3Commas Review: A Cryptocurrency Trading Bot Platform
3commas can be a powerful tool for cryptocurrency traders, offering a range of features that can help streamline trading and improve performance. However, it is important to note that trading cryptocurrencies can be risky and traders should always do their own research and exercise caution when making investment decisions. You can learn more about the company here.
Overview
The 3Commas platform offers traders access to a suite of tools designed to enhance the efficiency and effectiveness of their cryptocurrency trading activities. Its creators strive to minimize investors’ risks and losses, while maximizing profits.
At the core of the platform is the 3Commas trading bot, which is web-based and compatible with various devices and exchanges. These bots are software programs that execute trades continuously, based on predetermined parameters set by the trader.
Currently, over 220,000 registered users use the platform, which processes over $10 million of daily trading volume. The trading bot operates with approximately 12 exchanges, including Coinbase, GDAX, Binance, Bitfinex, and Huobi.
By utilizing 3Commas, traders can manage orders on multiple exchanges, make informed trading decisions, and employ effective stop-loss and take-profit strategies. Overall, 3Commas can be a powerful tool for cryptocurrency traders, but it is important to note that trading cryptocurrencies carries risks, and traders should always exercise caution and do their own research.
How much does 3commas cost?
| Price | Free Trial / $29 / $49 / $99 Per Month They do often offer discounts. |
| Payment Options | PayPal / Apple Pay / Credit or Debit Card / Crypto |
| Exchange Support | 17+ Including: Binance / Binance US / BitMex Bittrex / Bybit / Coinbase Pro / Huobi / OKEX / Kraken |
| Cloud Based | Yes |
| Signals | Marketplace of Free & Paid Signals |
| Strategies | Over 30 Indicators |
3 commas Trading Bots
3commas offers several types of trading bots that can help cryptocurrency traders automate their trading strategies. These bots include:
Simple bot: This bot is designed for beginners and allows users to create a trading strategy using just one signal.
Composite bot: This bot allows users to create a more complex trading strategy by combining multiple signals and filters. Learn more about composite bots here
Bitmex bot: This bot is specifically designed for trading on BitMEX and allows users to take advantage of leverage trading.
Futures bot: This bot is designed for trading futures contracts and can be used on exchanges such as Binance Futures and BitMEX.
Options bot: This bot is designed for trading options contracts and can be used on exchanges such as Deribit and Binance.
Grid bot: This bot uses a grid trading strategy and is designed for traders who are looking to take advantage of price fluctuations over a long period of time.
Smart trade: This bot is designed for traders who want to execute trades based on specific conditions and can be used for stop-loss, take-profit, and other trading strategies.
Online Resources
After personally using 3commas for the last 2+ years, I have been able to filter out through some of the noise out there on YouTube. There is a lot of good content but also just a lot of garbage but ultimately after hours and hours of watching it really comes down to two guys and their respective channels. They are both very friendly and down to earth, fairly transparent in what they do, quite knowledgeable, responsive and offer great learning content about bots and specifically 3commas trading bots.
The Trading Parrot – https://www.youtube.com/@TheTradingParrot
Over 28k subscribers and 186 published videos as of this time.
The Trading Parrot offers great market analysis and gets into technical indicators and charts from different points of view and offers his expertise and expectations based on his research. He also offers his own indicators, and premium memberships for additional content but his free content alone is extremely valuable to the community especially if you are new to 3commas. The quick growth of his viewership proves that ads well.
Moonin Papa – https://www.youtube.com/@MooninPapa
Over 24k subscribers and almost at 400 published videos.
Moonin Papa offers training courses and signals and has been an ambassador for 3commas almost from the beginning. He documents his progress and offers tips and tricks for all 3commas users. He has a great likable personality on camera and offers a great research for beginners that are wanting to start using 3commas.
Security Concerns
There was a recent API breach at 3commas that exposed some users’ API keys and potentially allowed unauthorized access to their trading accounts. The breach was discovered on February 23, 2022, and 3commas immediately took steps to contain the breach, notify affected users, and implement additional security measures.
According to 3commas, the breach was caused by a vulnerability in a third-party software library that was used in the platform. The vulnerability has since been patched, and additional measures have been implemented to prevent similar incidents in the future.
As a result of the breach, some users may have experienced unauthorized trades or other suspicious activity on their accounts. 3commas has advised affected users to immediately revoke their API keys, change their account passwords, and enable two-factor authentication (2FA) to enhance their account security.
While the breach was certainly concerning for affected users, 3commas’ prompt response and transparency in addressing the issue is a positive sign. Nonetheless, it serves as a reminder of the importance of taking proactive steps to secure personal information and accounts when using online platforms and services.