Cryptohopper trading bot is a crypto trading platform that focuses on automated bot and copy trading. Cryptohopper allows users to trade based on either their own personal indicators or copy other traders’ strategies.Crypto trading bots have become a hot topic for millions of cryptocurrency users around the world looking for ways to automate their strategy and outperform the market. After dipping your toes into this fascinating market for the first time, you surely came across references to trading bots. To facilitate your voyage into cryptocurrency trading bots, the following comprehensive guide will act as your definitive resource for getting started. A cryptocurrency trading bot is a software program which automatically trades on exchanges. Instead of manually entering each trade into the exchange, the trading bot is able to access data from a users’ exchange account and automatically place trades. The process is managed through computers, which offers a level of speed and precision that isn’t possible with humans. The strategies these bots implement are capable of doing anything from trading to construct custom indexing strategies to advanced real-time arbitrage across exchanges. The possibilities are nearly endless. Each trading bot generally implements a trading strategy which relies on algorithms that were created by the application developer. Although cryptocurrency trading may sound profitable with a promise of a financial freedombreakthrough, it is not all that realistic for newbiespromising, thanks to the enormous risk it poses due to insane volatility. Crypto trading requires extensive trading knowledge and trading experience. You’ll need to have the skills to read and analyze trading charts, analyze analytics reports, understand reports, and keep up with news trends. For beginners, this may be a bit challenging, but they can employ social trading to catch up, become established crypto traders, and make substantial profits. Social trading presents a means in which traders, both newbies and experienced, can automatically mimic or copy the trading strategy of other successful traders with consistent results (lead traders) also to become successful. This guide will inform you of the things you should consider when social trading plus the best platforms to enhance one’s social trading skills. Social Trading Explained Social trading is a form of financial trading that brings on board the “social” element into trading. The trading method allows traders to observe the trading strategy of their peers or colleagues and follow their strategy using either Copy Trading or Mirror Trading. You can, therefore, achieve the same results as professional traders without really knowing much about crypto trading or years of experience in trading cryptos. Social trading has taken the crypto space by storm with the creation of automated platforms that allow users to automatically choose the traders plus the trading strategies they would want to mimic or copy. Social Trading takes two forms: Copy Trading and Mirror Trading. Copy Trading merely is copying positions from a trader perceived as a skilled trader. Mirror Trading, on the other hand, refers to a form of automated algorithmic trading where traders trade in a way that ‘mirrors’ the trading activities performed by a skilled trader. How Does Crypto Social Trading Work? Long gone are the days when social trading was done manually. Today, crypto social trading is fully automated, where the platforms integrate several functions that allow users to automatically copy or mirror trading activities/strategies from their chosen traders. Everything on these platforms is automated, from selecting an ideal trader, copying their trading strategies to implementing them on your account. Almost all crypto social trading platforms are linked to a marketplace where users get access to professional traders selling their trading skills and strategies. Users can also follow several traders and implement several trading strategies at the same time.