3Commas Review: Key Features, Pros, and Cons
This 3Commas review dissects one of the most celebrated crypto trading bot platforms, bringing you the essential features, pros, cons, and a quick guide on using the app to set up a profitable trading strategy.
The secret desire of most crypto traders is that you can sit back and have an army of automated trading bots do the donkey work of making you money. If that's your dream and you've contemplated using Bitcoin and crypto trading bots but aren't sure if they're safe, we've got you covered.
3Commas is a cryptocurrency management platform based in Tallinn, Estonia, offering numerous trading tools designed to improve crypto trading and efficiency vastly. In partnership with several exchanges, the platform operates a trading bot as a web-based service. The team’s goal is to help limit investors’ exposure to losses, minimize risk, and maximize profit-making.
A trading bot is a piece of computer software that uses parameters pre-determined by a trader to automatically and continuously execute trades. Using the bots enables traders using the platform to develop advanced trading behavior, keep up with data from different exchanges, and implement effective stop-loss or take-profit strategies. According to the firm, more than 220,000 active monthly traders were using the service, with its bots currently working with at least 23 leading cryptocurrency exchanges, including Coinbase, Huobi, Binance, and others.
Getting started with 3Commas
The first step for new users interested in the 3Commas platform is signing up using their email address and password or via Apple or Facebook ID. Once you're done signing up, you need to set up your account and create your initial trading bot.
Next, you need to pick your preferred trading strategy before linking your account to one from more than 23 partner cryptocurrency exchanges. The process involves inputting your account API (Application Programming Interface) settings, the API secret, key, and passphrase, all located in the crypto exchange account settings.
Once connected to an exchange, you need to set up a trading bot and customize it or pick a preset one depending on your preferred trading strategy. Clicking “Create Bot” will launch your strategy and activate your bot. You can monitor your account and trading activities using the “My Portfolio” tab, including asset allocation breakdown or real-time profit/loss.
3Commas offers various subscription tiers beginning with a free plan, starter ($29 monthly), advanced ($49 monthly), and pro ($99 monthly) – there's a 50% discount if paid annually. While every plan comes with different structures, all the account types have common features, including trading view integration, automated trade across leading exchanges, multi-level referrals and portfolio tracking, and free mobile Apps. Overall, the pricing looks fair compared to other crypto bot trading platforms.
The key features of 3Commas include:
Functionality: The platform’s easy-to-use and intuitive interface provide dynamic settings and tools for trade management, including valuable data and analytics about trading performance and history.
Technology: The trading bots facilitate 24/7 automated trading via API integration with crypto exchanges. Traders have at their disposal tools that continuously scan multiple charts, searching and accomplishing trade setups on behalf of users.
Tools: The platform offers various trading tools to facilitate manual and automated trading strategies. Traders have access to tools for creating, analyzing, back-testing, copying other traders' portfolios, or launching demo tests. There are at least 30 different indicators and more than 90 candle patterns for use with different techniques.
App Store: 3Commas offers dozens of free-to-download apps to aid monitoring, bot tracking/management, and other trading strategies.
Manual Trading: Users can buy or sell across various exchanges in one window via a somewhat useful manual trading feature.
Smart Trade: The platform operates a smart trade dashboard offering advanced charting and trading features where traders can view any trade pairs from connected accounts and analyze them using the built-in TradingView feature. Users can also create advanced trades, place market, limit, or condition orders, including stopping loss and taking a profit.
Education: Users, even those with zero knowledge of cryptocurrencies, have access to the 3Commas trading school to learn about bot trading and technical analysis and become successful traders. The courses cover everything from crypto basics to trading strategies, besides enabling a simulated crypto market to try out your bot before actual trading.
Mobile App: The mobile app has features similar to the desktop version meaning you can conveniently perform trades on your smartphone besides checking trades on the move.
Customer support: 3Commas runs a full 24/7 customer support service in multiple languages and has several FAQ articles addressing common customer concerns.
• The platform supports more than 23 major cryptocurrency exchanges.
• Relatively affordable and offers a 50% discount on annual subscriptions.
• Exhaustive features for automated and manual trading.
• Accessible across most parts of the world.
• Easy-to-use and intuitive interface across different devices, including iOS and Android mobile devices.
• Good cryptocurrency exchange connections.
• Smart trading and copy trading.
• Cloud-based platform.
• Minimal KYC (know your customer) details required.
• Offers a trading school for newbies and non-experts to improve trading skills.
• The platform offers a paper/demo trading account for testing trade strategies.
• The platform is not cost-effective for small-volume trading.
• Automated trading bots are only available in Advanced and Pro plans.
• Some features are not available to beginners and casual traders.
Should you use 3Commas?
Whereas other trading bots don't work as expected or are challenging to use, 3Commas has a simple setup process, is easy to use, and appears relatively reliable compared to its competition. A highly customizable interface and robust security have made it the go-to platform for beginners and experienced crypto traders since its launch in 2017.
The overwhelming number of positive reviews and a growing number of users testify to the platform as a fantastic automated trading platform and crypto trading bot. While some users occasionally experience challenges when trying to integrate TradingView, additional features such as social trading, portfolio creation, and tracking make 3Commas a reputable option for traders interested in including automated cryptocurrency trading into their trading portfolios.
Tom is a freelance writer with over 15-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.