3commas Review: Introduction to the Crypto SmartTrading Bot
What is 3commas?
3commas is a cryptocurrency trading bot that helps traders maximize their cryptocurrency trading profits. 3commas dubs itself a SmartTrading bot.
The platform was launched in 2014 and it is based in Miami. Since its release, the platform managed to attract over 33,000 users and to achieve a daily trading volume of $10m. The trading bot currently has strategic partnerships with approximately 12 exchanges including Coinbase, Coinbase Pro, Binance, Bitfinex, and Huobi. These partnerships make it possible for 3Commas trading bots to operate on some of the largest exchanges in the world via API protocol.
3Commas has incorporated on its platform a variety of tools and unique features to improve the efficiency and profits of its traders:
– Stop Loss
The stop-loss function lets you pre-program a loss percentage, and when that percentage is reached, your bot will automatically sell you crypto. Stop losses can be very effective and can save you from losing profits.
– Trailing Stop Loss
The trailing stop loss feature is similar to stop-loss but it has additional factors. These factors can include any gains you made before the percentage is reached. The trailing stop loss feature automatically readjusts the percent stop from your buy-in price to the highest- value point in the day. This ensures that you receive the gains made throughout the day.
– Take Profit
The take profit feature automatically sells your crypto once a pre-set percentage of gains is reached. The system does have its advantages but it often leads to missed profits.
– Trailing Take Profit
The trailing take profit feature also adds in the equation the price trends of the day during the sale of your crypto. If your bot is set to take profit at a certain percent, this feature will take your profit percentage at the highest point of the trend.
Sign Up Process
1. Register for an account
The sign-up process is relatively straightforward. After entering the website, you will have to provide your email and password to register for an account. You will then be asked to confirm your account by clicking the link in your email. Once you click the link you are taken to your account’s dashboard.
2. Choose the bot type
You will have to choose from four types of trading bots, short, simple, composite, and composite short bots. A simple trading bot only uses one trading pair and is the easiest to set up.
3. Connect to Exchange
In this step, you will have to integrate the 3Commas platform into your exchanges. You will be required to click on the connect button and fill in the relevant information, such as your API, for the exchange of your preference.
4. Smart Trade
Next, you will have to create your stop loss and take profit functions. The platform manages your crypto portfolio in real-time across multiple exchanges. The smart trade feature makes things easier by locking in your profits and keeping your losses at a minimum.
5. Automated Trading Bot
If you have accounts on either Binance or Huobi, you can earn extra income with the automated trading bot feature. You will have to specify the percentage of loss or gains you want your bot to use. In this section, you can actually set up more advanced features, such as trailing stop loss and trailing take profit.
3Commas’ services come with four subscription plans for you to choose from. The plans range from beginner to enterprise level. The plans have the following prices and features:
The plan is priced at $29 per month, and it features access to the smart trading terminal, unlimited exchange integrations, and error and cancelation notifications. It does not include bots.
At $49 a month, the Advanced plan has all Starter pack features plus access to simple bots, custom TradingView signals (proprietary trading interface), as well as a portfolio management interface.
The Pro subscription is a monthly $99 and it includes everything in the Advanced plan plus simple, composite, and Bitmex bots. The full portfolio management software is also included, as well as access to custom TradingView Signals.
The Enterprise level plan comes with all the bots and custom features on request. There is no price featured for this subscription as it is custom made for each client, but it is most likely more than $99.
You can pay for your subscription using: Advcash, Crypto via CoinPayments, and Yandex.Checkout. Other accepted payment methods are credit card, money transfer, and even cryptocurrencies.
Trading bots are rather recent additions to the crypto market, but the number of traders using them is increasing by the day. Whether you like it or not, keeping up with the market now requires a little help from bots, so stay ahead of the game with an innovative trading bot such as 3Commas.