Even though it sounds like a fantasy and wishful thinking, it is possible to make money while you sleep and you don’t have to be a wealthy 1% elite to do so. If you think this sounds sketchy, read on, you might change your mind once you learn more about automated crypto trading software.
We have written about this topic on numerous occasions, testing and reviewing many bots on the market, and the time has come to give a spin to one of the less known but surprisingly good bots dubbed Trade Santa.
This year is a match made in heaven for automated trading software like TradeSanta as this (and most the other bots) thrive in the high volatility environment.
Below is a quick rundown about top 3 cryptocurrency trading bot platforms, based on their most prolific properties:
What is TradeSanta bot?
TradeSanta is a cloud-based crypto trading bot that you can use to automate your cryptocurrency trading strategy and earn money passively. It is a trading automation software well-suited for beginners and professional crypto traders and experienced traders.
The automated trading software helps you translate your manual trading strategy into a self-executing program that can run 24/7 and trade coins on your behalf. But please bear in mind that, this and any other crypto trading bot for that matter, are no magic money machines and if your trading approach and strategy is not solid, you won’t earn money, you actually might lose some. Just like you would when trading manually.
What exchanges are supported?
TradeSanta supports 7 major crypto exchanges: Binance, Bitfinex, Huobi, Upbit, Bittrex, HitBTC, and BitMex. These 7 exchanges provide a home to all relevant crypto trading pairs so you won’t have to look for other platforms unless you like to risk your money on completely unknown coins on some marginal exchanges.
It is easy to connect TradeSanta with exchanges by connecting via API keys. Very detailed explanations of how you do this for every exchange can be found in TradeSanta documentation on this link.
While you are here, have a look at our Gunbot review.
Free / Minimum Plan: TradeSanta’s free plan gives access to up to two bots and includes general support, Telegram notifications, the ability to work with any number of exchange-listed pairs, and executing any of the available strategies.
Basic Plan ($15 USD / month): With a basic plan the number of bots you can run goes up to 49.
Maximum Plan ($70 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 Safe Are my Coins when using TradeSanta?
TradeSanta has access only to your trading rights on any chosen exchange. This means that nobody can withdraw your coins without your permission. So, TradeSanta poses no additional risk to your coins, they are as safe as the exchange that holds them.
Superslick and intuitive dashboard with all options laid out in a simple menu, there is very little room for confusion, and even tech-averse users will have no trouble using the crypto trading platform.
Via chats on the website or via their Telegram, accessible and friendly and most importantly, swift in their reactions to your tickets and inquiries.
How to use TradeSanta?
The first step is to signup and create your account – once you fill in the information, you will get a mandatory activation email. TradeSanta has a mobile app as well.
Once you are logged in, you will get help from the setup wizard that will lead you through the process of connecting your exchanges and setting up your first bots.
To connect your first exchange, you need to go to the “Access point” tab on the left, and you will see this window open:
Check out this link on how to find exchange API keys and finish the exchange connecting process with TradeSanta.
Trade Santa Review – Setting up your first bot
After connecting your cryptocurrency exchange, you will then go to the “my bots” tab and create your first bot by choosing a name for it, your trading pair on the connected exchange and pick your trading strategy (long or short) with all the details: what crypto market signal you want to use, what will be the profit taking level, how much of your funds you want to include in the trade.
On this tab, you can also see all your currently active bots.
How does it work?
Once a bot opens a deal, it will buy the coin you tasked it to buy via your strategy and it will also immediately calculate the profit-taking level (based on the user-set percentage) and put in a long/short order.
It also has an Extra Order option, that is executed each time the price action goes in the opposite action of your chosen strategy. The bot will essentially make sure to buy your desired coin at a lower price and it will also automatically adjust the profit-taking level based on your input percentage.
TradeSanta users may choose from Volume filter, Daily filter, and Bollinger signal or use these 3 filters at the same time.
Another great feature of TradeSanta is the ability to simultaneously cover both long and short strategies. This means that whichever direction the price goes TradeSanta can make you money by longing or shorting your chosen pair at the percentage levels you chose.
TradeSanta Bot Review – Bot Templates
There are two default bot templates to choose from (long and short) and a third option that lets you to customize your bot from scratch.
The long strategy means buying cryptocurrency when you expect that the price will go up. Once the price goes up, it allows the bot to make a profit on the upward difference.
How to create a short strategy bot on TradeSanta?
The short strategy is instructing the bot to sell with the expectation that the cryptocurrency price will drop. 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.
Is Tradesanta legit – Conclusion
TradeSanta is a transparent and legit company as we found no evidence of scam accusations against them.
Even though these bots sound great, a word of caution is due. Make sure to understand ins and outs of trading before venturing into automated trading. Once you understand how and what the bot does, you can utilize TradeSanta’s full potential and give your eyes some off-screen time while still not missing out on the trading gains.
If TradeSanta is not to your liking, check out our other guides on its competitors:
- Cryptohopper bot review
- Quadency crypto bot review
- Zignaly bitcoin bot review
- Coinrule bot review
- Bitsgap bot review
- Review of 3Commas trading bot
- Margin review
- Gunbot crypto bot review
- Shrimpy review
- Haasbot review
- CryptoTrader.org review
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com