This review will look at 3Commas, an online cryptocurrency trading platform for beginners and experts alike. Specifically, we will consider why 3Commas is popular among cryptocurrency traders, its features, security and security approach, as well as its pros and cons. The review also describes a detailed step-by-step process for creating an account with the service.
ABOUT 3COMMAS
3Commas.io is a cryptocurrency non-custodial trading automation platform launched in 2017 by Yuriy Sorokin, Egor Razumovsky and Mikhail Goryunov.
The cryptocurrency trading bot service, based in Tallinn, Estonia, is one of the market leaders in its sector, currently serving more than 220,000 monthly active users worldwide.
According to its founders, 3Commas was created to help solve the problem of trading cryptocurrencies across multiple digital platforms. The service allows users to manage trades and wallets on more than 18 supported exchanges and more than 2,000 cryptocurrency trading pairs.
With 3Commas, users get access to a host of services, including wallet tracking, smart, paper and social trading, plus a cryptocurrency wallet with support for more than 45 blockchains.
In summary, 3Commas users have access to some of the following key features:
Smart trading: 3Commas offers its users a wealth of trading tools that allow them to trade on multiple exchanges, hold multiple positions effortlessly and even have access to order types not supported by some trading platforms such as ‘Take Profit’, ‘multiple Take Profit Targets’ and ‘Trailing Take Profit’;
Portfolio tracking: the automated trading service allows its users to monitor and manage their assets on more than 18 cryptocurrency exchanges using the API function;
Paper trading: 3Commas offers a virtual trading account where users can test their trading strategies without risking their funds. Paper trading gives the user access to historical data and real-time price action within a controlled environment ideal for testing and iterating. This feature is not only crucial for beginners, but also for expert traders alike;
Trading school: beginners in cryptocurrency trading have access to educational material, including guides, tutorials and blog posts with tips and tricks on how to improve their skills. Users can also learn how to use 3Commas effectively;
Social trading: a unique feature offered by 3Commas is the ability for users to track and replicate the positions and portfolios of other traders. Users can buy, sell or simply share their winning trading strategies through the crypto signals service.
WHY DO CRYPTOCURRENCY TRADERS USE 3COMMAS?
As the industry has grown and evolved and competition has become stiffer, 3Commas has been actively innovating by introducing newer products that seek to maintain its position in the market.
Although algorithmic trading has been around for decades, even before the invention of Bitcoin in 2009, and therefore experienced traders appreciate the benefit of automated trading. They have opted to use trading bot services such as 3Commas because:
Time efficiency: these bots help traders do more with less time. A trader can adopt a “set and forget strategy”, which allows the software to open and close positions automatically. 3Commas users can manage multiple positions on more than 18 different exchanges simultaneously from a single interface;
Increased profit potential: Algorithmic trading reduces emotional decision making, often associated with market losses.
Social trading: 3Commas users have access to features such as social trading where less experienced traders can track the strategies and portfolio of experts, learning and copying their market positions and portfolio management techniques;
These advantages are not exclusive to 3Commas, however, some of its unique features include;
Cloud-based services: 3Commas hosts its user interface online, allowing users to interact with their accounts from remote locations using mobile devices and computers alike;
Intuitive user interface: 3Commas offers a unique, easy-to-use interface that is ideal not only for experts but also for beginners;
A comprehensive set of trading tools: experts appreciate the wealth of tools at their disposal with 3Commas that allows them to open market, limit, spot and futures trades on their accounts. Other features include backtesting, a trading academy, social trading, etc.;
Accessibility: 3Commas is available worldwide in the United States, Europe, Asia, Africa and Oceania.
Crypto wallet: the digital asset wallet is a recent addition that allows users to store their cryptocurrencies temporarily on the platform as they manage their portfolios.
3COMAS KEY PRODUCTS AND FEATURES
1. Manual trading
Although 3Commas is an algorithmic trading service, there are several features provided to users that allow them to perform manual trades through the smart trading function. This feature is ideal for expert traders who still wish to have control over their trades.
The smart trading functionality is made up of four tools which are:
Integration with TradingView: 3Commas has integrated TradingView price charting software within its interface, allowing users to perform effective technical analysis (TA) on thousands of trading pairs;
Take Profit and Stop Loss Trailing Functionality: this is an innovative tool that allows users to set dynamic take profit and stop loss levels that allow users to maximise profits and minimise losses;
Multiple Selling Targets: With 3Commas, traders can set multiple take profit targets as they seek to minimise risk and maximise their profits;
Simultaneous Take Profit and Stop Loss: 3Commas users can place take-profit and stop-loss levels on a single trade simultaneously.
