3commas Review - 3commas.io
3commas is a cryptocurrency trading bot that bills itself as the world’s only smart trading bot. The platform stresses providing useful tools and custom features that allow the trader to define their own crypto trading strategies. In this way 3commas empowers individuals to become better traders in their own right rather than exclusively depending on a trading bot.
3commas was developed by a team of cryptocurrency traders with vast experience in developing successful trading strategies. Among the stated goals of the developers is the desire to minimize trader’s risk in the volatile crypto markets. It is also the goal of the platform to limit market exposure while maximizing profits.
The 3commas trading bot is web-based, meaning there is no software download required to use the program. The bot is able to integrate with a large number of cryptocurrency exchanges through the use of APIs. Once connected, the bot will execute trades on behalf of the user. Trades can be executed 24/7 with no third-party involvement. Once the trader has defined the parameters and strategies they want to use the bot does the rest.
About 33,000 traders are currently using 3commas according to the service. The developers also claim that the bot does about $10 million in daily trading volume across 12 different exchanges. These exchanges include Coinbase, Binance, and Bitfinex.
Unique to the 3commas trading bot platform are a number of features which we will take a closer look at in the next section of our review. These innovative trading tools include things like a trading diary and the ability to make notes on each trade. This is an advantage for traders that want to refine and perfect their trading bot strategy over time. Indeed, everything about 3commas is geared toward evolution and making the platform more effective.
3commas is a well-established company that has a strong social media presence. The bot has been around for some time and receives mostly positive reviews from users. Customer service inquires may be made from the 3commas platform, and most support requests are handled within a few hours. There is also a community of 3commas users who are quick to provide help when needed.
It is now time to look closer at the nuts and bolts that make 3commas one of the most effective cryptocurrency trading bots available today. The functionality of the platform begins with a web-based interface that is intuitive and trader-friendly. We wouldn’t go so far as to say that a beginner can immediately get up and running with the bot, but a short period of practice and exploration of the features will be enough to guide most inexperienced users in how to use a trading bot.
There are various bots offered by 3commas in the platform, so investors have some flexibility when choosing their trading bot. There are short, simple, composite, and composite short bots for the trader to configure and use. All of them allow users to customize a trading strategy and feature benefits such as the ability to set stop losses and profit targets.
The technology that drives the 3commas trading bot is carried out through API integration with cryptocurrency exchanges. The bot is compatible with multiple devices and will work around the clock to make trades on behalf of the user. There are mobile apps available which allow the bot to be used on Android or iOS mobile devices. Desktop and laptop computers are supported.
The exchanges that are currently supported by 3commas include:
Eight other smaller exchanges are also supported with more exchange support expected to be announced in the coming months.
3commas is all about the tools which are a core part of the platform. These tools allow users to create custom portfolios which can be back-tested, analyzed, and monitored to improve performance. It is also possible for users to share their own portfolios and trading strategies that they have created. This allows traders with limited experience to pick a strategy and duplicate it without vast knowledge of technical indicators.
In fact, social trading is one of the main features of 3commas. When you find something that is working for someone else, the bot will allow you to duplicate that trading strategy to build your own trading profits.
All of these features are a part of what 3commas labels SmartTrading. This philosophy harnesses social trading, ETF-like crypto portfoilios, and the automated trading bot to make successful trades.
SmartTrading with 3commas
The SmartTrading platform offered by 3commas is so unique that we thought it deserved its own special section in this review. We’ll try to look a little deeper at the concept and the trading bot features that are associated with it.
SmartTrading with 3Commas revolves around the concepts of Take Profit and Stop Loss commands that are integrated into the bot. These features can be configured by the trader to customize portfolio setups.
The Trailing Take Profit is by far one of the most popular SmartTrading concepts. It is designed to help traders achieve the maximum gains on each trade. They way it works is pretty simple. In a standard Take Profit strategy a trader would purchase a block of cryptocurrency, say $500 of Bitcoin, and set a profit goal of $50. When Bitcoin rises to the value of the desired goal, the trade is closed and the trader takes the desired profit.
With a Trailing Take Profit it is possible to capture a bigger gain if the value of Bitcoin continues to go up. So, if the $50 goal is reached a new Trailing Take Profit point will be established along with an appropriate stop loss to protect the gains that have already been realized. As long as the value of the token keeps going up, the trader can continue to make profits on that trade.
This features attempts to solve a problem that has long troubled crypto traders – leaving money on the trading floor.
The Trailing Stop Loss is similar to a standard stop loss that can be set on many crypto trading platforms. The object of this feature is to minimize losses when a trade goes bad. The difference here is that the SmartTrading version adjusts the stop to account for price fluctuations. The stop can be set as a percentage of the trade.
3commas Pricing and Plans
3commas is offered via a monthly subscription that is fairly standard among trading bots. The cost of a subscription ranges in price from $29 per month to $99 per month with the higher priced subscriptions offering more features to the trader. But if you pick annual plans, it gets cheaper per month.
The Starter Package is $22 per month and includes:
- SmartTrading functionality
- No trading limits
- Notifications for errors and cancellaations
The Advanced Package is $37 per month and includes:
- SmartTrading functionality
- No trading limits
- Simple bots
The Pro Package is priced at $75 per month and offers:
- SmartTrading functionality
- Simple, Composite, and Bitmex bots
- Full portfolio management
The plan that one selects should be weighed against the trader’s experience and profit expectations.
3commas Pros & Cons
- Web-based with no download required
- Works with desktops, laptops, and mobile devices
- Can be customized with multiple features
- SmartTrading features to help minimize losses
- Can be difficult for the beginner
- Must purchase the most expensive subscription to unlock most valuable features
Our View of 3commas
Without question 3commas is one of the most advanced cryptocurrency trading bots available today. The presence of SmartTrading features take this trading bot to a level that is not approached by other platforms. Being able to customize the bots in a number of different ways is very useful to the experienced trader.
The key word there is experienced. The downside of this trading bot is that it is not very friendly to the trader that has limited experience with bots. There is a significant learning curve, but when the bot is mastered it can produce significant returns.
We also like that the subscriptions are reasonably priced. The Starter Package also allows the beginner to experience the bot without committing a lot of money in order to determine if it is something that will work for them.