In this post I will be reviewing CryptoHero which is a cryptocurrency trading robot that can automatically trade cryptos around the clock on behalf of the user to make sure that they never miss a trade opportunity. Anyone can use the CryptoHero software to develop a customised crypto robot in just a few minutes. They can then run and manage their unique automated trading system at any time and from anywhere. In this CryptoHero Review, I will take a look at some of the stand-out features of the software and how it works, to help you decide if it is something that could be of benefit to your own trading activities.
What is CryptoHero?
CryptoHero is a cloud-based crypto trading software that lets you build, test and run your very own customizable crypto robot in just a few minutes. It is a powerful crypto trading bot for all traders, regardless of your experience level. CryptoHero is currently available on Web, Android and iOS.
Anyone can build bots that place trades 24/7 on crypto brokers and exchanges. You can choose from any of the compatible brokers that they have partnered with. That is where you would make a deposit to use your robots or create a demo account. You don’t need to deposit cryptos with CryptoHero as it trades off your crypto account using API.
An application programming interface (API) is a connection between computers or between computer programs. It is a type of software interface, offering a service to other pieces of software. A document or standard that describes how to build or use such a connection or interface is called an API specification
CryptoHero Features
Now that we have an idea of what it is, we will take a look at some of the main features of the CryptoHero trading software:
Automated Trading
CryptoHero can do all of the market analysis, trading and managing positions for you whilst you go about your daily business. Your bots can be set to buy coins when in an upward trend or bull market and sell them for a higher price or to sell coins when in a downward trend or bear market and buy them back later at a lower price. It all depends on the trading strategy that you implemented within your CryptoHero bot.
Entry and Exit Conditions
Users can create a unique set rules for their robots to enter or exit positions based on a combination of complex analysis that is conducted within seconds through the robot’s algorithm. There is a range of technical indicators and money management features that you would expect from any automated trading strategy.
Trade Parameters
You can set the custom parameters for your bots to use when performing trades automatically 24/7 with minimal to no downtime.
Technical Indicators
The CryptoHero software is very versatile. It can be set so that it will enter a trade with one particular technical indicator and exit with another indicator. What’s more, is you can build complex trading robots using multiple technical indicators without even writing a single line of code.
The available technical indicators include the following:
Bollinger Bands
The idea of Bollinger Bands is to combine a trend indicator, a volatility indicator and an oscillator. The bars indicate the direction and range of price fluctuation on the chart, taking into account the trend and volatility characteristic of the current market phase.
Graphically, the indicator consists of three lines: a moving average in the middle, characterizing the main direction of movement, and two lines that limit the price chart on both sides and describe its volatility.
Relative Strength Index (RSI)
In this context, the relative strength has the task of measuring the momentum of a movement in the market. The RSI indicates whether a market is currently oversold or overbought. One advantage of this oscillator is that it is less susceptible to fluctuations compared to somewhat simpler momentum indicators.
The RSI oscillator ranges between 0 and 100, values over 70 are considered overbought, and values under 30 are oversold. Occasionally, there is information in the literature according to which values greater than 80 in bull markets, and values below 20 in bear markets should be used as extreme zones.
Exponential Moving Average (EMA)
The exponential moving average (EMA) is a technical chart indicator that tracks the price of an investment (like a stock or commodity) over time. An exponential moving average (EMA) is a type of moving average (MA) that places a greater weight and significance on the most recent data points. The exponential moving average is also referred to as the exponentially weighted moving average.
Stochastic RSI (SRSI)
The stochastic RSI (StochRSI) is a technical indicator used to measure the strength and weakness of the relative strength indicator (RSI) over a set period of time. StochRSI derives its values from the RSI. Basically, a stochastic oscillator is applied to a set of RSI values; Hence, it is based on price.
The stochastic formula is used to compare the stock’s closing price to its price range to predict price turning points. Through the formula, traders can identify whether the RSI values are overbought or oversold. The StochRSI oscillator comprises a more sensitive indicator adjusted to a specific historical performance, thanks to its use of both momentum indicators.
User-friendly
CryptoHero is very user-friendly with no coding skills required. The trading bots are configured with a visual interface using simple rule conditions familiar to everyday traders.
Portfolio
You can keep track on the performance of your CryptoHero robots across multiple cryptocurrency exchanges. This makes it easy to compare statistics and identify areas in which things are going well and areas that can be improved. You can then use these findings to create better robots based on experience and real results.
AI Optimized Bots
The CryptoHero AI runs bot simulations to show you some of the best robots running on the platform. Users can choose to copy these strategies and to get started in minutes. Just keep in mind that historical performance is by no means any indication or guarantee of future results. Make sure you understand all of the risks involved with any manual or auto trading software.
Backtesting Strategies
It is possible to backtest the crypto trading robots that you have created with historical data before you deploy them on trading accounts. Whilst this does enable you to get some important performance metrics, backtesting cannot account for broker conditions that could have a significant impact on the results of a trading strategy. Things such as the spread, commission and slippage may not be accounted for and thus, the backtest results might not be that accurate.
Of course, good results during a backtest does not mean that a robot will perform well in the future. On many occasions, I have seen robots that are over optimised for historical data that perform poorly moving forward. I find it best to use a trading strategy that has logic rather than a bunch of settings which are adapted to a historical data set. Never risk more than you can afford to lose.
