3commas Review 2019: How Crypto Trading Bot – Is it Safe? Pros & Cons

3Commas Review

If you’re searching to become active from the dollar crypto currency trading stadium, however possess very little to no expertise, then you may desire to consider the merits of automatic buying and selling.

In reality, even in the event that you classify your self being a veteran trader, the capacities of automatic investing robots tend to be more higher level compared to what your brain provides. At least, this also has the capacity to trade round the clock onto a 24hour foundation.

With that said, among many absolute most well-regarded crypto currency trading robots now from the current market is the fact that of 3Commas. The stage provides a lot of advanced buying and selling features which might be developed to your own customized bot, most which are analyzed and utilised in many of foremost crypto currency markets.

If you’re considering making use of 3Commas on the automated dealing jobs then we’d propose studying our in depth review . All of us’ve covered from the way in which a bot functions, exactly what it’s makes it possible for one todo pricing, pricing, and much far more.

Let’s beginning having a synopsis of exactly what 3Commas happens to be.

3Commas

What Exactly Is 3Commas?

In its simplest sort, 3Commas can be an internet service which enables regular traders to work with benefits of automatic investing robots. Aside from one’s encounter within this specific discipline, 3Commas intends to appeal to traders of all measurements.

If you do choose to activate in automatic trading, then the bot will implement crypto currency purchase and sell orders for your benefit. By way of instance, in the event that you would like to plan your buying and selling bot therefore it purchases Bitcoin whenever the strength reaches $10,000 on Binance, then sells it once your coin strikes $11,000, you certainly can certainly do it by way of 3Commas easily.

In actuality — as we’ll talk in detail farther down, the technical capacities of one’s custom made investing bot will go beyond and far only advertise requests. To the other hand, the inherent tech encourages brief sells, prevent loss and take profit orders, tracking orders, composite robots and more.

3commas includes

If you’re maybe not exactly in the point in which you truly feel cozy setting-up your trading parametres, afterward 3Commas additionally lets you duplicate the portfolio of some other trader. You may settle on which traders that you would like to replicate checking their numbers, these as for instance historical losses and profit, favourite trading currencies, and also even volumes.

In regard to the principles, the 3Commas system has been initially established in 2017, and also the organization behind it’s founded at Toronto. In general you can join your buying and selling bot together with 1 3 leading crypto currency markets, that comprises famous brands Binance, KuCoin, BitFinex, Coinbase Pro, along with BitMEX.

Pricing shrewd, you can find just four bundles out there. This ranges from an completely free accounts, also a rookie accounts in $22/month, a complex account in $ 3-7 monthly, and also the all-in Pro accounts in $75/month. The package deal that you will require will fundamentally depend upon your own unique demands, and the way you wish to choose your automatic buying and selling endeavours.

So today we’ve covered the fundamentals, within the second element of our 3Commas review we will research the way a automated investing robots operate in detail.

How Does 3Commas Work?

The 3Commas system provides lots of beneficial companies to get a sort of dealing requirements. To get matters simpler for you personally, we’ve broken up the center services and products under control.

Connect Exchange APIs

Before you proceed via the procedure of selecting exactly what trading plans that you wish to execute, you may first must join your outside market balances upward with all the 3Commas system. At brief, you want to offer 3Commas accessibility into a own trading accounts in order the preferred automatic strategy could put trades within a sovereign method.

This can be effective even in the event that you don’t want to use an automated bot, not least because you can execute automated trade orders across all of your cryptocurrency exchange accounts at the click of a button. For example, let’s say that in order to mitigate your risks, you have funds stored with Binance, KuCoin and Coinbase Pro.

Connect Exchanges

If you wanted to place an automated trade on BTC/ETH when the price hits a certain level, you would ordinarily be required to log in to all of the exchange platforms individually, and then place your required order one-by-one. Instead, you can set-up a single order via your 3Commas portal, which will then execute your chosen order when the pre-defined conditions are met.

In terms of how you go about linking your accounts, this will vary depending on the specific third-party exchanges you wish to merge. However, in the vast majority of cases you will need to the settings page of your respective exchange account, and extract the API key.

Once you have the required credentials, you then need to head over to the “My Exchanges” section of your 3Commas account, followed by “Connect into some different accounts “. Finally, paste in the API key that you extracted from your chosen exchange. Once you’ve completed the above, you have successfully given the 3Commas platform permission to execute trades on your behalf.

Below is a list of the 13 exchanges that the platform supports:

  • Bitmex
  • Bittrex
  • BitFinex
  • Binance
  • Bitstamp
  • KuCoin
  • Poloniex
  • HitBTC
  • Gate
  • Coinbase Pro
  • OKEX
  • Huobi
  • Kraken

SmartTrade

So now that you’ve connected your preferred exchanges with 3Commas, you can now decide what trading strategy you want to utilize. Before we get to the automated bots, it is important to discuss the SmartTrade feature.

As we noted in the above section, 3Commas allows you to execute trades across multiple exchange platforms via a single hub. This is known as SmartTrade.

