3Commas Review | An Excellent Crypto Trading Bot [Updated] 2024 - CoinCodeCap (2024)

Automated tradingbots offer the best value for independent traders. They can be customized, linked to several exchanges, and potentially work 24/7 year-round. In this article, we will review3Commas, one of the well-regarded crypto trading bot services.

Summary

What is 3Commas?

At its core, the Estonia-based3Commasis an online platform for people interested intradingcryptocurrencies using automated bots. It is especially attractive for people without a technical background in finance or extensive experience in stock markets.

3Commasis a web-hosted platform that is accessible from any device with an internet connection.3Commasprovide different trading bots that can perform specific strategies such as stop-loss, short, to name a few.

It is also possible to customize uniquetradingpositions using the user interface. Thetrading botscan also be programmed to operate at specific hours or around the clock non-stop. Let’s start our3Commasreview.

Key Takeaways

• Better User experience and beginner-friendly
• Support of a wide range of trading strategies
• Good reputation
• Provide competitive speed and security
• Pricing starts with $22 (Free trial available)

User Interface

The3Commasplatform has a very friendly UI/UX. All of the customization for the different strategies can be done using sliders and marked indicators.

The experience is intuitive and can be done without too much previous experience in the area.

Trading Strategy

3Commasoffers a myriad of possible trading strategies. Many come pre-set and are easy to personalize, more complex ones are also possible.

We will focus on the main ones, but this is by no means an exhaustive list.

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Stop Loss

Stop Lossis one of the most common basic moves. Here the user sets a loss percentage. Once that percentage is crossed, the bot will sell the asset.

As an example, a buy order for BTC at $10,000 is placed by the bot. The stop loss is programed at 10 percent below the initial price. If BTC’s price drops to $9,000, the bot automatically initiates a sell order. With stop-loss, the user can be protected from wild and unexpected swings in the market.

Trailing Stop Loss

Trailing Stop Losses a more sophisticated version of the previous strategy as the name suggests, in this strategy, the order trail price at a particular price(or percentage) distance.

So, using the previous example, let’s say we set a trailing stop at $1,000 from the current price, which is $10,000. Let’s sayBitcoinprice starts rising and reach to $10,500; in this case, a sell order will be set to $9,500.

Now, if the price starts dropping and that sell order remains at the place will be executed if theBitcoinprice falls below $9,500.

Take Profit

Take Profitis self-explanatory; it gets executed once a predetermined percentage of gains has been realized. If BTC is bought at $10,000 (with 20% take-profit) and the price climbs to $12,000, the bot sells the position and locks up the profits.

Trailing Take Profit

Trailing Take Profitsimilarly to trailing stop loss incorporates the gains into the strategy. The bot is programmed to profit at 10%. This option will take your Profit at 10 percent of the highest point of the trend. So, if in the previous example, after hitting $10,500,Bitcoinprice keeps climbing, the position won’t be liquidated until the trend reverses.

These are just a few examples of the possibilities offered by 3Commas. Other options are to customize pairs, trade volume restrictions, initial trade size, and many others. In short, it is a very robust and easy to personalize platform.

Ease of use

As stated before, the platform is very intuitive and user-friendly. Beyond that, 3Commas offers the ability to copy strategies from seasoned users. Besides, educational blog posts, tutorials, and an active community of people will engage with new traders.

3Commas Review: Security

3Commas is not very forthcoming with details in regard to the security protocols which they deployed. But it is important to remember that the funds are not actually held on the platform, and thetrading botsare not able to make withdrawals from your linked exchange accounts.

Thetrading botsare connected with the exchange’s accounts via API and then proceed to carry out automated trades on the linked exchanges. This process doesn’t require users to make any cash nor crypto transfers to external accounts, only the provision API keys that are generated by their exchanges. These keys, in turn, provide thetrading botswith restricted access to the user’s account and do not grant the bots any withdrawal rights.

Now, regarding the trade data, the Terms of Service are a little ambiguous. It seems 3Commas does collect information about the strategies and gains made by users. It is unclear how personalized this data is, maybe it is aggregated data, but it can also be individual. What ways the company uses this information is not specified anywhere on the site.

Pricing

3Commas offers monthly subscriptions, but it doesn’t end there. The per month fees change if these are paid a year in advance, six months, or month by month. On top of it all, there are three plans offered with features increasing with the price.

The Starter package costs 22/25/29 USD per month, six months, or a year in advance.

The Advance package starts from 37 USD, and the Pro package starts from 75 USD. Finally, the platform does not charge any trading fees when using its services.

3Commas Review: Performance

Since the APIs of the different exchanges give limited access to the bots from3Commasservers, there are no considerable speed advantages. The rate of response to changing market conditions, as well as the speed of placing and sending orders, is standard for a retail platform.

There is no information available regarding latency tests regarding 3Commas, so it is hard to make a judgment.

The institutional investor with low latency equipment and faster connections will have an edge. But on the retail side of the market,3Commashas no significant disadvantages against other competitors.

Reputation

3Commasis among the most reputable and well-regarded trading platforms in the crypto world. Most review sites have it at the top of the list with nearly perfect scores and with glowing comments. Thecrypto tradingspace is still young, and these types of services are relatively new, but in the current market, 3Commas is at the top.

Exchange Compatibility

Right now, 3Commas is compatible with 13 exchanges, including Bitmex, Bittrex, BitFinex, Binance, Bitstamp, KuCoin, Poloniex, HitBTC, Gate, Coinbase Pro, OKEX, Huobi, and Kraken.

3Commas Review: Pros and Cons

3Commas Review: Conclusion

3Commasis among the most versatile and robust trading platforms out there. The easy-to-use interface is an excellent first step for users of all levels of experience. It is also connected to the largest exchanges in the market, and the ability to place orders across exchanges is a significant feature.

It is safe to say that if you are thinking abouttradingin crypto, this platform should be at the top of your research list. Let us know what you think about our 3Commas review in the comment section.

Frequently Asked Questions

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