This article is a 3Commas review; here, you’ll learn about one of the most reliable cryptocurrency trading bots, you’ll likely find answers to almost every question you might have about trading profitability as it concerns 3Commas, you’ll learn about how the platform works, you’ll learn about its interface, the available payment plans on the platform, you’ll learn about the merits and demerits of 3Commas and many more.
Before you launch into the deep of cryptocurrency trading, you should read this article to have clear insights on the right trading bot to trust.
We’ll look at the team behind the 3Commas trading bot to get this review started. The 3Commas trading platform was founded in Tallin, Estonia, in 2017 by Yuriy Sorokin, Egor Razumovskii, and Mikhail Goryunov, and their number one plan was to help traders with a reliable platform that offers them automated trading features.
Despite the influx of several other trading platforms, 3Commas automated trading systems soon became one of the most popular and most accepted in the trading market. As we go on in this review, I will try to give some real-life illustrations that will help you as a user to understand how 3Commas works and how it compares against other options in the trading market.
What is a 3Commas trading bot?
The 3Commas trading bot is a platform that offers users an advanced management interface; it is one of the most preferred automated trading platforms that help users to maximize their profits in a short period and minimizes the risks involved in trading.
How does 3Commas work?
Before you decide on your trading strategy of choice, it is imperative for you to understand the available options on 3Commas and how the platform integrates processes to deliver the best possible results to you. The first step on 3Commas is for you to link your external exchange accounts with the 3Commas platform; in other words, you need to hand 3Commas direct access to your account such that your preferred automated trading strategy can place trades on your behalf without interference.
Visit the settings page of your exchange account to link your external exchange with 3Commas, but in most cases, the variations largely depend on the third-party exchange you wish to link. Once you do this, all your cryptocurrency exchange accounts become automated. Here’s an illustration; if you want to place an automated trade on any coin when the price reaches a particular level, you would have to log in to all your exchange platforms individually, then execute your orders one by one. Still, if you set up a single order on the 3Commas portal, it will execute your chosen order when all the orders you set are met.
Once all fields are ticked correctly, select “My Exchanges” on your 3Commas account, then select “Connect to a new account,” then paste the API key that you extracted from your exchange of choice; once this is done, you’ll get a notification that you have been granted access to 3Commas trading platform to carry out trades on your behalf.
What are the advantages of 3Commas?
- Portfolio Asset Tracking: Regardless of the payment plan you’re subscribed to on 3Commas, portfolio asset tracking is available to everyone. A User can decide to link an existing one from an exchange or set up a new one by selecting the required assets; with 3Commas’ intuitive, responsive and convenient interface, you can monitor and analyze your portfolios.
- User-friendly dashboard: User experience is everything, and on 3Commas, the interface is not only responsive but also friendly for users, with useful tutorials for beginners to catch up fast.
- Compatibility: The 3Commas trading bot is compatible with 22 crypto exchanges; this gives traders huge trading options within the platform
- The informative blog: The availability of a resourceful blog where you can learn new things every week makes 3Commas a great option to explore. Regardless of your knowledge levels, whether you’re a fresh starter, intermediate or advanced knowledge of trading, there is always something you can learn from the blog posts published every Friday. You will learn a few tricks, how to apply the tricks, and ultimately, how to achieve bigger gains using 3Commas trading bots.
- Responsive customer service: You will always have questions, especially as a beginner. The availability of good and responsive customer service is a competitive edge on the 3Commas platform; there is always someone ready to attend to you and walk you through your queries in minutes.
- Affordable plans across all levels: Compared to competitors, the payment plans on 3Commas are good value for money and are relatively affordable
What are the disadvantages of 3Commas?
There are not too many cons on the side of 3Commas, but you may find the onboarding process a little overwhelming, especially as a beginner. Still, it is to have you properly rooted on the platform, and as soon as you’re fully integrated, you will realize the process was worth it.
There are instances where the mobile app lags; it is a concern that 3Commas is already looking at.
What are the features available on 3Commas?
