3Commas Review - Excellent crypto trading bot (2022)

As the world of cryptocurrencies continues to mature, cryptocurrency traders are offered an ever-expanding range of services to help simplify the trading process and help traders of all levels of experience record consistent profits.

3Commas is a comprehensive cryptocurrency trading platform that allows its users to use automated trading boots and also track and copy the actions of successful traders and create and track top portfolios. In addition, users can engage in smart trading and customize their own trading strategies and set stop loss and take profit orders. 3Commas supports several languages, including Czech.

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3Commas reviews

The 3Commas cryptocurrency management platform provides access to a range of tools designed to improve overall trading efficiency. The team behind the project aims to help minimize investors' risks and reduce their exposure to losses while maximizing their profits.

The central point of the service provided is the 3Commas trading bot, which operates as a web service and works in conjunction with a number of facilities and exchanges. Trading bots are pieces of computer software that run trades around the clock based on predetermined parameters set by the trader.

The service is currently used by more than 33,000 traders, and the platform handles over $ 10 million in daily trading volume, and the trading bot currently works with approximately 12 exchanges, including Coinbase, Binance, Bitfinex and Huobi.

As a result, with 3Commas, traders can keep up with different orders on different exchanges, develop more informed trading behavior and use effective trading strategies. Key features of the platform include:

• Functionality - 3Commas uses a web-based platform and offers an easy-to-use and intuitive user interface that includes a wide range of features and detailed analysis. Users can use short, simple, composite shoes and set stop loss and take profit, as well as customize their own trading strategies.
• Technology - Automated trading takes place through the integration of APIs with cryptocurrency exchanges and bots work continuously with any device and users can access their trading panel on desktop computers and laptops. The team has also developed mobile applications for Android and iOS
• Range of tools - The platform provides a wide range of trading tools and in addition to automated bots and performance analysis, users can create, analyze and back-test crypto portfolios and track the most powerful portfolios created by other users. In addition, users can engage in social trafficking and track and copy the actions of other successful traffickers.
• Exchange integration - The 3Commmas team provides automated trading robots for 12 exchanges including Bittrex, Bitfinex, Binance, Bitstamp, KuCoin, Poloniex, HitBTC, Cex, Coinbase Pro, OKEx, Huobi and Yobit.
• Customer support - The platform is available in Czech and the support team is available to solve any problems 24/7. Users can contact the team by submitting a request in Help Center and the team can also be contacted through their Twitter, Telegram and Facebook accounts. There is also a FAQ page in the Help Center that also addresses common issues. as a number of clearly written guides to help users navigate the platform.

3Commas prices

3Commas is free to try and there are also a number of monthly membership packages that include various features.

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Starter pack Beginner costs $ 29 per month and includes:

• Smart trading terminal
• No limits for trading
• Error and cancellation notifications

Package Advanced costs $ 49 per month and includes:

• Smart trading terminal
• No limits for trading
• Simple trading shoes
• Personal signals TradingView

Package For costs $ 99 per month and includes:

• Smart trading terminal
• Simple, composite shoes and Bitmex shoes
• Personal signals TradingView
• Complete portfolio management

Users who commit to longer subscription periods will receive discounts on monthly fees. You will receive a 25 % discount for an annual subscription. There is also an enterprise package that includes priority support and custom features, and the price of this service is available on request.

The team is also relatively flexible in terms of payment options and subscriptions can be paid with either cryptocurrencies or fiat, with credit card payments and transfers via PayPal and advcash.

3Commas tutorial

Create an account

Visit the 3Commas website and enter your registration email address and password. After confirming your account, clicking on the link in the sent e-mail will give you access to the dashboard.

Select the type of robot

There are four types of business shoes, short, simple, composite and composite shorts. A simple trading bot involves only one trading pair and is the easiest to set up.

Connect the stock exchange

The simple trading robot function only works with the Binance exchange. Make sure your account is connected via the API and contains a BNB and has the BNB fee payment feature turned on. Then you can move on to naming your shoe.

For example, to get your API key and API Secret on Binance, you need to:

1. Log in to your Binance account and touch the account user icon.
2. Select "API Management".
3. Add a name for your API (any name, it's just your API name).
4. In this step, you may be asked to enable 2-factor authentication (2FA) or SMS authentication, so go ahead and enable one of these security measures.
5. After enabling one of the security options, add the API name again. After adding your API name, you will receive a confirmation email from Binance. Once you click it, you will be taken to the API page with the API key and the API secret.
6. Copy them and add them to 3Commas. Done!

Select a trade pair and set the base trade size

From the drop-down menu, you can select the trading pair you want your shoe to trade with, and then you can tell your shoe how much of your preferred currency you will use during your initial trade.

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Set a target profit

Before you do, it's a good idea to set the size of the security store, because after any dips, you can shop more controlled. If an ETH / BTC trading pair is selected and if the price falls below the original purchase price after the ETH purchase, then the security shops allow you to purchase more ETH with the amount of BTC, which is set in the security trade size.

You can then set a target profit that tells the trading robot when to sell by percentage. If the target profit is set to 3 %, then the trading bot will automatically execute the sell order as soon as this profit is realized.

Select the type of profit

There are two ways to take a profit, which is a percentage of the base trade or a percentage of the total volume.