2. Automated Trading with Bots
For traders looking for autonomy, this is the functionality that can solve their needs. There are multiple bots programmed to achieve various functions, and include:
Single and multi-pair bots: these are algorithmic instructions for 3Commas to open one or more positions automatically;
Long and short algorithms: these bots can be used to open long or short trades on multiple supported platforms;
Grid bot: allows users to set buy and sell levels for multiple future trades;
DCA bot: the dollar-cost averaging bot is used to open multiple buy or sell orders at pre-set levels, allowing for a lower average buy position or a higher average sell position;
Options and futures bot: options and futures are complex financial instruments that are only supported by a select number of exchanges. 3Commas allows its users to set up futures trades on exchanges such as Binance, FTX, ByBit, etc., and options trading on Deribit.
3. Other features
Portfolio management: Managing your portfolio is a crucial skill, and 3Commas makes it easy to create, monitor, balance and rebalance your assets across multiple exchanges for optimal gains;
Notifications: 3Commas integrates Telegram, email and browser bots to provide real-time notifications to users about trades and account statuses;
Crypto signals: trading services also include a marketplace where traders can buy and sell trading strategies and setups to less experienced traders;
Mobile applications – get the 3Commas trading experience and track price action on the move, as well as the ability to launch bots and close orders using the use of mobile applications available on iOS and Android devices;
Backtesting – 3Commas allows its users to trade on paper using a virtual account where they can test their trading strategies or even gain experience before jumping on board to trade for real money;
Trading journal – Also called a trading diary, this tool is used to keep a record of all trading activities, including comments on each trade. Unlike the trade history, which is maintained by the platform, a trading journal should also contain comments explaining the reasoning behind each trade taken (or avoided).
3COMMAS PRICING PLANS
3Commas charges a direct fee to its users based on pricing packages. There are four packages so far:
Free – $0;
Starter – $29/m (50% discount if paid annually);
Advanced – $49/m (50% discount if paid annually);
Professional – $99/m (50% discount if paid annually).
With any package, users get access to features such as the portfolio dashboard, TradingView integration, access to mobile apps and all 18+ supported exchanges.
In general, the lower rated the package, the fewer features your subscriber will have access to, and the Pro package will have all the bells and whistles that 3Commas has to offer, which include:
Unlimited access to smart trading tools;
Unlimited access to trading bots;
API integration for developers;
A full suite of portfolio management tools;
Preferential access to customer support, etc.
The pricing model chosen by 3Commas is advantageous compared to most other automated trading platforms that charge commissions for executed trades.
A flat fee is especially advantageous for large volume traders. However, 3Commas’ pricing is competitive in the market, offering a great alternative for low-volume traders and beginners to consider.
The bot trading service also offers a 3-day Pro package trial for all new signups without requiring any payment information.
IS IT SAFE TO USE 3COMMAS?
3Commas is designed to operate with as little information about its users as possible, thus reducing security risks. Hackers are often attracted to personally identifiable information (PII), and any service that maintains or stores this type of data is a potential target.
Out of this security design, 3Commas has provided its users with some essential security tools, including:
Use of login credentials (combination of password and email address);
2FA (second factor authentication).
For its part, 3Commas encrypts the API keys used by its clients to connect to their various trading accounts. In addition, the trading service uses the following Cloudflare security tools:
Web Application Firewall;
Anti-DDOS attack;
SSL/TLS encryption for web traffic.
It is also worth noting that 3Commas has chosen to enable support for major cryptocurrency exchanges such as Binance, Kraken, Huobi and Coinbase Pro, among others, with robust security measures.
Binance, for example, requires its users to enable 2FA when creating API keys. Kraken is one of the few exchanges with zero reported cases of security incidents, an impressive feat given that it has been around for more than a decade.
By extension, the security measures implemented on these large exchanges contribute to the overall security within the 3Commas ecosystem.
HOW TO CREATE A 3COMMAS ACCOUNT (STEP BY STEP)
Creating an account with 3Commas is simple and only takes a few easy steps.
Step 1 – Visit 3Commas.io to register.
Click on one of the many registration buttons available on the home page.
Provide a valid email address and a secure password.
Click the check button to verify your browser and then click the [Register] button.
Step 2 – Confirm your email address.
Open your email inbox and look for an email from 3Commas. Click to open it and tap the [Confirm Email] link provided.
