- Are you interested in making extra money from real cryptocurrency trading?
- Do you want to do paper trading before you do the real trading?
- Do you want to use automated crypto trading bots for trading?
- Are you annoyed about keeping a track of multiple orders on innumerable exchanges?
If you answer yes to any one of these, this 3Commas review is just for you.
If you resonate well with these concerns, you are in the right place. If you don’t, stick with us as we are going to unveil something very interesting, something that can help you maximize your profits in the cryptoland.
On observing closely, you will find that the cryptocurrency market is hyper-volatile, to say the least, but this volatility can actually be used to earn handsome profits if you have the right tools.
This is what 3Commas offer. A crypto trading tool that is idle for beginners and advanced users alike.
Usually, new and experienced users alike, fail to realize potential profits while trading cryptocurrencies because of certain issues, some of which are:
- Inability to monitor different exchanges for different coins
- Improper/less effective stop losses or take profit features in the exchange UI.
- Lack of real-time notifications etc.
These are just a few of the many problems or limitations that they face. Hence, their trade quality isn’t good enough to realize maximum profits.
However, 3commas is revolutionizing that. Let us understand how!
What Is 3commas.io?
3Commas offer 3 different kinds of bots:
- Gordon bot
- Advanced bot
- Grid bot
The grid bot is the latest, and easy to use bot by 3commas, and you can learn about it from the video below:
Since 3commas offer paper trading for you to test these bots (before you actually put the real money), you will learn using the crypto trading bots for free.
Grid Bot review:
I have been experimenting with 3Commas grid bot, and my experience has been profitable. It is a range bound bot, and it does the job of scalping. Before 3Commas I was scalping manually, but now this AI bot does everything automatically.
There are two options you can choose from within Grid bot:
- AI based strategy: In this AI set a range (Upper limit and lower limit), and does everything for you.
- Manual strategy: In this you set the range, and the buying/selling with happen in your defined range.
In an uptrend market, this bot can generate significant results. I have been running Grid bot for almost 3 weeks. Here are my results from my recent Grid bot performance:
Another great feature of 3Commas is Smart trading.
3commas calls it SmartTrading.
Let’s learn a bit about their SmartTrading approach:
In the SmartTrading approach that is implemented via the 3commas tool, you get some exclusive features.
- You can trade on all exchanges from one single interface i.e. from 3commas’ window. Update, they support Bittrex, Bitfinex, Binance, Bybit and Poloniex, Kraken, Cex, OKEX, Huobi, YOBIT
- Contemporary stop-loss and take-profit. Traditional exchanges won’t do this
- Trailing mechanisms can help you to trace all the market changes and limit the loss
- Handy notifications about your orders’ condition
- Notes for the orders
- Trader’s journal (automatic summary of your trading statistics from all the exchanges in one convenient report)
Now that you know about these features, it makes sense in introducing you to its interface and also throw some light on each of these features.
Note: This application/service can be access through any web-browser or mobile so you need not worry about multiple device accessibilities. They have a mobile app for Android and iOS.
How Does 3commas Work?
Cryptocurrency Paper trading
Before I share the features of 3Commas, you should know about the paper trading feature of 3Commas. Using it, you can test your strategies and do trading with virtual money. This will help you learn to trade and also getting used to 3Commas system.
Access All Exchanges In One Window
When you register on 3commas with your email ID, and login for the first time, you will see this as your dashboard. Here, you can keep track of your balance, prices and other quick access feature like ‘Connect to exchanges’.
3commas currently supports all best cryptocurrency exchanges (Bittrex, Bitfinex, Binance, Bybit, and Poloniex )and you can connect all these exchanges to 3commas and control them from a single window.
Explore the links (official) below for linking the following exchanges to 3commas:
Note: When creating API for any exchange, make sure to not enable the withdraw feature. This is already mentioned in the 3Commas article but something I feel it’s important to mention. Make this a thumb rule whenever you are using a Crypto bot.
Contemporary Stop-Loss and Take-Profit
Contemporary stop-losses or take-profit conditions are managed and executed in real-time according to the goals you set.
Here is an example: Let’s say you want to buy a coin and your entering price is $X. With 3commas, your order will actually be placed on your chosen exchange when the 3commas bots detect that your buying condition is met. Unlike traditional exchanges/bots, it will not create fake buy/sell walls.
Similarly, when stop-loss has to be activated, it will constantly look out to check if the conditions set by you actually match at that time.
In both these ways, your actual funds will never be waiting for the conditions to be met and will not be frozen in the exchange itself.
