TradeSanta Review: Is TradeSanta Legit or Scam

Passive income is a dream that many people chase, and it is easy to understand why. We spend so much of our lives trading the hours that make up our lives for money, leaving many people looking for a way out, searching for the “holy grail,” of passive income schemes that will allow us to make money while we nap, eat, game, watch films, read books etc.

The search for passive income strategies is very popular among day traders who trade forex, stocks, crypto, commodities, indices, corn, oil, cotton, basically, anything that has a price chart, people will trade it, and try and automate their trading.

Day trading is a very labour and focus intensive way to make money, and it comes with a lot of stress and long hours in front of a computer studying price history, price patterns, practicing trading strategies, tweaking strategies and ultimately, trading. To make the lives of traders easier, many of them have turned to automated strategies and trading bots.

 

What are Trading Bots?

Spoiler alert, they are nothing like that creepy image above. In reality, it is much less robot-like, and more of just a program that runs on your computer. No Terminator/I,Robot droids here.

Trading bots are tools used by both beginner and advanced traders to assist in their trading. Trading bots can range from being fully automatic, basically as a “set and forget,” just let it run type program, or they can be used alongside manual trading strategies to automate some of the tedious tasks manual traders need to perform.

Trading bots have many benefits as they allow traders to be able to trade around the clock while they work another job or at times when they are not at their computers, and they can increase the efficiency of full-time traders as they can execute their bot on one chart while they are focusing on other charts, searching for additional trades using the bot more like an assistant. And of course, another benefit is that bots do not have emotions so they can reduce risks associated with a trader’s biases and emotions such as fear and greed which do not belong in trading strategies.

 

What is TradeSanta?

TradeSanta is an automated crypto trading platform that looks to simplify crypto trading by allowing traders to use customizable automated trading bots so they can benefit from the use of trading bots without having to have the skills or knowledge needed to program their own. The TradeSanta platform allows users to create, monitor and adjust the bots in a way that suits their trading style.

 

For anyone who has ever tried to use trading bots in the past, you will know that trying to find a good trading bot on the internet is like trying to find a needle in a stack of needles. It is a complete minefield with literally thousands of them being spammed all over the internet on scammy looking websites and trading forums, with many bots being about as useful at trading as a rock.

Fortunately, TradeSanta is a well-established and well-respected company within the crypto community and has been around since 2018 with hundreds of positive reviews and happy users so you can be confident that their system is dependable and will function as expected. Of course, keeping in mind that the trading success of the bot is completely dependent on the settings and strategy that the trader chooses, and how they choose to deploy the bot.

TradeSanta Features

 

TradeSanta is great for beginners to the world of automated trading systems as it is very user friendly, but also has loads of customizable features making it also suitable for intermediate or advanced traders who are looking to add some automation to their trading.

Pros:

  • Simplified and easy plug and play process for programming a bot with the custom indicators and parameters of your choice. No coding skills necessary!
  • Simple and intuitive dashboard that makes it easy to monitor bot trading performance and adjust settings, portfolios and parameters on the fly.
  • Incredibly convenient mobile app to make adjustments or deploy the bot when you are on the go.
  • Affordable, tiered subscription plans.

Cons:

  • Only a 3-day free trial, not enough time to get to know the platform or test the bot thoroughly.
  • Trading Bots deploying dollar cost averaging (AKA Martingale) and Grid trading strategies can be VERY dangerous and are considered high risk as they can quickly wipe out the trading accounts of inexperienced users. Be sure to do your research on Martingale and Grid trading strategies to decide if this type of trading is right for you.
  • Does not support many popular trading indicators to use with the bot’s settings.

 

TradeSanta Pricing

TradeSanta offers subscription packages at three different price points. The differences between the packages are based on the number of bots a trader wants to deploy and other features such as enabling trailing profit settings and receiving trading signals. The number of bots needed depends on how many trading pairs a user wants to trade as each bot will be assigned to one pair.

The price plans are as follows:

  • Basic Package-$14 per month, up to 49 bots.
  • Advanced- $20 per month, up to 99 bots, trailing take profit, TradingView signals
  • Maximum- $30 per month, unlimited bots, everything included in the lower plans plus access to Binance Futures.

Types of TradeSanta Bots

Traders start by choosing a bot with a long strategy if they are bullish or a short strategy if they are bearish. Once a trader has their directional bias, they can then choose which technical indicators to use like the RSI and MACD and use trade filters and volume filters. Traders can then choose if they want their bot to follow a dollar cost averaging or grid trading strategy which I will cover more in a bit. Traders can choose from a selection of preset templates that they can tweak as well.

TradeSanta Template

 

About The Blogger Scientist 12312 Articles
The Blogger Scientist is a "Medical Physiologist" and a "Financial Asset" Content Creator who aims at enlightening web reader on varying Financial Assets such as Stocks, FX, Crypto, MLM,. HYIP among others.

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