Smart Trade

In a nutshell, although many of the trading features available through SmartTrade — notably stop loss and profit take orders, will be available on your respective exchange platform anyway, SmartTrade is likely to offer a number of features that aren’t endorsed with the market. Therefore, you’re able to simply take your own crypto currency trading jobs into this exact second degree.

The dealing attributes that you simply elect for by way of the SmartTrade hub will rely upon your own experience and comprehension about the way trading plans do the job. But as a way to provide you with a more birds-eye perspective of a few of their very most useful characteristics, we’ve broken down these into greater detail under.

Trailing Order

Trailing orders really are an enormously practical buying and selling tool which grew to prominence within the conventional stock exchange room. In spite of the inherent advantage it’s supposed to trade, tracking orders basically enables one to correct your stoploss and revenue carrying parameters mechanically. The truth is that it can therefore regarding advertise states.

For instance, permit’s mention you like to trade BTC/USDT in Binance. Together with Bitcoin now coming in at $10,000, then you opt to plan your tracking arrangement to leave the trade whether it loses 10 percent in worth. Similar to in case of the traditional stop-loss arrangement, the SmartTrade proto-col will probably shut off your trade in the event the purchase price tag on Bitcoin goes by 10 percent.

Trailing Order

However, what now? in case the purchase price of why Bitcoin continues onto the rally? Usually, you could certainly be restricted to your predetermined Pro Fit . To the other hand, the tracking sequence will adapt your weight-loss parameters along with also your benefit accept proportions.

Continuing with precisely the exact same case, let’s’s mention that Bitcoin rises in price with 20 percent and therefore, it’s currently coming in at $12,000 12,000 in opposition to USDT. Whilst your weight-loss has been once established at $9,000 (10 percent of $10,000), it’s going to currently stand at $10,800. The cause of it can be the 10% stoploss arrangement will adapt whilst the purchase price of why Bitcoin gains.

Short Sells

As long when you’re having a thirdparty crypto currency market which affirms short-term, the SmartTrader system gives you the ability to put in unread orders that are short. By way of instance, in the event that you’re buying and selling ETH/USD and also you feel a essential degree of service is all going to become broken up at $230, then you definitely may teach the 3Commas system to market your own present holdings and then as an alternative execute a brief purchase.

This can be enormously beneficial in the event that you’re excited to respond to advertise terms in a sovereign fashion, and therefore, max your prospective hands down. More over, a brief market by way of 3Commas gives you the ability to revenue once the crypto currency trading stadium is still at a market.

Smart Sell

Although the wise market feature accessible by way of the SmartTrade hub could appear a bit complicated initially, it might function as an exceptionally valuable software as soon as you’ve received your face round it. In its most fundamental kind, the wise sell features enables one to market a particular coin, or even set of coins, then buy them back again at a subsequent time.

For instance, permit’s state which you’re presently holding a tote of XRP, nevertheless, you anxiety which the purchase price will be all about to move to a temporary reduction. Nevertheless, since you truly feel convinced from the longterm viability of XRP, you wish to purchase straight back in the marketplace as soon as the cost reaches a particular amount. As opposed to moving through the rigmarole of implementing yourself over most your crypto currency market balances, you’re able to teach the SmartTrade proto-col to execute so for your benefit.

Stop Loss

If you would like to choose matters into the second degree, you may even participate in automatic buck price averaging. This really is the location where you get a pre-determined number of coins whenever that the advantage reaches a brand new lowcost. By way of instance, you may educate the stage to get 500 value of Bitcoin as it reaches at 9,000, $8,000, $7,000, etc.

Automated Bots

When in regards to automatic investing robots in 3Commas, you have just two options. In the event you’re a seasoned trader and also you would like to customise your trading requirements, you certainly can achieve this together with simplicity. Instead, in the event you’re a newcomer trader with minimal expertise in dealing plans, you may as an alternative replicate the dealing portfolios of all different 3Commas end users.

However, earlier we all unravel the principal options of their automatic robots, it’s crucial to be aware you are unable to install specialized investigation calculators in to the decisionmaking procedure. This way we suggest that the kind of Moving Average Convergence Divergence (MACD) or even Bollinger bands. When you’ve got the option of scrutinizing your automatic bot, the genuine conclusion course of action is situated upon exactly the crypto currency signal socket issued
by TradingView.

TradingView Cryptocurrency Signal Finder

In brief, the TradingView sign finder may scan the crypto currency trading niches onto a single micro second by micro second foundation, and with all the perspective of acquiring likely profit signs. In general, the routine protocol problems four dictate type s. This handles a’buy’,’strong buy’,’sell’, and also a’strong sell’.

Once an indication is issued, and also the 3Commas automatic bot implements this sequence, the bot will immediately put quite a few of requests. This may always incorporate a exit plan regarding both the losses and profits, and it is dependent on this TradingView algorithm.

Howeverthe essential thing here is the fact that the underlying particulars — such as for instance if to enter and depart the current market, may be personalized into your’t’.

