April 13, 2024
Image of Bot for AI crypto trading

Interested in stepping up your game in the world of crypto trading? You’ve likely come across 3Commas, a cloud-based online trading platform that’s been catching the eye of traders since its inception in 2017. It promises to streamline and automate your trading experience with self-operating bots and customizable strategies. But is it all it’s cracked up to be? That’s what you’re here to find out.

In this detailed review, we’ll dissect how 3Commas works, explore its various features including Smart Trade and Grid Bots, discuss its pros and cons, guide you through setting up an account and running your first bot, and answer key questions about its safety measures and credibility. We’ll also pit it against some alternatives for good measure.

So buckle up! It’s time to dive deep into the world of 3Commas. Whether you’re a beginner or seasoned trader, this review should shed light on whether this platform is right for you.

3Commas Overview

Dipping our toes into the crypto trading world, let’s dive into a comprehensive overview of 3Commas – an innovative platform that’s been making waves since 2017. It offers savvy trade automation, dynamic bots, and top-notch security measures.

3Commas simplifies crypto trading by providing self-operating bots to automate trades. You can modify your trading strategy at will and have total control over profit and stop-loss commands.

Supporting exchanges like Binance, FTX, OKX, KuCoin, and Coinbase Pro among others, it assures you flexibility in how you handle your investments. It also offers mobile support for Android and iOS users, as well as multiple payment options including Visa, Mastercard, Paypal, and Bitcoin for convenience.

You’ll appreciate the user-friendly interface, which makes launching grid bots a breeze. The customization options allow you to tailor your bot based on researched trading strategies for maximum efficiency. Plus, features like Smart Trade make simultaneous planning of buying and selling easy while setting stop loss and take profit levels.

Further enhancing its value proposition is the Academy Program offering education on crypto trading fundamentals such as Bitcoin mining or blockchain basics. And if you’re worried about security after their past breach – rest assured they’ve taken steps to significantly enhance their safeguards with encryption protocols and two-factor authentication (2FA) measures in place.

So whether you’re just starting out or are an experienced trader looking for better results – 3Commas has got something to offer everyone! Its blend of intuitive design meets smart technology could be just what your portfolio needs.

How does 3Commas work?

Ever wondered how to make your crypto trading more profitable and less time-consuming? Well, 3Commas is designed just for that! It’s an advanced, intuitive platform that amalgamates the best features of traditional exchanges with powerful automated bots. This combination helps you optimize profits while minimizing risks.

How does it work? Here’s a breakdown:

  1. Smart Trading Tools: With these tools, you can manually trade across different exchanges. They allow multiple sell targets and smart cover options. Plus, they provide access to charts from TradingView for deep technical analysis.
  2. Automated Bots: These are the heart of 3Commas. You can use grid bots to set buy/sell limits or DCA bots to increase your portfolio even when prices dip. For Deribit users, Options bot makes trading simpler by calculating profit/loss based on market conditions.
  3. Portfolio Tracking: Keep tabs on all your investments through a single dashboard! Link existing portfolios or create new ones and analyze successful traders’ strategies for improved results.

The first step in using this platform is setting up your 3Commas account and linking it with your exchange through API integration – Don’t worry; it has stringent security measures including two-factor authentication!

Once done, you’re free to explore its myriad features according to your personal strategy and risk tolerance level – whether that’s manually placing trades using advanced tools or letting the automated bots handle things while you sleep!

Remember that successful trading isn’t about constant activity but making smart decisions backed by thorough research – That’s where 3Commas comes into the picture, providing both manual and automated modes suiting everyone from novice traders to seasoned veterans!

Features of 3Commas

Imagine having a robust suite of features at your fingertips, designed to streamline and enhance your crypto trading experience – that’s exactly what you get with 3Commas! Let’s delve into some of these incredible features.

First, the Smart Trade feature is a game-changer. It enables you to trade on multiple crypto exchanges concurrently. You can buy and sell simultaneously, set concurrent profit and stop loss action, sell by multiple targets, and much more. Additionally, this function integrates seamlessly with TradingView signals offering an upgraded trading experience.

