A new feature launched today on the popular cryptocurrency trading platform Cryptohopper is allowing traders to buy and sell algorithmic trading strategies and implement them in the form of a cryptocurrency trading bot.
The feature is designed to allow beginners to cryptocurrency to trade with confidence, by leaving the heavy lifting to a bot built on the successes of proven traders.
Users buy strategies that have proven successful in cryptocurrency trading and are given the opportunity to try them out in what is known as Paper Trading – a mock trading environment where users can practice without laying out real money.
These strategies are essentially rules for when to buy and sell, which have been developed by seasoned traders and then expressed as an algorithm so they can be performed automatically.
Once they are happy with the strategies, they can implement them as a live cryptocurrency trading bot, which will use their money to buy and sell mainstream coins on the user’s chosen exchange, including Bitcoin and Ethereum, as well as niche cryptocurrencies such as Altcoin and Stablecoins.
Cryptocurrency trading bot increases investment access for beginners
The weak performance of a number of cryptocurrencies in 2018, most notably Bitcoin, saw many beginners get stung; however there is still considerable interest in investment.
Cryptohopper’s platform is designed to meet this need but allow newbies to invest more successfully.
“There is still serious demand from mainstream consumers who are getting into cryptocurrency trading but most do not know or have time to learn technical analysis,” said Ruud Feltkamp, CEO and co-founder of Cryptohopper.
“They just take a gamble or buy coins to HODL and ignore the trading game that professionals play.
“Cryptohopper fills this gap by allowing inexperienced users to register, buy a trading strategy from a professional trader and have their trading bot execute trades on their behalf, 24/7.”