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.
Bot Templates
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
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):
BinanceBittrexBitfinexHitBTCUpbitHuobi
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): 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:
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
Conclusion
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. 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. Not suitable for taking advantage of arbitrage opportunities. Lacks support for any decentralized exchanges. Not open source. 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.