Next up is the Dynamic Trading Terminal. This feature frees you from the constraints of exchange limitations by allowing you to manage various exchange accounts all at once.

The platform also provides DCA bots which help automate your trades based on specific strategies that you set in advance. A similar bot is the Grid Bot that divides investment amounts and sets buy and sell orders within a specified range for increased efficiency.

TradingView is another vital component of 3Commas’ offerings; it equips traders with extensive trade analysis functions like indicators to analyze price changes of an asset. Coupled with Options Trading Bot for options trading using AI algorithms, it makes for a comprehensive package.

Moreover, there’s a Signal Marketplace feature where users can follow trading signals of experienced traders, hence enhancing their strategy selection process.

Remember that all these tools are available across 17 exchanges supported by 3Commas, including Binance, OKX, KuCoin, among others; truly making it an all-in-one solution! So gear up for a seamless crypto trading journey with 3Commas where innovation meets convenience.

3Commas Pro’s & Con’s

While you’re enjoying the wide array of features offered by 3Commas Pro, it’s also important to recognize its drawbacks, as no platform is perfect.

One standout benefit of using this platform is that it supports over 17 leading cryptocurrency exchanges globally. With a diverse range of trading options including paper trading, automated trading, margin trading, and social trading, it opens up opportunities to elevate your crypto game regardless of where you are in the world.

The pricing plans are also affordable and cater to different needs from novice traders to more experienced ones. You can choose according to your level of expertise and requirements without having to break the bank. The smooth KYC process ensures seamless onboarding while its mobile apps mean you can trade on-the-go.

Furthermore, if you’re new or wish to upgrade your trading skills, the 3Commas Academy program offers educational resources for a deeper understanding of crypto markets and strategies.

However, despite these advantages, there are aspects where 3Commas falls short. For beginners who are just dipping their toes into crypto waters, this platform could be overwhelming due to its multitude of functionalities. It might take some time before they become comfortable navigating through all these features.

Additionally, while most platforms nowadays offer desktop applications for more convenient access on larger screens and better control over trades in real-time scenarios; sadly 3Commas does not have such an offering yet, which might deter some potential users.

Moreover, while there’s no denying that the platform offers valuable tools for traders at a price point that suits many wallets, novices might find it a tad costly relative to other beginner-friendly platforms available in the market today.

How to set up an account and the first bot on 3Commas?

So, you’re ready to get started on 3Commas and set up your first trading bot? Awesome, let’s dive right in!

Simply fill out the registration form on the 3Commas homepage. You’ll be treated to a 3-day free trial to test their features.

Next up is choosing between paper trading (which uses no real funds) or connecting an exchange for trading with actual coins. For beginners, I recommend starting with paper trading just to familiarize yourself with how things work.

Once you’re comfortable, it’s time to choose your bot type. There are four types of bots available – short, simple, composite, and composite short bots. If this is your first rodeo with automated crypto trading, stick with simple bots for now.

Now connect an exchange by creating API keys from your chosen exchange and pasting them into the 3Commas platform; don’t worry – it’s a straightforward process. Note that if you’re using simple bots, Binance exchange should be your go-to when starting out.

Choose a trading pair from the dropdown menu and set your base trade size – essentially instructing the bot how much of your preferred currency will be used during initial trades.

Next up is setting take profit levels, which tells the bot when to close positions and secure profits.

Lastly, set up the safety trades size feature, which allows your bot to react promptly during price drops of the base coin in selected pairs by buying dips. Then establish the max safety trades count, price deviation parameters, and start conditions for trade execution.

After following these steps successfully, congratulations! You’ve configured a basic crypto trading bot on 3Commas capable of executing secured profitable trades automatically!

3Commas supported exchanges

You’re likely curious about the range of exchanges you can connect to with 3Commas, aren’t you?

In its quest to offer more variety and flexibility, 3Commas has significantly increased the number of supported exchanges. The platform now integrates with a whopping total of 23 different exchanges, up from just seven half a year ago.

