3Commas Review – A Look At This Cryptocurrency Platform

What Is 3Commas? 

3Commas.io is a cryptocurrencies trading management and automation platform that enables users to execute and manage trades on multiple exchanges through a single interface. 3Commas is one of the earliest single source crypto trading platforms integrating multi-exchange trading through trading bots and has grown to over 230,000 users since its launch in 2014.

It’s also one of the first platforms to offer automated trading bots with configurable trade execution and management instructions. This also opens up the marketplace for custom programmed bots and options to select different levels of sophistication in terms of strategies and management.

The platform operates with one of the largest crypto exchanges and continues to expand its reach from the 23 it currently serves. Every trader has the dream of creating a bot that makes them steady income with little to no effort. While it takes effort and continuous monitoring and calibrating, 3Commas is a great starting point towards achieving that dream. 

There are many cryptocurrency platforms out there, such as Coinigy and Coinbase, so how does 3Commas measure up? We’ll take a closer look in this review of 3Commas.

3Commas Pricing Plans

There are three different subscription plans, each with monthly recurring billing or discounted annual prepaid: Starter, Advanced, and Pro.

The Starter Plan

The Starter Plan is $29-per month recurring or $174-prepaid annually. This includes the trade terminal platform with concurrent profit and stop loss as well as futures trading.

The Advanced Plan

The Advanced Plan is $49-per month recurring or $294-prepaid annually. This includes Starter Plan features with TradingView custom signals, simple bots (only for spot contracts), short (selling) and long position algorithms, and access to view and copy bots (which basically piggybacks selected traders or signal service).

The Pro Plan

The Pro Plan is $99-per month recurring or $594-prepaid annually. This includes all features of the Advanced Plan and composite GRID, Bitmex, Binance futures, and ByBit bots and full futures trading. The Pro Plan provides a 3-day full access trial period for users to kick the tires. 

3Commas Features Breakdown

Below are some of the notable features on the 3Commas platform. Access to the various features depends on which plan users are subscribed to. 

TradingView Charts

As one of the most popular and powerful charting platforms, TradingView enabled trade signals through its Cryptocurrency Signal Finder is an evolving feature for those familiar with the software. Users can adjust the crypto screener parameters utilizing trend-following, oscillator-based, and performance-based settings to determine the signal ratings from strong sell, sell, buy, and strong buy. 3Commas enables bots to initiate trades from TradingView’s crypto ratings and alerts.

TradingView lets users develop, customize, or implement pre-built strategies in addition to top-notch charting with a library of over 140 indicators and drawing tools. This means trades can be triggered with various customized configurable alerts based on various price, conditions, and indicator settings (IE: moving average crossover, stochastic 20-band crossover). Advanced drawing features include simple Fibonacci retracements to complex 5-point XABCD harmonic patterns like Gartleys, bats, and butterflies, which hopefully will eventually be added into the crypto scanner signals at some point.   

Smart Trade And Multi-Exchange Integration

Crypto traders with accounts at multiple exchanges can access all their wallets simultaneously without having to manually log in to each account to place orders. 3Commas supports 23 exchanges. This is the convenience of the Smart Trade function, which enables multiple exchange access order entry from a single hub. Whether it’s a single buy limit order at specific price levels or a multi-leg automated order through a bot, access and conveniences mean speedier executions without the legwork or confusion of logging into multiple accounts. For example, implementing a dollar-cost averaging allocation strategy on Bitcoin across multiple exchanges when it falls below specific price levels can be easily implemented by configuring the parameters in a single window. Users just need to complete the API connection process for each respective crypto exchange with an initial authentication process. Different exchanges will have more of less accessible functions on the 3Commas platform. 

Trade Bots

The various trade bots are the meat and potatoes of the platform. Long bots, short-selling bots, composite bots ranging from simple to sophisticated bots catering to traders of all skill and experience levels. The term bots is short for robots, but that may be a stretch when it comes to the basic bots, which are just a series of pre-set conditional execution orders. 

The simple bots enable the equivalent of one-cancels-the-other (OCO) conditional orders with price and percentage-based trailing stops. Of course, 3Commas accommodates all levels of users from newbies to experienced coders and quants that want to create and integrate sophisticated trading algorithms.

Analysis And Trade Journal

3Commas provides a multitude of trading performance stats to assist users in bolstering the effectiveness of their strategies. It also encourages users to maintain a trade journal directly on the platform, making it a one-stop source of truth. Traders should make an effort to provide as much detail, including mental and emotional state in the entries to identify personal trends that can impact trading performance. Users can pinpoint performance leaks stemming from strategies, management, and psychological maladies that may be mitigated and even remedied through automation and utilization of the trading bots.  

Watch Lists And Portfolio Management

Users can create or use existing crypto pairs watch lists complete with customized alerts and trade bot signal implementation. The portfolio management aspect is the obvious benefit of this platform as it provides a bird’s eye view of all your digital trading accounts across multiple exchanges. Performance can be tracked based on a number of filters.

Trading Signals Marketplace 

Users looking for more specialized or sophisticated trading signals have access to the Marketplace. Each trade signal provider includes monthly pricing, crypto exchange, stats, and number of subscribers. If deciding on subscribing to a signals service, then users can also implement Copy trades bot to basically piggyback the trade signals. The prices can range from $10 to $50-per month for the more 

3Commas Platform Differentiators

While there are many cryptocurrency exchange aggregator services that enable trading multiple exchanges through a single platform, 3Commas has a unique edge. The automation through bots adds an innovative level of features that distinguishes 3Commas above the competition. They also provide a free mobile app along with paper trading and a referral program, which is becoming a low bar standard across aggregator platforms. Users have 24/7 access to customer service via e-mail, Twitter, and Facebook support pages. Currently, the 3Commas platform supports 23 digital exchanges and has over 230,000 registered users.

Is 3Commas A Good Value?

The subscription plans are a good value, especially with the automation element enabled by algorithmic trading bots that are easily configured. More value can be derived by seasoned crypto traders who have the experience and skillsets to integrate automation with effective trading methodologies. As with all platforms, you get what you put into it. 

What Type Of Trader 3Commas Is Best For

The platform is suitable for crypto traders of all skill and experience levels. Seasoned traders with a background in coding and algorithmic trading will reap the most benefits from this platform. However, newbies can start with paper trading and continue to build up their familiarity and experience crypto trading on this platform. The easy-to-use interface is self-explanatory for the basic functions but requires more effort to derive the most effective and efficient benefits to help bolster performance.

Pros

• Great starting point to introduce newbies to using algorithmic bots for trading
• Seasoned crypto traders with a coding background reap the most benefits of the in-depth, sophisticated technology
• An excellent single source platform to manage multi-exchange trading
• TradingView crypto signals can be used for trading bot implementation
• Excellent performance tracking, metrics, and strategy testing
• Impressive signal service marketplace for copy trading with transparent performance data
• Growing community of over 230,000 users and access to 23 digital exchanges

Cons

• Newbies may still find onboarding a bit confusing and time consuming
• Liquidity and slippage always a problem with automated executions