What we like:
Full Extended Hours Trading
SIPC protected upto 500K
Trade Stocks, Options, ETFs & ADRs
Please note: Before you start reading our comprehensive TradeSanta review – make sure that you have an eligible account set up with one of the supported cryptocurrency exchanges (Binance, Bittrex, Bitfinex, HitBTC, Upbit, Huobi). Don’t have a crypto trading account? Read our Binance review and start investing in cryptocurrencies on a most-advanced digital assets trading platform.
Read Binance Review
TradeSanta is a cloud-based software used for automating trading strategies across different cryptocurrency exchanges. It came out in 2018, but it wasn’t until 2019 that it started gaining traction in the crypto community.
Tools like TradeSanta are useful when you want to start trading cryptocurrencies but don’t have enough time to submit each trade by yourself. Hence, TradeSanta’s crypto trading bot executes trades on your behalf by following the preferred settings you have chosen when creating your crypto trading bot. In short, TradeSanta eliminates the need to perform trades manually and automates them instead. You can create as many separate trading bots as you want to scale your trading.
TradeSanta is simple to use, supporting most major centralized crypto exchanges. Each bot executes a single strategy plugged into a chosen cryptocurrency exchange by trading preset currency pair.
There are two basic bot templates to choose from (long and short) and third option allowing you to customize your bot from scratch.
The long strategy means buying cryptocurrency with the expectation that the price will go up. Once the price goes up, it allows the bot to make a profit on the upward difference.
The short strategy means selling in the expectation that the cryptocurrency price will decline. At that point, the bot can repurchase them, finalizing the trade by having the same amount of cryptocurrency in inventory plus the profits made from the difference.
It’s also possible to launch two or more separate automated trading bots running both long and short strategies simultaneously. 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 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.
Exchanges TradeSanta can operate on include (support for OKEX, Huobi, and BitMex is said to be added soon):
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): With basic plan 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 email. Once you’ve submitted the information, you’ll receive a confirmation email where you 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).
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 email. 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:
- Log in to your Binance account and press on your account user icon.
- Choose “API management”.
- Add the name of your API (any name, it is just a title of your API).
- 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.
- 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 the API page with the API key and API secret key.
- Copy them and add to TradeSanta. Done!
Creating a Bot
In the 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, and TradeSanta ideally accommodates for that.
TradeSanta Crypto Trading Bot Pros & Cons
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.
Lacks support for some of the major high liquidity exchanges such as Kraken, KuCoin, Gemini, etc.
Not suitable for taking advantage of arbitrage opportunities.
Lacks support for any decentralized exchanges.
Not open source.
TradeSanta has a user-friendly plug-and-play interface, no trading fees, an active Telegram community, and a 24/7 customer support via email or Telegram. Apart from the web interface, there’s also an Android app available. Upon signing up, no additional personal information is required, and there are security measures such as two-factor authentication in place.
You can also customize your Telegram notifications to get alerts on your bots’ activity. What’s more, TradeSanta is exceptionally helpful in assisting beginners with its Wizard tool, which navigates you through what may at first appear a somewhat overwhelming landscape.
What is TradeSanta?
TradeSanta is trading 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 are online or have your computer on.
TradeSanta bots can be deployed across many major cryptocurrency exchanges, and there’s an intuitive and easy-to-navigate dashboard provided along with Android and iOS apps available.
Why are trading bots so popular?
Since the cryptocurrency market is still in its early stage of development, trading bots can help you take advantage of market inefficiencies across different exchanges. They are more efficient than humans, especially when it comes down to processing complex market information and responding to market conditions quickly. Additionally, unlike human traders, trading bots don’t need lunch breaks or sleep and can trade for 24 hours straight. Lastly, since bots don’t have emotions like fear and panic and solely rely on pre-programmed rules, they can reduce unnecessary losses.
Risks of using a crypto trading bot
When you choose to put your money in the hands of a third party, whether it’s a centralized custodial exchange or a trading bot, you’re taking risks. There’s always the possibility of faulty software, especially if it’s brand-new or hasn’t been adequately tested. Other risks include losses due to flash crashes and rapid downturns.
Generally, regardless of whether or not one makes use of automated software, one must still be vigilant and rely on his or her own judgment as bots just execute the instructions they are given and are not substitutes for informed decision making. In other words, a bot should not be viewed as a substitute for carefully executed trading.
What are the profit possibilities?
Trading bots can help you make a profit under reasonably predictable market conditions. Still, it only takes one random event to occur for things to take the opposite direction. Therefore, it’s advisable to have some hedging strategies in place and avoid taking overleveraged positions with bots.