However, there’s an important distinction to be aware of – not all these exchanges are compatible with automated trading bots. Only nine out of those 23 support this function. But don’t worry; they’re all major players in the cryptocurrency world:

  1. Binance
  2. Binance Jersey
  3. Binance US
  4. BitMEX
  5. Bittrex
  6. Bybit
  7. Coinbase Pro (GDAX)nn8. Huobi Global
  8. OKEx

The rest can only be used for Smart Trade manual trading on 3Commas.

This impressive lineup provides traders a wide array of choices when it comes to selecting their preferred cryptocurrency exchange platforms for bot trading or smart trades through manual operations.

From this perspective, 3Commas’ support for multiple exchanges stands as a testament to its adaptability and commitment towards helping users find optimal trading solutions that best suit their needs and preferences.

No matter your choice among these options, rest assured that each one brings unique advantages and opportunities to your trading strategies on the 3Commas platform! So think carefully about your requirements and preferences before choosing the perfect exchange for your bot or manual trades with 3Commas.

3Commas pricing – how much does 3Commas cost?

Ready to dive into the world of automated crypto trading with 3Commas? Let’s break down the cost for you.

To make things simpler, 3Commas offers three standard pricing plans and an enterprise package that is custom-designed to your needs.

The Starter Plan costs $29 per month, or $22 if you grab their discount. This basic level provides access to the trading terminal and concurrent Take Profit and Stop Loss functionality. It’s a good place to start if you’re new to bot trading.

Next up is the Advanced Plan at $49 per month, dropping down to $37 with a discount. Added features include TradingView Custom Signals, Simple bots, Short and Long algorithms, along with the ability to view and copy bots. If you aim for more control over your trades with advanced strategies, this plan is definitely worth considering.

However, if you want full access to all of 3Commas’ tools including Composite bots, GRID bot and Futures Trading then perhaps the Pro Plan is what you need. Priced at $99 monthly (or $74 on discount), it includes everything from previous plans plus Bitmex, Binance Futures and ByBit bot options as well.

To sweeten these deals even further: opt for an annual subscription instead of a monthly one and get a whopping 50% off! That means considerable savings over twelve months.

Remember though that each plan suits different levels of experience in crypto trading so carefully consider what each offers against what you actually need before making a decision. With 3Commas’ flexible pricing options, there’s bound to be something that fits your budget while helping maximize profits in your crypto journey.

Is 3Commas a good trading bot for beginners?

Absolutely! If you’re new to the world of automated crypto trading, 3Commas is a solid choice. It’s got an intuitive design that makes navigating through all the options a breeze, and there’s plenty of tutorials and a comprehensive knowledgebase to help you get started. Plus, with their Starter Plan, you can dip your toes in without breaking the bank.

Here are four reasons why 3Commas is perfect for beginners:

  1. Intuitive User Interface: The platform has been designed keeping users in mind. Whether it’s connecting an exchange or creating simple bots, tasks are completed within just a few clicks.
  2. In-Depth Tutorials: 3Commas provides extensive video and written tutorials covering every feature of the platform. This makes it easier for beginners to understand how to use different tools and strategies.
  3. Trader’s Diary: This feature offers a concise report of all trades made on linked exchanges which can be useful for tracking profits or losses over time.
  4. Affordable Starter Plan: The starter plan is reasonably priced allowing newcomers to experience automated trading without significant upfront investment.

Remember that while 3Commas offers convenience and automation, successful trading also requires understanding market trends and developing effective strategies. Luckily, their Academy Program can assist you in learning about crypto markets and refining your strategy.

So don’t let the multitude of features intimidate you – they’re actually making things simpler! Once you’ve set up your bot on this secure platform, it will handle trades based on your pre-set rules even when you cannot monitor them round-the-clock yourself. It’s like having your personal assistant working tirelessly towards profitable trades!

How safe is 3Commas?

Rest easy, knowing that 3Commas prioritizes your security with its robust encryption and two-factor authentication measures! The platform ensures a secure trading experience by connecting to your exchange account via API keys. These keys don’t grant withdrawal rights, making it less attractive for hackers who might target your account.

