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TradeSanta Review (2022)

Cryptocurrency is not regulated by the UK Financial Conduct Authority and is not subject to protection under the UK Financial Services Compensation Scheme or within the scope of jurisdiction of the UK Financial Ombudsman Service. Investing in cryptocurrency comes with risk and cryptocurrency may gain in value, or lose some or all value. Capital gains tax may be applicable to profits from cryptocurrency sales.

Launched in 2017, TradeSanta is an all-in-one cryptocurrency trading platform designed to make automated trading accessible to everyone.

The service offers a range of features, including a manual trading station, a social trading marketplace, and three automated trading bots.

Stick around and check out this TradeSanta review for everything you need to know about this cryptocurrency trading bot!

Advantages & Disadvantages

Advantages

  • Very easy to use.
  • Hundreds of social trading options.
  • Affordable.
  • Futures trading supported.
  • TradingView signals integrations.
  • Excellent customer service.
  • Long and Short trading strategies supported.

Disadvantages

  • Compatible with only 9 exchanges.
  • May not be suitable for advanced-level traders.
  • No DEX or crypto-wallet integration.
  • No arbitrage bots available.

Main Features

Trading Bots

TradeSanta lets you build and deploy customized trading bots in 10 minutes or less.

However, before you can launch a bot, you’ll need to connect a supported exchange account. To do so, click on the “Access Points” tab and provide your account API Keys. Once done, you’re ready to launch your very-own DCA, Grid, and Futures bots.

DCA Bots

Dollar-Cost Averaging (DCA) is a popular investment strategy where regular buys of the same cryptocurrency are made over an extended period.

The idea behind this approach is to help shield you from market volatility.

On TradeSanta, DCA bots can trade either long or short, letting you play both sides of the market.

For example, a Long DCA bot can be configured to buy Cosmos (ATOM) at £25 and sell it when its price increases by 15%. This 15% figure is the Take Profit setting and can be set as low as 0.01% or as high as 99%.

You may be wondering, ‘what happens if the price goes down and not up’? To help protect you from this event, DCA Bots can be outfitted with an Extra Order.

An Extra Order instructs the bot to buy more cryptocurrency when the price falls by a certain percentage. By doing this, you reduce the average cost of your position – a technique commonly referred to as ‘Averaging Down’.

You can limit how many times an Extra Order is executed. Additionally, you can implement a stop-loss or trailing stop loss for further protection. To set up a stop loss, simply provide the Bot with a percentage. If the price drops below this percentage, your position will be closed immediately.

Interestingly, DCA bots can use three technical indicators – MACD, RSI, and Bollinger Bands – to automatically find entry points. That said, you can only enable one at a time, which you may find limiting if you want to configure more advanced automations.

To learn more about deploying DCA bots and their different settings, I recommend reading this article or watching this video.

Grid Bots

Grid Bots are designed to carry out the Grid trading strategy – an approach that capitalizes on normal price volatility by placing strategic buy and sell orders within a price range.

Grid bots are most commonly deployed in sideways markets or when a coin is trading within a well-defined range.

Like DCA bots, Grid bots can be either long or short and require a reserve/base currency and an exchange to trade on. After that, choose your preferred Take Profit percentage and add an Extra Order setting if you see fit.

Regular and trailing stop losses can also be added, and all Grid bots come equipped with the same three technical indicators as the DCA bot. However, only one indicator can be enabled at a time.

Unlike the DCA Bot, Grid Bots can receive customized TradingView signals, making them significantly more powerful. That said, custom signals aren’t available on all pairs.

(Click to enlarge)

Besides TradingView integration, there’s one other feature that differentiates Grid Bots from DCA Bots. With DCA Bots, the Take Profit setting applies to the entire position, meaning your bot may execute several buy orders before placing a sell order.

By contrast, Grid Bots place a sell order for each executed buy order. For example, if your bot places one standard buy order and 2 Extra Orders, it will also place three corresponding sell orders. By comparison, a DCA bot would only place a single sell order.

