"AI is a tool. The choice about how it gets deployed is ours."
These are the words of Oren Etzioni, CEO of Allen Institute, who coined the term "machine reading."
Indeed this statement holds for all kinds of artificial intelligence applications irrespective of the industry it is used in, whether it's military, medical, smartphones, weather forecasts or stock markets.
The use of AI trading bots is not unknown to a trader. The arrival of blockchain technology and cryptocurrency in recent years has seen multiple entities applying the concept of trading bots to this ecosystem. Additionally, crypto markets are very volatile, making them a bit tricky to keep track of the movement in price and trends 24/7. This is where trading bot comes into the picture.
Trading bots use pre-programmed software that helps analyze market actions, which also includes volume, orders, price and time. Many traders have now started crypto trading. Here, we will provide an overview one such platform that's been ringing the bells in the industry.
TradeSanta, which came into picture back in November 2018, is an automated crypto trading tool that has been made to automate trading strategies and save time.
The bot’s ability to trade through API keys from crypto exchanges makes TradeSanta one of the most reliable platforms because it cannot access or withdraw a user's money without their permission. They work at very high-speed with the ability to place up to 100 times more orders as compared with manual traders. It is active 24/7 and eliminates the emotional quotient from trading.
Key Attributes
1. Stability and Security
Two-factor authentication is provided to ensure a safer and secure account. As mentioned earlier, it works via API keys restricting the usage of funds by the bot on its own.
2. Easy to use Interface
More than often it becomes confusing and tedious to get used to multiple services offered by different exchanges. It is even more frightening for someone new to crypto trading. TradeSanta’s interface has been proven quite useful for such users, easing them into this environment and guiding them through tutorials. A dashboard is made available allowing the trader to track the bot’s performance.
3. Extra Order
The user sets the technical indicators according to his/her strategy. The bot works 24/7 while you invest your time and energy elsewhere. There can be cases where the market price goes against your strategies. The Extra Order feature is useful in instances like this. The bot places an extra order to buy (or sell) more coins at the lower (or higher) price than the price of the first order, making it possible to get desired profits with a smaller price recovery in the future.
4. Smart Order
A newly added feature, Smart Order enables traders to sell large volumes of cryptocurrency with almost no impact on the market. It is designed to sell a particular amount at a certain price level within a period of time or as a percentage of the total trading volume. The feature can be requested by traders to try. The list of features goes on. Check the company’s official website to view the testimonials and guidelines to the bot as well.
Growing at a fast pace
TradeSanta is gradually climbing in the ranks, gaining credible attention in the crypto community. The platform is currently free to use. With more than 4,000 trading active bots over 325k deals completed, the team is confident in making significant growth. It is compatible with top cryptocurrency exchanges on Binance, Bitfinex, Bittrex, HitBTC. And it soon will be partnered up with BitMEX, OKEx, and Huobi as well.
The revival of bitcoin and other cryptos last week can be seen as a major boost to TradeSanta's team. As they bring more members on board and release more features to the bot, TradeSanta is here to stay.