Set the maximum number of trades

This informs the trading boot about how many security trades it can make before it stops.

Set a price variance for open stores

It tells the shoe when he can start making trades, and is set as a percentage. If set to 3, when the price of the selected currency drops 3 % below the initial trading price, then the bot will start conducting security trades.

Set the conditions for starting a trade

It informs the robot when to execute the initial trade, and there is a choice between TradingView Signal Buy or Strong Buy, TradingView Signal Strong Buy, Manual or Open New Trade ASAP.

Following these steps, the trading boot can be configured in minutes and the whole process is simple enough to be successfully followed by more novice traders. The platform is still detailed enough to attract even more experienced traders.

3Commas function

After setting up the shoe, users can start trading longs and shorts; for shorts, a price increase in the selected currency will result in the sale of the underlying cryptocurrency as soon as the specified level of profit is reached. In the event of a price change, security orders can be entered to ensure that the bot also makes purchases with a given percentage increase.

Long - buy below, sell above

The trading bot opens a new trade according to one of the conditions available for selection during creation. He then immediately puts the coin up for sale. If the price rises and the order is fulfilled, the profit goal is reached. In the event of a drop in the price of shoes, he places security orders below the purchase price every x %. Each completed security order averages the purchase price and allows you to move the TakeProfit goal lower and close the trade without losing a profit on the first price jump. Buy one coin for $ 10 and then sell it for $ 11. You make money on the difference in prices, because you get more after the sale. You earned $ 11 compared to $ 10 spent.

Short - sell above, buy below

It is an inverted version of the "Long" algorithm. Sell one coin for $ 10 and then buy it again for $ 9. It makes a profit from the difference in prices because you spend less on repurchases. $ 9 spent compared to $ 10 earned.

3Commas includes Smart Trading, which uses TakeProfit and StopLoss commands to help users maximize trading profits. Traders can customize their portfolios with buy or sell orders at a given price. The commands work as follows:

Trailing Take Profit - The Trailing Take Profit feature has been designed to help traders make the most profits. If the user buys ETH for $ 500 and sets the standard take profit order to $ 550, he will have a profit of $ 50 for ETH.

However, if the ETH price continues to rise above $ 550, then Trailing Take Profit allows you to sell on the highest part of the trend by selling at the percentage of the highest value. As a result, if you set the Trailing Take Profit order to 10 % and the ETH reaches $ 600 before the decline, then the sell order is activated when the price drops by 10 % or below $ 540.

Trailing Stop Loss - Works the same as the standard Stop Loss order, as both allow you to minimize your exposure to falling prices. The Trailing Stop Loss order differs slightly because it is based on percentages and automatically adjusts to price fluctuations, while the Stop Loss order is set manually at the fixed price limit.

As a result, if ETHs are bought for $ 500, with the Stop Loss order set to 10 %, the stop loss order is automatically executed if the ETH price drops below $ 450 and sells your ETH at that price. If the ETH price increases during the day, the Trailing Stop Loss order automatically adjusts to the price change, and if the ETH price increases by 15 %, the Trailing Stop Loss order is triggered when  adjusted price  decreases by 10 %, resulting in a 5% gain. This differs from the standard Stop Loss order, which is executed only when the price falls below 10 % of the original purchase price.

Trading Signals Marketplace

If the above trading strategies confuse you or you are not sure enough to go solo, you may want to consider the 3Commas Signal Trading Marketplace.

Basically, you can purchase the business setup of other 3Commas shoes.

The great thing about the market is that you can view the historical trading results of each robot listed on the platform.

As such, you will want to choose an automated shoe with a reasonably long record of net consistent profits. Of course, each shoe will have its own basic strategy, which means that some will pose a higher risk than others.

Safety

The team does not go into too much detail about the security protocols it has chosen to use. However, you do not actually hold any funds on the platform and your tradig boti are not able to make withdrawals from your linked accounts.

As with other similar platforms, your trading bots connect to your exchange accounts via the API and then continue to execute automated trades on your linked exchanges. Users are not required to perform any cash / cryptotransfers to external accounts and simply need to provide their API keys that are generated by their exchanges.

These keys give bots limited access to user accounts for trading purposes only and do not give them any withdrawal rights. This also means that if your account is compromised and hackers are able to gain control of your trading activity, they will still not be able to directly access your stock exchange accounts to make withdrawals.

However, hackers are known to gain API access to stock market accounts and control robots to buy large quantities of low-value coins that hackers have previously purchased. After hackers artificially inflate both the demand and the price of these coins, they sell their personal holdings at a profit and leave the owners of the compromised accounts with funds in low-value coins.

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As a result, users are encouraged to enable available security options, such as two-factor authentication (2FA) and alerts, to mitigate these risks. Notifications can be enabled to alert users each time they log in to their account, and the platform also uses new IP address detection to send a verification email when a user logs in from a new location.

To access their account, the user will need to enter a one-time code or click on the link provided in the verification email.

The 3Commas team declares that it is committed to securing the data and privacy of its users, and that all data is protected by integrated security measures. These vary in approach and include the use of secure areas and technical measures such as encryption and secure servers.

The team also outlined that in the event of a security breach, it would implement its incident and breach response plan, which includes sending notifications to individuals as soon as possible.

FAQ

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All content in this article is for informational purposes only and does not in any way serve as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.