Trading Bot For Multiple Exchanges

[Henri Cartier]

I came across news that TradeSanta, the cloud-based trading software allows users to connect the trading bot to multiple exchanges. TradeSanta executives say:

Using multiple exchanges means traders can gain access to a broader selection of trading pairs, get a wider perspective of what’s going on in the marketplace, and even benefit from arbitrage, where one trading platform is selling Bitcoin more cheaply than another.

They support exchanges like Binance, Huobi, Upbit, HitBTC, Bitfinex, and Bittrex. According to the company, connections to BitMEX and OKEx are going to be available soon.
As this Bot is connecting to multiple exchanges, we can get an idea about which exchange is giving better rates and trade at that exchange.


How it works

1. Create an account and connect to supported exchanges.
2. Choose a pair you want to trade and set up your cryptocurrency trading bot in 2 minutes

Check here to know more about it and how it works - https://tradesanta.com/


My questions -
Is it good to use a trading bot like this?
Can we get more profits by using Bots?


Source:
https://cointelegraph.com/news/crypto-trading-software-sets-out-benefits-to-using-multiple-exchanges
https://tradesanta.com/

[minairia3]

It's proven over the years that trading bot arent efficent enough for trading. These trading bots programmed with certain situation to compare price difference of different exchange but somehow still not enough to grasp and understand the market completely.

IMO, this still need much improvement before we can totally replace it on a professional trader who understand the concept of trading. Chances of losing money here is possible.

[joniboini]

1. It is good enough as long as you don't allow withdrawal and other sensitive operations on your API. Make sure you don't recklessly expose them as somebody else can use it to 'manipulate' your trading orders.
2. Bots are just tools. If you can't use it, there will be no additional profits.

[UserU]

I have a friend that uses his own bots for trading. He mentioned while there are days of profits, the opposite also happens.

After all, the trends are always changing and no bot is perfect to emulate the market directions. But if you have the risk appetite, why not?

[Bttzed03]

~My questions -
Is it good to use a trading bot like this?
Can we get more profits by using Bots?

1. Like this? I don't know. I guess we have to try it first. I know of a guy who regularly uses trading bots, maybe he can share his opinion - @crwth
2. Just like what the comment above says, trading bot is only as good as the trader using it. It's not automatic that you'll get more profits, you have to set it up first according to your analysis of the market.

Here are some old topics here that you can read also:

• All you need to know about trading bots
• Trading robots - wrong assumptions made by beginners.

I've also seen some people claiming their trading bot has a 100% win rate, be careful of those. 

[Coyster]

I have a friend that uses his own bots for trading. He mentioned while there are days of profits, the opposite also happens.

And many other people also use it, some get lucky few times and make profits from it, this leads them to believe that such bots works and are always correct, but the truth is that none can be correct everytime, since it is just a programmed bot.

I don't trade with bots, but I wouldn't advice anyone not to, just learn and read all you need to know about trading bots before you start using it, and understanding that truly it's not certain to give you profits as many users feel.

[nakamura12]

~My questions -
Is it good to use a trading bot like this?
Can we get more profits by using Bots?

1. Like this? I don't know. I guess we have to try it first. I know of a guy who regularly uses trading bots, maybe he can share his opinion - @crwth
2. Just like what the comment above says, trading bot is only as good as the trader using it. It's not automatic that you'll get more profits, you have to set it up first according to your analysis of the market.

Here are some old topics here that you can read also:

• All you need to know about trading bots
• Trading robots - wrong assumptions made by beginners.

I've also seen some people claiming their trading bot has a 100% win rate, be careful of those. 

I agree that the trading bots are base on the trader itself. In my point of view, trading bots will do the trading automatically for yourself but the one who set the trading is the trader itself. So basically, the profit and loss may depends on the market results and the analysis that the trader came up with. Bots would only make your trading much faster not for using it to earn big profit.

[joniboini]

Bots would only make your trading much faster not for using it to earn big profit.

Sometimes timing equals profits. If you can spot the patter earlier, if you can close the profit earlier, etc. That being said, the configuration itself needs to be good. So yeah, tools are just tools. It won't magically give you 10x profits if you can't even start it.

[Saint-loup]

1. It is good enough as long as you don't allow withdrawal and other sensitive operations on your API.

No, be careful with that, hackers don't need to withdraw your funds to steal them. They just need to pump a small shitcoin with no volume and then buy with your account and your funds their sell orders at a high price. This is a pretty common practice among hackers.

[Not_A_Rocket_Scientist]

I am here to share my experience with a TradeSanta bot. Testing in with a free plan and so far it is not impressing: https://tradingbot.info/results/tradesanta/tradesanta-bot-first-testing-results/
I Will try again with the new settings once the new month starts and the volume limit will be updated.