There are two ways of creating new Hoppers: the fast way, or through our guided “Config Wizard,” which is a step-by-step approach that allows complete control over your Hopper’s configuration.
Let’s speed through the fast one first.
To create a new Hopper in the left top of your dashboard, click "Your Hoppers/View all Hoppers" and click the "New" in the right top of your Hopper overview.
We've created a few templates so that you'll have a good starting point. You will be prompted with three Hopper types: the Arbitrage Bot, Trading Bot, and Market-Maker. We'll go for the trading bot.
Choose the exchange you want to trade on and which currency you are going to use to invest in other currencies. We call this your "Base Currency". Make sure that you actually have these funds on your exchange/paper trading exchange or your Hopper will not be able to buy anything! (This is a commonly made mistake.)
Please note that your exchange doesn't necessarily offer all currencies (trading pairs) for all Base currencies. BTC often has the most pairs, but can be harder to trade if you're a beginner.
Now's the moment to choose. Are you going to trade for real on your exchange, or are you going to create another paper bot?
Creating a simulator, or paper bot, is simple. Just toggle the "Paper Trading" switch. If you want to connect your exchange, then you will need to generate API keys. These are created in your exchange account, and you will have to give the API key "View" and "Trading" rights. Do not give "Withdrawal" rights.
For more information on how to create API keys on your specific exchange, visit the "tutorials" documentation page.
Congratulations, you've created your Hopper!
Make sure to adjust the start balance, so that your profit calculation is correct. Please do not use the ".. INVESTED & TOTAL .. RETURNS” setting. These are only handy if you're also using other tools on your exchange account (which is not recommended).
(Paper trading only) Deposit your fake funds for those who use paper trading. Click "Deposit" and deposit fake funds that correspond with your base currency.
If you already have investments on your exchange account that you'd like to import, go to "Current Assets" on your dashboard and import them. Make sure to fill in the price you bought them for! You can find this in the trade history of your exchange account.
From here, the possibilities are endless! You can use Cryptohopper to manage all your accounts from one place, or auto-trade by copying an expert, or are you going to set it all up! Read on to review our Config Wizard and how it creates a new Hopper tailored to your needs.
Another way to create a new Hopper is with the "Config Wizard". This wizard is a guide that helps you to set up your Hopper/Simulator step by step.
Click the Config Wizard button in the top left of "Your Hoppers" overview to enter the wizard. And then click "Start Wizard".
Select the exchange that you want to trade on. We're going for one of our partners, Bitpanda Pro, for this tutorial.
Next, paste your API keys so that your Hopper is connected to your exchange, or enable paper trading. You can always convert your simulator to a Hopper, so if you want to continue, enabling paper trading is the fastest option. For those who don't know where to find their API keys on their exchange, visit our tutorials page.
Now we arrived at the exciting part of the Config Wizard: choosing to use a template, copy a signaler, or set it all up yourself! In this tutorial, we cover how to "Subscribe to Signals", but if you're more experienced, we advise you to "Configure Yourself".
Signals are trading signals that influence your Hopper. They're sent by third-party experts that do technical analysis for you and send out signals when they think it's time to buy. You can view their reports to see the kind of exchanges they use and pairs they send signals for.
Signalers do not send signals for every pair and exchange! Ensure that the signaler you've picked sends signals for the base currency and exchange that you've selected. We'll go for the free signals from "Strategy Nakamoto".
Next up is a small configurable part. It's good to know that signalers offer their own templates that you can use. Download them from the marketplace and install them. If you want more control and want to understand your Hopper better, follow through each step below:
- Base currency. This is the currency you are going to use to buy other coins, and your investments will be sold back for this currency. We advise to select a stable one like the Euro or USD(T). Ensure that you have funds in your base currency and that your signaler sends signals for this base currency!
- Allowed coins. Select the coins that you want to trade - again, make sure your signaler sends signals for this coin! Users with a Hero subscription can select "Allow All Coins" to purchase every signal that your signaler sends a signal for.
- Maximum .. amount allocated. How much of your total funds do you want to use to trade with?
- Minimum .. amount per order. What is the minimum amount your Hopper should use for an order? Make sure that it's larger than the minimum requirement for an order on an exchange.
- Percentage buy amount. What percentage of your total funds should your Hopper invest per order? When you're making a profit, your orders will gradually become larger this way.
- Signals only. Enable this if you only want to buy based on signals. Disable if you also want to use your strategy. We recommend the second option and compare which is doing better.
- Take profit at. At what percent profit should your Hopper sell automatically? We advise replacing this later on with a Trailing Stop-loss.
Click "Save Your Hopper" and you're done! You've done it all by yourself and you should have a better understanding of the potential of your Hopper. Great job!