- Paper Trading: I have mentioned earlier that the onboarding process, especially for beginners, might be a bit cumbersome; it is imperative to learn the ropes before trading real money, hence the provision of virtual funds for you to trade, and practice, and learn as fast as possible. Paper Trading is a virtual account that allows all 3Commas users to develop any trading strategy and try it on the virtual account without any risk of losing actual money.
- Integrated trading terminal (Smart Trade): With 3Commas’ Smart Trade, a trader will be able to manage several trades across multiple exchange accounts simultaneously; beyond that, a trader can initiate orders that are not necessarily available on these exchanges. The “Stop-Loss” and the “Trailing Stop Loss” features help traders track and secure their trades and save them from unexpected market fluctuations, while the “Take Profit,” “multiple Take Profit Target,” and the “Trailing Take Profit” will help traders to make bigger gains on trades than they ordinarily expected. The Smart Trade is available to traders in both spot and futures markets.
- Signal: This helps beginners follow and track the history and activities of experienced and successful traders; this is done by connecting to an exchange account, locating your signal provider on the 3Commas terrain, creating your signal bot, and beginning to rake in profits
- Trading Terminal: This allows traders to manage multiple exchange accounts using a single, convenient interface, unlocking your trading potential with all the trading tools available on the 3Commas platform
What are the top 3Commas bots?
- Dollar-Cost Averaging (DCA Bot): This option on 3Commas lets you invest gradually, in bits, against going hard on the market. You’re not likely to be thrown into despair or heavy Loss as the case may be because your trade will have leverages in bits to cover up for potential losses on bigger trades. The DCA bot strategy buys you extra bitcoin in an equal amount at different, lower prices, using the DCA bot’s safety order.
- The Grid Bot: This strategy automates the buying and selling of trading assets based on a grid-like strategy; it has several buy and sell levels. The grid bot requires very little technical analysis and can be set up by the user. You’re guaranteed steady profits on the grid bot even if you leave it to run independently.
- Options Bots: This helps traders execute complex options strategies and visualize the entire process. Once a user chooses a strategy, the desired range at the start of trading, expiration time of trading, and the whole trade’s volume, the bot displays a chart that provides a clearer picture of the operations’ potential gains and possible losses.
- HODL Bots: A HODL bot is a customizable crypto trading bot that enables to create of custom portfolios and automatically rearranges cryptocurrency portfolios
What are the compatible exchanges on the 3Commas platform?
- Binance
- FTX
- Huobi
- Kraken
- Bitfinex
- KuCoin
- Bybit
- Bitmex
- OKEx
- Gate.io
- Poloniex
- Bittrex
- Coinbase PRO
- Bitstamp
- Binance US
- Deribit
- Gemini
What are the pricing plans available on 3Commas?
There’s a free mode on 3Commas that gives you access to the portfolio manager, and it gives you one free bot of each type; it also gives you one free single active Smart trade.
The Starter plan comes with everything on the free mode and unlimited Smart Trade; however, it also comes with the Paper Trading feature, which helps beginners test the waters with virtual funds before launching into the deep with real money. This plan costs $14.5/month.
The advanced plan costs $24.5/month, and it comes with everything on the free and Starter modes and more. Have you met the DCA Bots? You will have all the access to this special feature on this plan.
The premium plan on 3Commas is the Pro plan; this tier of payment plan removes every limitation and gives you access to all features on 3Commas to unlock endless possibilities. Every serious trader would consider the pro plan as it knocks off all inhibitions and allows you to achieve all you dream of in the cryptocurrency world.
What are the trading strategies on the 3Commas trading bot?
Stop Loss is the order that allows you to automatically close a deal when an asset’s price falls to a pre-determined level or below a pre-determined level; orders are programmed to function as follows: if the price falls to a level, the app will place an order to close the position at the pre-determined price. This type of order is used to minimize losses and market or pending orders.
Trailing Stop Loss: This feature on the 3Commas platforms helps you regulate what happens with your trading concerning losses possibilities. There are chances that the price of a coin will fluctuate according to the market’s volatility; the “Trailing Stop Loss” option keeps you safe within your break-even point.
