3commas Review: Is It a Safe Crypto Bot?
3Commas is an all-inclusive crypto trading bot where crypto traders of all skill levels can learn and earn.
Trading bots are popular, that is why you will find a lot of 3Commas reviews floating around the Internet.
But are all of them full, fair and easy to understand?
If you’re new to the cryptocurrency market and are not sure what 3Commas is, what the features, advantages, and disadvantages are, or whether you’ll need this trading bot to kick start your experience, then this
3Commas review is for you.
You’ll have guidance along every step of the way.
On that note, let’s begin!
1 Minute Read 3Commas Review
3Commas is an advanced online cryptocurrency trading resource that allows traders of all levels to use highly accurate tools for maximum results.
Currently, the platform offers its clients various services, including educational resources, a convenient dashboard for tracking exchange rates, and a great library of bots and trading algorithms.
All of this is intended to provide online users with tangible benefits in crypto investing.
One of the main features of 3Commas is that the service does not raise the price bar and offers affordable subscription plans.
Best For:
- Traders of all skill levels
- Investors needing instant access to all popular trading exchanges
- Professional traders looking for customization
- Beginners looking for an intuitive interface
3Commas Hits
- Wide range of educational resources
- Moderate pricing policy tailored to the needs of traders of different levels
- Intuitive control panel for trading functions
- Wide range of cryptocurrency assets
- High level of customer support
- Sophisticated library of crypto bots and trading algorithms
3Commas Misses
- The mobile application may freeze from time to time
- The registration process can seem daunting for newbies
How Does This Bot Help Crypto Traders?
The platform management grants access to multiple trading tools designed to increase cryptocurrency trading efficiency and performance.
The bot works toward helping traders curb financial losses and cut off unexpected trading risks.
With its smart trade, beginners and even more advanced traders can take advantage of the platform to move their trades forward to more profitable heights.
Look, it’s time to put an end to the old school way of opening several tabs and exchanges at once.
The main feature of the system is the trading bot, which runs a couple of web-based services and consolidates various exchanges and devices.
Before we go any further, let's recap what trade bots do.
Trading bots are bits of automated programs that make trades based on pre-installed parameters or indicators set by a trader.
Why don’t we also take a closer look at the current state: right now on the crypto market, more than 33,000 users trade with it!
Now, ask yourself these questions:
Why so many users?
What’s so unique about this bot?
Here’s the kicker:
It manages an excess of $10 million in trading volume.
As well, this crypto trading bot is compatible with 12 exchanges including Coinbase, GDAX, Binance, Bitfinex, and Huobi.
How to Begin Using 3Commas
According to the Safetrading
3Commas review, creating a safety trades account is really simple. A green tab labeled "Create an Account" is at the top of the page where the primary content is shown.
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Sign up for an account.
To sign up for 3Commas, you must visit their safety trades website and provide an email address and a password. You will be granted access to the Dashboard once you confirm your account by clicking the link in the email.
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Pick the kind of bot you want.
As it was mentioned in this
3Commas review, there are four kinds of automated trading bots:
A simple trading bot includes one trading pair and is the easiest to set up. The other two varieties are short automated trading bots, hybrid bots, and composite short bots.
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Establish a connection with a market.
When you first start, the simple automated trading bot functionality will only operate with the Binance exchange account, where you may link an account with Binance. Ensure that your account is connected by API, possesses BNB and that the function that allows you to pay BNB fees is switched on. Following this step, you can proceed to name your automated trading bot.
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Select the appropriate trading pair and determine the minimum trade size.
You may inform your automated trading bot exactly how much of your favorite currency you will use during your initial transaction. It can be done by using the drop-down option to pick the trading pair you want your automated trading bot to trade and then tell your bot the amount of your selected currency.
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Set goal profit.
Setting a safety trade size before engaging in this activity is recommended, as it enables you to make purchases following any drops in a manner that is more within your control. If a trading pair of ETH/BTC is selected, and if, after buying ETH, the price goes below the initial purchase price, then safety trades enable you to buy more ETH with the amount of BTC indicated in the safety trade size. It means you may buy more ETH with the safety trade size.
