which 1 number, 1 capital letter and 1 symbol. Click I agree and subscribe yourself to the Cryptohopper newsletter.
Cryptohopper will now send you an email. Open the email and confirm your registration.
Select activate account.
Your account is now activated and you can login for the first time.
After logging in you will see the Cryptohopper dashboard for the first time. A pop up will appear to directly create and configure a new hopper, or perhaps you’ll want to take a look around first. We are going to create a new hopper.
We’ll now show you how to connect a new hopper to your Binance account. This way of connecting is precisely the same as connecting your hopper to other exchanges. We are choosing the Binance BTC Hopper. BTC stands for Bitcoin. You can also trade with Ethereum. Thus it is possible to trade with various coins across various exchanges. Note: Opening additional hopper(s) requires you to purchase another paid subscription!
How to open a Binance account?
Log in on Binance. The API link can be found on your Account page. Then select API Setting.
For your information: An API key is a code that consists of two parts. The regular API key and the secret API key. Make sure that no one knows your keys, especially the secret API key!
Choose a name for the API key so that later on you can more easily see which API keys you have created. Select Create new key.
A confirmation email will be sent to you. The email contains instructions on how to create the API key.
The email you’ve received contains a link with which you can create the API key. Select Confirm Create.
Your API key has been created but…make sure that you immediately write down and save the secret key somewhere safe! This is because your secret API key will be invisible on Binance after having created it. If you ever lose your secret key again, you can always create a new API key and connect it to your hopper.
Your Cryptohopper will now tell you that the template (your new hopper) is loading.
You’ll now see the full Crytohopper dashboard. That can be quite overwhelming but don’t be discouraged, because in the next few days and weeks you’ll learn a lot. We will also help you understand the different elements through our blog posts or by referring you to other informative resources.
What’s most important right now is what you see in the top right corner of the dashboard: BTC invested, Total BTC returns and Total BTC in assets on exchange. These are probably all at ‘0’ but allow your hopper and Binance some time to update your details. You should see your BTC (Bitcoin) balance in your hopper within 15 minutes.
Before continuing, first go to Subscriptions. You’ll see that your Cryptohopper has been activated with a trial account, which is free for the first 7 days. After the trial you can decide to continue using Cryptohopper with a paid account.
One last important step! We highly recommend securing your Cryptohopper account by enabling Two Factor Authentication, also called 2FA. This is code that appears on your mobile phone via an app. In this example we’ll be using the Google Authenticator app which you can download for free in the Android and IOS app store.
In order to enable 2FA, you’ll first need to download the app on your phone.
Click on User Profile in the left menu on the bottom.
Check and complete all your details.
On the bottom you’ll see a menu. Select Google Authenticator.
Then follow the steps.
Step 1: Download the Google Authenticator app
We’ve described this process above.
Step 2: Set up Google Authenticator using the QR code
You need to scan the QR code (striped, square code) via the Google Authenticator app. Thus you don’t need to enter your details manually.
Step 3: Insert the code in Cryptohopper
If successful, you’ll now see that the app on your phone creates a new code every 20 seconds. The code that you currently see in the Google Authenticator app needs to be entered in Cryptohopper. Now the 2FA is activated. Each time you want to log in to Cryptohopper, you’ll need to enter your account name, password and you’ll need to check and enter the six-number 2FA code that is shown on your phone.
In the next blog post we will explain you how to make the first trade on Cryptohopper. To be continued…
Trading with a trading bot like Cryptohopper is risky. The software tries to make as many good trading decisions as possible based on the settings. This often results in a positive outcome, but take into account that not all trades will end up with a profit. Besides that, we highly recommend you to learn and understand how trading works. Start off with small amounts of crypto coins. In this way you’ll slowly gain more knowledge, experience and confidence in bot trading with Cryptohopper.