- Ease of Use
- Tools and Features
In the market for a cryptocurrency trading platform? 3Commas is a cryptocurrency trading platform with the goal of helping users build automated trading bots. This platform works with most major cryptocurrency exchanges and includes features such as dollar-cost averaging bots, portfolios, and more. Get a better look at this cryptocurrency trading platform with this review of 3Commas.
- Relatively inexpensive pricing options
- Smart Trade offers useful risk management tools
- Two fundamentally different styles of trading bots
- Integrates with TradingView for advanced bot development
- Compatible with 22 crypto exchanges
- Includes portfolio analysis and copy trading
- Hard to customize bots without TradingView
- Not all exchanges support automated trading
3Commas is a cryptocurrency trading platform designed to help you build automated trading bots. The platform has more than 33,000 users and sees more than $10 million in trading volume each day.
3Commas is relatively intuitive to use, making it a good option for crypto traders trying out trading bots for the first time. In addition, 3Commas works with most major cryptocurrency exchanges and offers a spot trading interface that adds risk management tools to manual trades.
How Much Does 3Commas Cost?
3Commas offers three plans – Starter, Advanced, and Pro.
The Starter plan costs $14.50 per month (paid annually) and includes the Smart Trade manual trading terminal, but no automated trading bots.
The Advanced plan costs $29.50 per month and adds simple bots, which are able to open trades on only one coin at a time. If you have a separate TradingView account and create custom trading signals through that platform, you can also import them to 3Commas with an Advanced plan.
The Pro plan costs $49.50 per month and includes composite bots, which enable you to open trades on multiple cryptocurrency pairs rather than only on a single pair. In addition, Pro users can connect to the Bitmex, Binance Futures, ByBit, and FTX exchanges for automated cryptocurrency futures trading.
You can try out 3Commas before committing to the platform with a three-day trial of the Pro plan. There is no credit card required for the trial.
The Smart Trade interface resembles the trading interface you might expect from an online forex brokerage, except that it’s geared for cryptocurrency trading. With Smart Trade, you can buy or sell pairs of digital currencies using a few essential risk management tools. First, you can set market or limit orders, or set a price conditional that must be met before a market or limit order is subsequently triggered. You can also create a trailing buy or sell, which repeatedly purchases or sells a currency pair once the price condition is triggered.
Another advantage to Smart Trade is that it enables you to add take profit and stop loss levels to every trade, which many cryptocurrency exchanges do not allow. These options are relatively robust, as you can, for example, set multiple take profit levels and specify how much volume should be sold at each trigger price.
Dollar-Cost Averaging Bots
The main attraction of 3Commas is the platform’s trading bots. Of the three bots, two are designed around dollar-cost averaging.
The Gordon bot is a largely premade bot that you can program to run in just a few seconds. All you need to decide is how much money to commit to the bot, which exchange to run on, and whether you want the Gordon bot to run a conservative, moderate, or aggressive strategy. The Gordon bot uses the popular QFL trading strategy, which looks for potential dead cat bounces. A conservative strategy waits longer for additional price drops, while a more aggressive strategy will enter trades at the first sign of a price bottom. Note that the Gordon bot by default runs on all currency pairs available on your connected exchange.
The Advanced bot is a more customizable dollar-cost averaging bot. You can choose from a variety of trading strategies, including QFL and scalping, or connect a TradingView account to import your own custom trading signals. With the Advanced bot, you can decide whether to make it a simple (one currency pair only) or composite (multiple currency pairs) bot and choose what currency pairs it should monitor. There are a number of options for customizing the bot parameters, including setting, take profit, and stop loss levels and specifying the minimum daily volume a currency pair must meet before the bot activates.
The GRID bot is 3Commas’ newest bot, and it works by dividing a technical price chart into slices. Each slice, which covers a range of prices, is assigned a buy or sell signal. When the currency price crosses into a new slice, the bot will automatically buy or sell based on the signal assigned to that slice.
One of the nice things about the GRID bot is that you can have the slices determined automatically for you using the AI setting, or you can set up the slices manually. If you set up the bot manually, you can decide the price levels of the maximum and minimum slices and the price range covered by each slice. This bot is particularly useful for stablecoins, which typically trade in a sideways range since they are meant to keep a roughly constant value relative to another currency.
