Are you searching for a cryptocurrency trading bot?
3Commas might be just what you are searching for in a cryptocurrency trading bot. This article will offer a comprehensive review of 3Commas – a cryptocurrency trading bot. We will also answer some of the most common questions about 3Commas.
3Commas – Positives and Negatives
Here are the positives and negatives of the 3Commas trading bot.
- Affordable price compared to other cryptocurrency trading bots.
- Easy to use for beginners.
- It’s 100% compatible with TradingView, which allows you to build a custom trading bot.
- Very compatible with different exchanges – you can use 3Commas on 23 different exchanges.
- Allows users to follow the trades of different cryptocurrency traders.
- Allows the analysis of crypto portfolios.
- TradingView is required for creating a fully customized trading bot.
Overview of Different Trading Bots on 3Commas
This section will cover the most important part about any cryptocurrency trading bot – the different trading bots and strategies that you can use on the platform.
The Gordon bot is the most popular on 3Commas for a few different reasons.
First, this bot is the easiest bot to set up. You simply pick the exchange and the aggression of your trading strategy. A more aggressive trading strategy will enter a position much more quickly than a more conservative trading strategy.
The Gordon bot is also based on dollar cost averaging (DCA) and searching for temporary rises in price in a downturn. In other words, the Gordon bot searches out dead cat bounces.
This bot also has a more advanced option that allows you to trade with a scalping strategy or DCA based strategy. The advanced option is recommended if you would like to customize your bot a little more than normal.
It’s also great if you have your own trading strategy in TradingView that you would like to import.
3Commas recently released the GRID bot. This bot works a little differently than other trading bot algorithms.
And that’s great because it means the market is less efficient when using this bot – that means more profit for you.
Anyway, this bot works by slicing a technical chart into different pieces based on different parameters. The bot will then place a buy or sell order when the chart moves into the next piece if the buy or sell parameters for a slice are met.
This might not sound particularly useful for highly volatile cryptocurrencies because it’s not.
GRID bot is perfect for trading stablecoins that are pegged to a fiat currency, though.
Any minor price bump is usually adjusted rather quickly. This means that you can scalp stablecoins very efficiently with the GRID bot.
With that in mind, we don’t recommend using the GRID bot on cryptocurrencies that are not stablecoins without a lot of testing. The price is usually too volatile for this bot to work effectively on a cryptocurrency like Bitcoin.
Smart Trade Bot
Smart Trade isn’t a bot by the strict definition of the word bot. Instead, it’s a cryptocurrency trading interface that has a few automatic trading features, so it’s usually classified as a bot.
We really like Smart Trade, though. It’s a much better interface than most cryptocurrency exchanges because it allows you to add market stops and buy orders in exchanges that don’t typically allow that.
This is huge because it gives you a massive advantage when trading on those platforms against users that do not have access to those features.
Other Great Features
3Commas has other features that make it great compared to other trading bots. These features aren’t even related to the bot itself. Instead, these features are about the overall trading experience.
3Commas has a great feature that allows you to view the total profits and losses of your cryptocurrency portfolio.
This is a common feature. But what makes portfolio management on 3Commas special is that you can view the total profit and loss of your cryptocurrency portfolio exchange across all the exchanges that you have cryptocurrency on.
That’s a huge advantage and saves a lot of time. It also makes filing taxes much easier.
Available Cryptocurrency Exchanges
3Commas is compatible with 23 different cryptocurrency exchanges, which is more than other trading bots.
This is a positive because more exchanges means more opportunity to find more trading inefficiencies. For those that don’t know, it’s much easier to turn a profit on an inefficient market than on an efficient market.
Easy to Use Interface
Finally, 3Commas has a very easy to use user interface. It’s so easy that a beginner can use it without too much difficulty.
We also like that it has a GUI and isn’t simply a block of code. As we said, it’s beginner friendly compared to other trading bots.
What don’t we like about 3Commas?
The only thing we don’t like about 3Commas is that it’s not fully customizable off the shelf. However, it is compatible with TradingView, so you can fully customize it if you have a TradingView subscription. And TradingView is affordable, so it’s not too big of a downside once you factor in the profit that you can make with a TradingView + 3Commas subscription.
How much does a 3Commas subscription cost?
The most important question about any cryptocurrency trading bot – how much does it cost?
Those are the pricing options for 3Commas.
The Starter package is $14.50 per month. The Advanced package is $24.50 per month. And the Pro package is $49.50 per month.
The pricing is not bad compared to other cryptocurrency trading bots. However, you will have to pay the price annually to receive the lowest price, which is standard for the monthly subscription model.
Is 3Commas profitable?
Yes, 3Commas is generally profitable. But to make big profits you must use it as a tool to develop your own trading strategy rather than relying on the preset trading algorithms.
Does 3Commas have a free trial?
Yes, 3Commas has a 3 day free trial of the Pro package.
We strongly recommend trying out the 3 day free trial before making your purchase.
Final Verdict on 3Commas
All things considered, we rate 3Commas as an excellent choice for anyone looking to trading cryptocurrency with a bot.
It’s fast, affordable, and has plenty of preset bots that you can use for trading.
The only downside of 3Commas is that it does require a TradingView subscription for full customization, but we don’t view that as a huge negative once you factor in the profit you can earn when running a cryptocurrency trading bot.