Cryptocurrency trading was once a mostly manual process where users had to choose the asset they wanted to trade, build their investment plan, schedule their trades and manage all the transactions. These steps may return double or triple digits when performed correctly.
But, in reality, only a few traders can commit to it full time, which is why automation has become a popular solution.
Automation means that a computer program implements predefined algorithms to perform a transaction. Then, using various tools, including filters, signals, or other forms of technical analysis, the crypto bot can execute trades on behalf of the investor. The result is that automation gives traders an advantage because robots are faster and can trade multiple accounts or different strategies simultaneously, far beyond what a full-time trader can complete.
One of the platforms that makes cryptocurrency trading robots available to traders every day is TradeSanta. As one of their team members explains: “TradeSanta is a powerful platform for you to trade faster, smarter and with less risk.”
The platform recently added a market feature for mirror trading. With this version, traders are given the opportunity to see and copy the best performing robots. The functionality of this feature is being extended to the spot and futures markets, allowing users to take advantage of trading opportunities using leverage. To select a bot, the market will include filters based on type (DCA or network), strategy, exchange, market (spot, futures) and pair.
While copy trading is free at the moment, traders will have the option to monetize their strategies within a couple of months, which means that some items in the market will come at a cost.
More than just a cryptocurrency exchange
Unlike a cryptocurrency exchange, TradeSanta does not access users’ funds. Instead, the platform exists as a software application that enables users to automate cryptocurrency trading by integrating well-known exchanges. The platform is currently automating crypto trading strategies across major exchanges, including Binance, Binance Futures, Binance.US, OKX, Huobi, Upbit, HitBTC, Coinbase Pro, FTX, and Kraken.
As an end-to-end solution, the platform consists of several components, including a terminal, a mobile app, signals, and a marketplace, each of which are custom-built trading bots.
Practically speaking, investors can set up a trading bot to execute a trade instantly or follow the signal of a technical indicator they specify. After either of the two events occurs, the bot will buy the base currency indicated in the settings when buying. After this order is executed, the deal is considered open, which enables the robot to place a take profit order, which makes a profit at the level set by the user and other additional orders. Similarly, on the short side, the robot will sell the coins that the investor owns and buy them back at a lower price at a predetermined price, the difference being profit.
If the price of the chosen cryptocurrency moves in the opposite direction to the strategy chosen by the user, then one of the additional orders is executed, and a new one is placed. Each time this happens, the associated take profit level is also reviewed.
More information on TRADEsanta here
Additional orders are just one of the features that TradeSanta provides. There are also long and short strategic options, which the investor may choose to use simultaneously, covering the price regardless of the direction of the asset, stop loss and stop loss for trading, as well as take profit. Technical indicators are also available for users to ensure that cryptocurrency trading robots enter the market at the optimum point. These indicators include RSI, MACD, Bollinger, TradingView signals or a combination of them. All of this is available for spot and futures trading.