The usage of trading bots is nothing new for those who are associated with conventional markets. From technical analysis to trade execution, daytraders have been using these automated applications to support their operations
In the past few years, this mechanism has made its way to cryptocurrency markets
With almost the same functionalities now packaged to work for digital assets, these services have created various opportunities for those who wanted to trade cryptocurrency actively but couldn’t find the time to do so
One of these crypto trading bots that we are going to review today is 3Commas, which comes with additional features to make its users’ lives easier.
Time in Business
Launched in 2018, 3Commas is a solution that automates cryptocurrency trading for its users. It offers preset as well as customized strategies, and also allows traders to follow other users’ strategies easily.
The bot uses market analysis and trading signals to its advantage, and provides its users with a way to trade cryptocurrency without having to be stuck to their computer screens.
This way, traders could focus on other aspects of their lives and income generation without having to halt their cryptocurrency trading and bearing losses as a result.
3Commas bot uses a combination of different signals, indicators, and triggers to supplement its trades. If a user does not want to micromanage their strategy, then they could simply apply predefined strategies to their trades. Through the platform’s social trading mechanism, they could go as far as to follow other traders’ strategies and apply them to their own portfolio.
Apart from automated bots, the platform provides support for manual trading through its Smart Trade engine. Through this feature, traders are able to execute advanced mechanisms as on certain exchanges.
It also allows traders to manage their portfolio in order to keep track of their crypto assets. On certain exchanges, they could use this setting to rebalance their digital currencies in order to fulfill preferred percentages of each cryptocurrency in their portfolio. The platform also allows traders to use TradingView custom signals.
Keep reading this 3Commas bot review to know more details about the pricing plans and features on offer.
TOP TRADING BOTS
While 3Commas has been around for only a year, it has garnered a certain level of popularity among the cryptocurrency sector. Today, any review or discussion about some of the most popular crypto trading bots is not complete without the mention of 3Commas.
Due to its ease of use, its features of applying different strategies, and its indication of providing its users with certain level of profits, the platform has carved its niche in what could only be described as a competitive sector.
3Commas has a massive community that uses its service on a regular basis. Along with adding to the platform’s popularity, this also supports its social trading aspect and allows experienced traders exchange and share their strategies with the world. In turn, novice traders could make use of these tips and strategies to churn out profits of their own.
Which Exchanges Are Supported By 3Commas?
By offering support for 13 cryptocurrency exchanges, 3Commas strengthens its value proposition by a great margin.
The following exchanges are supported right now:
It is important to know that some exchanges support only certain features of the trading bot platform, which is why you should check the available features before signing up with an exchange.
It is also prudent to note that 3Commas bot offer special offers for signing up with certain exchanges.
For instance, if you use 3Commas with Huobi Global, you would be able to use the trading bot services for free. This includes all features that are supported by the exchange, including but not limited to its smart trade engine and bots.
3Commas has 3 different pricing plans available for traders. It also comes with a 3-day trial for new users.
In addition to paid plans, the platform also offers a free plan that is available to users whose total digital currency deposit is below $750. This free plan is also available to those who use 3Commas bot in combination with Huobi Global.
All plans come with access to the platform’s native mobile apps in order for notifications and portfolios to be managed accordingly.
The pricing provided below is defined in USD, but it turns to EUR for any European citizen. For instance, if a plan is offered at $29 for a U.S. citizen, it will be €29 for those in Europe.
This is the free plan from 3Commas. It comes with almost all available features on the platform except for paper trading.
This plan does not include bots. This means that if you are heading to 3Commas for the sole purpose of using automated trading, then this plan is not for you.
What it does include is a Smart terminal, which provides tools to perform manual trades. It also provides the paper trading feature for manual trades.
You can also make use of the portfolio management feature.
- 1 Month: $29
- 1 Year: $174
This is one of three paid plans that actually lets you use the bots.
It comes with restricted support for automated trading. For instance, the composite bot that uses multiple strategies at once is not applicable for this plan. But it supports manual trading through the Smart Trade mechanism.
The paper trading feature provides full access for manual action. But automatic paper trading is restricted to the usage of simple bots.
- 1 Month: $49
- 1 year: $294
This is another paid plan that provides full access to automated trading. In fact, it is the service’s most popular plan of all.
Apart from holding the key to fully automated plans, you are also able to enjoy paper trading with all available features.
- 1 Month: $99
- 1 year: $594
Payment could be made online through PayPal, credit cards or debit cards, advcash and cryptocurrencies.
Ease of Use
The user-interface (UI) especially remains very clean and simple. While the various features could seem daunting to new traders, experienced daytraders would feel quite at home with them.
New traders could also get acclimated with the more advanced features by referring to the 3Commas knowledge base, as well as the community that is associated with the platform.
Overall, the service is visually helpful especially when it comes to portfolio management. Anyone who might be overwhelmed by the features could also feel at home after a few times of using the platform.
3Commas trading bot comes with a plethora of different settings, most of which are of an advanced level.
For instance, traders could make use of features such as concurrent stop loss and take profit. They could use trailing, short bots and long bots. They could also make use of paper trading and see how their strategy serves in real marketing conditions without having to spend any real amount from their exchange accounts.
All of these strategies come together to provide a holistic offering that includes automatic trading, manual strategies and portfolio balancing among other features.
The platform is hosted on a secure server, which makes it safer to use while also eliminating the need to install any desktop applications.
With this, 3Commas advises its users not to provide any withdraw permissions to its API. This way, traders’ funds remain safe from falling into malicious hands. This is in line with standard industry practices.
3Commas also provides two-factor authentication (2FA), which further secures traders’ accounts and information.
3Commas provides support in the form of a ticketing system. Along with this, the platform also comes with an extensive knowledge base that provides answers to most frequently asked questions in a detailed manner. It also includes tutorials for new users.
At the time of writing the review, 3Commas bot also boasts of a large sized community, where traders help each other through the social aspect. This doesn’t only set the platform apart from other trading bots, but also provides users with an additional support mechanism.
3Commas is one of the very few trading bots that blatantly speaks of its ability to generate profits. While it doesn’t define the percentage of profits for new users, the platform does mention in literal bold letters that users could “earn profits in just 10 minutes!”
The service backs this up by showing live trade profit percentages in various forms. Along with this, the platform’s 3-day trial offer that doesn’t require any payment information also remains a great way to test its services in real-time.
I have tested the 3Commas bot with real investments, so you can check my results and setting here to get a better understanding of the profit it can bring.
All in all, 3Commas is a great solution that could suit a large variety of daytraders. But before you sign up with its paid services, it is better to use the trial and let the trading bot prove its mettle for you.