Best 3Commas Review 2021
Along with the advancement of technology, everything is turning digital. In this scenario, Currency found its own path through digitalization. This digitalized form of currency is now known as cryptocurrency. The cryptocurrency market is growing day by day and the same is the case with cryptocurrency trading platforms. Doubtlessly, it is the age of automated trading where trading bots are the front liners.
With over 220,000 registered users and more than 23 supported exchanges, 3Commas is a modern cryptocurrency trading platform. Initiated in 2017, 3Commas raised $3 Million in Series A funding. It partnered with Binance in October 2019.
Let’s go through our 3Commas review to know all about this trading platform.
What is 3Commas?
3Commas is one of the most popular, sophisticated, and convoluted crypto trading bots where users utilize automated trading bots and follow top crypto traders to build up their own portfolios to maximize their profits successfully. The idea behind its invention is to keep crypto traders from trading directly on exchanges to take away the emotional state that could result in losses and save them from the toil of constant monitoring of trading marketplaces.
3Commas follow up 3 core principles:
- Providing a simple and user-friendly interface for traders
- Developing advanced tools to simplify trading
- Maintaining a transparent and trustworthy business
The goal of the company is to put crypto traders at ease when they come to the 3Commas platform. As a feed-back driven service, 3Commas is determined to be user-centric. That is why 3Commas developers are always busy with new and innovative additions to this crypto management platform. Equipped with different trading bots to perform some specific strategies like stop-loss, short, etc., 3Commas brings forth unique trading positions, and its trading bots are designed to perform at specific hours or non-stop round the clock.
How 3Commas Works
Long and Short Bots (algorithms)
A trading bot or algorithm uses pre-defined settings on a crypto exchange and accomplishes market orders by responding to quick market changes.
The long algorithm or long bot works on a simple logic – buy lower, sell higher.
- Buy a token according to your selection
- Place an order
- Place safety buy orders
- If safety orders are filled, update the sell order
- Cancel safety orders and calculate profits if the deal is closed
It requires left-side coins from a crypto-pair for the long bot.
The functioning of a short algorithm or short bot is based on – sell higher, buy lower principle.
- Sell initial part of the token
- Place a buy order
- Set safety sell orders
- If safety orders get filled update the purchase (buy) order
- Cancel safety orders and calculate profits if the buy deal is closed
We need right-side coins from a crypto-pair for the short bot.
Create an Account
Account creation on 3Commas is a simple process. Find the green “Sign Up” button in the upper right corner of the homepage. You can sign up from your Apple or Facebook account also, or just fill out the form requiring “E-mail”, “Password”, and “Repeat Password”.
A verification email will be sent, and you can confirm your account by clicking the link provided in the email. Now, you will be on the dashboard page.
Once your account is verified and ready to use, go after the following steps before start trading.
- Select Your Bot
- Connect exchange
- Choose trading pair and fix trade size
- Adjust target profit
- Select take-profit order type
- Place maximum safety trade count
- Fix price variation to open safety trades
- Determine trade start conditions
A prominent feature of 3Commas is its intuitive user interface. This interface carries various functions and analytics and you can adjust your own trading strategies with more focus on profits and stop-loss targets.
Portfolio tracking is available for all 3Commas users with any type of subscription. With this useful feature, you can monitor your portfolio’s structure, trading history, and profit and loss.
Variety of Tools
3Commas automated bot is replete with a large number of useful tools. Now, your portfolios can be created, analyzed, and backtested. With the help of these tools, you can get engaged in social trading and copy, follow and track profit-earning portfolios of other users.
Earn Profit and Stop Loss Order Types
3Commas’ SmartTrade Terminal allows you to maximize your profit as you can set up the take-profit and stop-loss order types to make more profits and prevent losses. Moreover, if there are no advance orders on some other exchanges, you can link them to your 3Commas account.
3Commas takes care of your trades across exchanges by gathering and organizing them at one location where you can easily approach them whenever you like.
The notifications feature of 3Commas allows you receive deal notifications on your browser, email, mobile app, and Telegram.
Application Programming Interface (API) is software to enable two apps to talk to each other. 3Commas provides you API access which you can establish and use on your platform.
3Commas mobile app is available for both Apple and Android users. Get connected with 3Commas on your smartphone or tablet wherever you are.
Create a referrer account and invite your friends and family on the 3Commas platform and earn money.
3Commas is seriously concerned about its customers and is ever busy making the platform stronger and safer. Bug Bounty program by 3Commas offers rewards for investigating and reporting a bug. But there are certain conditions that you must meet to be eligible to win rewards and there is only 1 reward per bug.
3Commas team is ready 24/7 to assist you in case of any problem. If you want to contact them, just send a request or contact them on Twitter, Facebook, Telegram group. You can also take help from the ‘FAQ page’ to address any common issues or read detailed articles that interest you on the ‘blog page’.
A remarkable feature for beginner traders is TradingView’s more than 100 indicators to best analyze asset price behavior while advanced users can customize trade indicators and signals. Custom signals of TradingView render the most accurate indicators for profitable and successful trading.
