In the fast-paced world of cryptocurrency, it can be quite a challenge to stay on top of all the different exchanges and how they may be moving at any given time. That’s why it’s crucial to have an edge when it comes to trading.
There are a few cryptocurrency trading platforms out there, but they are not all created equal. Luckily, Stock Dork is here to help you make sense of it all.
This 3Commas review will give you the rundown of all this service has to offer.
3Commas Review: Overview
3Commas is one of the best cryptocurrency trading platforms on the market. It features several tools and manual interfaces to develop the best trading strategies. This can minimize risk to traders while maximizing profits.
The core of the platform is a trading bot that works with linked exchanges at all times to buy and sell cryptocurrencies based on parameters of the trader’s choosing. Each crypto trading bot is able to work with a select number of exchanges, such as Binance, Bitfinex, Coinbase Pro, GDAX, and Huobi.
3 Commas Review: How Does 3Commas Work?
3Commas is a cloud-based service which means your account can be accessed from literally any device you own. It even features a mobile app for use on android and iOS. This is all done through a user-friendly user interface.
To protect your investments, 3Commas uses API keys to connect to your chosen exchange, so money doesn’t have to leave that account.
Once you’ve chosen a subscription plan, depending on what you have access to, you can choose between different types of bots: short, simple, or composite bots. After connecting the bot to the exchange, you can select the trading pair for the bot to use, initial trade amount, trade size, and much more. These customizations ensure your bot is functioning the way you want it to.
3Commas allows traders to keep tabs on various orders across crypto exchanges to trade efficiently while using strategies such as take profit and stop-loss. You can even view and copy strategies from other users.
It even features a paper trading option that lets you test out different settings and configurations without having to risk any of your own money.
Is 3Commas Legitimate?
3Commas is used by thousands of people each day and processes millions of dollars in trade volume. Although the crypto trade space is still relatively new, 3Commas is among the highest-regarded crypto trading platforms on the market.
3Commas Free Trial
For simple trading, 3Commas now offers a free plan to allow traders to try out crypto trading with a few trading bots. In order to get an exhaustive idea of everything the service has to offer, there is a 3-day free trial of their top-of-the-line Pro Plan to try out before taking the plunge with a paid plan.
3Commas has a wide range of features available to maximize your profits in the various cryptocurrency exchanges. Traders can choose from different types of automated trading bots to perform automated cryptocurrency trading on your behalf. Each trading bot will execute trades as programmed from a list of supported exchanges.
In addition to automated bots, there are a number of manual features designed to help traders make the most of what’s happening on the market.
Dollar-Cost Averaging (DCA) bots are perhaps the premier draw of the 3Commas platform. These automated bots will invest in a cryptocurrency at specific preplanned intervals to minimize volatility and reduce the entry price. The trading bots will take your initial investment, split it into smaller pieces, and invest those over a set amount of time. This approach can limit the investment impact, but still turn some nice profits in the long game.
Only certain exchanges can be used with automated trading bots. However, 3Commas offers a Smart Trading terminal to allow manual crypto trading across all exchanges. Smart Trade shines with all the options available to traders. Traders can set up simultaneous Take Profit and Stop-Loss to close deals when a price increases or drops to a certain level on the market.
In Smart Trade, it’s also possible to set up trailing Take Profit and Trailing Stop-Loss orders to adapt to changing market conditions. Moreover, it automatically adjusts closing values and chases prices as they rise or fall.
The Smart Trading terminal supports TradingView, which is the most popular charting platform available.
The GRID bot is a crypto trading bot at 3Commas that has a relatively simple trading strategy. All you have to do is choose a coin and initial investment amount then the bot will take over. The GRID bot will automatically buy when the price drops and issue a sell order when the price rises.
Trading View gives the trader access to over 100 different trading indicators in one interface. This is an excellent space to plan out trading strategies and analyze patterns. By connecting one of your trading bots to an indicator, that bot will gather alerts and buy or sell cryptocurrency accordingly.
Trading View even allows more experienced users to create custom indicators and trading signals to enhance portfolio management.
An Options trading bot unsurprisingly uses options to buy or sell underlying assets, either Bitcoin (BTC) or Ethereum (ETH). An options bot can use one of 15 different built-in trading strategies through a simple interface. These strategies include Bear Call Spread, Bull Call Spread, Butterflies, and Condors, to name a few.
3Commas Refund Policy Review
The 3Commas refund policy is pretty straight-forward. However, be aware that you won’t get any money back for the time you’ve spent using the trading platform.
Monthly rates are not refundable once you’ve started your month of service.
For yearly subscriptions, it is possible to be refunded for any months that you have not yet used on your contract, but the trading platform will deduct the full, non-discounted rate of the months you’ve used the service from the refund amount. Keep in mind, too, that even a partial month of use is charged as a full month.
3Commas Review: How Much Does 3Commas Cost?
3Commas offers four different plans so you can sign up for the level of service you want. Moreover, the site boasts these plans have no commission fees and no hidden charges.
