Tracking profits and losses on crypto trades just got easier

When traders are crunching the numbers and figuring out the profit and loss from a crypto trade — are they factoring in fees? A new crypto calculator can help.

All-in-one crypto trading solution TradeSanta has just unveiled its new crypto profit calculator to help users calculate fees, profits and losses before they open a trade.

In a fast-moving market, keeping on top of your financial position isn’t easy. Just recently, Bitcoin (BTC) posted a fat green candle after Grayscale won a lawsuit against United States regulators.

Bitcoin’s valuation spiked following the Grayscale lawsuit. Source: Cointelegraph

A court ruled that the U.S. Securities and Exchange Commission was wrong to reject the digital asset manager’s application for an exchange-traded fund — with BTC/USD accelerating by $1,700 in just 30 minutes.

Of course, volatility is a two-way street. Bitcoin has also suffered sharp falls, especially during thin weekend trading. When the markets are erratic, traders often need to react fast to protect their capital. This isn’t always easy, as it isn’t just the spot price that needs to be taken into account. The original purchasing price needs to be factored in as well as any fees that may be incurred by selling up.

Now, a new tool has been launched that allows profits to be determined in a couple of clicks — across a multitude of cryptocurrencies.

A new crypto profit calculator

TradeSanta’s Crypto Profit Calculator works across ten digital assets — Bitcoin, Ether (ETH), BNB, Ripple (XRP), Cardano (ADA), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), Shiba Inu (SHIB) and Avalanche (AVAX) — and delivers a simple form for crunching the numbers.

Users can type in the value of the investment they’d like to make, along with the initial price. Next, the eventual selling price can be inputted along with any investment fees and exit fees. Once the form is completed, the tool will break down profit in both dollar and percentage terms, as well as the total value of the position.

TradeSanta’s Crypto Profit Calculator. Source: TradeSanta

According to TradeSanta, this can end up being a valuable tool for traders who are planning their investments or calculating the hypothetical profit that they can make without the need to actually sell your asset.

Innovative crypto trading tools

The Crypto Profit Calculator is the latest tool from TradeSanta, which also offers bots for automated transactions — 24 hours a day, seven days a week. This can give enthusiasts a much-needed break away from their screens and allow their strategies to be executed faster. A mobile app is also offered for full control on the move, along with a mechanism for copying others. Existing bot templates can be utilized and customized.

Executives in the project argue that using long and short trading bots can enable traders to capitalize on bull and bear markets alike — all while managing risk by setting a stop loss or TradingView stop signals.TradeSanta’s infrastructure is compatible with major crypto exchanges including Binance, OKX, Coinbase, ByBit, Kraken and XGo, with accounts connected through API keys.

Other Features that are designed to boost confidence include take-profit targets and trailing take-profit, which can also ensure that trades are closed at the right time, removing emotion and spontaneity from the process.

According to TradeSanta, bots can be set up in under 10 minutes, and its technology supports every cryptocurrency that’s listed by exchanges. Crucially, users remain in control of their funds at all times, as trading bots do not store funds.

Given how tax agencies are keeping a close eye on crypto traders, calculators that offer precise insight into profit and loss positions can be hugely beneficial for recordkeeping. With new features continually being rolled out, TradeSanta is billing itself as a one-stop shop for every investor’s needs.

Learn more about TradeSanta

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

Source: https://thebittimes.com/tracking-profits-and-losses-on-crypto-trades-just-got-easier-tbt61630.html