Crypto trading market differs from global stock market in the aspect that one has an opening and closing time for trades and other does not. Crypto markets never sleep and trading continues for 24*7 round the clock. Adding this to the fact that crypto markets are very volatile making it difficult to keep track with the price movement and market trends for 24*7. This is where trading bot comes into the picture.
Trading bots use pre-programmed software that analyzes market actions, which includes volume, orders, price, and time. Many people have started entering in crypto trading, multiple companies have developed trading software platforms for the same. Here, we take a look at one such platform that's been getting credible attention in the industry.
TradeSanta, launched in November 2018, is an automated crypto trading tool that has been developed to automate trading strategies. With the bot’s ability to trade through API keys from supported crypto exchanges makes it one of the most secure platforms since it won't be able to access or withdraw user funds without their permission. The bots working on very high-speed places up to 100 times more orders as compared to manual traders. Besides being active 24/7 and eliminating the emotional quotient from trading what makes TradeSanta stand out among the crowd. Let’s find out.
The platform provides two-factor authentication promising a more secure account. As mentioned above the bots work via API keys restricting the usage of funds by the bot on its own.
With many people entering the crypto trading ecosystem it often becomes hectic and confusing to become accustomed to different services offered by various exchanges, especially if someone is new to trading altogether. TradeSanta’s interface has proven useful for such users allowing them to ease into the ecosystem and providing numerous tutorials as well. A dashboard is also available which allows a trader to track the bot’s performance.
It’s the user who sets the technical indicators according to a particular strategy. Granted that the bot is working while you are sleeping but what about the instances where the market price goes against your strategies. This is where Extra Order feature comes into play. The bot places an extra order to buy (or sell) more coins at the lower (or higher) price than the price of the first order, making it possible to get desired take profit with a smaller price recovery in the future.
Let’s explain this with an example wherein someone buys 1 coin worth $1000 with an intention of selling it at 1 percent profit later, ie going long. If the price goes to $1010 then the bot executes the trade, but what if the price goes lower. In this case, if the trader would have already set up step of extra orders (say 1%), maximum count and count of real-time extra orders (say 4). Then the bot will execute 4 extra orders if the price drops by 1 percent and further, i.e to $990, $980, $970, $960 respectively. Now in order for gaining 1 percent profit, all it has to do is bounce back to $989.8 instead of $1010. The same logic applies in case the trader decides to short the trade.
Recently launched feature, Smart Order allows traders to sell large volumes of cryptocurrency with almost no impact on the market. It combines TWAP and VWAP features enabling large crypto holders to trade. Although the feature is still in the alpha testing phase, it can be requested by traders to try it. The list of features goes on. Visit the company’s official website to check the testimonials of users and tutorials as well.
The Present and Future
TradeSanta is gradually been climbing up in the ranks, gaining credible attention in the crypto community. The platform is currently free to use. More than 4400 trading bots created by users are active and more than 245k deals have been completed successfully. The bot is compatible with top cryptocurrency exchanges, supported by Binance, Bitfinex, Bittrex, HitBTC. And soon will be compatible with BitMEX, OKEx, and Huobi as well.
The future of the company seems promising with positive developments happening in the blockchain industry. As the team and experience continue to grow more features will be added.