Cryptocurrency has created a niche for itself, proving to be an important piece of technology. The cryptocurrency market has seen a lot of investment in recent times, the only minor hiccup being that the industry is always open, unlike traditional stock markets. This makes it harder for traders to keep track of all conditions. Into this mix is also thrown a large variety of trading bots that automate the process of making trades, taking over a large portion of users’ efforts.
One of the prime trading bots is 3Commas, which is aimed at maximizing trading profits. Launched in 2014 in Miami, 3Commas has attracted a large customer base of over 33,000 who aid in meeting the daily target – an ambitious volume of $10m per day. But why trading bots, one might ask.
Well, trading bots have solved a lot of problems as far as traders are concerned. With the extremely volatile cryptocurrency market being a popular option among investors, even newcomers have plunged into the trading scene. A trading bot aims to solve all their problems by providing a quick foolproof way to make maximum profits with minimum risks while navigating the nuances of the market. They are quick, smart, and automate the process for you, enabling your entire trading process to be aimed at a high profit, low risk, and minimal losses.
Although many people express their doubts about the cryptocurrency market, it is a fact that this one is here to stay. It would only make sense for people to familiarize themselves with it, and this would not be possible without getting down and dirty, making trades, and involving oneself in the workings of this field. One can always do this with the help of a trading bot.
What is 3Commas?
Among the many popular bots is 3Commas, which calls itself a smart trading bot. The trading bot has partnered up with around 12 exchanges, including the popular Coinbase, Binance, and Bitfinex, which gives 3Commas the edge of operating on some of the most popular exchanges in the world with all communications being done through an API protocol.
With a wide range of features and services that the user can choose from, it is no wonder this is quickly rising as one of the top picks as far as trading bots go. Providing a real time analysis of the market, algorithms ensure that you get the best possible deal with trades, and this only serves to increase.
It is no wonder that 3Commas has risen to such a huge crowd in the past years. With enough experience to navigate through the crypto market and sufficient innovation in its features and tools, it offers the perfect blend of experience, ease of use, and moderate pricing.
It allows its users to use automatic trading bots for the best results and stay tuned to the activities of successful traders and follow their actions. It also helps the user create, maintain, and track top portfolios. Since they are given the freedom to carry out and personalize the best trading strategies, they can take command over their actions, set up ‘stop loss’, and make enormous profits.
The web-based service works in tandem with a variety of devices as well as exchanges. While traders can set parameters that determine trades, the bot carries them out on pre-established rules and the conditions of set parameters. Quite simply put, 3Commas makes sure that traders can be aware of different exchanges and the orders on them, correct and improve their trading behaviour, and work on different strategies.
3 Commas Review: Features of 3Commas
One of the main winning points of 3Commas has been the number of tools and features it has been able to roll out to the user community, which have been more than satisfactory. Let us go through some of these interesting factors and see what each one entails for the user.
1) Stop Loss
A simple yet effective technique to minimize your losses, ’stop loss’ enables the user to avoid any potential profit losses. This is done by putting in a loss percentage, which acts as a threshold. Once the loss percentage is reached, the bot sells you the crypto, making sure you do not lose profits. Since the user decides the stop loss percentage, customers often have a sense of control, making sure that all the risks they take are managed and can be brought to an end if they deem it too high a risk for their taste.
2) Trailing Stop Loss
This is a more intelligent approach to the stop loss feature and adapts dynamically to the volatile environment. It allows you to make sure you gain any profit that is made before the percentage is reached. Since the percentage itself keeps changing throughout the day, the trailing stop feature makes sure to keep adjusting the percentage from buy in price to the highest value point in the day. This makes it a win for the user owing to the fact that it makes sure that any gains before the point stay with the trader.
3) Take Profit
Almost similar in concept to stop loss, the take profit feature allows users to set a percentage. Once this percentage of profit is reached, the bot sells off your crypto. While it is a great way to assure a set profit and avoid any risks, it can also limit the profits made, leading to any further rewards being missed. However, most new traders looking to make a fixed profit without additional risks and are afraid to deal with the volatility of the market often opt to follow this feature, seeing it as a safeguard for their crypto currency.
4) Trailing Take profit
The trailing take profit aims to do one better than the take profit, making sure you gain maximum profits by adjusting itself to the market (like the trailing stop loss). It adds into the equation the price trends of the following day during the sale of your crypto and takes the profit percentage to the highest pat of the trend, making sure you don’t miss out on possible gains, This is a great way to deal with the crypto market, as it makes the most out of your trades by adding to your portfolio in the best way possible.
5) Real-time notifications
In order to keep you well informed as to what is happening to your crypto, 3Commas can be set to notify you of trades. These notifications are available for mobile, in a browser, and via email. In addition to this, you can set the type of notifications you would like to receive and choose what activities you want to stay informed about. This is a great way to keep the user stress-free and yet in the loop about their resources. This ensures that they are always connected and have an idea as to how their trades are being made.
6) Add notes and Comments
Any observations or comments you have to make about a trade can be noted in your trade orders, which will help you in the long run. This way, you are able to recall them at a time of need or even get their audit trails in the report explaining why and when the trade was placed. This allows for more efficient trading, making sure you keep your knowledge safe and in your memory. In addition, this is the best way to remember an important trade or be sure to make (or not make) a similar trade.