Take Profit: This feature allows the bot to close the trading once the coin price reaches a pre-determined level, to the trader’s advantage. This feature is used for timely profit-taking; the logic behind it is that when the price reaches or goes above a particular price, permission is placed for the bot to close the trading at the specified price.
Trailing Take Profit: This feature helps traders track and catch the rise in coin prices at specified levels. The Trailing Take Profit (TTP) works with the Take Profit level you set; it activates a profit trailing mechanism and halts the trade when it reaches the specified profit by the Take Profit orders.
How to get started on 3Commas
Whether you’re a beginner or have some level of trading experience, you will have a seamless experience on the 3Commas platform if you follow these simple steps.
The first step is to create a 3Commas account, fill up the registration form, and you will have access to a free trading bot to practice and learn the ropes through the Paper Trading feature – which allows you to trade with virtual funds at no risk of losing actual money.
Then link your exchanges with 3Commas to have all your tools on one platform. Then set up your bots when you’re confident in yourself. Check and monitor active deals and set safety orders to a specific level to prepare for unexpected market fluctuations.
Is 3Commas legit, or is it a scam?
Trust me, and you won’t find a better platform to trade than the 3Commas platform. Let me share some tips on the factors you need to know before selecting a trading bot and why 3Commas ticks all boxes.
Reliability is the first factor you need to consider, and 3Commas offers you this in abundance. You cannot afford to bank on a bot that goes offline in crucial moments; the market is quite volatile, and the fluctuations won’t pre-warn you, hence the need for a dependable trading bot like 3Commas that has features that prepare you for dark hours and quickly maximize your profits when the wild swing is northward.
Another factor to consider before choosing a trading bot is security. 3Commas uses different safety measures like end-to-end encryptions and 2 Factor Authentication to keep you safe. You are not at risk with 3Commas.
Profitability is one of the major selling points for 3Commas, and I already shared the safety features that halt losses and enhance your profits on 3Commas; all these guarantee you profits. You need to understand how the features work for you to fully maximize each of them; the free tutorial is a good way to start using Paper Trading.
There is no place for deception on 3Commas, and it is the most transparent trading bot that I know. 3Commas is from a trusted team of experienced developers; it is trustworthy and leaves no room for doubts.
Finally, I cannot overemphasize the friendly nature of 3Commas’ user interface in this segment. Especially for beginners, the 3Commas platform is built to walk you through every phase of your personal development, and there is always an assistant waiting to chat you up on the live chat.
Frequently Asked Questions
How long has 3Commas been in business?
3Commas was founded in 2017, and it has been the market leader since then.
Does 3Commas have a mobile app?
Yes, 3Commas has a mobile app.
What type of trader will benefit the most from 3Commas
3Commas is the best trading platform for traders that want rapid profits from as many transactions as possible. It is the platform for any trader that seeks to move from manual trading to automated trading, and scalpers will always find 3Commas appealing.
What are 3Commas QFL Signals?
The QFL Signal is the Quick Finger Luc valid only for long trading. It identifies trading bases and informs a trader’s action. Understanding the candlestick graph in this regard.
How does the QFL Strategy work?
The QFL Strategy works with price movements around the base of trading; let us look at how it functions:
- Base Level: This is the support level, which is the lowest price level reached before inconsistent fluctuations. Most crypto buyers make strong decisions at this level, and the QFL Strategy largely informs that.
- Rebound Level: This is the sharp and upward turn of the coin after it has reached the lowest of lows. The demand-pull is responsible for this upward turn; as buyers try to take advantage of the low prices, the coin regains some strength, rising swiftly.
- Resistance Level: There will always be a point where the price increase hangs before nosediving; this level is called resistance. At this level, the coin owners try to sell their assets quickly before prices drop; this eventually drags the coin price downward.
- Crack: When there is a strong pulse movement around the base level, down to the formation of the next rebound, this is referred to as the Crack point.
Is 3Commas good?
The answer is yes, for its dependability, reliability, and efficiency.
In conclusion, 3Commas has responsive customer service that offers you the right guide to setting up the platform. There are multiple options on the platform that you can leverage, and there are more than enough trading strategies to choose from; I can assure you that with 3Commas trading bots, you’re in safe hands.