For more info on Grid Bots and how they work, I recommend reading this article and watching this video.

What is TradingView?

TradingView is a powerful charting software that’s used by traders all over the world.

The platform also functions as a social media site, where traders can share their trades, set ups, and thoughts on future market movements.

Can customised TradingView signals provide both buy and sell orders?

Yes and no.

While your Grid bot can receive both buy and sell orders from a custom TradingView signal, it can only receive one or the other. Long Grid bots only receive buy signals while Short bots only receive sell signals.

Futures Bots

For automated futures trading, TradeSanta lets you create customized Futures Bots, which you can deploy on the Binance Futures exchange. This feature is only available with TradeSanta’s most expensive plan.

Once you’ve connected your Binance Futures account using its API keys, creating a Futures trading bot follows the same process as creating a basic DCA bot. The only difference is you must indicate a leverage amount – which specifies how much you’ll be borrowing.

If you’ve entered an amount of leverage that isn’t available to you (i.e., you don’t have sufficient collateral), the bot won’t start trading. Moreover, only one-way positions and USD-Margined contracts are available for trading.

What are One-Way positions?

One-way positions mean you can only buy and sell futures contracts long or short – and not both. All trading bots on TradeSanta are one-way.

Manual Trading

TradeSanta offers a fairly basic trading terminal for placing manual buy and sell orders. If you’re accustomed to more advanced trading terminals, like those available on FTX, Kraken, and HitBTC, you’ll find TradeSanta’s terminal underwhelming.

Moreover, the terminal only supports basic Market and Limit orders, making it very limiting for serious traders.

That said, if you plan on buying and selling a large amount of cryptocurrency, TradeSanta’s ‘Smart Order’ feature can be very useful. When used, your order is split up into several smaller orders, all of which are executed at market price.

By doing this, TradeSanta manages to keep your orders at the top of the exchange’s order book, making sure you get the best possible price.

Virtual Trading (Paper Testing)

For testing out new trading bots and strategies, TradeSanta offers what it calls ‘Virtual Trading’. When used, Virtual Trading subjects bots to live market data using a dummy wallet – meaning no real crypto is bought or sold.

While providing you with valuable insight into how your bot would perform in a real-money setting, there are several limitations to be aware of. For starters, the amount of analytical data provided by Trade Santa is lacking compared to more advanced platforms like HaasOnline and Cryptohopper.

Furthermore, no back-testing options are currently available – only paper trading – meaning you won’t be able to test bots against historical market data.

What is the difference between paper trading and backtesting?

With paper trading, your bot is tested against live market data whereas backtesting runs your bot against historical market data.

The advantage of backtesting is it lets you test your bot under a variety of market conditions.

With paper trading, you can only run tests under the current market conditions, which may not be useful to you.

Charting Software

For doing basic TA and chart analysis, TradeSanta runs a simple TradingView-powered charting station.

This station comes with over 100 technical indicators and drawing tools and lets you source price data from nine high-volume exchanges.

Unfortunately, only 5-minute and Daily charts are available, a decision I find odd.

That said, the station does let you overlay two or more price charts, making it easy to compare the price action of multiple coins.

Social Trading

TradeSanta recently opened its marketplace, where you’ll find over 500 trading bots to follow. All bots are made by other users and can be sorted by profitability, what pairs their trade, and what exchange they trade on.

If you’re interested in social trading on TradeSanta, know that most of the top-performing bots operate on the Binance Futures exchange, meaning you’ll need an active Binance Futures account to participate.

Available bots are also split between Long and Short, giving you the option to copy trade on both sides of the market.

In line with the platform’s dedication to accessibility, social trading with TradeSanta is as easy as it gets, and you can have a Bot up and running in just two clicks.

To do so, find a bot you wish to follow, hit ‘Copy’, then the ‘Start Bot’ button. Once done, your live Bot will miror the trades of the Bot it’s following.

Mobile App

TradeSanta is fairly unique among automated trading platforms in that it has a mobile application available.