One other useful feature within 3Commas is portfolio tracking. You can easily track the composition, trading history, and profit and loss of your cryptocurrency portfolio, even if it is spread across multiple exchanges.
On top of that, 3Commas offers a copy portfolios feature that allows you to see what coins are inside other traders’ portfolios. If you want to copy another trader’s portfolio, you can do so in just a one-click transaction. Of course, 3Commas also lets you decide how much of your account value you want to invest in that portfolio, and you can sell off coins one at a time rather than being forced to sell the whole portfolio.
3Commas is designed to work with your accounts at a cryptocurrency exchange rather than serve as an exchange itself. To connect an account to the service, you’ll need to get an API key from your exchange and connect your wallet.
Currently, 3Commas works with 22 exchanges, including Binance, Bitfinex, Kraken, Coinbase, Poloniex, and Bitstamp. Note that not all exchanges support trading bots, although all of the exchanges do support Smart Trade. You can find a full list of 3Commas’ supported exchanges here.
How Does 3Commas Stand Out?
3Commas isn’t the only trading bot service available to cryptocurrency traders, but it stands out for being relatively affordable and relatively easy to use. 3Commas is fairly straightforward to get started with even for those who haven’t used trading bots in the past. There are several automated strategies that you can turn to, and the Smart Trade feature is somewhat self-explanatory. It also helps that 3Commas works with such a broad range of popular cryptocurrency exchanges.
That said, 3Commas doesn’t enable you to truly customize the trading bots unless you have a linked TradingView account. While you can use TradingView for free, most of the platform’s best features for building custom signals require a paid plan – which starts at $14.95. That can raise the cost of using 3Commas, although it’s still not overly expensive given how powerful the software is.
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Should You Try 3Commas?
3Commas is best for cryptocurrency traders who are looking to make the jump from manual trading to automation. The platform is even better if you already use TradingView and conduct your crypto trades through a fully supported exchange like Binance. Advanced cryptocurrency traders who have experience with bots can also benefit from 3Commas, although they might find the integration with TradingView to be more cumbersome than helpful.
Q #1) Do crypto trading bots work? Answer: Yes, but not all. Professional crypto bot trading works for as long as the bots are crafted with prediction, automation, and order placement or execution technologies to allow them to make profits in trading crypto.Is 3Commas bot good? ›
Conclusion – 3Commas Review
Wrapping up the 3Commas review, we must say that at its core, a 3Commas platform is perfect software for trade enthusiasts who have asset holdings on multiple exchanges. In an overview, the platform helps traders place various trades on exchanges via a single market system.
Best bot for advanced traders: 3Commas
For example, options trading is a tricky business, but 3Commas has a simple, highly-visual user interface that helps investors program automated options strategies. As an added bonus, 3Commas' blog offers valuable insights, analytics, and guides for crypto traders.
Some lower-risk crypto trading bots boast a 99% success rate, while others execute higher-risk strategies and have a lower success rate. The main thing most investors need to consider is whether the bot they're looking at can execute their specific investment strategy successfully.Is automated trading a good idea? ›
High Rate of Order Execution: Automated trading allows traders to execute a large volume of orders efficiently. Using automated trading, they can trade multiple accounts and use various trading strategies at once.Is 3Commas bot profitable? ›
It's not uncommon for experienced traders to average between 15-25% profit over the many crypto trades they do each week. New users will likely experience lower profit percentages as you learn more about how to do technical analysis of the market and how to fine-tune your bots to get better performance.What is the best bot on 3Commas? ›
- 3Commas — Best Binance Bot Overall.
- Murdex — Best for Small Deposits.
- Bitsgap — Best for Sideways Markets.
- TradeSanta — Best for Arbitrage Trading.
- CryptoHopper — Best for Copy Trading.
- Pionex — Best for Flexible Trading.
- Coinrule — Best for Technical Trading.
In particular, Virtual Asset trading is subject to high market risk and price volatility. The price of a Virtual Asset may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling Virtual Assets.How much can a trading bot make? ›
A lot depends on the size of your budget as well. If you have low amount of money, you are going to make less than the ones, who trade with thousands of dollars. On average you are going to make roughly $2000–3000 but once again these numbers are individual for every trader.Does 3Commas work? ›
3Commas appears to have solved these problems by producing a trading bot that is both easy to set up and use and also performs reliably when compared to many of its competitors. The system is well integrated and works on number of leading exchanges such as Binance, Coinbase, and Huobi.
