Cryptocurrency is one of the fastest rising trends in the 21st century. This sudden rise in popularity of this commodity is a result of the booming values of bitcoin in the past decade. This gave rise to the idea of investing in such currencies. With that, the cryptocurrency market was overflowing with new currencies every year, and huge chunks of investments started flowing through the markets.
With the escalation in cryptocurrency and its trade, the geniuses in the IT industries figured out a smarter and faster method of investment. Hence, the cryptobots or cryptocurrency trading bots came into existence. This robot is nothing but a set of algorithms that are specifically designed to study the cryptocurrency trading market. Not only does it analyze the market but also makes decisions on buying and selling the currency on your behalf. These bots are known to work 24/7 without any constant curation from a human agent.
Since the crypto market is so volatile, it was relatively harder for investors to constantly keep track of the ever-changing rates. The crypto currency bots made things easier by adding certain groundbreaking features like automatic buying and selling, strategic investing and constant signal analyzing. These tools and features help investors experience crypto trade in a much less tedious way and help them gain a profit in a short period of time.
The 3Commas cryptocurrency robot is one of the most successful and efficient cryptobots at present. While it was only recently introduced into the market, this bot has gained a lot of recognition for its algorithm and various trading tools that cater to all kinds of traders. In a matter of few years, 3Commas has become one of the best trading bots in the market today.
The following 3Commas review is a detailed information guide about the bot and its state of the art technology.
What Exactly is 3Commas?
The 3Commas is a crypto trading bot that was developed in Miami in 2014. This crypto trading bot is basically an online platform where traders and investors can buy and sell their coins or currencies without a lot of stress. The purpose of 3Commas was to make crypto trade as easy as possible for all kinds of users and investors.
In the last five years, this bot has seen massive growth, and has amassed about 37,000 users. With over 10 million dollars being traded on this platform, 3Commas is one of the best bots in the market.
3Commas focuses on improving trade quality by giving users all the right tools and features to control their investments and manage their profits. Equipped with partnerships with many other exchanges like Coinbase, GDAX, Binance, Bitfinex, and Huobi, 3Commas claims to propagate on Smart trading.
Smart trading is nothing but using the tools in the most appropriate and efficient way possible. Certain smart trading aspects are:
- Allowing trade on as many exchanges as possible,.namely from one interface (3Commas) to Coinbase, GDAX, Binance etc.
- Constant loss prevention and profit gain methods with the tools provided (Which were not possible with human traders on a 24/7 basis).
- Trailing methods and signals that help the user track all the market changes to limit the loss.
- Subtle notifications and messaging systems on any significant action taken by the bot.
- Many pointers and lessons for new traders and an insight to the journals and strategies of experienced traders.
So 3Commas is your crypto concierge for this extremely fluctuating market. Diving headfirst in the trading world without knowing the heads and tails of the game is a risky step. So, let us have a closer look at the features of 3Commas.
Features of 3Commas
3Commas is known for the variety of tools it possesses and the amazing features it provides its users. These tools and features are more than satisfactory. They are basically a safety rope for any trader who wishes to take the risk of entering the crypto trade. These features are one of the main reasons why 3Commas became so popular very quickly. Let us have a look at the various features 3Commas offers its users.
1) Stop Loss
The “stop loss” is an effective and powerful method used by 3Commas. In this feature, the crypto bot makes sure that the user does not face a potential loss on his/her investment. This is accomplished by calculating a loss percentage with the very acclaimed algorithm and with functions like a limit. If your currency happens to lose its value and somehow cross the limit decided by the bot, 3Commas will automatically sell the currency before you lose more money.
The user has complete over this feature. They are free to set the limit and manage the risk. If the user is not satisfied with the limit set by the bot and does not want to risk losing that much money, he/she can set a higher limit to stay safe.
2) Trailing Stop Loss Feature
The Trailing stop loss is a much more efficient method of preventing losses. This is a smarter approach to the fluctuating market. It continuously changes according to the variations in the prices. Trailing makes sure that you gain at least some profit before the minimum loss limit is reached.
The algorithm works its way through the volatile market, senses that you might face a loss and then makes vital decisions to help you gain a profit first. Over the course of the day, when your currency reaches its peak, the bot will be sure to sell it before it dips.
3) Take Profit
The Take Profit is very similar to the stop loss feature. In stop loss, the user is given the freedom to set a limit on the percentage of loss, after which the bot should sell the currency. Similarly, there is an upper limit to the profit percentage that can be set by the user after which the bot can sell the coin.
As safe as it sounds, there is, however, the risk of not gaining further profits once the currency reaches a new high. This is why some experienced traders prefer not to use the take profit feature. But for many new traders, this is a risk free method to claim some profits before the market takes a turn for the worse.
4) Trailing Take Profit
The trailing take profit, like the trailing loss feature, focuses not only on the profit but makes sure that you gain maximum profit by shaping itself according to the market. In this, the bot calculates to see when the price of your crypto will be maximum during the day and will take insights for the following day as well. This feature ensures users do not miss out on any major profit opportunities, and helps new traders gain confidence in the crypto trade game.
5) Real-time timely notifications
3Commas has a great feature of always keeping the user updated about how his/her crypto trade is going on. It will notify you whenever your currency has gained a profit or a loss. The user will also be notified of any new trend or hike in the trade.
All of these notifications are accessible by your mobile, email, and browser. Also, 3Commas added a new update to this feature that lets you decide what particular information you would like to be informed about. This is a stress-free method of keeping the user comfortable with the updates and information on anything and everything.