7) Trader’s Diary
The trader’s diary feature is a nifty tool that lets you see a consolidated view of all trades along with their reports. This gives a glance of all activities that have added on to your portfolio, making it a one-stop solution to clear all your doubts with a detailed explanation and report of every trade carried out. This makes you an informed user, giving you the opportunity to study past trades at your convenience.
8) Follow or Copy a Portfolio
3Commas also makes it possible to follow professional traders and explore their portfolios using this tool. It also allows you to analyze their trades and figure out how they do it. This is an important tool as it goes a long way in perfecting your strategy and making you understand the world of professional traders. Copying their portfolio is only possible if you have the particular exchange in question. This is a boon especially for those who are not all too familiar with the crypto market and aids their learning process, making sure they keep updating themselves with the latest methods to maximize profits.
9) Multiple exchanges
3Commas helps users carry out transactions on multiple exchanges. This provides traders with the opportunity to make well-informed decisions with information from around 12 exchanges, proper analysis, and all the right steps for the best portfolio.
10) Variety of bots to choose from
The web-based interface allows traders to choose from a variety of bots as per the trader’s requirement.
11) Customer support
The availability of a 24×7 customer service team makes 3Commas all the more attractive. Dealing with any issue at any hour of the day, this kind of customer-centric commitment makes it a hit among customers.
Can we Really Make Money with 3Commas?
This is the most important question that potential users put forward not just with 3Commas but with all trading bots. With both long term and short term algorithms in place, 3Commas can bring in a reasonable profit over a period of time. However, with the extremely dynamic scenario in the crypto market, the only thing that can guarantee amazing results is the strategy. A single strategy will most definitely not work over a long period of time, so it is imperative that you keep adapting to changing requirements as and when you see fit.
Long trades involving a buy-low-sell-high strategy is suggested for long term profits. Short trades should involve the opposite (a sell-high-buy-low strategy). Both of these are based on pocketing the difference as profits. But how well this works, in the long run, depends entirely on the market conditions.
However, users have attested that they have made reasonable profits with the 3Commas bot, which allows for trades at all times without ever cutting off from the market, even when the user cannot personally pore over charts. In addition, the bot also employs great algorithms to carry out trades, making sure to win profits for the users.
Advantages of 3 Commas Trading Bot
There are a couple of advantages to 3Commas. The chief among them are discussed below.
- Emotionless, fact based trades make sure that decisions taken are taken entirely based on the ideal conditions with little room for doubt, instinct, and human error. This reduces the intensity of the decision-making process and helps to take logical and high-profit decisions.
- The fact that 3Commas is always connected to the market allows its users to make profits and minimize losses as the bot can respond faster to any changes in market conditions immediately upon detection.
- The SmartTrading option that makes use of ‘trailing take profit’ keeps the user away from a loss when trading. Since it is designed to stay in the loop and adapt itself to the market, it is an intelligent solution to make as much as possible with a trade.
- Easy to set up for beginners, making sure that newcomers can navigate the 3Commas bot and make trades without any hassles. This empowers more and more people into joining the crypto market.
- A well-laid-out dashboard and visualization of data allow the users to keep track of everything that is happening while boosting their appeal and ease of use.
- A blog maintained by the developers themselves and a number of tutorials and videos detailing the key concepts help users ease into using 3Commas.
- The free platform offers a great trial so that users can make full use of the platform and come to a conclusion as to whether or not it is the right fit.
- An invite-and-earn can offer you great referral rates in addition to the 10% discount that the new user obtains.
- The large number of exchange offers a wide array of information centres, making sure that your decision is well thought-out with multiple inputs.
- The fact that users can refer and copy portfolios of successful traders is a boon to many, allowing anyone to learn about the process of making crypto trades.
Disadvantages of 3 Commas Trading Bot
Although there are innumerable advantages to using the 3Commas trading bot, as with all things there are a few risks associated with it too. A trader must be aware of all aspects of the trading bot before using it, so here are a few disadvantages of the 3Commas trading bot.
- Security protocols are not explained with great clarity, raising concerns about whether the trades are truly secure. Users can, of course, enable the 2-factor verification for additional security, but the fact that not much is said about it leaves room for concern.
- The plans change regularly and might prove to be a bit confusing to say the least with 3Comms’ paid plans, commission plans, and a mix of both.
- The balance has to be filled up for commission, which acts as a damper for many.
3 Commas Pricing
3Commas offers a variety of plans.
- A free trial for users for a limited period to make sure it is right for them.
- Starter pack, priced at $25 per month, with limited features – one exchange service and five trading pairs with a 50% commission
- Advanced pack, allowing more features, priced at $42 per month with 2 exchange services and all trading pair and, a 50% composite bot commission.
- Pro pack, priced at $84 per month, with unlimited exchanges and trading bots deployed.
- Enterprise pack, aimed at large trading firms, integrating custom features and priced as per the demands of the firm. A 0.25% commission for each trade.
3 Commas Review: A Complete Trading Bot?
While it is entirely up to you to make the decision of whether 3Commas is a good bet for your needs, it is a well-rounded trading bot with a large array of satisfied users and moderately-priced plans that offer quite a lot.
It is best to make use of the free trial initially and confirm whether this is what you want before getting one of the paid plans as per your requirements. But no matter what, it is high time to get into the crypto market since it is here and here to stay.