After that, you can specify the automated trading goal profit, at which point the trading bot will be informed to sell based on percentages. The max safety trades bot will automatically place a sell order whenever the goal profit has been achieved. For example, the manual trading bot will sell the asset if the target profit is set to 3%.
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Pick the sort of profit you want to take.
There are two different ways to determine the amount of profit to take, either as a percentage of the base deal or of the overall volume.
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Adjust the maximum number of deals for safety.
This tells the manual trading bot how many active safety trades it can carry out at any moment, and the max active safety trades count tells the trading bot how many safety transactions it can do before it stops.
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Determine the price deviation that will allow you to open safe trades
This is communicated to the trading account bot as a percentage and indicates when it may start carrying out safety transactions. If the parameter is set to 3, the trading bot will begin to perform safety trades when the price of the selected currency falls to a level 3% lower than the starting transaction price.
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Set trade start conditions.
This tells the bot when to make the first transaction, and you may choose between Manually TradingView Signal Buy or Strong Buy, TradingView Signal Buy, or Open New Trade ASAP. TradingView Signal Buy or Strong Buy is also an option.
A trading bot can be created in minutes by following these steps. The entire procedure is straightforward enough for even inexperienced traders to pursue it effectively. The platform maintains its information level and is robust enough to entice traders with more significant expertise.
How Well Does 3Commas Work for Users Who Are Just Starting?
The site is easy to operate even for inexperienced traders, and the trading bots can be quickly and easily configured, especially when it comes to initial trade prices. Within your account, you can easily access various services, including connecting to an exchange, setting up intelligent trades, and configuring bots, which can all be done with a button. The automated crypto trading Dashboard is very neatly organized, and users can rapidly pick the sections and functions that are most important to them via the side panel.
In addition, the functionality of the features, such as paper trading bot analytics, which provides information on the top-performing bots, trading pairs, and marketplace, is well-executed and easy to comprehend. In contrast, the portfolio construction, tracking, and social trading capabilities suit novice traders and those with more extraordinary expertise.
You can browse through and evaluate a number of portfolios from inside your account. In addition, you can track the performance of those paper trading portfolios and keep an eye on them by following any portfolios that interest you. If you want to, you may make a replica of an existing portfolio, but, to get the most out of this feature, both of your connected exchanges need to be the same.
Another valuable tool for traders of all levels is the trader's diary. It gives a condensed summary of all the deals executed on your connected exchanges. It lets you discover any gains or losses incurred on trade within a certain period.
This allows you to evaluate how well your cryptocurrency trading bots are performing and work with the option to set up various notifications. Notifications can be set up in a browser, for mobile devices, or via email, and settings for all three types of statements can be found in the Settings tab of your account.
The vast amount of resources that are made available on the platform is another significant advantage. The website's Support Section includes several guidelines and frequently asked questions that assist users in resolving the most pressing concerns.
Besides, the team has a blog explaining various fundamental ideas of cryptocurrency trading bots for novice traders. They offer further support through their Telegram group, YouTube channel, and other social media platforms. The 3Commas Discord server is accessible to users directly from their member accounts.
In addition to having a variety of safety trades tools and being simple to browse, the most significant aspect of 3Commas is that it is completely free to test out. The free trial for safety trades is available to everyone who wants to evaluate the system and experiment with its many functions and features.
3Сommas Bot Settings And Features
Usability
As mentioned earlier, it operates as a web-based interface.
Users enjoy the combination of working with a rather intuitive network and a trading medium equipped with both a wide range of features and detailed analytics.
Similarly, clients can trade with simple to composite crypto bots, determine loss and profit margins, and set their own trading strategies.
Technology
Trading bot uses an API to integrate major cryptocurrency exchanges like Binance and Bimatrix.
Users can perform trade activities from both their iOS and Android devices on a 24/7 basis.
Account logins and logouts are not restricted to desktops or PCs.
One more thing to note: traders might want to give the mobile app a try.
