TradeSanta Review: Automated Crypto Trading Bots

What are Trading Bots?

Trading bots are tools used by both beginner and advanced traders to assist in their trading. Trading bots can range from being fully automatic, basically as a “set and forget,” just let it run type program, or they can be used alongside manual trading strategies to automate some of the tedious tasks manual traders need to perform. Trading bots have many benefits as they allow traders to be able to trade around the clock while they work another job or at times when they are not at their computers, and they can increase the efficiency of full-time traders as they can execute their bot on one chart while they are focusing on other charts, searching for additional trades using the bot more like an assistant. And of course, another benefit is that bots do not have emotions so they can reduce risks associated with a trader’s biases and emotions such as fear and greed which do not belong in trading strategies.

What is TradeSanta?

TradeSanta is an automated crypto trading platform that looks to simplify crypto trading by allowing traders to use customizable automated trading bots so they can benefit from the use of trading bots without having to have the skills or knowledge needed to program their own. The TradeSanta platform allows users to create, monitor and adjust the bots in a way that suits their trading style.

Fortunately, TradeSanta is a well-established and well-respected company within the crypto community and has been around since 2018 with hundreds of positive reviews and happy users so you can be confident that their system is dependable and will function as expected. Of course, keeping in mind that the trading success of the bot is completely dependent on the settings and strategy that the trader chooses, and how they choose to deploy the bot.

TradeSanta is great for beginners to the world of automated trading systems as it is very user friendly, but also has loads of customizable features making it also suitable for intermediate or advanced traders who are looking to add some automation to their trading.

Pros:

  • Simplified and easy plug and play process for programming a bot with the custom indicators and parameters of your choice. No coding skills necessary!
  • Simple and intuitive dashboard that makes it easy to monitor bot trading performance and adjust settings, portfolios and parameters on the fly.
  • Incredibly convenient mobile app to make adjustments or deploy the bot when you are on the go.
  • Affordable, tiered subscription plans.

Cons:

  • Only a 3-day free trial, not enough time to get to know the platform or test the bot thoroughly.
  • Trading Bots deploying dollar cost averaging (AKA Martingale) and Grid trading strategies can be VERY dangerous and are considered high risk as they can quickly wipe out the trading accounts of inexperienced users. Be sure to do your research on Martingale and Grid trading strategies to decide if this type of trading is right for you.
  • Does not support many popular trading indicators to use with the bot’s settings.

Pricing

TradeSanta offers subscription packages at three different price points. The differences between the packages are based on the number of bots a trader wants to deploy and other features such as enabling trailing profit settings and receiving trading signals. The number of bots needed depends on how many trading pairs a user wants to trade as each bot will be assigned to one pair.

The price plans are as follows:

  • Basic Package-$14 per month, up to 49 bots.
  • Advanced- $20 per month, up to 99 bots, trailing take profit, TradingView signals
  • Maximum- $30 per month, unlimited bots, everything included in the lower plans plus access to Binance Futures.

How to Get Started on TradeSanta

Users will first need an account with a crypto exchange. They can create and connect to a new crypto exchange through the TradeSanta platform or connect an existing exchange account which is more common. The supported exchanges are Binance, HitBTC, Huobi, UPbit, OKEx, Coinbase Pro and Binance.US.

Users will need to insert the API keys from their crypto exchange account into their TradeSanta account to synchronize the two together. Don’t worry, this is easier than it sounds as there is a setting directly in Binance under the Account settings called “API Management,” and from there you will be able to generate an API key. I am assuming the process is similar for other exchanges, but through Binance it is a breeze. Once a user has generated the API key in their exchange of choice, an API secret key will also be automatically generated and both the API key and API secret key can simply be copy and pasted into the user’s account on the TradeSanta platform.

Mobile App

The mobile app offers the same tools and features as the desktop dashboard. Each bot has a dedicated, “bot card” where users can check their performance and make any tweaks on the go. This is really convenient as I can’t tell you how many times I was out when the markets took a serious dive and I had to rush home (often too late) to tweak my bots or shut them down on the computer. As you know, markets move fast and can flip on a dime so being able to tweak bots on the go is a real positive.

Customer Support

Users of the platform seem genuinely satisfied with the great level of customer support. This is always a good sign as many of the trading bots available online have no support service whatsoever. TradeSanta provides in-platform support via live chat and are quick to respond. Customers can also reach out to them on Telegram or email at [email protected].

Security

While cryptocurrency trading can be risky, the TradeSanta platform itself is very secure, using two-factor authentication and password protection. The API key used to link a user’s brokerage account also only grants trading permissions, not withdrawal permissions so you don’t need to worry about the TradeSanta team or your bot going all AWOL and running off with your funds.

Bottom Line

TradeSanta has done a great overall job at completing what they set out to do and that is making automated cryptocurrency trading as easy as it can be. The very user-friendly plug and play settings makes programming and deploying the bots easy. Before companies like TradeSanta, users would basically need a degree in computer science to create these bots then figure out how to install them on their trading platforms but being able to do everything directly on the TradeSanta platform thanks to the API integration is such a time saver and game-changer. The two biggest criticisms that I have is the lack of available indicators on the platform and settings for the bot, making the bots not ideal for more complex trading strategies, and the fact that they only offer a 3-day free trial is pretty lame. Many similar companies will offer a 7 to 14-day trial as it can take a while to get used to the platform and users should be able to test the bot and run it for a few days to see if it’s right for them.

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