How Signals Work
The trading bot receives alerts and opens trades by itself when you attach the bot to your chosen TradingView indicators. TradingView signals are for once or for every time. Various TradingView tools serve as a base for the signals.
Never mind if you are a novice to cryptocurrencies, bot trading because 3Commas’ trading school is accessible to make you learn all the basics of online trading. It offers plans, features, courses to teach you trading strategies, crypto basics, and bot setup.
Paper trading virtual account is also available where you can learn about the real trading experience by practicing in a feigned crypto market.
Free Access to Pro Mode
3Commas offers 3-day free access to the Pro functions.
An active learning community is open for traders to discuss and share ideas and benefit from experienced traders’ views.
Smart Trade Terminal
Trade on crypto exchanges with Smart Trade Terminal and sharpen your trading skills because this trading Terminal is particularly designed to make you in charge of your online trade as you can manage your trades more flexibly and precisely. Steps to follow:
- Connect your exchange through API
- Launch your trading strategy
- Track the stats
- Exchange account
- Market and coin pair selection control
- Display control
- TradingView chart widget
- Order control panel
- Order Book widget
- Trade Status widget
- Reduce Only order type support
- Leverage control panel
- Scalping widget
- Available in both spot markets and futures markets
Difference between Smart Trade Terminal and Standard Exchange Trading Terminal
The following points prove the superiority of Smart Trade Terminal over a standard exchange terminal
- Concurrent take-profit and stop-loss
- Gradual profit-making
- Charts and signals
- Tracking orders for take-profit and stop-loss
- Smart cover
Trading pair and the available trading amount
- Type of order (Market or Limit)
- Stop Loss button
- Units and Total fields
- Buy and Sell buttons
- Order price (in case of Limit order)
- Conditional switch
- Order size buttons
- Trailing option
- Timeout option
This 3Commas bot is appropriate both for novice and experienced traders simultaneously. It takes a little effort to automatically earn a profit. GRID bot buys when the price is down and sells when it ascends. You only need to set (1) the min and max price range of the token, (2) the number of price levels, and (3) order size. The rest is up to the bot.
Follow these steps to use the GRID bot
- Get registered
- Connect your exchange
- Select bot mode (AI or Manual)
- Run the strategy
Options to run the GRID Bot
You have two simple options (strategies) to run the GRID bot.
- Artificial Intelligence (AI)
The bot takes 7 days to analyze the price volatility of your chosen coin and establishes price channels and price extremes. Then the bot divides the invested amount and develops a limit buy and sell order grid. When the price reaches the desired level, the bot performs the trade by itself.
If you have good manual trading knowledge, you can pick the manual strategy (mode) and set the price range, number of grids, and the distance between them yourself.
Dollar-Cost Averaging (DCA) bots enable you to invest bit-by-bit. These bots help you avoid volatility risk as the DCA strategy is to invest at preset intervals. In simpler words, when you enter a position with all-in investment, DCA bots cut it in smaller bits and buy the asset at different times with different prices to give you a better average price reducing the consequences of volatility.
Types of DCA Bots
- Ready-to-use Bots
- Gordon Bot (Simple AI Mode) (strategy is QFL: Quick Fingers Luc)
- Advanced Bot (Pro Traders Bot)
Options trading is a complex phenomenon and some traders feel scared when they have to go on with options like bullish, bearish, short straddle, and long straddle to earn great profits. Options bot is a unique product from the 3Commas bot category as it erases the fear you feel when using options trading instruments.
No matter you are a beginner or a professional, you can set up trades on the Deribit platform using Options bot’s pre-set, profitable and advanced strategies and trade like a Pro.
3Commas offers yearly and monthly payment plans for its users. These plans fall under 4 categories.
- 1 account for 1 exchange
- Selling Trading Terminal
- SmartTrade – 1
- DCA Bot – 1
- GRID Bot – 1
- Options Bot – 1
Free plan features and:
- 5 accounts / exchange
- SmartTrade available for Spot, Margin, and Futures
- Simultaneous Take Profit and Stop Loss
- Paper Trading
The advanced plan includes everything from the Starter plan and:
- 10 account / exchange
- Unlimited DCA Bots (single pair) for Spot Exchanges
- Bitmex, Binance Futures, ByBit or FTX futures Bot – 1
Pro plan combines all privileges of the Advanced plan and:
- Accounts for each exchange – Unlimited
- DCA Bots (Single/Multi pair) – Unlimited
- Bitmex, Binance Futures, ByBit or FTX futures Bot – Unlimited
- GRID Bots – Unlimited
- Options Bots – Unlimited
3Commas monthly payment plans include all the above-mentioned features for Free, Starter, Advanced, and Pro versions
Incentives on All Plans
- 21 supported exchanges
- Referral program
- Public API
- All crypto accounts in one portfolio
- Free mobile app
- Additional more than 20 trading features
- Suitable for all skill levels
- Best for investors seeking customization
- Education and learning tools
- User-friendly Dashboard
- Active customer service
- Paper Trading
- Comprehensive monthly and yearly subscription plans
- Trading Signals Marketplace
- Free trial
- Multiple exchanges available
- Referral program
- Not much practicable for beginners
- The onboard process is long
- The mobile app may face some lag
- Monitoring is required