Whether you’ve decided that investing in Bitcoin is worth it or want to ditch it and focus on a more modern cryptocurrency, you must be very keen on trading. The only problem that’s holding you down is that you don’t have the time to make it your job.
Keeping your finger on the pulse of the crypto market is a full-time job, and few people can afford to switch their 9-to-5 jobs for trading. But there’s a compromise: use a trading bot, and you’ll get your bids done automatically.
Read this review, and maybe 3Commas cryptocurrency trading bot will become your to-go assistant.
What does 3Commas offer?
If you haven’t heard about 3Commas yet, you may be surprised to start hearing more and more about it. This crypto trading solution is quickly gaining popularity, with over 120,000 people already registered.
3Commas users trade $60 million daily across 23 exchanges, including Binance, Bittrex, Bitfinex, Poloniex, Bitstamp, GDAX, YOBIT, and others. The team is working on incorporating even more platforms.
What does this company offer to attract all those people? 3Commas offers a great trailing feature, plenty of order types, multiple trading targets, both simple and complex bots, timely notifications, and paper trading.
Sounds interesting? Let’s review it step by step.
3Commas offers the trading options you need to succeed. Your options include Take Profit OCO, Stop Loss, Stop Buy Step TP, and advanced trailing of Take Profit and Stop Loss features.
You’ll be able to observe the fluctuations of cryptocurrency in real-time via TradingView and trade across multiple pairs and exchanges.
Multiple trading targets
Set up your trading bot with multiple trading targets. For instance, you can configure it to sell 50% of your stock of a particular cryptocurrency with 5% profit, and the rest with 10%. Set limits on how much crypto can your account hold and tailor your trading strategy for maximum security or maximum profit.
Make your trading even more effective with trailing. Let’s say you set up the profit margin for selling at 5%. Without trail, the bot will sell as soon as the price hits 5%.
Trailing takes the fluctuations of relative purchasing price into consideration to make sure you’re really getting the 5% on your investment. But it goes further than that, this feature will track the price of the crypto and buy right after the peak. This means you can get 8% instead of 5% in profit.
The most appealing feature 3Commas offers is the ability to create both complex and simple bots. Set up a simple bot that would do repeated short-term trades for you, and the only thing you’re left to do is get notifications about earnings.
Set up a complicated one, and you can take advantage of multiple trading pairs and exchanges that 3Commas offers.
Copy strategies that perform best
3Commas is an amazing tool for beginner traders because it lets you look up and copy other people’s portfolios and bots. Learn from the best, and become one of them as you absorb their insight.
The platform allows you to tune a notification system to stay ahead of the market and always see a possibility for profit. Get instant notifications via mail or Telegram to see the current trades your bots are making.
You also see detailed reports on every trade.
Not sure if you can be an effective trader? Try out 3Commas in the demo mode with a paper trading account. This account uses mock money and doesn’t cost you anything. Basically, you can learn for free. Transition to real trading any time you want.
Is 3Commas safe to use
3Commas has over 120,000 registered users and none of them have reported compromised data en masse. Even though the team doesn’t enclose much information on security protocols, there aren’t any opportunities for hackers.
The platform doesn’t get access to any of your payment methods, it only works with exchange API. It doesn’t hold any money at all. The platform also uses an impenetrable 2FA to make sure the authentication is secure. This means safety mostly relies on the crypto exchange your trading on.
Since 3Commas works with the best exchanges in the industry, your funds are safe.
What’s the price tag?
3Commas is not the cheapest tool on the market, but the price is fair for what you get in terms of value. The pricing starts at $22 per month for a basic plan. The plan that includes automated trading costs $37 a month. If you want to use complex bots, it costs $75 a month.
If you’re a beginner, you may want to start small and work your way up as you progress in skill, there isn’t any reason to pay $75 a month from the getgo.
Here’s a bonus to those who’ve read the review till the end. You can trade with 3Commas for free if you only use the Binance exchange. They’ve entered a partnership with the platform that lets you get all features of the premium plan for $0 a month. You only have to pay the trading fees.
If you tell your friends about 3Commas, and they register using your promo code, you’ll get 25% of their subscription payment on your account. If they keep asking their friends over, you’ll get 15% off the plan for the second level referrals and 10% for the third level.
The final verdict
It would be a stretch to call 3Commas the best crypto trading bot on the market. However, it offers a lot of value for the price you pay. It’s a great choice for professional traders, but it’s the beginners that profit the most.
You can learn from your mistakes safely in the paper trading mode, and since you can start with Binance for free, it’s a great opportunity to start trading. When you have absorbed enough cryptocurrency exchange tips, copied the best portfolios on the platform, and are confident enough, you can upgrade your plan and trade across exchanges.