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TradeSanta Review 2020 | Pros & Cons of Using Crypto Trading Bot

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TradeSanta is a cloud-based software for automating trading strategies across different cryptocurrency exchanges. It arrived on the scene in 2018 but it wasn’t until 2019 that it came to attention and started gaining traction in the wider crypto community. 

Such configurable automated tools can be mighty useful in how they can execute conditional trades that one might otherwise in particular circumstances and market conditions but without the need to manually do so.

TradeSanta is especially straightforward and simple to use, supporting most major centralized crypto exchanges. Each bot is a single strategy plugged into a single exchange to trade a single chosen currency pair.

Bot Templates

There are two basic bot templates to choose from (long and short) or otherwise allowing you to customize your bot from scratch.

Trading bot templates on TradeSanta.

The long strategy means buying tokens with expectation that they’ll appreciate in value and selling them at a higher price than the one having bought them at, making profits from the difference upwards.

How to create a long strategy bot on TradeSanta.

The short strategy sells at a high price in expectation that the tokens will fall in market price at which point one can buy them back, finalizing the trade by having the same amount of tokens in inventory plus the profits made from the difference.

How to create a short strategy bot on TradeSanta.

It is also possible to launch two or more separate automated trading bots running both long and short strategies simultaneously and whichever direction the market goes the bots kick in seizing the opportunity.

Take profit is the size of your desired profit (in percentage) from the trade. Market signals are the technical indicators parametrized for the optimal market entry point.

Technical Indicators

Technical indicators help bots determine their optimal entry point into the market. These include:

  • Day Filter: Actions are taken depending on the candle indicator of the day before and whether it was bullish or bearish. So, if the bot is set to trade long and the previous day was bullish, the bot will proceed opening the deal. If optimized for short strategy, the previous day candle needs to have been bearish for the bot to open the deal.
  • Volume Filter: Deal is opened if the trading volume of token pair over the last 24 hours is considered to have been sufficient.
  • Bollinger Signal: The bot will search for an optimal entry point based on the Bollinger bands of a trading pair for the past 1.5 hours on a 5-minute time frame.

TradeSanta users may choose from any of the three signals or use all three at the same time when configuring the behavior of their bots.

Supported Exchanges

Exchanges TradeSanta can operate on include (support for OKEX, Huobi, and BitMex is said to be added soon):

  • Binance
  • Bittrex
  • Bitfinex
  • HitBTC
  • Upbit
  • Huobi
The list of cryptocurrency exchanges supported [and coming soon] by TradeSanta trading bot.

Pricing

Free / Minimum Plan: TradeSanta’s free plan gives access to up to two bots and includes general support, Telegram notifications, ability to work with any number of exchange-listed pairs and executing any of the available strategies.

Basic Plan ($15 USD / month): For 15 bucks a month the number of bots you can run goes up to 49.

Maximum Plan ($100 USD / month): The maximum plan allows you to run an unlimited number of bot instances in addition to individual support directly from TradeSanta and 0% trading fees on HitBTC.

Note: All new users can try out a 5-day free trial of the Basic plan. TradeSanta accepts payments in Bitcoin, Ethereum and USD Tether.

How to Set Up TradeSanta Account

Setting up an account is as simple as choosing a user name and password to log in with and providing a valid e-mail. Once you’ve submitted the information you’ll receive a confirmation email where you just have to follow the instructions to verify and activate your account.

Once you log in you have to choose a plan, so go to Settings > Top up to make a deposit (in either BTC, ETH or USDT).

TradeSanta user account dashboard.

Enter an amount in USD and send the deposit to the address supplied. Once the payment goes through it will automatically update the account and with the newly funded balance. Then, you can pick either of the two plans to buy – just pick the one you’d like and proceed making bots.

Set Access Points

You need to set up an access point using your desired exchange account’s API keys. You get the API keys through the account settings at the exchange, usually set its permissions in the process and confirm everything via e-mail. Once you generate your API key and corresponding secret key, enter them into the new access point which makes the bridge with the exchange.

Note: To connect TradeSanta to exchange you need to get an API key and API secret key. Just log in to your exchange and get the API keys in your profile. Make sure that you have marked “read balance” and “place order” fields and haven’t ticked the withdrawal option. Regarding the API secret – as with API key lookup for the API secret key in the setting of the exchange you want to connect.

