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3Commas Review: Bitcoin & Cryptocurrency Trading Bot Platform

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3Commas Review: Bitcoin & Cryptocurrency Trading Bot Platform

As the cryptocurrency world continues to grow, crypto traders are existing with an ever increasing series of services developed to assist streamline the trading procedure, and aid traders of all experience levels to tape constant gains.

3Commas is an extensive cryptocurrency trading platform that permits its users to use automated trading bots in addition to follow and copy the actions of effective traders and to produce and track leading portfolios.

In addition, users have the ability to take part in wise trading and personalize their own trading methods, and established stop loss and take earnings commands.

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3Commas at Glance

Price Free Trial/ $29/ $49/ $99 Per Month
Payment Options
PayPal/ Apple Pay/ Credit or Debit Card/ Crypto
Exchange Support
Binance/ Binance Jersey/ Binance United States/ BitMex
Bittrex/ Bybit/ Coinbase Pro/ Huobi/ OKEX
☁ Cloud Based
Yes
Signals Marketplace of Free & Paid Signals
Strategies 30 Indicators/ 90 Candle Patterns

3Commas Overview

The 3Commas cryptocurrency management platform supplies access to a variety of tools created to enhance total trading performance and efficiency. The group behind the job goal to assist decrease financiers’ threats, and restrict their direct exposure to losses, while likewise optimizing their revenues.

Central to the service offered is the 3Commas trading bot which runs as a web-based service and operates in combination with a variety of gadgets and exchanges. The trading bots are pieces of computer system software application that continually carry out trades based upon pre-determined specifications set by the trader.

There are presently over 33,000 traders utilizing the service, and the platform manages over $10 m of day-to-day trading volume and the trading bot presently deals with roughly 12 exchanges consisting of Coinbase, GDAX, Binance, Bitfinex, and Huobi.

As an outcome, by utilizing 3Commas traders can stay up to date with numerous orders on various exchanges, establish more educated trading behaviour, and use reliable stop losses or take earnings trading methods.

Key Features

  • Functionality— 3Commas makes use of a web-based platform, and includes a simple to utilize and user-friendly interface that consists of a large range of functions and in-depth analytics. Users can use brief, easy, composite, and composite brief bots, and set stop loss and take earnings targets, along with personalize their own trading methods.
  • Technology— Automated trading happens by means of API combination with cryptocurrency exchanges and the bot works all the time with any gadget and users can access their trading control panel on desktop and notebook computer. The group have actually likewise established mobile apps for both Android and iOS
  • Range of Tools— The platform supplies a great variety of trading tools and in addition to the automated bots and efficiency analytics, users have the ability to develop, examine and back-test crypto portfolios and keep track of the very best carrying out portfolios produced by other users. In addition, users can take part in social trading and follow and copy the actions of other effective traders.
  • Exchange Integration — The 3Commmas group supply automated trading bots for 12 exchanges consisting of Bittrex, Bitfinex, Binance, Bitstamp, KuCoin, Poloniex, HitBTC, Cex, GDAX (Coinbase Pro), OKEx, Huobi and Yobit.
  • Customer Support— The platform is readily available in English, and Russian, and an assistance group is readily available to handle any concerns 24/ 7. Users can call the group by sending a demand in the Help Centre, and the group can likewise be gotten in touch with through their Twitter account, Telegram group, and Facebook There is likewise an FAQ page in the Help Centre that deals with the most typical concerns, along with a variety of plainly composed Guides that assist users to browse the platform.

How to Get Started on 3Commas

Creating an account is a direct procedure, and the primary page has a green “Create an Account” tab at the top of the page.

1) Create an Account

Visit the 3Commas site and go into an e-mail address and password in order to sign up. After validating your account through clicking the link in the e-mail sent out, you will access to the control panel.

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2) Choose the bot type

There are 4 kinds of trading bots, short, basic, composite, and composite brief bots, and an easy trading bot just includes one trading set and is the most easy to establish.

3) Connect an exchange

The basic trading bot function just deals with Binance exchange when you begin, and you can link a Binance account here. Ensure your account is linked by means of API and holds BNB and has BNB charge payment function switched on. After this, you can carry on to calling your bot.

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4) Choose trading set and set base trade size

You can choose the trading set you desire your bot to trade from the drop-down menu, and you can then inform your bot simply just how much of your favored currency you will be usage throughout your preliminary trade.

5) Set target revenue

Before doing this, it’s an excellent concept to set a security trade size, as you can make purchases after any dips in a more regulated method. If a trading set of ETH/BTC is picked, and if after purchasing ETH the cost drops listed below the initial purchase cost, then security trades enable you to purchase more ETH with the quantity of BTC that embeded in the security trade size.

Afterwards, you can set that target revenue which notifies the trading bot when to offer according to portions. If a target revenue is set for 3%, then the trading bot will immediately carry out a sell order when this revenue has actually been understood.

6) Choose take revenue type

There are 2 take revenue alternatives, which are a portion from base trade or a portion from the overall volume.