3Commas Free Plan
The 3Commas Free Plan is advertised as a free-forever plan that lets you get more than a toe in the water. This starter package offers a firm foundation by giving three automated trading bots, one for each of the DCA, GRID, and Options features they provide. In addition, you’ll get access to one SmartTrade terminal and one Scalping Trading terminal, but you are limited to one account per exchange.
3Commas Starter Plan
The Starter Plan includes everything the Free Plan has to offer and then some. This first of three paid plans allows for five accounts per exchange, access to more SmartTrade features, access to the Concurrent Stop Loss and Take Profit function, and the ability to do paper trading. This plan is $29 per month or 50% off an annual plan for $174.
3Commas Advanced Plan
Believe it or not, the 3Commas Advanced Plan has all the perks of the Starter Plan, plus some extra goodies to use for trading. In addition to a total of 10 accounts per exchange, you’ll also have access to unlimited simple bots for Spot Exchanges and one bot for exchanges, including either Bitmex, Binance Futures, ByBit, or FTX futures. This plan is $49 per month or 50% off an annual plan for $294.
3Commas PRO Plan
The 3Commas PRO Plan literally has it all. Not only does this plan include the features of the lower level plans but it provides this access to everything on a limitless scale. It’s here that you’re going to be able to use unlimited accounts in multiple exchanges, and unlimited simple bots and composite bots. This plan is $99 per month or 50% off an annual plan for $594.
3Commas Trading Track Record
Even though cryptocurrency is still a relatively new market, 3Commas has been at the forefront. Created in 2014, it has followed the cryptocurrency wave over the last seven years and shows no signs of stopping.
Today, 3Commas sees tens of thousands of people use the service daily with millions of dollars being handled. The company uses set API keys to link up to the various exchanges. This means that your money doesn’t ever have to leave the exchange.
Not to mention the three different types of bots, 3Commas has many robust features that give it the track record it deserves, such as Smart Trade, Trading View, and a Trader’s Diary to keep tabs on your past trades.
In addition to everything currently available, 3Commas is not afraid to introduce new features like last year’s Options Bot.
3Commas Pros and Cons
3Commas makes a strong case for being a solid investment with the tools, features, and bots it has to offer. However, it can take a bit of getting used to and your exchange may not work with a bot.
3Commas Review: Pros
- Suitable for all skill levels of traders
- Affordable plans for all
- Many supported exchanges
- Manual and automated features
- Access to many cryptocurrency exchanges in one place
- List of bots to use for copy trading
- Ease of use: very intuitive
- Everything you need in one service
- Good customization options
3Commas Review: Cons
- Not every crypto exchange allows automated bots
- Can be a bit of a learning curve for new traders
- Mobile app not quite as smooth as the desktop version
Is 3Commas Right for Me?
If you want to get into the world of cryptocurrency or are already an active trader in the space, the simple answer to this question is an unreserved yes. It doesn’t matter how new you are to the trading scene; 3Commas is a trading platform for everyone.
Since you can come into 3Commas at any price point, there’s little risk to signing up.
The service has many educational tools available to get the most out of the different types of bots and all the features you’ll have access to.
The platform can be as simple or as complex as you want it to be. By setting up bots, you can leave the program to automate, and each trading bot will do its thing with minimal input. If you desire to take a deeper dive, 3Commas has many tools that can be manipulated manually to find a strong buy and maximize profits.
3Commas Reviews from Users
3Commas receives a ton of praise from reviewers across the financial world for its range of bots, tools, and features.
Members rave about 3Commas as well. Here are a few reviews from members on Trustpilot:
“I’ve been trading professionally and personally for 15 years and can honestly see say I’ve never used a trading platform which is as functional and easy to use as 3commas. Support is fast and efficient. Totally worthy of 5 stars. I just cancelled my monthly membership. In order that I could sign up for an annual membership.”
Russell, on Trustpilot
“Relatively new to trading as well as 3commas. They’re always so quick to respond regarding whatever I have questions about and very helpful at that. I really appreciate the service and how much I’ve learned so far.”
Shane, on Trustpilot
Final Review: Is 3Commas Worth It?
Yes, 3Commas is definitely worth it if you are or want to be involved in the crypto trading market. They show their knowledge of cryptocurrencies and bot usage through their easy to set up and use platform.
Everything about the platform makes it easy to trade and stay on top of what’s happening in cryptocurrencies while allowing bots to automate the more mundane trade processes. Features like Smart Trade make it easy to set up Take Profit, Stop-Loss, Trailing Take Profit, and Trailing Stop-Loss to adapt to the market quickly.
3Commas also makes it easy to come on board at a price point that works for you, so you can start as fast or as slow as you want. Even the free plan allows traders to use a bot to trade at a pace that works for them as there is certainly no harm in starting slow.
We all need whatever advantages we can get when it comes to trading. Don’t think twice about trying out what 3Commas has to offer.