For example, to get your API key and API secret key on Binance to need to:

  1. Login to your Binance account and press on your account user icon.
  2. Choose “API management”.
  3. Add the name of your API (any name, it is just a title of your API).
  4. In this step you might be asked to enable 2-factor authentification (2FA) or SMS authentification, so proceed and enable one of these security measures.
  5. After you enabled one of the security options – go add an API title again. After you add the title of your API you will get an email from Binance with a confirmation button. Once you press it – you will land on API page with the API key and API secret key.
  6. Copy them and add to TradeSanta. Done!
How to set up an access point on Tradesanta with HitBTC exchange.

Creating a Bot

In TradeSanta dashboard click on Create Bot and the wizard will guide you through creating a trading bot in four simple steps.

You’ll have to connect the bot to a selected exchange and choose a pair to trade from those available at that exchange. Next, pick either a long or a short strategy from the templates and adjust the parameters (percentage of profit to take from the trade, filter signals, etc.). Once everything is set to your preference you can activate the bot.

Advantages of Automated Trading

An obvious perk to automating trade strategies is that they don’t require human presence and operate 24/7 as programmed. In favorable market conditions of repeatable predictability, automated trading software may be an ideal solution, requiring that one just occasionally checks on things and slightly re-adjusts their bots’ programs when necessary.

The crypto markets in their current shape and form are fairly unsophisticated in not all that complex and TradeSanta ideally accommodates for that.

TradeSanta Crypto Trading Bot Pros & Cons

PROS

✔️ Simple and straightforward, well suited for beginners and testing the waters.

✔️ Free 5-day trial allowing one to try it out before making a purchase.

✔️ Supporting a fair range of programmable parameters and easy to understand strategies and templates.

✔️ Supporting most major centralized exchanges.

✔️ Active Telegram community where one can quickly find any answer to any question they might have.

✔️ Automates cryptocurrency trading and saves a lot of time.

✔️ You can scale easily with a few different subscriptions.

CONS

❌ Lacks support for some of the major high liquidity exchanges such as Kraken, KuCoin, Gemini, etc.

❌ Lacks support for any decentralized exchanges.

❌ Not suitable for taking advantage of arbitrage opportunities.

❌ Not open source.

Conclusion

TradeSanta has a particularly user-friendly plug-and-play interface, no trading fees and an active Telegram community and customer support. Apart from the web interface there’s also an Android app available. Upon signing up no additional personal information is required and there’s security measures such as two-factor authentication in place. 

One can also customize his Telegram notifications to alert him of his bots’ activity. TradeSanta seems especially helpful as a service in assisting beginners acquire orientation in what may at first appear a somewhat overwhelming a byzantine landscape.

A simple explainer on how to set up and run TradeSanta crypto trading bot.

FAQ

What is TradeSanta?

TradeSanta is trade automation software for cryptocurrency exchanges which is hosted on and runs in the cloud – meaning it will actively monitor the markets and execute trades regardless of whether or not you yourself are online or have your computer on.

TradeSanta bots can be deployed across a number of major cryptocurrency exchanges and there’s an intuitive and easy-to-navigate dashboard provided along with Android and iOS apps available.

Why trading bots are so popular?

Due to crypto markets still being fairly nascent and not yet as sophisticated and complex, more simplistic trading bots are applicable in many reasonably predictable scenarios and circumstances. And since bots can quickly pull and process current market information and efficiently respond to market conditions in pre-programmed ways, they allow for better managing one’s time in automating performance where human presence may not necessarily be required. And lastly, due to their nature, bots remove human emotion from the equation.

What are risks using a trading bot?

Whenever you’re putting your money in the hands of a third party, be that a custodial centralized exchange or a trading bot, you’re taking a certain amount of (hopefully calculated) risk. There’s always the possibilities of faulty software, especially in the case of newly released and not yet battle-tested ones, as well as sudden market crashes (e.g., flash crashes) and rapid downturns (characteristic of immature and volatile markets such as with crypto) and other such unexpected surprise events.

Generally, regardless of whether or not one makes use of automated software, one must still be vigilant and rely on his own judgment as bots just execute the instructions they are given and do not substitute for informed decision making. In other words, trading software does not deliver one from being responsible with their own funds, it is a tool and not a passive income generator. Start small, cap your risk and play it safe.  

What are the profit possibilities?

Trading bots can be very profitable in favorable and reasonably predictable market conditions, but it only takes one unexpected surprise and a single overlooked detail for things to take an opposite turn. So, it is advisable to have some hedging strategies in place and avoid taking too leveraged positions with bots. 

5 out of 5 (1 vote)

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