The app works well on both iOS and Android interfaces.
Range of application
Apart from providing trading bots and up-to-date analytics, the platform offers a decent range of trading tools to its users.
More importantly, you can check up on other crypto dealers.
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How does this play out?
Users can build up, review, back-test crypto profiles, and even keep tabs on the best performing portfolios created by other users.
To top it off, social trading is also possible. This is also one of the incredible features of 3Commas bot settings — traders can refer to and copy the activities of other successful traders.
Exchange Integration
Remarkably, exchange consolidation is great here.
Dealers are provided automated programs for 12 other exchanges including Bittrex, Bitfinex, Binance, Bitstamp, KuCoin, etc.
Customer care
What is better than trading in the language you understand?
Those bots are encrypted in both English and Russian, and, as such, users can switch between the two languages.
As well, there’s an around-the-clock customer support team that is always ready to answer the long list of questions from clients, and a help center that receives customer requests.
3Commas reviews and updates can be searched using the team’s Twitter account, Telegram group, and Facebook.
Aside from these help centers, there is an FAQ page that addresses the most recurring issues, as well as a number of instructional guides to help clients with trading.
Cutting Edge Benefits of Using
Let’s dig a little deeper into the pros of trading with this bot.
Here we go!
3Commas Review: Easy-to-Use
Ease of use is one of the critical features of the trading platform. Once you complete the registration process, you can immediately select the most suitable crypto bot, depending on your trading strategy.
Depending on the subscription you choose, you can also add additional automated trading algorithms to maximize profits.
The ability to customize the operation of a crypto bot following your preferences is also the most critical advantage of 3Commas.
Keep in mind that bots can perform most routine processes, including buying and selling crypto assets.
You can also indicate your preferred trading pair, target profit, and additional details while passing the registration.
You can adjust all these parameters later. However, a detailed adaptation process and providing details will allow you to comprehend the parameters that will optimize your trades.
In simple terms, this is the first step to capture and follow a risk management strategy.
If you do not have prior experience in trading crypto assets, the registration process may seem too tedious and time-consuming.
Newbies often face the problem of not knowing how to choose the most suitable bot. The same applies to the conditions that must be specified in the bot algorithm before starting trading.
To make things easier for you, here's a short tutorial on the two main types of trading bots available on 3Commas.
If you choose a simple bot, the software will only allow you to trade one crypto pair.
If you choose a composite bot, then your trading options will become much broader. This includes the ability to trade multiple crypto pairs, as well as build your trading strategy, taking into account such parameters as:
- Trading crypto pairs
- Minimum and maximum number of transactions during the day
- Minimum coin purchase amount
- A long or short investment strategy
- Types of orders
If you have not traded crypto assets before, you should probably use the training resources by 3Commas. The tutorials will help you understand all the most important nuances of a trading bot or even start trading manually.
Knowledge of the basics of crypto trading is an essential foundation that will allow you to use all the functionality of 3Commas easily. Having studied all the necessary information, you will be able to:
- Choose the most suitable order type
- Analyze the situation in the crypto market
- Rebalance the investment portfolio
- Place orders on multiple crypto-exchanges within the same interface
- Receive push notifications on time about vital events
- Get access to a detailed history of all trade operations
Easy setup
The simple 3Commas bot settings allows newcomers to seamlessly navigate the crypto environment.
With various new features, the ByBit bot portrays itself as a master solution to help newbies make trades without much hassle.
Additionally, connecting to top exchanges and setting up trade bots is as simple as just clicking a button.
Visibility and layout
The 3Commas bot settings and dashboard are very well laid out.
Users are able to view information and quickly select their preferred tabs and features through the side panel.
As well, features such as ByBit bot analytics, trailing stop loss, and take profit are equally appealing to traders, as they are easy to move around and use.
An example of the ‘take profit’ application would be in minimizing risks and losses.
Again, managing profile tracking and social trading features are both intuitive and suit both new and more experienced traders.
Likewise, you can skim through various portfolios from your own account and still be able to monitor other traders’ performance.