Are Trading Bots Legal? Automated trading is a well-known and legal activity across most financial markets. Half of stock market trades in America are automated, and the process is 100% legal. Likewise, in most countries and on most cryptocurrency exchanges, there are no laws that prohibit using crypto trading bots.How much should I invest in trading bots? ›
How much do you need to start any crypto bot? There is a minimum amount which can be traded on each exchange, and it depends on the cryptocurrency exchange and the pair, an 11-dollar equivalent is usually enough for any pair.Who has the best trading robot? ›
- Forex Fury. Pros. • Proven long term performance • Verified live Myfxbook results • 93-100% Win rate accounts • No minimum account size. ...
- 1000pip Climber System. Pros. Strong long term performance. ...
- Coinrule. Pros. ...
- Forex Gump. Pros. ...
- ForexVPS. Pros. ...
- Centobot. Pros. ...
- Forex Trendy. Pros. ...
- EA Builder. Pros.
- Merrill Edge.
- Interactive Brokers IBKR Pro.
- J.P. Morgan Self-Directed Investing.
- Zacks Trade.
- Ally Invest.
- Charles Schwab.
Another way to make money from your bots is by getting paid for them through paid work platforms like Google Adsense or Facebook Ads. These platforms pay out small sums of money each time someone clicks on an ad that was created by a bot built with their platform.Why do trading bots fail? ›
If you intend to include a crypto bot in your trading strategy, you must ensure that the system is appropriately programmed. Crypto trading bots might fail due to erroneous stop-loss and take-profit limitations, algorithmic flaws, or non-trading platforms.What are the most successful trading algorithms? ›
The most popular strategies are arbitrage, index fund rebalancing, mean reversion, and market timing. Other strategies are scalping, transaction cost reduction, and pairs trading.Do people make money on automated trading? ›
Yes, it is possible to make money with algorithmic trading. Algorithmic trading can provide a more systematic and disciplined approach to trading, which can help traders to identify and execute trades more efficiently than a human trader could.What are the risks of automated trading? ›
This is because of the potential for technology failures, such as connectivity issues, power losses or computer crashes, and to system quirks. It is possible for an automated trading system to experience anomalies that could result in errant orders, missing orders or duplicate orders.Is automated trading risky? ›
Automated trading, just like any other form of trading, demands careful thought and effective risk management. Although it can provide benefits such as eliminating emotions from the trading process and executing trades quickly, it is crucial to acknowledge the possible risks.
A lot depends on the size of your budget as well. If you have low amount of money, you are going to make less than the ones, who trade with thousands of dollars. On average you are going to make roughly $2000–3000 but once again these numbers are individual for every trader.Are trading robots accurate? ›
While most forex robots do 'work' in the sense that they are programmed to automatically carry out trades, unfortunately, they are not foolproof so they cannot provide any guarantee of long-term profits. At best, they are a useful tool which can be used by forex traders to help make informed trading decisions.Does automated trading make money? ›
Yes, it is possible to make money with algorithmic trading. Algorithmic trading can provide a more systematic and disciplined approach to trading, which can help traders to identify and execute trades more efficiently than a human trader could.What are the risks of using a trading bot? ›
In particular, Virtual Asset trading is subject to high market risk and price volatility. The price of a Virtual Asset may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling Virtual Assets.What are the issues with trading bots? ›
For example – risk of bot account to be hacked and API keys stolen, wrong bot settings, error in algorithm that will generate losses instead of profits, sudden crypto market movements, etc. Traders may end up losing their funds or buying a large position in low-liquidity token.How much can a trading bot make a day? ›
It depends on stock and market conditions, chosen strategy, and algorithm type. A bot could make a 2% return for a day and then the market will change its direction and it will blow up day's profit and make a 3% loss.Can you make money with bots? ›
Another way to make money from your bots is by getting paid for them through paid work platforms like Google Adsense or Facebook Ads. These platforms pay out small sums of money each time someone clicks on an ad that was created by a bot built with their platform.