Ease of Use
If you’re a trader looking for a solid automated trading bot, you may have come across 3Commas. 3Commas.io is an automated trading bot service that aims to allow users to automatically trade the trading strategies of their choosing. This service includes features such as a Dollar Cost Averaging Bot, a Smart Trade function, and a Grid Bot, among others. Have you found the trading bot you want? Read our review of 3Commas and learn more.
- Integration with over 20 exchanges
- Trading bots with different strategies
- Able to purchase and utilize other peoples’ strategies
- Wide range of informational resources
- TradingView integration
- Can be slightly confusing at first
- Developing a strategy may be cumbersome, especially for those who are unfamiliar with strategies
- Basic plan has bare minimum features
In this day and age, many people find themselves conflicted with their own schedules, sacrificing much in the name of their own goals and ambitions while running themselves ragged, burning the candle at both ends. Those that feel this way may often feel that they have no time for other things, such as spending time with the family, taking care of housework, and most certainly not any time for trading cryptocurrencies. What solutions are there?
Fortunately, automated trading bots exist to help solve this problem (and many others). There are quite a few trading bots out there, from DaxRobot to BinBot Pro, and then there’s 3Commas.io. 3Commas is an automated trading service, allowing users to automatically trade the trading strategies of their choosing. Read on to learn more about 3Commas’ features, and if the service may be right for you in this 3Commas review.
A Brief History Of 3Commas
3Commas was started in 2017 by a team that was originally not satisfied with their own experiences using an automated trade service. Since its launch, the team has been consistently developing their product while keeping their users foremost in their minds.
They operate using a 3-pronged mission statement with the goal of providing an easy-to-use interface that allows users to use a wide range of tools to execute their trading strategies, whilst also ensuring that the company maintains a high reputation via transparency and dependability.
The company has their head office in Vancouver, British Columbia, with a European representative office held in Estonia.
3Commas Features And Product Offerings
3Commas has a wide range of tools to suit any trader’s needs, depending upon the subscription plan of the user’s choice. At a quick glance, users can be sure they have access to the following features:
- Manual Trading
- Multiple Order types
- Automated Bot Trading
- Portfolio Builder/Manager
Dollar Cost Averaging Bot
One such type of automated bot trading is their Dollar Cost Averaging (DCA) Bot. This allows traders to average out the price of their asset purchasing to help minimize the overall cost of their assets when dealing with a volatile market. This essentially helps traders accrue an amount of asset in little bits at a time, instead of one lump-sum purchase that could likely lose value depending on the purchasing price.
Another feature to 3Commas is their Smart Trade function, which allows users to trade the open market on the exchange of the user’s choice. Essentially, this is equivalent to logging into an exchange and trading on the exchange’s website, except all of the trading is done through 3Commas’ trading platform. There is currently support for over 20 different cryptocurrency exchanges, including: Poloniex, Kraken, Bitstamp, Bitfinex, and more.
The Grid Bot allows traders to capitalize on the moves of the market. The bot analyzes the market over a 7-day span of time to help create a workable price channel to trade within. Once the channel is established, the bot essentially buys dips (low points) and sells peaks (high points) within the parameters set by the user.
3Commas is also fully integrated with TradingView, a well-reputed resource of charts that is trusted by traders worldwide. Users can develop strategies based on calls and signals on TradingView. This functionality gives users of 3Commas over 100 charting indicators to develop the best strategy for their trading plans.
Another feature is the ability to trade Options through 3Comma’s platform. The service has made sure to develop an intuitive platform for options traders to be able to trade Options while staying within the 3Commas software (similar to the Smart Trade Function, except with Options).
3Commas has also integrated a feature called Crypto-Signals, which allows users to buy and utilize strategies created by other users. This gives users a wide range of different signals and strategies to build a trading plan, which can be useful for the person that may not know many strategies or how certain indicators work. The biggest caveat to this is that a user is essentially placing their trust in someone else’s strategy, for better or worse.
3Commas has a Mobile Application that allows their customers to manage their trades and portfolios directly from the palm of their hands. The application is available for both Android/Apple phones.
A Referral Program also exists, allowing customers to build their portfolio by receiving a percentage return based on the amount of cryptocurrency transactions made by their referred customers.
3Commas.io Plans & Pricing
3Commas has 3 different plans for users to choose from. Each of these plans varies in price in accordance to the amount of features provided within each plan. All plans have support with over 20 exchanges, with all of the user’s crypto accounts in one single portfolio. Users will also be able to manage their account in a mobile app, and be able to test their strategies in a Paper Trading setting.
It is important to remember that 3Commas does not charge commission fees for using their platform.
The most basic plan, the Starter, runs at $14.50/month, or $174 a year. While this is the most economically-minded plan, it only contains 3 features: SmartTrade, Concurrent Take Profit/Stop Loss, and Short/Long algorithms.
The Advanced plan includes more features than the Starter, running at $24.50/month, or $294 per year. The features included consist of those found in the Starter, as well as: TradingView Signals, Simple Bots, and View/Copy Bots.
The Pro plan includes every facet of 3Comma’s automated trading system, including the Grid Bot, Options bot, Composite bots, Futures bots, and more. The Pro plan costs $49.50/month, or $594 per year.
Getting Started With 3Commas
For those that are interested in using the 3Commas trading software, 3Commas offers a 3-Day trial period that gives customers access to a paper-trading version of the software based on their portfolio’s holdings. This will help potential customers get a feel for the platform without having to commit to payment just to feel out the software.
Should the user wish to purchase a plan, the process is very simple, and only takes a matter of signing up an account with 3Commas, purchasing the desired plan, and plugging the API codes within the account of the desired cryptocurrency exchange they wish to trade from. This process is outlined in 3Commas, so users need not worry about not knowing how this process works.
Once the user has linked the accounts, they are free to begin trading and using 3Comma’s tools and bots as they may wish.
Customer Support And Resources
For those users who may be new to the trading software, 3Commas has a few established channels to help with any occasion, which may need a helping friendly nudge to help set the customer in the right direction.
A 3Commas Blog exists, consisting of a wide berth of articles ranging in topics from market analysis, tax info, exchanges, and more. This is a great resource for the newcomer who needs a little help shedding light on any personal gray areas when it comes to managing their cryptocurrency portfolio.
FAQ & Help Center
3Commas also has a short FAQ and as well as a Help Center. These resources contain information detailing more specific questions and topics, so if the customer has a common issue, these resources would be a great place to start.
Support Team & Live Chat
The company also lists all of their contact information, including contact to their Support team. Any user that experiences an issue should feel free and welcome to contact the support team, which is usually fairly prompt in their replies. A Live Chat feature is also available to help expedite this process.
Cryptocurrency Prices Live Chart
For the customer who is curious about the current prices across the cryptocurrency market, 3Commas has a Cryptocurrency Prices Live Chart. The comprehensive list covers over 4000 coins across over 840 different exchanges, detailing volume over a 24-hour period, current market cap, and Bitcoin’s market dominance.
3Commas has built a wonderful automated trading system that can be utilized by anyone. While, initially, it may be a little confusing as to how to set up a strategy that fits exactly how one would like, with some research and a little time, the system can be set up with relative ease.
While it is obviously advisable that each individual learns how to read charts and develop their own strategies (without needing to rely on an automated system), the reality is that there are use cases for software such as this. Integration with over 20 exchanges helps ensure that they can cater to any type of cryptocurrency trader.