7) Set max security trades count

This notifies the trading bot the number of security trades it can make prior to stopping, and limit active security trades count informs the trading bot the amount of active security trades it can carry out at any offered time.

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8) Set rate discrepancy to open security trades

This informs the trading bot when it can start carrying out security trades, and is set as a portion. If set to 3, when the cost of the selected currency stop by 3%listed below the preliminary trade rate, then the trading bot will begin to carry out security trades.

9) Set trade start conditions

This notifies the bot of when to make the preliminary trade, and there is an option of TradingView Signal Buy or Strong Buy, TradingView Signal Strong Buy, Manually, or Open New Trade ASAP.

By following these actions, a trading bot can be set up in simply a couple of minutes, and the whole procedure is easy enough for more newbie traders to follow effectively. The platform is still detailed enough to likewise draw in more knowledgeable traders.

How to Profit from Using the Automated Bots

After a bot is established, users can start to perform long and short trades, for brief trades, a rate increase in the currency picked will lead to the execution of the sale of the underlying cryptocurrency once the designated earnings level is reached. In case of a rate turnaround security orders can be put to guarantee that the bot likewise makes purchases at an offered portion boost.

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The 3Commas group have actually laid out both long and brief algorithms that make it possible for the contrary techniques of offering greater and purchasing lower to be utilized to produce revenues.

Long– purchase lower, offer greater

The bot opens a brand-new offer according to among the conditions that are offered for choice throughout the development. After that, it instantly puts a coin for sale. If the rate increases and the order gets filled, the earnings objective is attained. In case of a cost fall, the bot puts security orders listed below the purchase cost every x%. Every filled security order is balancing the buy rate, and it enables to move the TakeProfit target lower and seal the deal without losing revenues on the very first cost bounce. Purchase one coin at $10 then offer it at $11 It earns a profit from the distinction in rates as you get more after the sell. $11 got versus $10 invested.

Simplified algorithm:

  1. Buy preliminary part of coins.
  2. Place a sell order.
  3. Place security buy orders.
  4. In case of security orders get filled upgrade sell order.
  5. Cancel security orders and compute earnings after the sell if completed.

Short– offer greater, purchase lower

It’s a reversed variation of “Long” algorithm. Offer one coin at $10 then bought it at $9. It earns a profit from the distinction in rates as you invest less to buy. $9 invested versus $10 got.

Simplified algorithm:

  1. Sell preliminary part of coins.
  2. Place a buy order.
  3. Place security sell orders.
  4. In case of security orders get filled upgrade buy order.
  5. Cancel security orders and compute earnings after the buy if completed.

How Smart Trading Works

3Commas integrates a Smart Trading function that utilizes TakeProfit and StopLoss commands to assist users optimize their trading earnings. Traders can personalize their portfolios with commands to purchase or cost a provided cost point. The commands work as follows:

Trailing Take Profit– The Trailing Take Profit function has actually been created to assist traders understand the most gains. If a user purchases multiples of ETH at $500 each and sets a basic take revenue order at $550, then they would earn a profit of $50 per ETH.

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However, if the rate of ETH continues to increase above $550 then the Trailing Take Profit permits you to cost the greatest part of a pattern by costing a portion of the greatest worth. As an outcome, if you set a Trailing Take Profit order of 10%and ETH strikes $600 prior to falling, then the sell order is triggered when the cost falls by 10%, or listed below $540

Trailing Stop Loss— This operates in the exact same method as a basic Stop Loss order as they both permit you to lessen your direct exposure to losses when rates decrease. A Trailing Stop Loss order varies a little as it is percentage-based and instantly adapts to price changes, whereas a Stop Loss order is set by hand at a repaired rate limit.

As an outcome, if multiples of ETH are acquired at $500, with a Stop Loss order set at 10%, the stop loss order will carry out immediately, if the rate of ETH falls listed below $450, and offer your ETH at that cost. If the rate of ETH increases over the day, a Trailing Stop Loss order instantly gets used to the cost modification, and if ETH boosts in rate by 15%, the Trailing Stop Loss order activates when the changed cost visits 10%, leading to a 5%gain. This varies from a basic Stop Loss order which will just carry out when the cost falls listed below 10%of the initial buy-in rate.

How safe is 3Commas?

The group do not enter into a lot of information relating to the security procedures that they pick to utilize, nevertheless, it’s worth keeping in mind that you do not really hold any funds on the platform and your trading bots are unable to make withdrawals from your connected accounts.

Similar to other trading bot platforms, your trading bots get in touch with your exchange accounts by means of API and after that continue to perform automatic trades on your connected exchanges. While this procedure happens, users aren’t needed to make any cash/crypto transfers to external accounts and just require to supply their API secrets which are created by their exchanges.

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These secrets supply the trading bots with limited access to user accounts strictly to carries out trades, and do not give the bots with any withdrawal rights.

This likewise implies that if your account ends up being jeopardized, and dubious stars had the ability to acquire control of your trading activity, they still would not have the ability to straight access your exchange accounts in order to make withdrawals.

