The advent of trading bots has changed the narrative as anyone can now trade crypto using crypto trading bots to minimize the risk of losing. You need no trading experience or coding ability to use the bots as they are pre-programmed with existing rules.
You may have heard about TradeSanta while looking for ways to earn passive income with crypto. Its combination of DCA and grid bots, and its marketplace of pre-configured bots, have helped propel its popularity.
Although TradeSanta is one of the more popular crypto trading bots on Finty, is it the one you should be using? Read on to find out what it offers, how much it costs, and ultimately make a more informed decision about using TradeSanta to trade with.
Inside this review
What is TradeSanta?
TradeSanta is an automated crypto bot trading platform. It comes with pre-configured bots, but it’s also possible to customize a bot to suit a particular trading strategy.
Despite its focus on automated trading, TradeSanta also has a terminal from which you can place manual orders on multiple exchanges.
TradeSanta is a very beginner-friendly bot trading platform yet suits more experienced traders thanks to the extensibility offered by the marketplace.
Who owns and operates TradeSanta?
A group of experienced crypto traders came together and established TradeSanta in 2018. The company CEO is Polina Demchuk. It has its headquarters in Yerevan, Armenia, and is a registered company in the BVI (British Virgin Islands) with the number 2069399.
Based on their LinkedIn company page, which is an admittedly incomplete source, TradeSanta has a fairly small team of staff, mostly located in Russia.
Is it safe?
Like other crypto trading bots, TradeSanta connects via an API to an external crypto exchange. This means they do not have custody. Funds remain in the wallet on the exchange.
Most of what you can do with TradeSanta will be inaccessible until you set up 2FA, which is a reassuring security precaution.
There is no evidence that TradeSanta’s servers have been compromised on the internet.
How does it work?
You do not have to send crypto or fiat to TradeSanta for it to trade with. Instead, it connects with your existing wallet on a supported exchange.
TradeSanta works with Binance, Coinbase Pro, Bittrex, Bitfinex, Upbit, Huobi, and HitBTC. Most other crypto trading bots support a similar range of exchanges, if not more.
When the bot detects the conditions for a trade, an order is communicated from TradeSanta to the exchange where it is executed. A full log of orders is available on TradeSanta and the exchange.
Before you can start trading, you’ll need to subscribe. There are three plans available, with the higher plans offering more flexibility.
You do not have to configure a bot yourself since TradeSanta comes with pre-configured DCA and grid bots. One of its most interesting features is the marketplace, where you can find bots designed by other traders that you can copy.
Who is it aimed at?
The platform is for anyone interested in automated bot crypto trading. Having compared and used a lot of crypto trading bots, TradeSanta feels like it falls somewhere between the beginner and pro trader because the marketplace makes it so extensible.
TradeSanta is available globally for a relatively low monthly fee paid by card or crypto.
Fees and charges
There are three subscription plans to choose from.
- Basic: $15 / month
- Advanced: $27 / month
- Maximum: $35 / month
The subscription cost is reduced if you are prepared to pay for a year in advance. A limited free trial period is available for all plans, so you can try them out and cancel if you don’t like them.
TradeSanta supports several major exchanges:
- Binance / Binance Futures
- Coinbase Pro
- Grid. Implements a grid trading strategy. Buy low and sell high in a given price range.
- DCA. Using the Dollar Cost Averaging strategy, the bot places buy orders at different price levels to get the best overall entry price.
- Futures. Trade futures on Binance Futures or other futures trading exchanges. Can be very profitable or incur large losses.
- Marketplace. Traders can copy the bots of more experienced traders and mirror their trading strategy. It’s possible to see past performance per bot, although that does not guarantee a profit.
- Demo mode. Although not uncommon for automated crypto trading platforms, TradeSanta has a demo mode. This lets new users try their trading strategies using pseudo funds before investing real money.
Pros and cons
- Beginner-friendly platform. Anyone can use it to trade and copy other traders.
- Easily build your own robots. Bot templates can be used to build and launch robots in minutes.
- Modest fees. TradeSanta’s fees are competitive with the market.
- Demo mode. Try out TradeSanta before committing any money.
- Mobile app lets you track bots on the go. You can carry your trades with you and monitor them closely. iOS and Android. Regularly updated.
- Other bots support more exchanges. Although the major exchanges work with TradeSanta.
- Coinrule. User-friendly platform with beginner-friendly bots. Supports many top exchanges.
- Bitsgap. Provides powerful trading bots and smart orders. Extremely user-friendly.
- 3Commas. More geared towards mid-level and advanced traders.
- Cryptohopper. Dutch built crypto trading bots to set up and configure. Highly trusted. Connects with many crypto exchanges.
- Pionex. Very popular US crypto trading bot platform.
Is it worth it?
TradeSanta’s platform is easier to use than other bots I’ve tried, and I like how the marketplace makes it easy to implement more sophisticated bots.
There is a modest subscription fee, but you can use the free trial period to try it out before deciding whether or not to commit.
Although TradeSanta implies that they have copy trading, they don’t. You can “follow” a bot, but you can’t follow individual traders like you can on eToro.
There is also no social trading, a feature I find reassuring since it helps build confidence in traders I follow.
If you are new to automated trading, this is a platform worth considering, especially if you have a lump sum of money you want to put to work.
But if you really want to copy trade, I’d probably look for a different platform like eToro, Bybit, or BingX (where you can also get leverage).