Crypto trading bot market allows investors to follow experienced traders

Cryptocurrency trading was once a mostly manual process, where users had to select the asset they wanted to trade, create their investment plan, schedule their trades, and manage all transactions. These steps can result in double or triple digit returns when executed correctly.

But in reality, only a handful of traders can commit full-time, which is why automation has become such a popular solution.

Automation means that a computer program executes preset algorithms to perform an operation. Then, using many tools, including filters, signals, or other forms of technical analysis, a crypto robot can execute trades on behalf of the investor. The result is that automation gives traders an advantage, as bots are faster and can trade multiple accounts or multiple strategies at once, far exceeding even what a full-time trader can complete.

One of the platforms that makes crypto trading bots available to everyday traders is TradeSanta. As a member of his team explains: “TradeSanta is a powerful terminal for you to trade faster, smarter and with less risk.”

The platform recently added a market feature for mirror trading. With this release, traders have the opportunity to see and copy high-performing bots. The functionality with this feature extends to the spot and futures markets, allowing users to take advantage of opportunities to trade with leverage. To select a bot, the market will include filters based on type (DCA or Grid), strategy, exchange, market (spot, futures), and pair.

While copy trading is free at the moment, traders will have the option to monetize their strategies in a couple of months, which means certain items on the market will come at a cost.

More than a cryptocurrency exchange

Unlike a cryptocurrency exchange, TradeSanta does not access user funds. Instead, the platform exists as a software application that allows users to automate their cryptocurrency trading by integrating with well-known exchanges. The platform currently automates cryptocurrency trading strategies on 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 has specifically designed trading bots.

In practice, investors can configure a trading bot to execute a trade immediately or following the signal of a technical indicator that they determine. After any of the events occurs, the bot will buy the base currency indicated in the settings when going long. After this order is executed, the trade is considered open, which allows the bot to place the Take Profit order, which generates a profit at a level set by the user, and other additional orders. Likewise, on the short side, the bot will sell coins that an investor has in his possession and buy them back lower at a preset price, the difference representing a profit.

If the price of the chosen cryptocurrency moves in the opposite direction to the user’s selected strategy, 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 about tradesanta here

Additional orders are just one of the features that TradeSanta offers. There are also long and short strategy options, which an investor can choose to employ simultaneously, hedging the price regardless of the direction of the asset, stop loss and trade stop loss, as well as profit tracking. Technical indicators are also available to users to ensure that cryptocurrency trading bots enter the market at the sweet spot. These indicators include RSI, MACD or Bollinger signals, TradingView signals or a combination of them. And all of this is available for both spot trading and futures trading.

Disclaimer. Cointelegraph does not endorse any content or products on this page. While our goal is to provide you with as much important information as we can obtain, readers should do their own research before taking any action related to the company and take full responsibility for their decisions, and this article cannot be considered investment advice.

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