3Commas Review is the first automated trading bot to be released on cryptocurrency markets. It was founded in 2018 by three young entrepreneurs with backgrounds in finance and AI research, who are now working to make crypto trading accessible for everyone.
3commas is a new automated trading bot that was released on April 20, 2019. This review will provide insights to the features of this tool and how it can be used.
Bot software that conducts automatic trading based on preset criteria using well written out instructions is known as cryptocurrency trading bots. By putting it into practice, you may define certain guidelines for how the bot should respond in specific circumstances. The goal of bitcoin trading software is to make money for its customers even while they sleep.
Binance has a unique connection with 3Commas, an automated trading system. They feature a portion of helpful tools, like API interaction with exchanges and API integration with crypto tax management systems, in addition to their bot.
In this 3Commas review, we’ll go through the ins and outs of this trading bot, as well as why you should give it a go. Is there a package from 3Commas where you can learn about trend analysis and trading bot trade execution? Is it possible for you to earn from the premium versions? Continue reading to find out.
Who Is Allowed to Use 3Commas?
Binance has a unique connection with 3Commas, an automated trading system. They feature a portion of helpful tools, like API interaction with exchanges and API integration with crypto tax management systems, in addition to their bot.
They provide extra trading tools with their bot, such as a portfolio manager and trading diary, to complement the services they already offer. We don’t see why everyone shouldn’t at least check them out with a three-day free trial that just requires an email address and a password.
3Commas is a simple online platform that enables ordinary traders to profit from the advantages of automated trading bots. 3Commas strives to serve investors of all sizes, regardless of their expertise in this area.
If you want to automate your trading, the bot will place bitcoin buy and sell orders on your behalf. For example, if you want your trading bot to purchase Bitcoin when the asset falls to $10,000 on Binance and then sell it when the currency reaches $11,000, you may easily do it using 3Commas.
In fact, as we’ll see later below, your bespoke trading bot’s powers extend well beyond market orders. Short sells, stop loss, and take profit orders, trailing orders, composite bots, and other features are all supported by the underlying technology.
Features of 3 commas
Functionality: 3Commas has an easy-to-use user interface that includes comprehensive statistics and a variety of functionalities. You may use the bot to create your own trading strategies, as well as set take profit and stop-loss objectives.
A diverse set of tools: You can build, evaluate, and back-test portfolios, as well as track other users’ top performing portfolios, in addition to utilizing 3comma’s performance statistics and automated bots. You may also use the bot to follow and replicate the tactics of successful traders.
Take profit and stop-loss orders placed at the same time: Three commas allow you to earn the most money by enabling you to simultaneously choose the price point at which you want to sell to make a profit and the price point at which you want to sell to cease losing money. All of this is possible with the SmartTrade terminal in three commas.
Mobile Applications: The 3commas team has created apps for both iOS and Android platforms.
3commas allows you to create sophisticated order types such as trailing take-profit and stop-loss orders, as well as modern take-profit and stop-loss orders. You may also use 3commas to create advanced orders on exchanges that don’t presently accept them. If you’re irritated by the lack of advanced orders on certain exchanges, connecting your account to 3commas makes it simple to generate advanced orders.
Do you want to keep track of all of your transactions in one place? For instance, some traders utilize bookkeeping software or Excel sheets. 3commas, on the other hand, has developed a trader’s journal that collects all of your transactions from several exchanges and arranges them in one handy place.
Commission of three commas
You may use 3c.exchange as your trading bot if you’re dealing with Binance. You will not be charged a monthly fee, but rather 0.1 percent on each filled purchase or sell order. The costs may rapidly mount up, but the 0.1 percent charge is normal. You will be charged the normal Binance fees while also having access to 3Commas trading tools.
While you will be paying the same amount, you will be utilizing their bot more often, resulting in higher fees for Binance and 3Commas. More earnings or losses may occur as a consequence of this. While using 3Commas adds more security vulnerabilities, the risk-reward of making simultaneous take profit and stop-loss orders is worth the sacrifice.
