Bringing Automation into Cryptocurrency Trading

Bringing Automation into Cryptocurrency Trading

Sneha Paul  | Apr 23, 2019 00:00

On an average, a total of $15 Billion worth of bitcoin is being traded on several cryptocurrency exchanges, which is only expected to go up in coming time given that bitcoin is now gradually being recognized as usable currency in some countries. Combine this with other positive developments in the blockchain ecosystem, the cryptocurrency trading has now become just as important as global stock trading.

Typically so, traders want to make their every trade count and therefore the advantage of the latest technological options available. Trading bots, which are frequently used in the stock market have also announced their presence in the cryptocurrency market as well. Here we are going to give an overview of one such trading bot platform that has been getting credible attention in the industry.

A Game Changer

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.

Key Features

Security

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.

User-friendly Interface

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.

Extra Order

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.

Smart Order

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.

Sneha Paul

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Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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