Festive, Free Automated Trading Bot Can Be Set Up in 10 Minutes
A Santa-themed trading bot is giving crypto enthusiasts the chance to capitalize on volatility and hopes automation will help them sleigh in the marketplace.
A cloud trading software platform argues the public has the chance to take advantage of volatility in the cryptocurrency marketplace through automated trading – “maximizing their opportunities” and enabling their assets to appreciate.
Trade Santa says its cloud software platform is designed to automate simple strategies relied upon by thousands of traders around the world. Its bot is free to use, and the company hopes to ensure capitalizing on fluctuations in cryptocurrencies doesn’t need to be a full-time job.
The team behind the Santa Bot says it takes about 10 minutes to set it up and configure the user’s desired trading parameters – such as pairings and profit targets. Detailed tutorials are provided to guide them through every step of the process.
A bot’s ability to trade is delivered through API keys from supported crypto exchanges, and the platform says this means it cannot access user funds or withdraw them without permission. At present, the Santa Bot supports six exchanges, including Poloniex, Binance, Bittrex, Bitfinex, KuCoin and HitBTC.
Unlimited numbers of bots and trading pairs are available to users, and they are also able to perform long and short strategies simultaneously if they so wish. Technical indicators enable the bot to open deals at optimal moments to maximize potential profitability.
The company says bots can place up to 100 times more orders when compared to users who trade manually, and this is because bots can track market movements for dozens of trading pairs simultaneously. All of this can happen 24 hours a day, all year round without permanent attention from the user.
HO, HO, HODL
Trade Santa says it has protections in place should automated trades not go to plan. Extra orders involve a bot buying a specified number of tokens to compensate for unexpected shifts in the market and move take profit orders accordingly.
Its founders argue that automated trading helps to remove emotion from the process – helping investors to avoid chasing losses or making bad decisions in the heat of the moment.
Given the 24-hour nature of the crypto trading world, where dramatic swings in price happen at any time of the day or night, it is hoped the bot will help investors to stay on top of market movements even if they’re away from their computer or asleep.
Getting used to the interface
Through the Trade Santa interface, users are able to review the most successful pairs on each exchange over the past 24 hours – or for more immediate analysis, over a three, six or 12-hour period.
A dashboard enables crypto enthusiasts to get a summary of how their bots are performing. In addition to showing estimated calculated profits, users can see the deals currently in progress, their balance in Bitcoin, and the USDT/BTC exchange rate.
Support is provided through the platform’s Telegram community, and a live chat service can be found on the website, which is unsurprisingly known as “Santa’s Helper.”
Although automation can have its advantages, many experts caution against relying on them altogether. This is because they often can’t react to developments in the news – where a tweet from a crypto company can have huge ramifications for a coin’s price, upwards or downwards. Getting the right results also hinges upon extensive backtesting, where strategies are applied to historical data to get a feel for what the outcome would have been in the past. Even then, past performance cannot always accurately indicate what lies ahead in the future.
As Trade Santa gains traction in the crypto community, the team says its platform will remain free. Subscription pricing is set to be introduced from January 2019.
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