Crypto trading bots are bot software that performs automated trading on predetermined criteria through carefully laid out instructions. Putting it into practice means that you can set some rules on how the bot should behave in certain situations. The purpose of cryptocurrency trading software is to provide profitable business to its users even while sleeping.
3Commas is an automated trading system with a special relationship with Binance. Along with their bot, they have a section of useful tools including API integration to exchanges, and API integration with crypto tax management solutions.
In this 3Commas review, we're going to look at the ins and out of this trading bot and explore why you have to try it out. Does 3Commas offer a product that you can learn the ropes of technical analysis and trading bot trade execution? Are the paid versions something you can profit from? Read on and find out.
Who Can Use 3Commas?
3Commas is an automated trading system with a special relationship with Binance. Along with their bot, they have a section of useful tools including API integration to exchanges, as well as API integration with crypto tax management solutions.
They provide additional trading tools with their bot, that compliment the services like a portfolio manager and trading journal. With a 3 day free subscription that only asks for an email and a password, we don’t see why everyone shouldn’t at least try them out.
In its most basic form, 3Commas is an online platform that allows everyday traders to utilize the benefits of automated trading bots. Irrespective of your experience in this particular field, 3Commas aims to cater to investors of all sizes.
If you do decide to engage in automated trading, the bot will execute cryptocurrency buy and sell orders on your behalf. For example, if you want to program your trading bot so that it buys Bitcoin when the asset falls to $10,000 on Binance, and then sells it when the coin hits $11,000, you can do this via 3Commas with ease.
In fact – and as we will discuss in more detail further down, the capabilities of your custom trading bot can go far and beyond just market orders. On the contrary, the underlying technology supports short sales, stop loss, and take profit orders, trailing orders, composite bots, and more.
3 Commas Features
Functionality: 3Commas comes with an intuitive user interface that is packed with detailed analytics and numerous functions. The bot allows you to set up take profits and stop-loss targets as well as craft your own trading strategies.
A wide range of tools: In addition to using 3comma’s performance analytics and automated bots, you can also create, analyze, and back-test portfolios as well as monitor other user’s best performing portfolios. The bot also allows you to follow and copy successful trader’s strategies.
Simultaneous take profit and stop-loss orders: 3 commas enables you to make maximum profit by allowing you to simultaneously establish the price point at which you wish to sell to make a profit and the price point at which you wish to sell in order to stop losses. You can do all these within 3 comma’s SmartTrade terminal.
Mobile Apps: The 3commas team has developed mobile apps for both iOS Android.
Advance Order Types: 3commas enables you to set up advanced order types like trailing take-profit and stop-loss orders and contemporary take-profit and stop-loss orders. 3commas also allows you to set up advanced orders even in exchanges that currently don’t support them. If you’re frustrated by the absence of advanced orders on some exchanges, you can easily create advanced orders by linking your account to 3commas.
Trader’s Diary: Do you want to organize all your trades in one place? Some traders use dedicated accounting software or Excel sheets for this. Conversely, 3commas has created a trader’s diary which gathers all your trades across exchanges and organizes them in one convenient location.
3 Commas Commission
If you're trading with Binance, you can use 3c.exchange as your trading bot. This will not charge you a monthly fee but instead will charge 0.1% per filled buy or sell order. The fees can add up pretty quickly but the 0.1% fee is standard. You will be paying the standard Binance fee schedule with the benefit of 3Commas trading features.
While you are paying the same price, you will be trading more using their bot and thus generating more fees for Binance and 3Commas. This could result in more profits or losses. While adding 3Commas does add additional security holes, the risk-reward is worth the tradeoff to make concurrent take profit and stop-loss orders.
3 Commas Pricing
3Commas offers four main packages. This ranges from the free Junior plan, up to the top-tier $75 per month Pro plan.