Customizing Your Trading bot

Here would be the principal tips which 3Commas enable one to correct.

  • Exchanges: You are able to define the specific crypto currency exchanges you need your custom made bot to trade . In the event that you wish to trade substantial volumes, then then it may be most useful to make use of numerous avenues. Don’t worry, the bot will execute your instructions simultaneously, as opposed to placing your orders one-by-one. As such, you won’t overlook any possible trading chances by dispersing your requests within various platforms.
  • Pairs: You want to define exactly what trading currencies you would like your automatic bot to trade for your benefit. By way of instance, in case you would like your bot to trade BTC/USDT and BTC/ETH, only input your preferred pairs by the drop down checklist. Before you’re doing, it’s worth studying the’Recommended Pairs’ tab. This lists right trading monies, in connection to industry requirements you stipulate beneath.
  • Initial Trade Size: You want to enable the bot understand howmuch you would like to start out your own trade in the slightest. Don’t forget, the bot is going to place additional trades once the initial order has been executed, as per your pre-defined conditions. Nevertheless, you need to enter the amount that you want to purchase in relation to the base currency. For example, if you are planning to trade BTC/LTC, then your initial trade size needs to be stipulated in BTC.
  • Safety Trade Size: The safety trade parameter is used to perform a cost average exercise. As we briefly covered above, this allows you to bring your average buy price down as the coin declines in value. The bot will typically place a safety trade for every subsequent percent that goes against you.For example, if you are trading ETH/USDT, and you want the bot to place a safety trade at a value of 1.5 ETH, then the bot will do this if the price of ETH declines by 1%, and again if it declines by a further 1%. Much like in the case of the base trade size, your unit of currency needs to match the base currency. So in the above example, this would be ETH, as opposed to USDT.
  • Safety Trade Limit: This parameter leads on from the above metric. As noted, the bot may decide to place a new safety order for each 1% decline that goes against you. However, you need to specify how many times you want the bot to do this. For example, if you were to input 4, then the bot would place a new safety trade when the price goes down by 1%, 2%, 3%, and 4%. After this, no more safety trades will be placed.
  • Safety Trade Deviation: If you don’t need the bot to decide on the proportion drop in the security trade is implemented, you’re able to define yourself. Only enter the predetermined portion while in the carton.
  • Safety Trade Scale: If you overlook’t want to confine yourself to a fixed percentage, you can instead instruct the automated bot to utilize a scaled safety trade strategy. For example, you can increase the size of the safety trade for each subsequent percentage decline.
  • Trading Volume Restrictions: This particular trading metric is of significant value. Essentially, you can instruct your automated bot to only execute your trading conditions if your chosen pair hits a minimum 24 hour trading volume. For example, if you are looking to trade BTC/ETH, but you only want to enter the market when trading volumes surpass 1,000 BTC, then this can be done.Take note, the minimum 24 hour volume must be expressed as the base currency. Once again, if you were trading BTC/ETH or BTC/USDT, then in both cases the base currency would be BTC.

Trading Signals Marketplace

If the above trading strategies confuse you, or you’re not quite confident enough to go solo, then you might want to consider the 3Commas marketplace for trading signals.

Essentially, you get to purchase trading setups of other 3Commas bots.

The great thing about the marketplace is that you get to view the historical trading results of each and every bot listed on the platform.

As such, you’ll want to pick an automated bot with a reasonably long track-record of netting consistent profits. Each bot will of course have its own underlying strategy, meaning that some will be higher risk than others.

Marketplace

So now that we’ve covered the ins and outs of what you can do at the 3Commas platform, in the next section of our review we are going to unravel the four pricing plans.

3Commas 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.

3commas Pricing

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 include using all the TradingView pricing signs, 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 readily available in all those additional ideas.

3Commas Review: The Bottom Line

If you’ve study our 3Commas review from beginning to end, you really should finally have some excellent thought concerning if the stage is best for the personal trading conditions. Primarily, even in the event that you don’t want to use the automated bot feature, 3Commas still offers a number of valuable tools.

At the core of this is the ability to place trades across multiple exchange platforms via a single market order. For example, if you wanted to place the same trading order on BTC/ETH across Binance, KuCoin and Coinbase Pro — then 3Commas would eliminate
the need to do this individually on all three platforms.

On the other hand, if you do like the sound of what the automated bot offers, then pricing starts at just $37 per month. For this, you can customize your own bot, or simply follow the trading strategies of a bot created by another user.

Ultimately, it might be worth testing the platform out for yourself via the free plan before making a commitment. Alternatively, 3Commas also offers a free trial, where you get to test out the paid-for plans without providing any payment details.

3Commas

3commas

3Commas Review
9

Ease of Use

9.0/10

Fees

9.0/10

Reputation

9.0/10

Customer Support

9.0/10

Design

9.0/10

Pros

  • Clean Well Designed Interface
  • Good Exchange Connections
  • Smart Trading
  • Copy Trading
  • Cloud-Based Platform

Cons

  • Not for Beginners