You will be redirected back to the 3Commas dashboard. At this point, you have successfully created a 3Commas account and have been granted a 3 day Pro trial offer.
Step 3 – Connect an Exchange.
Before accessing the dashboard, 3Commas will ask you to connect to one of your cryptocurrency exchange accounts. If you don’t have one, you can create one by visiting your preferred exchange directly or using one of the links provided by 3Commas.
There are even some offers for new Binance and FTX users who register on those exchanges through 3Commas.
To connect an exchange, you will need an API key. Using the Binance example, visit Binance and log into your account. Hover over the user account icon on the top right as shown below and select the [API Management] link from the drop-down list.
On the Binance API Management page, provide a label for the API keys and then click the [Create API] button. Binance will prompt you to provide your 2FA credentials before proceeding.
Next, copy the provided API key and your secret key, then paste them into the 3Commas link exchange page as shown here.
Once you have copied the two pieces of information, click the [Connect] button. API permissions can be edited from the API management page of your specific exchange.
Step 4 – How to subscribe to 3Commas
Paying for a subscription to 3Commas is also simple. Navigate to the subscription page using the link in the left navigation bar. Click or tap on [Subscription] and then choose the package you prefer.
Next, provide a payment method of your choice. The options are debit cards, PayPal or cryptocurrencies.
You have successfully created a 3Commas account, connected your exchange and paid for a subscription.
3COMMAS SUPPORT AND CUSTOMER SERVICE
The 3Commas platform provides a wealth of information to its users to help them better interact not only with the trading service, but also with the wider cryptocurrency market. There is a library of relevant articles within the help section that gives various details on:
Pricing and subscriptions;
Trading (margin, futures and options);
Bots (how to create and manage them);
Account management;
Portfolio management;
API configuration; andfin
Information on how to use the 3Commas mobile applications.
In addition, 3Commas users have access to an informative blog section with articles on important features, updates and industry news. Apart from that, there is a FAQ and contact page with specific email addresses for various departments, such as support, billing and affiliates; location address information and a contact form.
Other channels through which you can get further assistance include:
Telegram;
Discord;
Reddit;
YouTube.
PROS AND CONS OF 3COMMAS
Pros
3Commas provides support for more than 18 major cryptocurrency exchanges;
Is relatively cost-effective with additional savings of 50% on annual subscriptions;
Offers a comprehensive list of features to enable manual and automated trading;
The service is accessible worldwide;
3Commas has an intuitive user interface on all platforms, including iOS and Android mobile devices;
Minimal KYC (know your customer) information is required;
It offers a trading academy for non-experts and beginners to improve their skills;
3Commas has a paper trading account for backtesting trading strategies.
Cons
3Commas is not profitable for small volume traders;
Beginners and casual traders may not take full advantage of all available features;
No desktop application.
FINAL THOUGHTS
For more than five years, 3Commas has been iterating and improving its core proposition, making it one of the leading automated cryptocurrency trading services on the market. It offers most of the features that professional traders look for in a trading platform and little more.
Its security measures are sufficient for safe trading, but all users should still keep an eye out for attacks such as phishing. It is highly recommended to maintain high standards of security hygiene on all platforms linked to 3Commas.
Finally, make use of the active social networking forums and chat rooms managed by the trading platform to associate with other 3Commas users and learn how to best use the service.
FREQUENTLY ASKED QUESTIONS ABOUT 3COMMAS.IO CRYPTOCURRENCY TRADING PLATFORM
What is 3Commas?
3Commas is an online cryptocurrency trading platform based in Tallinn, Estonia, which was launched in 2017 by Yuriy Sorokin, Egor Razumovsky and Mikhail Goryunov. It offers tools for manual and automated trading.
Is 3Commas secure?
Since its launch, 3Commas has not reported a significant security incident. It has taken the necessary steps to ensure the security of its systems and user accounts, including the use of Cloudflare as a security provider. It also provides essential security tools such as 2FA to its users to help protect their accounts.
How reliable is 3Commas?
So far, there have been minimal complaints from existing customers about the reliability of the online service provider. This could be because the service has been in existence for over five years, giving it ample time to test, iterate and improve existing processes and systems to ensure class-leading reliability.
How much does 3Commas cost?
3Commas offers four pricing packages to its customers: Free, Starter, Advanced and Pro. The Free package costs nothing, but also has limited functionality. The Starter and Advanced packages cost $29 and $49, respectively, while the Pro package costs $99. There is a 50% discount for annual payments on all packages.