This edge helps users gain follow-ups on portfolios of interest.
Lastly, and perhaps the most interesting is that users can copy and refer to a portfolio if desired.
However, be aware that you’ll need to have similar exchanges linked to your account to be able to access this feature in full.
Available Resources
With an enormous wealth of resources like guides, tutorial videos, and FAQs, the
3Commas review in the help section of this platform can help clients stay informed about the most crucial issues.
Great group support
Since every beginner’s hitch does not have the right info at hand, this platform makes sure its teams maintain a blog that is incredibly detailed.
With this blog, new traders are ushered into the know with regard to the key concepts to work with.
More so, proper assistance is provided through their Telegram group, YouTube Channel, 3Commas Reddit, and other social networks.
By using these, members can gain access to the Discord from inside their accounts.
3-day free trial plus invite-and-earn offer
First of all, did you know that for every referral as a beginner, you’re offered a 10% discount.
Amazing, right?
Secondly, new users can grab the free trial privilege. They can use the opportunity to pick up some crypto trading tricks and secrets, and also play around with the various features.
A Few Pitfalls to Watch Out For
Ever ridden on a road without bumps?
I have never!
Similarly, I’ve yet to see a trading bot without problems.
However, as long as traders are aware of the areas where their bots fall short, they can always wrap their heads around the issues whenever they come up.
Here are things to consider while using the 3Commas trading bot.
Security concern
Even though this platform is quite user-friendly, it, however, does not address extensive security worries.
Because of this, questions about customer integrity and privacy have arisen.
To shut down this problem, users can activate the so-called 2-factor verification.
At present, it seems this move does not yet completely cover the security loophole.
Multiple upgrades
At 3Commas fees are regularly updated.
It would be great if these upgrades came free of charge.
With the opposite being the case, crypto tradesmen will have to put up with the expense.
You have to fill the balance to earn a 3Commas commission.
N/B: Check out our
website to learn more about the different plans, their pricing, 3Commas bot settings, etc.
How Beginner-Friendly is 3Commas?
On a scale of 1 to 10, I would say 8. Here’s why:
Let’s remember that this platform is one of the simplest for beginners to navigate.
You’re supplied a number of features to trade with, including the ‘smart trading’ option and stop loss, which are both intuitive.
There is a great advantage of tying up various exchanges into your personal account.
The type of operating system you use doesn’t matter — Android and iOS devices are compatible with the trading bot.
Need I mention the well laid out dashboard, a side panel for users to choose tabs and features in just one click?
Come on guys, who wouldn’t mind such good stuff?
Let’s face it; as much as trading bots are smart tools, they are still made by humans.
You can’t really afford to give them 100% trust, particularly when you consider issues like developer errors.
Despite being flooded with multiple capabilities and protocols, trading bots top-notch efficacy is yet to be proven.
Many of these bots have proven to be prone to errors.
For instance, Zenbot which provides open source trading, has on different occasions displayed variable results for virtual and real trades (mind you, this was for the same trading situation).
This further cements the possibility that some bots might as well be incapable of carrying out high-frequency operations, so they, in turn, fail to fully highlight golden opportunities where traders could have doubled their profits.
Understanding these pitfalls is essential for beginners.
Thankfully, in previous sections of this 3Commas review, both the pros and cons of trading on the platform have been carefully explained.
Final Words
Here's probably the most important part for beginners: it appears these trading bots, as opposed to other bots, perform best.
The bots are simple to set up, navigate and make trades with - especially for first time traders.
That’s not all, however. Binance, Coinbase, and Huobi — the leading crypto exchanges - can be consolidated into 3Commas.
The icing on the cake: a good amount of instructions and detailed bot analytics are available to you.
You may also have to add features like portfolio creation and tracking, and social trading to build a more stable foundation.
Aside from that, trading with this bot is a brilliant option that I’d recommend for beginners.
To sum up, it would be a major plus if traders could combine the use of bots with a provider.
For more crypto bot reviews, info about the average profits that the bot could offer, and to gain insight into the 3Commas Reddit, peruse our
pages.