Once downloaded, you’ll be able to access all the tools and features offered by the desktop version from your mobile device.

This mobile app – which is available for both Android and iOS – lets you stay up to date with all your bots and the notification settings are highly customizable.

Telegram

TradeSanta has its own Telegram channel where users can discuss trade ideas, troubleshoot bot issues, and discuss where they think the market is headed.

One thing I like about the TradeSanta Telegram channel is there’s always a moderator around, meaning spam and other abusive behavior is kept to a minimum.

Moreover, mods double as a customer service representative – and I was able to get quick responses to several questions I had about their product.

Are there additional fees for social trading?

No, you won’t be charged any additional fees or commissions for engaging in social trading.

Supported Exchanges

TradeSanta is compatible with 9 exchanges, including popular names like Binance, Coinbase Pro, and Huobi.

While the number of supported exchanges may seem limited, the platform does intend to include Kraken and FTX in the near future.

Decentralized wallets – like MetaMask or TrustWallet – aren’t currently supported.

What exchanges does TradeSanta support?

TradeSanta currently supports integration with the following exchanges:

  • Binance
  • Binance Futures
  • Binance.US
  • ByBit
  • OKx
  • Coinbase Pro
  • HitBTC
  • Huobi
  • UpBit

Pricing

TradeSanta is one of the more affordable automated trading services around and a subscription will run you $15 to $35 per month.

As shown below, a basic plan only gives you access to DCA and Grid bots and doesn’t come with TradingView integration – the platform’s most powerful feature.

That said, a basic plan does let you run up to 49 bots at once, which is pretty good considering a basic plan with 3commas or HaasOnline – two of its top competitors – limits you to less than 10.

Find Out More

Is TradeSanta Safe?

No major security issues seem to have been reported by users of TradeSanta.

Moreover, as long as you configure your API keys correctly, TradeSanta will only be able to execute buy and sell orders on your behalf and doesn’t have permission to make withdrawals. Always ensure that withdrawal permissions are disabled when creating these keys.

For added security, TradeSanta supports two-factor authentication (2FA), which you should enable immediately.

TradeSanta Alternatives

Here are a few TradeSanta alternatives I recommend checking out:

  • CryptoHopper: Similar to TradeSanta, CryptoHopper is an affordable automated-trading service with a robust social trading marketplace and a fully-functional backtesting tool. Unlike TradeSanta, CryptoHopper supports Arbitrage and Market Maker trading bots. (Find out more in my CryptoHopper Review.)
  • Shrimpy.io: Compatible with over 20 exchanges and 13 decentralized wallet services, Shrimp.io is a portfolio management tool that works by regularly re-balancing your crypto-portfolio using the instructions you’ve provided. Unlike TradeSanta, Shrimpy.io can perform DEX trading. (Find out more in my Shrimpy.io Review.)
  • 3Commas: 3Commas offers customizable DCA and Grid bots. The service also supports Options and Leverage trading, making it better suited for advanced-level traders. (Find out more in my 3Commas Review.)
  • HaasOnline: An extremely advanced automated-trading service that you build and deploy industry-grade trading bots. HaasOnline is strongly geared towards expert traders and is nowhere near as user-friendly as TradeSanta. (Find out more in my HaasOnline Review.)

Other alternatives include Gunbot, Coinrule, Pionex, and Gekko.

Bottom Line

Of all automated trading platforms I’ve reviewed, TradeSanta is the easiest to use and one of the best choices for beginners.

Here’s what stood out to me:

  • Excellent support and customer service.
  • Bots can be created and deployed in just a few minutes.
  • Large social-trading marketplace.
  • Bots can trade both long and short strategies.

If you think TradeSanta may be a good fit for you and your portfolio, the service runs a 3-day free trial you can take advantage of.

However, three days isn’t enough time to tell if the service is right for you or not, and instead, I recommend signing up for a 1-month basic plan. At just $15, it’s an affordable way to see if it’s the right choice for you.

TradeSanta Website

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