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 time has come to give a spin to one of the less known but surprisingly good bots dubbed TradeSanta.
This year is a match made in heaven for automated trading software like TradeSanta as this (and most of other bots) thrive in the high volatility environment.
What is TradeSanta?
TradeSanta is a cloud-based crypto bot that you can use to automate your cryptocurrency trading strategy and earn money passively.
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 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 4 major exchanges: Binance, Bittrex, HitBTC and Bitfinex). These 4 exchanges provide 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 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.
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.
Super slick and intuitive dashboard with all options laid out in a simple menu, there is very little room for confusion and even a tech-averse users will have no trouble using the platform.
Via chat on website or via their Telegram, accessible and friendly and most importantly, swift in their reactions to your tickets and inquiries.
How to setup an account on TradeSanta?
First step is to signup and create your account – once you fill in the information, you will get a mandatory activation email.
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.
Setting up your first bot
After connecting your 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 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:
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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 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 strategy. 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.
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 review
- Bitsgap complete review
- Review of 3Commas trading bot
- Margin review
- Gunbot 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