Moreover, 3Commas doesn’t route activity through their servers; instead, it operates directly on the exchanges. This direct approach further minimizes the possibility of malicious interference.

Still, you should be aware that cases have occurred where external apps were exploited to gain unauthorized access to crypto exchanges. In such scenarios, bad actors have utilized users’ funds to inflate the price of low-value coins they previously purchased. Once the price is artificially boosted with your money, they sell at a profit, leaving you holding virtually worthless and illiquid crypto coins. Although this scenario may sound alarming, it’s not as devastating as losing your coins outright.

To mitigate these risks even more effectively, 3Commas encourages you to employ additional layers of personal account security. Implementing two-factor authentication (2FA) can significantly enhance account safety by adding an extra verification step during login processes. Additionally, setting up notification alerts for major activities on your account helps keep you informed and ready to react swiftly if something suspicious occurs.

By taking advantage of these protective measures and maintaining vigilance over your online activities in general, you’re doing everything possible to ensure safe trading on 3Commas – so go ahead and explore its impressive features with peace of mind!

Is 3Commas a scam?

You might be wondering if 3Commas is a scam, but let me assure you, it’s a legitimate crypto trading bot platform. It has been around since 2017 and is backed by high API encryption, making it secure for users.

The platform offers various features like automated trading bots, smart trade tools, and an intuitive user interface that makes it easier to manage your trades across multiple platforms.

When evaluating the legitimacy of such platforms, consider these three factors:

  1. Reputation in the Market: 3Commas has built a solid reputation over its years of operation. It supports more than 17 different exchanges and boasts over thousands of active users worldwide.
  2. Security Measures: High API encryption ensures your data on 3Commas stays safe. They have taken measures to enhance security after experiencing a breach in the past.
  3. Transparency with Users: Important information about their services, pricing plans, supported exchanges are all openly available on their website for potential users to review before signing up.

Moving beyond its legitimacy as a platform, one key factor that distinguishes this tool from others is its advanced functionality and affordability. You can use different types of bots like grid bot or options bot based on your trading strategy at competitive prices starting from $9.9 per month.

The bottom line is that while no investment comes without risks, using an advanced yet affordable tool like 3Commas can significantly mitigate those risks by automating your trades and providing precise control over stop losses and exit strategies across multiple trading platforms simultaneously. Plus, they offer strong customer support through various channels including live chat and email for any concerns or queries you may have along the way!

3Commas alternatives

Now that we’ve established that 3Commas isn’t a scam and offers a host of features for cryptocurrency trading, let’s look at its alternatives.

After all, it’s essential to explore other options before making an informed decision on the best tool to use.

Cryptohopper is one key alternative worth considering. While both Cryptohopper and 3Commas are top contenders in the crypto trading bot arena, Cryptohopper has a few advantages. For starters, it offers longer free trial periods and more affordable starter packages rich with features. It also boasts a larger marketplace and enjoys more brand recognition. However, where Cryptohopper falls short is in exchange support – it supports only 12 exchanges compared to 23 supported by 3Commas.

Bitsgap is another alternative you could consider. In some areas, Bitsgap outperforms even 3Commas: it supports more exchanges; offers one-click arbitrage options; provides longer free trials; and includes advanced features even in its basic package.

There’s also Margin.de if you prefer locally run software over cloud-based platforms like the others mentioned here.

When comparing these alternatives to 3Commas, remember that each platform has its own strengths and weaknesses. It would be wise to identify what your primary needs are – whether that’s broader exchange support or extended free trials – before choosing the right platform for you.

Remember: The choice ultimately depends on your specific requirements from an automated trading platform!

Conclusion

In conclusion, 3Commas isn’t just another trading bot; it’s a comprehensive crypto trading platform.

With its robust features and enhanced security measures, it provides an edge in the volatile world of cryptocurrency.

It may be overwhelming for beginners, but with time and learning through their Academy Program, you’ll find it profoundly beneficial.

While there are alternatives out there, 3Commas holds its ground as a reliable tool for automating your crypto trades.

4 thoughts on “3commas Review

Leave a Reply

Your email address will not be published. Required fields are marked *