If you do opt for a paid-for plan, then you can either pay by PayPal or cryptocurrency. The former can be set-up as a recurring monthly subscription, while the latter needs to be done manually each and every month. Either way, you can cancel your monthly subscription at any time.
Junior Plan – Free
The free plan comes with the vast majority of 3Commas features, such as the SmartTrade and MarketPlace offerings. However, it doesn’t come with the TradingView pricing signals, meaning you won’t be able to benefit from automated bots. If you do want this, you’ll need to upgrade. Moreover, the free plan can only be utilized if you plan to trade no more than the cryptocurrency equivalent of $750 at any given time.
Starter Plan – $22 per month
Much like in the case of the free plan, the starter plan comes with most features apart from the ability to use automated bots. In fact, the only difference between the two is that the starter plan comes with error and cancellation notifications.
Advanced Plan – $37 per month
If you want to utilize automated bots within your trading strategy, then the cheapest package available is the advanced package. At a cost of $37 per month, you’ll have direct access to the TradingView pricing signal feature.
Pro Plan – $75 per month
If you want all of the bells and whistles offered by 3Commas, then you’ll need to fork out a very competitive $75 per month. You will of course get all of the features offered in the advanced plan, plus more. This includes the ability to utilize both Simple and Composite bots, and unlike the other plans, you can use the bots on BitMEX. Moreover, you also have access to the full portfolio management suite, which isn’t available in any of the other plans.
3 Commas Fees
The Subscription charges are the only expense that is paid directly to 3Commas. This applies when trading with 3Commas using any of the exchanges they have available. Unfortunately, that is not your only trading expense. You will also need to consult your cryptocurrency exchange and confirm what your maker and taker fees are, along with deposits and withdraws, to form a solid picture of your total trading costs.
3 Commas VS CryptoHopper
When comparing CryptoHopper with 3Commas, what immediately comes to mind is the number of exchanges offered by each. 3Commas has CryptoHopper beat hands down, with double the available exchanges.
But that's only half the story. CryptoHopper has an education academy, which will get you up to speed faster. We feel the layout is also simpler to navigate on CryptoHopper, they have a bot wizard that will set your trading in minutes.
While we recommend manual setup, so you can have a granular understanding of how the bot will work, it never hurts to use the setup wizard to learn the ins and outs of the CryptoHopper systems.
One recommendation that 3Commas has, is Binance agreeing to partner with them for a share of the profits, which is impressive negotiating on their part. This goes to show the strength of 3Commas products and Binance's faith that they will deliver for their users.
However, we are not sure whether it is a strength or if it may in fact be a weakness, Only time will tell if 3Commas will last the test of time against the competition created by ZenBot, CryptoTrader, Haasbot, GunBot, Profit Trailer, and CryptoHopper.
3 Commas Bot Settings
Here are the principle measurements that 3Commas will permit you to change.
Trades: You can indicate the specific digital money trades that you need your custom bot to exchange on. In the event that you are hoping to exchange critical volumes, at that point it may be ideal to utilize different trades. Try not to stress, the bot will execute your guidelines all the while, rather than putting in your requests individually. Thusly, you won't pass up on any potential exchanging chances by spreading your requests over various stages.
Sets: You have to indicate what exchanging sets you need your computerized bot to exchange for your benefit. For instance, on the off chance that you need your bot to exchange BTC/USDT and BTC/ETH, essentially enter your picked sets starting from the drop list. Before you do, it is well worth taking a gander at the ‘Suggested Pairs' tab. This rundown reasonable exchanging sets, according to the economic situations you specify underneath.
Introductory Trade Size: You have to tell the bot the amount you need to open your exchange at. Remember, the bot will put extra exchanges once the underlying request has been executed, according to your pre-characterized conditions. All things considered, you have to enter the sum that you need to buy compared to the base cash. For instance, in the event that you are intending to exchange BTC/LTC, at that point your underlying exchange size should be specified in BTC.
