Have you ever wondered what it would be like to have your own personal trading bot? TradeSanta automates the process of setting one up. While trading bot sites have been around for a while, Trade Santa has accomplished something unique. They’ve made it very simple for people without an understanding of trading bots to design one from scratch. Through templated bots, and lots of tooltips, they’re able to guide users through the process of creating a cryptocurrency trading bot.
By: Keegan Francis | Aug 14, 2020 | Modified Aug 28, 2020
TradeSanta reveals the strategies that you can implement through images. The simple diagrams show the user how the bot is going to make money. There are currently three strategies that TradeSanta allows users to create.
Smart Orders are for those of us who have lots of cryptocurrency, but do not always know how to use it. If you’re selling large quantities of cryptocurrency at once, you may not get the amount back that you were expecting. There may not be enough buyers on the market for your $1 billion dollar sell order. Instead of selling your stash all at once, a smart order drips smaller chunks of the total amount into the market over a period of time. This ensures you get much closer to the total amount you were looking for.
The grid bot is more ongoing than the smart order bot. You give the grid bot profit targets, and the parameters that it needs to achieve those results. When you turn it on, the grid bot looks for opportunities within the market. If it finds any, then the bot will buy an amount from the market. The bot won’t sell the amount until it knows it can achieve the desired profit target. The grid bot is not greedy, in the sense that it won’t stay in the market on the chance that it will go higher. The grid bot takes the profits that it was told to take.
Dollar Cost Averaging is a lot like the grid strategy, only you’re telling the bot to sell more than one order at a single higher price. The grid bot treats individual trades separately, whereas as dollar cost averaging combines them. This strategy is more greedy than grid bot.
This part requires your attention to detail. Setting up a bot requires you to create an API key within the exchange you want to use within TradeSanta. An API is simply just one or two pieces of text that allows TradeSanta to act on your behalf. This means that TradeSanta can read your balances, and place orders. Most exchanges allow you to configure the API key to limit the actions that the user of the key can take. For example, you can turn on or off, the ability to execute orders. It is very important that you never grant withdrawal access to anyone. If withdrawal access is enabled on your API key, then anyone with the key may steal your funds. TradeSanta explicitly instructs the user to not have withdrawal access.
At this time, TradeSanta can integrate the following exchanges
TradeSanta knows that building a trading bot is hard. That is why they built their entirely fictional virtual trader. This is a sandbox trading zone where you are free to make mistakes. Set up some bots, set them loose and see what happens. This is a good place to test your strategies and get a hang for the parameters before putting actual money on the line. TradeSanta gives you a big balance to play with, allowing you plenty of room for error. Make sure you keep track of which bots work well. There are limitless possibilities to how a bot can be configured.
TradeSanta will charge you money for this service if you intend on trading more than $3000 worth of cryptocurrencies per day. However, their rates are extremely reasonable for the upper tiers of membership. Higher tiers grant you access to a wider set of features, as well as larger amounts of volumes.