Pricing with three commas
Three major bundles are available from 3Commas. This includes everything from the free Junior plan to the $75 per month Pro plan.
If you want to pay for a premium plan, you may pay using PayPal or bitcoin. The former may be set up as a monthly subscription, while the latter must be completed manually each month. You may cancel your monthly membership at any moment in any case.
The Junior Plan is completely free. The bulk of 3Commas services, such as SmartTrade and MarketPlace, are included on the free plan. It does not, however, have TradingView price indications, which means you won’t be able to use automated bots. You’ll have to upgrade if you want this. Furthermore, you may only use the free plan if you intend to trade no more than $750 in bitcoin at any one moment.
$22 per month for the Starter Plan The beginner plan, like the free plan, includes the majority of features excluding the option to employ automated bots. The only difference between the two is that the basic plan includes error and cancellation alerts.
$37 per month for the Advanced Plan The advanced package is the most affordable option if you wish to include automated bots in your trading strategy. You may have immediate access to the TradingView price signal function for $37 per month.
$75 per month for the Pro Plan If you want all of 3Commas’ bells and whistles, you’ll have to pay a fairly reasonable $75 each month. Of course, you’ll receive all of the advanced plan’s features, as well as some more. This includes the option to use both Simple and Composite bots, as well as the ability to use the bots on BitMEX, unlike the other plans. You also get complete access to the portfolio management suite, which isn’t included in any of the other options.
Fees for three commas
The only cost that is paid directly to 3Commas is the subscription fees. This is true while trading with 3Commas on any of their accessible exchanges. Regrettably, it isn’t your sole trade cost. To get a clear view of your overall trading expenses, you’ll need to contact your cryptocurrency exchange and confirm your maker and taker fees, as well as deposits and withdrawals.
CryptoHopper vs. 3 Commas
When comparing CryptoHopper and 3Commas, the amount of exchanges provided by each comes to mind first. With twice as many exchanges as CryptoHopper, 3Commas has the upper hand.
However, it is just half of the tale. CryptoHopper offers a training school that can help you get up to speed quickly. The interface of CryptoHopper is much easier to use, and they have a bot wizard that will set up your trade in minutes.
While we suggest manual setup to get a detailed knowledge of how the bot will operate, using the setup wizard to learn the ins and outs of the CryptoHopper systems is never a bad idea.
Binance has agreed to collaborate with 3Commas in exchange for a portion of the earnings, which is amazing bargaining on their side. This demonstrates the quality of 3Commas’ goods as well as Binance’s belief in their ability to deliver for its consumers.
However, we’re not sure whether this is a strength or a weakness. Only time will tell if 3Commas will be able to stand up to the competition generated by ZenBot, CryptoTrader, Haasbot, GunBot, Profit Trailer, and CryptoHopper.
Bot Settings with 3 Commas
The following are the main metrics that 3Commas allows you to alter.
Transactions: You may specify which digital currency trades you want your own bot to do. If you need to swap large amounts of money, various transactions may be the best option. Don’t worry; rather than sending in separate requests, the bot will follow your instructions the whole time. As a result, by spreading your inquiries out across many phases, you won’t miss out on any possible trading opportunities.
Sets: You must choose which trading sets you want your computerized bot to do for you. For example, if you want your bot to trade BTC/USDT and BTC/ETH, just choose your desired sets from the drop-down menu. Take a look at the tab labeled “Suggested Pairs” before proceeding. This overview of acceptable exchanging sets is based on the economic circumstances you specify below.
Introductory Trade Size: You must tell the bot how much money you need to start your trade. Remember that after the underlying request has been performed, the bot will add additional exchanges based on your pre-defined criteria. In any case, you must input the amount you need to purchase in relation to the base cash. If you want to trade BTC for LTC, for example, your underlying exchange size should be stated in BTC.
The size of the security exchange border is used to carry out a cost-average exercise. When we briefly covered, this allows you to lower your regular buy price as the coin’s value declines. For any resultant percent that disagrees with you, the bot will usually place a wellness swap. For example, if you’re trading ETH/USDT and want the bot to make a security exchange at a price of 1.5 ETH, the bot will do it if the price of ETH falls by 1%, and then again if it falls by another 1%. Your unit of currency, like the basic exchange size, has to coincide with the base money. So, instead of USDT, in the aforementioned scenario, this would be ETH.