Demo Trading
Once you have created your crypto bot, you can then test it risk free on the CryptoHero simulated account, to see if you would like to use them on the real markets. CryptoHero’s demo trading simulates trading on Binance, using currency pairs available on Binance and live market data.
Multiple Exchange Integration
The CryptoHero software can be integrated on different exchanges so users can trade crypto across multiple platforms. All you need to do is to connect via your API keys.
Trading Instruments
CryptoHero supports major trading pairs across our supported exchanges. They are constantly looking to add more exchanges and pairs over time as they create more partnerships and get requests from the CryptoHero community.
Community
There is an active and friendly community of users where you can connect with other traders to share ideas, robots, results and feedback. The community is accessible through Telegram which is a freeware, cross-platform, cloud-based instant messaging service.
Tutorial Guide
On the CryptoHero website you will find a handy tutorial guide that explains in easy to understand details how to quickly and easily develop and setup a CryptoHero robot on your account.
The content of the CryptoHero setup instructions include the following topics:
- Asset
- Trade Parameters
- Entry Conditions
- Exit Conditions
- Backtesting
Support
You can reach the CryptoHero support via email or the various social media channels that they are active on. There is also the Telegram community where you can reach out with any general, technical or account related questions.
What Crypto Exchanges can I use CryptoHero on?
CryptoHero have partnered with a selection of crypto brokers and exchanges. They don’t make you commit to a single brokerage firm which is a good thing. You can connect CryptoHero and manage multiple accounts.
How much does CryptoHero cost?
There are a couple of packages which you can choose from. CryptoHero only charges a fixed low monthly fee for being a software solution provider. This includes a basic free option with limited features or a premium option which has full functionality of the software. It is possible to run a small crypto portfolio with just the basic free plan.
Free Option
- Free to use
- 1 Active Bots
- AI Optimized Bots
- Long & Short Strategies
- All Technical Indicators
- 1 Connected Exchange
- Average Bots Processing Priority
Monthly Option
- $13.99 /Monthly or $139.99 /Year (save $27.89)
- 15 Active Bots
- AI Optimized Bots
- Long & Short Strategies
- All Technical Indicators
- 3 Connected Exchanges
- High Bots Processing Priority
Subscriptions are charged in full in advance for the selected subscription period beginning on the purchase date. The next charge will be when your plan has 0 days left. You can cancel your subscription at any time and it will not auto-renew after running out of the remaining subscription days. When the subscription ends, any of your bots will be made inactive, you will need to manually enable the bots again. Exchange connections will also be removed, you will need to setup connections with those exchanges again.
CryptoHero Reputation
CryptoHero is backed by the Novum Group. The Novum Group is a consortium of diversified and adept companies brought together by the commonality of blockchain. They help companies integrate blockchain technology into their existing or new business models to build a more efficient and cohesive ecosystem. Working together with business owners, they are involved from ideation to go-to-market execution.
The founder of CryptoHero is Mr Christopher Low. Mr Low is a successful serial entrepreneur who has built several successful companies during his career. CryptoHero’s HQ is located in Singapore whilst the group has presence in Switzerland, Vietnam and USA as well.
The assets of users remain on the numerous supported exchanges such as Binance or whatever other broker/exchange you may be using.
CryptoHero Conclusion
Putting this CryptoHero Review all together, this is a very useful software for quickly and relatively easily developing crypto trading robots that can automate your trading strategies to automatically trade round the clock whilst you go about your day. This means that you never have to miss a potential trade opportunity.
CryptoHero allows you to automate trades right from your phone with no coding skills needed. Anyone can automatically trade popular cryptocurrencies 24/7 such as Bitcoin, Ethereum with bots based on a combination of popular technical indicators. The basic version of the CryptoHero software is free and includes the same features as the paid premium version just with some minor limitations. Ambitious forex and crypto traders of all experience levels can install CryptoHero and get their first bot up and running in just 5 simple steps.
It does take some thought when developing your strategy and I would certainly make sure that you test any crypto robot that you do create on a demo trading account to begin with. I feel like they could add more technical indicators and other forms of analysis to create more complex trading systems, such as fundamental indicators, price action analysis and sentiment data.
That being said, CryptoHero is not an “out of the box” trading robot. You will need to use your own trading strategies to build your own crypto bots. There can of course be no guarantee on how well these automated trading systems will perform.
I would put this cryptocurrency robot up there with some other popular automated crypto trading platforms such as Quadency, Coinrule, Shrimpy, Zignaly, Mudrex, Centobot, 3Commas, Trality, Bitsgap, Cornix, ProfitTrailer, HaasOnline, Gunbot, Cryptohopper, Trade Santa, Stoic and Pionex.
I would say this is for the more experienced trader who already has a successful trading strategy that they want to switch from manual to automated. However, you will still need to consider if CryptoHero has the indicators and functionalities that your particular trading system would require.
CryptoHero
$13.99
Pros
- Different subscription options
- AI optimization that is capable of managing several accounts at the same time
- Available on various devices, including desktop and apps
- Backtest your trading strategies
- Multiple trading strategies
- Several active bots
- You can pay with crypto
- 24/7 live support team
Cons
- Steep learning curve
- Requires some user input
- Limited crypto exchanges supported
- Web and mobile subscriptions are paid differently
- Bot discovery page looks basic
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