6) Notes and Comments
Users are given the freedom to add notes and comments on the trade orders. These will be useful for the long run and will help the user keep track of their transactions. It will be easier for the user to recall and remember any relevant details for his/her next trade.
7) Trader’s log
The trader’s diary is a unique feature, and not many bots provide this. This allows usersI to consolidate their views and ideas of the trades they made along with their reports. This is a bit similar to making notes and comments, but here, there is a separate log kept that you can modify and update whenever you feel like it. This can let you look back at all the trades you made and when was it at the highest and lowest. With this feature, you can become a wise and experienced trader, giving you the freedom to study your trades in a much more systematic method.
8) Copy a Professionals Strategy
3Commas also lets its users follow professional traders and explore the strategies they employ to use this tool. It also allows you to analyze their trades and gain some insight into professional trading. However, following a trade is only profitable if you have the same currency as the expert. This is because the currencies clearly vary, and many first time users would blindly follow a professionals’ strategy without knowing the trade game properly.
9) Multiple Exchanges
One of the best features of 3Commas is that it helps users carry out transactions on various exchanges. This gives traders an opportunity to make well-informed decisions with information from almost 12 exchanges, proper analysis, and all the right steps for the best strategy and plan.
Can We Really Make Money With 3Commas?
Since cryptocurrency is a very volatile commodity in the market, the question of whether or not to invest in it is sure to plague every rational user’s brain. The fear of losses haunts the common investor almost every day. But again, investment is a big gamble (a healthy one), you either take your losses, or you earn your profits.
With the rapidly expanding technology and methods to earn money, every trade can be made online using the many tools provided by 3Commas. But after understanding the gambit, you would ask if these algorithmic bots are to gamble with?
Ideally, with all the amazing “loss defying” tools and features, anyone could earn double the profit. But with the constant fluctuation of the cryptocurrency trade, there is always a risk involved, that any risk-taker should be willing to take.
Imagine if all the strategies that are formed using this trading bot are subjected to a slow and low risk market. You will end up earning high profits on each trade, but the cryptocurrency market is way too volatile for high returns on investments. Extreme stock value fluctuation in the market happen twice or thrice in a year, and the rest of the time, the market is slow rising and prices have seen quite drastic drops as well.
That being said, 3Commas has managed to defy most odds. Users reported to have earned between 1% to 10% profits on an average. With the intense algorithms and evolving strategies, earning a 10% profit while sitting at home (office or wherever) does not seem bad.
So yes, you can really make money with 3Commas (Keeping in mind the strategies, methods and the fact that the market is highly unstable).
Advantages of 3Commas
3Commas being a pioneer in the cryptotrade game, has many advantages to look at, the following are a few such advantages:
- No emotions: The logical and algorithmic based trading makes sure that all the decisions taken by the bot are entirely mathematical and logical. The bots are programmed to make the right choices based on the ideal conditions with almost no human error. This makes sure that no human flaw can alter the decision making process, and high profits are guaranteed.
- 24/7 live on the market: 3Commas is always connected to the market online. Even if you are not looking at the trade, your bot will be online watching and making decisions. This helps the bot make decisions on minimum losses and maximum gains by rapidly concluding whatever is happening in the market at all times.
- SmartTrading: Smart trading makes use of the ‘trailing take profit’ feature that keeps the users away from loss as much as possible. With many features and tools aiding in the profit of the users’ trade, smart trading is a good idea.
- Easy setup: Oftentimes, it is tough for beginners to understand the market and start trading right away. But 3Commas is a very easy software even for the rookies. They have good pointers and guides for a decent trade setup.
- Good user interface – The interface provided by 3Commas is state of the art. With no complications at all, users across the world have praised the graphics and imagery.
- Many exchange platforms to trade on: 3Commas is known for offering a very large number of exchange platforms within.
- Reuse strategies: One of the major advantages of 3Commas is that it allows its users to reuse strategies from experienced traders. Many other trading bots do not provide such a feature for the risk of facing an unreasonable loss.
Disadvantages of 3Commas
3Commas gives out one of the best features and frankly has a good range of advantages that no other cryptobot provides. But some users have complained about certain issues of the bot and down are some disadvantages of the 3Commas cryptobot:
- Weak Security protocols – The security protocols are not as secure as they should be. Some of them are not even clear to most of its users. This does raise a few questions when it comes to transactions.
- No stable pricing plan: The pricing plans of 3Commas keeps changing regularly. These are also a bit confusing when it comes to paid plans, commission plans and mixed plans.
3Commas offers a reasonable range of pricing plans. They offer 4 plans ranging from a beginner and a pro trader tier.
This plan offers the user access to the smart trading terminal, unlimited exchange integrations, and error and cancelation notifications. Sadly this level does not include bots.
The Advanced plan also includes smart trading terminal, unlimited exchange integrations and error and cancelation notifications. It also gives access to simple bots, custom TradingView signals (proprietary trading interface), and a portfolio management interface.
The Pro plan includes everything in the Advanced plan plus access to simple, composite, and Bitmex bots. You get a full portfolio management software and access to custom TradingView Signals.
Trading bots are a huge advantage to have around when entering the trading market. With many of the tools that are not available with human trading agents, cryptobots guarantee a profit in the ideal conditions. The market has become even more volatile with the bots coming in, so it would be stupid not to invest in a bot soon. 3Commas is known as the game changer. This bot only took 5 years to reach the top, and will never stop at anything to give its users the best trading experience ever. With happy customers everywhere, 3Commas is the bot to invest in today!