In a nutshell, at the moment of creating the order from 3commas, the bots begin to look at the current price and compare them to your goals (SL/TP)
And as soon as the coin price coincides with the condition that you set (for example take-profit), the bot will close the position, i.e. it will take the profit.
3commas Trailing Stop-Loss and Take-Profit
For example, you buy 1 ETH for 0.05 BTC, and set in the system a stop-loss goal, for example, 10% (0.045BTC) and take profit is 20% (0.06 BTC). The trailing stop-loss always follows the price and moves the stop-loss after the price moves toward the target take-profit. For example, suppose the price of ETH increases by 10% (0.55 BTC). Now your stop-loss of 10% will be rearranged to 0.0495 BTC. To understand more about how trailing stop-loss feature works see this official guide from 3commas.
Take this for example:
1. You open a position at a price, for example, $5. You set take-profit to $6. The TP condition itself means that when the price reaches $6, your position will close, and you will earn $1.
2. Trailing take-profit is needed to maximize profits, that is, if the value of the position increases, it won’t close it at a fixed price, but will raise the closing condition while the value goes up. If you bet Trailing TP to $7 (40% of the growth from the initial one), while the price goes up – $6 (20%), $7 (40%), $8 (60%) – the closing position changes and the take-profit grows.
3. At a time when the price goes down more than X% (which you choose in the settings), the position closes. If this happens, for example, at $9 dollars, you will additionally earn $3, thanks to trailing take -profit. To understand more about how the trailing take-profit feature works, check this official guide from 3commas.
- Real-time Notifications
You can also enable notifications for mobile, in the browser, and emails from the right top corner under settings here. You can also customize the type of notifications you would and would not like to receive.
- Add Notes To Your Trade
You can also add notes/comments in your trade orders so that you can recollect or can get its audit trail in the report itself as to why and when you the trade was carried out. You may also add comments like ‘you want to hold this coin for next 6 months’ to trade efficiently through 3commas.
- Trader’s Diary
Trader’s diary is another cool feature of this tool where you get a consolidated report of the trades that you have made on all the linked exchanges through 3commas.
You will also understand at a glance, by looking at this diary, the profit or loss you have incurred on a particular trade in a particular duration.
- Portfolio Follow/Copy
You can also explore the portfolios of others through this tool and analyze how they are doing by following that particular portfolio.
You can also copy a portfolio if you like, but for this feature to be used you should have those particular exchanges linked to 3commas.
3commas is rather cheap for the features it provides. It cuts down on a lot of hassle for multiple exchange users.
In my opinion, the pro plan is the best, as it offers bots which is one of the highlights of 3commas. None the less, the 3 days free trial is good enough for you to learn everything about this platform.
When you start a transaction, you are not charged the commission. The required commission amount gets frozen in your account. The commission will be deducted from your account upon the successful completion of a transaction: activation of stop-loss or take-profit or clicking Panic Sell. If you cancel a transaction or if it does not go through due to a service error, the frozen funds will be returned to your account.
Roadmap & Conclusion
Option to copy winning traders via their CopyTradingBot feature which they also call as social trading is just amazing.
That is all from my side in this introduction of 3commas. If you liked the idea, go ahead and register on 3commas to start trading.
And if you want to understand more about how to use this tool for actually setting up exchanges and start trading, watch this video tutorial:
I hope this detailed analysis and review of 3commas helps you in making a good decision. Share your experience with us in the comment section below!
If you like the post, don’t forget to share it with your friends and family on social media!
Official 3commas Resources:
I really like the idea of Crypto trading bots as they help in making a better decision and some time makes it easier to do trading. However, in no condition ever imagine that a bot will automatically make money for you. Spend time learning about the features and these bots will make your trading fun and easy. Now, go ahead and make some money!
Do come back and share your review of 3Commas and let us know if you are using any other Crypto trading bot and your experience.
Further Suggested Writings:
- 11 Crypto Trading Tools Highly Recommended By CoinSutra [ Exclusive ]
- Top Crypto Portfolio Rebalancing Tools (Automated & Manual)
- How To Sell Your Entire Crypto Portfolio For BTC Or USDT At Once [Trick]
- BitMEX Review: Exploring The Best Margin Trading Exchange
Harsh Agrawal is the Crypto exchange and bots expert for CoinSutra. He founded CoinSutra in 2016, and one of the industry’s most regarded professional blogger in the fin-tech space.
An award-winning blogger with a track record of 10+ years. He has a background in both finance and technology and holds professional qualifications in Information technology.
An international speaker and author who loves blockchain and crypto world.
After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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