Security Trade Size: The wellbeing exchange boundary is utilized to play out a cost normal exercise. As we quickly secured over, this permits you to bring your normal purchase cost down as the coin decreases in esteem. The bot will ordinarily put a wellbeing exchange for each resulting percent that conflicts with you. For model, on the off chance that you are exchanging ETH/USDT, and you need the bot to put a security exchange at an estimation of 1.5 ETH, at that point the bot will do this if the cost of ETH decays by 1%, and again in the event that it decreases by a further 1%. Much like on account of the base exchange size, your unit of cash needs to coordinate the base money. So in the above model, this would be ETH, instead of USDT.
Wellbeing Trade Limit: This boundary leads on from the above measurement. As noticed, the bot may choose to submit another wellbeing request for each 1% decay that conflicts with you. Nonetheless, you have to determine how frequently you need the bot to do this. For instance, if you somehow managed to include 4, at that point the bot would put another well-being exchange when the cost goes somewhere near 1%, 2%, 3%, and 4%. After this, no more security exchanges will be set.
Security Trade Deviation: If you don't need the bot to decide the rate drop at which the well-being exchange is executed, you can determine this yourself. Essentially enter the fixed rate in the case.
Security Trade Scale: If you would prefer not to restrict yourself to a fixed rate, you can rather teach the computerized bot to use a scaled well-being exchange procedure. For instance, you can expand the size of the wellbeing exchange for each resulting rate decrease.
Exchanging Volume Restrictions: This specific exchanging metric is of critical worth. Basically, you can teach your mechanized bot to possibly execute your exchanging conditions if your picked pair hits a base 24-hour exchanging volume. For instance, on the off chance that you are hoping to exchange BTC/ETH, yet you possibly need to enter the market when exchanging volumes outperform 1,000 BTC, at that point, this can be done. Take note, the base 24-hour volume must be communicated as the base cash. By and by, on the off chance that you were exchanging BTC/ETH or BTC/USDT, at that point in the two cases the base money would be BTC.
3Commas Review: Conclusion
I hope this 3Commas review guide was helpful. Traders should consider crypto trading bots as a tool to help them monitor the market and execute orders on predetermined criteria. Even the best bitcoin trading bot doesn’t ensure achievement, as the market trend can go against your strategy.
The bot requires constant updates and modifications to adjust for market movements. However, with education and a complete understanding of the bitcoin trading signal, users can experience fairly satisfying bot trading.
While we are not sold on 3Commas entirely. Their starter package is a must for any serious trader that needs to have both take profits and stop losses. The crypto markets operate 24 hours a day 7 days a week and never sleep even on holidays. With wild swings erupting constantly, being greedy with taking profit, and cautious with stop losses is a must.
Being able to use this bot for free when trading on Binance, levels the playing field. The Tradingview integration makes this a product professional traders and even smaller institutions could use when trading with Binance. The benefits of API access outweigh the security disadvantages. However, this does not mean risks shouldn’t be hedged.
We always recommend trading with a smaller amount on multiple exchanges so a single hack doesn’t wipe out all your funds. Using APIs, you can execute one massive trade that is simply distributed among all the exchanges you trade on. This reduced risk does add extra fees but if you consider it an insurance cost, it’s well worth the investment.
The last measure you should always have in place is not risking more than you can afford to lose. If all your exchange funds were to be confiscated by your government tomorrow, for example, would you be happy with the amount you have in your hardware wallets? If the answer is no, reduce your risk.
Trading is about managing risks, the foreseen and unforeseen, and always planning for the worst, and having an exit plan. Everyone feels like a trading genius in a bull market, bear markets show you what you're actually made of. Trading a bear market will show you if you’ve earned the right to keep the profits you've made in the bull market.
- Ease of use
- Customer Support
- Polished Interface
- Excellent Amount of Exchanges
- Smart Trading
- Copy Trading
- Monthly Fee
- Cloud-Based System
- Monthly Fee vs Outright Purchase
- Users guides