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Trade Santa Review: Scam Trading App or Genuine?

Trade Santa Review: Scam Trading App or Genuine?

Trade Santa will automate your trading in the cloud, thanks to an in-built algorithm which makes this a possibility. The bot does not make decisions on its own and that means you have to research your own trading strategies and use them with Trade Santa once you have identified what works.

At the moment, there is no subscription cost until January 2019. The website appears to be testing the platform by letting traders use it for free to see whether it will pick momentum as many traders begin to like what the software can do. This is like beta stage, and it is not a guarantee that those who attempt to use this robot will not suffer any losses.

The question is, should you spend time configuring your trading parameters with this robot or choose a ready-made Crypto robot that does everything for you including figuring out what trading strategies will be profitable for your account?

Trade Santa Review

The main thing is that this robot is currently free to use and stays free for a while. If you are an avid trader of Crypto currencies and you already have a strategy in place, perhaps you could try Trade Santa to see what it can do for you.

However, for the majority of traders who are trying things out for the first time because they are eager to make money trading fluctuations in the price of Crypto currencies, this can be a deadly mistake. And guess what, 95% of traders out there don’t have a working strategy. That is why 95% of traders lose money. The other 5% have a working strategy and if those strategies are set into the trading parameters of Trade Santa, they will make money.

trade santa

So it is a question of whether you already fall in the category of 95% of losing traders or the 5% winners. Every trader knows himself and so Trade Santa does not appear to be a valuable trading tool at the moment because of this huge gap that exists between successful traders and failures. Apparently, you can be sure that this website will suck in many learners as opposed to those who already have a working strategy.

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In the meantime, let’s review the features and see whether Trade Santa has things that a trader might be looking for in a Crypto trading bot.

Trade Santa Features

The software is compatible with several major exchanges like Binance, Bittrex, Bitfinex, KuCoin and HitBTC. It connects with these exchanges through an API which lets the robot trades on these exchanges. This API however does not provide a function or feature that lets the robot withdraw funds from the user’s account.

Since this is a new robot, we are not very confident that this API will be 100% transparent. Maybe we could wait and see what user feedback will say about it because at the moment, the issue of safety of funds in the hands of this robot is not very clear.

Many dubious trading apps for Crypto currencies have stolen funds from their users through an equally dubious API and this is becoming a concern among users. Unless Trade Santa is providing us with some proof or assurance that this API will only do what it is meant to do, there is no way to be confident about the operation.

Smart algorithm

The bot is programmed to automate both long and short trading strategies. The robot’s algorithm is also designed to adjust orders to ensure that take profit is hit. In addition to this, the bot is allegedly built with trading indicators which ensure that it will open and close trades at the right moment, thanks to the smart algorithm.

And it can also trade an unlimited number of Crypto pairs in addition to having multiple bots that can handle many different kinds of market situation.

Simplicity

The robot allegedly takes 10 minutes to set up. Once parameters have been configured and trading strategy chosen, the robot will do its thing. In addition to that, the trading bot comes with a tutorial or guide that will help you set it up in case you get lost along the way.

To use it, you choose a pair and set your trading strategy. The robot is allegedly so reliable that it will execute your strategy without fail.

The trading interface

The trading interface of Trade Santa lets users review the most successful pairs in the last 24 hours. But if traders want immediate analysis, they can use data for the last 6 hours or 12 hours.

Besides this, the user interface has a dashboard that highlights the performance of each bot involved in the trading operation, deals that are currently active, BTC balance and ,any more.

Additionally, the service has introduced a live chat service known as ”Santa Helper” in addition to a growing Telegram community that mostly consists of traders who are experimenting the service to see whether it will be beneficial in the long run.

A warning

Since you are going to find your own trading strategy which will be set in the parameters, it is only advisable that you try this robot only if you know that you have a working trading strategy. Otherwise, you will lose money.

This automated trading strategy is also quite risky during news time especially due to the fact that many automated bots cannot react to news events very well.

There is also the issue of back testing your trading strategies before going live. In short, the amount of work that is involved in testing Trade Santa is quite big. You can only embark on this robot and trust it when you have tested your strategy and found what works.

Our best advice for you

While the team at Trade Santa appear to be strong and committed to achieving their objectives, we have to realize that this is not an easy robot to make money with. Therefore, if you want to make your work easier, you should sign up with robots that are developed with trading strategies in their algorithms.

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