The Wellbeing Trade Limit follows on from the previous assessment. As you may have seen, the bot may opt to submit a new wellness request for each 1% decay that you disagree with. You must, however, decide how often you need the bot to do this task. For example, if you managed to include 4, the bot would place another well-being trade when the cost is somewhere between 1%, 2%, 3%, and 4%. There will be no further security exchanges after then.
Security Trade Deviation: If you don’t want to rely on the bot to establish the pace at which the well-being exchange is carried out, you may do it yourself. In the instance, essentially enter the set rate.
You may train the computerized bot to utilize a scaled well-being exchange process instead of a set rate if you want not to limit yourself to a predetermined rate. For each rate reduction, you may, for example, increase the amount of the wellness exchange.
Volume Restrictions in Exchanging: This particular exchanging metric is very important. Basically, if your chosen pair reaches a basic 24-hour exchanging volume, you may train your automated bot to potentially execute your exchanging conditions. For example, if you want to trade BTC/ETH but need to join the market when trading volumes are more than 1,000 BTC, this may be done. Keep in mind that the base cash must be provided as the base 24-hour volume. By and large, on the off chance that you were trading BTC/ETH or BTC/USDT, the base money would be BTC in both instances.
Conclusion of the Review of 3Commas
I hope you found our 3Commas review guide useful. Crypto trading bots should be considered by traders as a tool to assist them in monitoring the market and executing orders based on preset parameters. Even the greatest bitcoin trading bot can’t guarantee success since market trends may work against you.
To keep up with market changes, the bot has to be updated and modified on a regular basis. Users may have a pretty pleasant bot trading experience with education and a full knowledge of the bitcoin trading signal.
While we aren’t completely convinced on 3Commas. Any serious trader who requires both take gains and stop losses should get their beginning package. Even on holidays, the crypto exchanges are open 24 hours a day, seven days a week. With huge swings erupting all the time, it’s essential to be greedy with take profits and careful with stop losses.
When trading on Binance, being able to utilize this bot for free levels the playing field. Because of the Tradingview connection, this is a solution that can be used by both professional traders and smaller institutions while trading with Binance. The advantages of API access far exceed the security risks. This isn’t to say that risks shouldn’t be hedged.
We usually advise trading with a lesser amount on several exchanges so that a single hack does not wipe out your whole account. You may use APIs to execute a single large transaction that is then spread across all of the exchanges you trade on. This lower risk comes with a cost, but if you think of it as an insurance premium, it’s well worth it.
The final precaution you should take is to never risk more than you can afford to lose. Would you be satisfied with the amount of money you have in your hardware wallets if your government seized all of your exchange funds tomorrow? Reduce your risk if the answer is no.
Trading is all about managing risks, both anticipated and unanticipated, and always anticipating the worst and having an exit strategy. In a bull market, everyone feels like a trading genius; in a bear market, you find out what you’re really made of. Trading in a bad market will show you if you have earned the right to retain your bull market gains.
3Commas Review
- User-friendliness
- Fees
- Reputation
- Customer Service
- Design
Pros
- Interface that has been polished
- Ample Number of Exchanges
- Smart Investing
- Trading with a copy
- Fee per month
Cons
- System that runs on the cloud
- Outright Purchase vs. Monthly Fee
- User manuals
3Commas Review 2021 is a review of the 3Commas bot. It covers insights to automated trading bots and how they can help traders with different levels of experience. Reference: is 3commas safe.
Frequently Asked Questions
Is 3Commas bot good?
3Commas is a highly intelligent question answering bot. If you ask me a question, I will give you a detailed answer.
What is the best automated crypto trading bot?
The best automated crypto trading bot is one that is able to predict the future, and then act on it.
Can you lose money with trading bots?
Yes, it is possible to lose money with trading bots.
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