However, the basic individual security guidelines of crypto still use, as they might still have a harmful impact on the funds kept in your exchange accounts. Hackers have actually been understood to acquire API access to exchange accounts, and leader the bots to buy high amounts of low worth coins that the hacker’s have actually currently formerly bought.

After synthetically pumping up both the need and rate of stated coins, the hackers then sell their individual holdings for an earnings, leaving the jeopardized account owners holding funds in the low worth coins.

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As an outcome, in order to reduce these threats, users are recommended to make it possible for the offered security alternatives such as 2 aspect authentication (2FA) and alert notifies. Notices can be made it possible for which alert users of every log in on their account, and the platform likewise uses brand-new IP detection, with confirmation e-mails being sent when a user logs in from a brand-new location.

In order to access to their account, the user will be needed to go into a one off code number or click the link supplied in the confirmation e-mail.

The 3Commas group do state that they are dedicated to information security and the defense of their users’ individual information and all information is secured by security incorporated safeguards. These differ in technique and consist of using safe and secure locations, and technical procedures such as file encryption and safe and secure servers.

The group likewise detail that in case of a security breach, they would execute their Incident and Breach Response Plan, that includes sending out alerts to people as quickly as possible.

How Suitable is 3Commas for novices?

The platform is normally rather simple to browse, even for brand-new traders, and the trading bots are simple to establish. Different functions are simple to gain access to from within your account, and linking to an exchange, and establishing clever trades and bots can be done at the click of a button. The Dashboard is likewise well set out, and the side panel enables users to rapidly choose their favored tabs and functions.

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In addition, functions such as bot analytics which information the very best carrying out bots and trade sets, and the market are well performed and easy to comprehend. While the portfolio production, tracking, and social trading functions fit both brand-new and more knowledgeable traders.

You can explore and examine a range of portfolios from within your account while likewise monitoring their efficiency and watching on them by following any portfolios of interest. You can likewise copy a portfolio if preferred; although you will require to have the exact same exchanges connected in order to completely use this function.

The trader’s journal is another function that benefits traders of different levels as it offers a succinct report of all the trades made on your connected exchanges, and permits you to quickly recognize any revenues or losses sustained on a specific trade within a set time period.

This assists you to assess the efficiency of your trading bots, and operates in tandem with the capability to establish a variety of notices whether in internet browser, for mobile, or by e-mail and notices can be set up from the Settings tab in your account.

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Another significant plus is the wealth of resources provided on the platform, and the Support Section includes a variety of guides, and FAQs that assist individuals get to grips with the most crucial concerns.

Furthermore, the group preserve a blog site that information a variety of crucial principles for more recent traders, and likewise offer additional support by means of their Telegram group, YouTube Channel, and other social networks channels, and members can get to the 3Commas Discord from inside their accounts.

Most notably, on top of being simple to browse, and integrating a variety of trading tools, 3Commas is likewise complimentary to attempt, and anybody can use the complimentary trial to check out the platform and experiment with its different functions.

3Commas Pricing

While 3Commas is totally free to attempt, there are a variety of month-to-month subscription bundles that integrate numerous functions.

The Starter plan costs $29 a month *, and consists of:

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  • Smart Trading terminal
  • No limitations for trading
  • Errors and cancellations alerts

The Advanced plan costs $49 a month *, and consists of:

  • Smart Trading terminal
  • No limitations for trading
  • Simple bots
  • Personal signals TradingView

The Pro bundle expenses $99 a month *, and consists of:

  • Smart Trading terminal
  • Simple, Composite bots and Bitmex bots
  • Personal signals TradingView
  • Full portfolio management

It’s crucial to keep in mind that users who dedicate to longer membership durations get decreases on their regular monthly costs, and a 6 month membership gets a 15%discount rate, while a year’s membership gets a 25%discount rate.

There is likewise a business plan offered that includes concern assistance and custom-made functions, and the cost of this service is readily available upon demand.

The group are likewise rather versatile with concerns to payment choices and memberships can be paid in either cryptos or fiat, with charge card payments and transfers through PayPal and advcash likewise possible.

Conclusion

The bulk of trading bots are either hard to utilize, particularly for brand-new traders, or do not run in the method anticipated. 3Commas appears to have actually fixed these issues by producing a trading bot that is both simple to establish and utilize and likewise carries out dependably when compared to much of its rivals.

The system is well incorporated and deals with variety of leading exchanges such as Binance, Coinbase, and Huobi. The 3Commas trading bot enables both amateur and more skilled traders to optimize their trading capacity by participating in a twenty-four hour market without worry of any prospective locations of ineffectiveness.

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The Dashboard is simple to browse and users have the ability to pick a variety of alternatives with concerns to configuring their trading bots, in addition there is an excellent quantity of educational info offered, in addition to comprehensive analytics on the bots’ efficiency.

Furthermore, the incorporation of functions such as portfolio production and tracking, and social trading make 3Commas a strong choice for anybody thinking about including automatic trading to their cryptocurrency trading procedures.

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Pros

  • Clean Interface
  • Lots of Exchanges
  • Smart Trading
  • Copy Trading
  • Cloud Based System

Cons

  • Trade Bot Comission on Lower Tiers

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