Introduction to Cryptohopper’s Copy Bot
Welcome to Cryptohopper's Copy Bot, your gateway to automated trading made easy. In this comprehensive guide, we'll walk you through the ins and outs of using Copy Bots effectively. For more detailed explanations on specific topics, we'll direct you to relevant articles.
What is a Copy Bot
A Copy Bot is your ticket to effortless trading. With it, you can replicate the trades of seasoned traders and initiate trades based on a percentage of their portfolio. Here's how it works: If a Seller has a $10,000 balance and opens a $1,000 trade, and you have $1,000 in your exchange account, your Copy Bot will open a trade worth $100. It's that simple.
Getting started with a Copy Bot is a breeze and involves just three steps:
- Select a Copy Bot.
- Connect Your Exchange.
- Monitor Your Trades.
We've designed this bot to be user-friendly, so there are only a few optional settings, like specifying the amount of your funds to use.
What sets Cryptohopper's Copy Bot apart?
The difference between Cryptohopper's Copy Bots and similar services on other platforms is how orders are placed. Cryptohopper places the orders in random batches quickly one after the other. Subscribers' buy orders are always executed first, and the seller's order is executed last. This prevents frontrunning by the seller.
With competitors, the seller's order is always placed first, followed by those of their followers. We do not consider this the right way to offer services, and it can also result in the displayed profit percentage applying only to the seller.
Additionally, with Cryptohopper, you can easily get in touch with the seller you are subscribed to and easily follow updates on their strategy. This builds more trust between you and the seller. Also, you also know exactly what the monthly costs are.
Another advantage of trading on Cryptohopper is that you can track all trades on the Dashboard. In the bot output, you can see precisely what the possible issues are during the buying and selling of the received signals. If there is a mismatch between the positions you hold and the seller, the portfolio sync function can correct this.
Overall, using the Copy Bot on Cryptohopper has many advantages compared to competitors.
Understanding Copy Bot subscriptions
Copy Bots have their own dedicated subscriptions, eliminating the need for additional Explorer, Adventurer, or Hero subscriptions. If you ever wish to switch back to regular trading, you can easily stop your Copy Bot subscription. Accidentally canceled your Copy Bot subscription when you didn't mean to? While the recurring payment is stopped, you can continue using the Copy Bot subscription until the end of the subscription period. Select the desired Copy Bot from the Marketplace and click "subscribe" again. Ensure to resubscribe when your subscription almost expires.
How to choose the right Copy Bot
Copy Bot Sellers employ various trading strategies. Some prefer manual trading based on support and resistance with fewer trades, while others opt for automated strategies with numerous open positions. When selecting a Copy Bot from the Marketplace, we strongly advise reviewing the following:
- The number of trades executed by the Seller in the last 30 days.
- Key statistics.
- The detailed explanation of the Copy Bot's strategy.
If you still have questions or need clarification about a specific Copy Bot, don't hesitate to reach out to the Seller. You'll find their contact information on the Copy Bot's page.
Troubleshooting your Copy Bot
Ensuring your Copy Bot runs smoothly requires attention to a few critical details:
- Maintain an active Copy Bot subscription.
- Ensure sufficient funds are available in your exchange account.
- Verify that your Copy Bot is correctly connected to your exchange.
If you encounter any issues, follow these steps:
- Confirm you are using the trading wallet on your exchange.
- If issues persist, check the Copy Bot output at the bottom of the Copy Bot Dashboard.
- Reach out to our support team for assistance.
Monitor your trades on the go
Stay in control of your portfolio no matter where you are! The Copy Bot is accessible through our iOS and Android apps, allowing you to keep tabs on your trades and portfolio status anytime, anywhere.
With this guide, you're well-equipped to harness the power of Cryptohopper's Copy Bot for your trading journey. Happy trading!
