Launched in 2017, Cryptohopper is a trading bot that allegedly helps investors make thousands of dollars in profits from crypto trading. Unlike most trading bots, this software is said to offer fully automated and semi-automated trading. The minimum amount required to trade with this bot is $250. But is Cryptohopper scam or legit trading platform?
InsideBitcoins investigations reveal that this trading robot is a scam. Our conclusion is based on our testing team experience and also an in-depth analysis of users’ online feedback. Read our main robot page to learn about the best trading bots in 2019.
Is Cryptohopper a legit trading platform? No!
InsideBitcoins determines a legit trading robot through several metrics. These include transparency, consistency, reputability, and security.
A legit trading robot should have a proven track record and should guarantee consistent results irrespective of market conditions. Unlike human traders, robots are designed to make money in both rising and falling markets. This means that the potential to make money remains the same all the time even when the markets are crashing.
What is Cryptohopper?
Cryptohopper is a trading robot that allows traders to capitalize on trading opportunities in the crypto markets. The software is said to enable both automatic and semi-automatic trading. In auto trading, the app carries out investment research and automatically places trades. The Cryptohopper app allegedly applies the high-frequency strategy to scan the markets for tradable news and place trades.
When it comes to semi-automated trading, this software is said to copy strategies of the best crypto traders and recommend them to users. This approach is known as copy trading and is popular in forex and stock trading. With the semi-automated approach, users are responsible for determining which trading strategies to apply in their accounts.
InsideBitcoins investigations reveal that Cryptohopper exaggerates its algorithms capability. We did not find any evidence that their automatic trading bots can analyze big data and make accurate trades. Also, they do not seem to offer any copy trading.
We found a lot of complaints about people consistently making losses when using this platform. There are also many complaints about users not being able to withdraw their trading capital. InsideBitcoins finds this robot highly suspicious and recommends that you stay away from it.
Who Founded Cryptohopper?
According to Crunchbase, Cryptohopper was founded in Sep 2017, by Ruud Feltkamp. InsideBitcoins Investigations reveal that Ruud Feltkamp is a real person. However, his online profile shows that he is a professional actor, DJ, and presenter. We find the disconnect between his professional background and Cryptohopper a bit alarming.
Deep online research reveals that this person is not popular in the tech or crypto industry. There is no information whatsoever linking him to crypto trading or developing trading software. We also did not find any information about the team behind the trading software.
Most legit trading platforms are founded by people with expertise in crypto trading and building trading software. These founders usually have experience building trading systems in other niches or are already well-established crypto traders.
On the “about us” page, Cryptohopper claims to have been founded by two brothers with crypto trading experience but doesn’t mention their names. InsideBitcoins investigations reveal that these are lies. Feltkamp is the real founder, and he has no background in crypto trading.
Also worth noting, Cryptohopper also lies about its headquarters. They claim to have headquarters but do not provide the address or contact details. Funnily enough, the only evidence presented is a fake photo of an unbranded building. InsideBitcoins recommends that you keep away from this trading bot.
How does Cryptohopper work?
As mentioned earlier, Cryptohopper claims to offer both fully automated and semi-automated crypto trading. Fully automated trading involves the app carrying out all the investment research and placing trades automatically. Semi-automated trading, on the other hand, consists of the trading bot carrying out research and delivering tradable insights to the user.
Cryptohopper claims to provide high-quality trading signals to traders. These signals are sourced from the best of crypto traders and recommended to users to apply in their accounts. This method is known as copy trading and is popular in forex and stock trading.
InsideBitcoins was not able to establish if Cryptohopper uses legit trading technology. There are a lot of complaints about people experiencing massive losses using this trading robot. This may be an indication that their algorithms do not work and they are nothing but a bridge to scam brokers.
We recommend that you read our review of Bit Bubble Tech if you are looking for a legit trading app that allows fully automated and semi-automated trading.
Why Cryptohopper is a scam
InsideBitcoins tests reveal that Cryptohopper is a scam. Here are some of the reasons as to why you should keep off this trading robot.
- InsideBitcoins legitimacy score of 25% – Cryptohopper has a legitimacy score of 25% from our tests. We take factors such as transparency, consistency, ease of use, cybersecurity, reputability and customer service when determining the legitimacy of a trading bot.
- Does not disclose about partner brokers – This trading bot provides very little information about its partner brokers. InsideBitcoins has established that most brokers operating under this robot are unregulated.
- Has poor online sentiment – Most online reviewers complain that they have lost money trading with this robot. InsideBitcoins analysis has determined that this trading robot has an accuracy level below 15%. Similarly, top trading robots such as Bitcoin Code have an accuracy level above 90%.
- Lies about founders – Cryptohopper claims to have been founded by two brothers with extensive crypto trading experience. InsideBitcoins investigations reveal that this is not true. This trading robot owner is Ruud Feltkamp, a professional actor and DJ.
- Does not disclose about its physical location and contacts – Cryptohopper claims to have offices but discloses very little about their location and addresses. Our investigation reveals that the address listed on their website does not exist.
- Does not provide a traceable phone number – This trading robot does not provide a verifiable phone number. All customer services happen through email. We found a lot of complaints about Cryptohopper customer service being unresponsive.
- Has a complicated trading platform – InsideBitcoins investigation reveal that most people who have used this trading platform find it complicated.
Is Cryptohopper a scam? The Verdict!
Cryptohopper is a scam, and you should keep away from it. This trading bot lacks transparency, is not user-friendly, has a poor customer service and is highly inaccurate. Consequently, you are likely to experience huge losses when trading with this bot. Furthermore, you may experience difficulties withdrawing your capital if you decide to opt out of trading. Click the button below if you are looking for a legit trading robot.