Many people think of cryptocurrency trading as some sort of get-rich-quick scheme. But in reality, it is a high-risk activity. You could end up with huge losses if you commit to wrong trades. Inexperienced traders often end up getting burned in the market. Cryptocurrency trading is an activity that requires a certain degree of expertise, knowledge, and experience to gain profits.
Automated trading provides beginners and experts an option to earn consistent gains. These trading bots are active 24×7, and can process large quantities of data within seconds. These qualities are important considering the volatile nature of the cryptocurrency market. 3Commas is one of the most popular crypto trading bots active today. It has several innovative features and can be used on all leading cryptocurrency exchanges. Let’s take a detailed look at the trading bot and its features in this 3Commas review.
What is 3Commas?
3Commas is an online platform for traders to improve their profits using automated bots. It provides bots with various features and functions suited for all sorts of traders. You can program your bot to execute certain actions or make your bot copy the port portfolio of expert traders. 3Commas bots support trading activities such as market orders, short sells, stop loss and take profit orders, trailing orders, and much more.
The average monthly trading volume in the platform is $22.5 billion and over a billion trades have been created on 3Commas. Currently, it is supported by 23 cryptocurrency exchanges including Binance, FTX, Kraken, Bitstamp, Coinbase, Bittrex, and Bitmex. The platform is also in official partnership with Binance which enables unique trading functionalities and tools for automated trading on the exchange. 3Commas provides free, starter, advanced, and pro plans at $29, $49, and $99.
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Features of 3Commas Trading Bot
3Commas provides several beneficial features for all kinds of trading requirements. Let’s have a look at some of the key features of the platform.
3Commas has a web platform and mobile apps for Android and iOS. All of these are easy to use and implement simple, intuitive user interfaces. Even though the platform has a wide variety of functions and provides detailed analytics, they are integrated seamlessly into the user interface. Users have the option to use different types of bots, set stop losses, mark profit targets, and execute preferred trading plans.
API integration with crypto exchanges are used to perform automated trading. The bot can work 24×7 on any device. Users can access their trading dashboards through any web browsers on their computers or mobile phones. As mentioned earlier, there are mobile apps for Android and iOS.
3. Variety of tools
3Commas provides a variety of trading tools other than automated bots and detailed analytics. Users can develop and analyze various portfolios and observe the portfolios created by others. There is also a social trading feature and users can replicate the trades of other successful traders.
4. Customer Support
The platform is available in multiple languages and offers 24×7 customer support. The support team can be contacted through the designated help center, Twitter, Telegram, or Facebook. Common queries are addressed on the FAQ page and there are also many written guides available.
How To Use 3Commas?
It is fairly easy to use the 3Commas platform. Here we will have a look at a step-by-step guide to let you get started.
- Click on the Sign-up button on the top right corner of the 3Commas website to get started. Register by entering your mail id and a password. You can access your trading dashboard after email verification.
- There will be short, simple, composite, and composite short bots available for you. Here we are choosing the simple bot because, as the name suggests it is the easiest to set up and involves only a single trading pair.
- Now you have to link the bot with an exchange. The simple trading bot works only with the Binance exchange initially. Your account has to be connected via API, hold BNB, and have the BNB fee payment feature turned on.
- Next is choosing a trading pair and setting the base trade size. Select the trading pair for your bot to trade from the drop-down menu. Then you can set how much money to be used for the trade.
- After setting up the trade details, now you have to focus on the profits. Set a target profit in percentage to inform your bot when to sell. For example, if a target profit is 10%, your bot will automatically sell your coins once you gain that profit.
- You can take your profits as a percentage from the base trade of a percentage from the total volume.
- You have to set the maximum number of safety counts next. This informs the bot how many safety trades to make.
- Now you have to set a percentage of set price deviation to open safety trades. This informs the bot when to start executing safety trades.
- Finally, you have to set the trade start conditions to inform the bot when to make the initial trade.
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3Commas Review: Our Verdict
Often newcomers and even experienced traders find it difficult to keep up with the fast pace of the cryptocurrency market. Trading bots provide an effective alternative to the risks in cryptocurrency trading. 3Commas is one of the most popular trading bots out there. Features such as its ease of use and set up, intuitive UI, dashboard, and social trading make 3Commas a useful addition to any trader’s toolkit.
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