In this guide, we will examine the security and safety of 3Commas, one of the leading cryptocurrency trading platforms. Specifically, we will consider the service’s reputation in the industry and how well it safeguards its trading systems and user data. Additionally, you will learn about the tools and techniques that users can employ to better protect their accounts against unauthorized access.
3Commas is an online non-custodial cryptocurrency trading platform with both manual and automatic order execution features. It is a notable market participant owing to its popularity and reputation.
The service was launched in 2017 by Yuriy Sorokin, Egor Razumovsky, and Mikhail Goryunov. It is based in Tallinn, Estonia, and, according to company records, currently serves more than 220,000 active monthly users.
There are several benefits to using 3Commas over most of its competitors, including:
- It supports over 18 major cryptocurrency exchanges;
- It offers both manual and automatic trading using bots;
- The service has integrated TradingView charts available to users at no extra cost;
- Users get access to several other features such as portfolio management, paper trading, crypto trading knowledgebase, trading diary, and mobile apps for both iOS and Android platforms;
- 3Commas provides its users with ample customer support and help channels such as email, social media, forums, and a contact form on the main website.
Note: Learn more about the platform’s features, pros, cons, pricing, and an explanation for its popularity amongst crypto traders in our detailed 3Commas review.
3Commas’ Reputation in the Industry
3Commas reports that it currently serves over 220,000 users, making it one of the most popular crypto trading platforms.
When discussing reputation, there are three major aspects that influence public impression of any service or firm. That is reliability, popularity, and security.
Reliability is if the service is available 24/7, as trading bots are required to do. To assess 3Commas’ reliability, we must analyze if its bots and service are accessible 24 hours a day, particularly during market corrections and rallies.
Popularity relates to how well a service is recognized and if many users link it with a pleasant experience. 3Commas will be compared to prominent rivals in terms of the number of users it has.
Finally, we will look at platform security, or the procedures and policies 3Commas has implemented to keep its systems and clients’ assets safe.
Looking at TrustPilot, 3Commas currently has about 1,080 total reviews averaging about 4.4 stars. Out of these, 69% are 5-star ratings, and a further 10% are four stars giving a total of 79% extremely positive reviews.
A bulk of the issues the complainants have on the website are related to the technical aspects of the service and mainly lack of proper knowledge on how the features work. There are a few complaints about customer satisfaction, with some 3Commas users claiming to be neglected by the service representatives.
As many as 12% of those who left a review on Trustpilot feel reported a terrible experience, thereby rating 1 star to the service. According to responses from 3Commas, it seems that the complainants’ issues may have been solved with a bit of help from customer support.
How safe is 3Commas?
It is worth noting that 3Commas does not store users’ funds. The API (application programming interface) keys requested from third-party exchanges enable the platform to only read account balances and initiate transactions remotely. The trades happen on the exchanges, not within 3Commas.
However, there are three risks inherent in the use of APIs to automate trading on platforms such as 3Commas. They are:
- If you have the wrong permissions set within your API settings, say you allow the bots to withdraw or transfer funds to external wallets, a 3Commas user can lose the funds within their exchange account;
- Even though the API key does not have permission to withdraw funds or make transfers, an unauthorized user could alter the bots to execute unfavorable trades that may lead to losses for the account holder;
- The last risk that every 3Commas user has to be aware of is the access to confidential information such as the email address, username, and the extra read access to account information on connected exchanges. This information can be used to propagate targeted phishing attacks.
Key security measures
Given that 3Commas does not handle its users’ sensitive information, such as personally identifiable information (PII), and neither does it manage custody funds, there are fewer security measures needed.
However, as discussed in the previous section, there are risks to using the service, and therefore, the platform takes the following security measures to protect its customers:
- Encryption: Encrypted API keys is crucial to deter any hackers from using them to place malicious trades;
- Firewall: Use of a web application firewall;
- DDos prevention: Protection against DDoS (distributed denial of service) attacks on the website and mobile apps;
- Encrypted traffic: The service also encrypts website traffic using SSL/TLS encryption to avoid man-in-the-middle attacks.
Lastly, 3Commas partners with Cloudflare, a US-based security services provider, that caters to its security needs.
What you can do to protect your 3Commas account
Other than the security measures taken by the trading service, users also have an important role to play when it comes to protecting their accounts and assets.
Security is a combined effort, and account holders can take some (or all) of the following methods to ward off hackers;
- API permissions – Limit API permissions to read-only and trade execution when editing API key settings;
- Enable 2FA – Ensure you activate second-factor authentication (2FA) for all your accounts, that is, 3Commas and all connected exchange accounts;
- Use strong passwords – preferably use a password manager to create and store the passwords;
- Use multiple API keys – create unique API keys for each service even though they serve similar purposes;
- Secure third-party platforms – if you use Apple and Facebook to create your 3Commas account, ensure to secure those services as best as possible, including enabling 2FA;
Securing your 3Commas account is as simple as that. However, there are extra steps you can take depending on your security needs, including avoiding sharing devices with family members on which you have installed the service apps.
If you do share, ensure to always log out after every session. You should also use device antivirus software for added safety against malware.
3Commas Customer Support
It is common for customers to seek help when using any service, and as we discussed in the reputation section above, customer support contributes a great deal toward a company’s reputation. Here are some of the channels through which 3Commas’ customers can get help:
- 3Commas Academy – a section filled with educational material for crypto beginners and automated trading newbies;
- Knowledgebase – this is the 3Commas help section where you can find articles on everything from how to create an account to information on the mobile apps;
- Community – a section of the website with a forum where 3Commas users and developers can congregate virtually to discuss ideas, ask questions and collaborate on tasks;
- System status – this is a web page that displays the current operational status of the system. Users can easily troubleshoot any errors they are receiving from their bots by confirming whether the system is functioning properly;
- 3Commas blog – a section of the website with posts on news, announcements, updates, and general crypto-related posts;
- Contact us page – find multiple email addresses used to contact various departments and a contact form on this page;
- Social media channels – for more updates and real-time engagement between the service and its community, there are social channels, including Telegram, Discord, YouTube, and Reddit.
Five years is a long time in the cryptocurrency space, and within that time, 3Commas has not reported any major security incident. The platform has invested in the necessary security infrastructure, which has contributed to its stellar safety record. We, therefore, conclude that the trading service is safe enough to use.
It collects as little information about its users as possible to ensure that it operates and the service maintains acceptable levels of security hygiene to protect account holders. The platform is not only suitable for experienced crypto traders but also is highly recommended for beginners alike.
Frequently Asked Questions on 3Commas Safety
What is 3Commas?
3Commas is a cryptocurrency trading platform based in Tallinn, Estonia. It was launched in 2017 by Yuriy Sorokin, Egor Razumovsky, and Mikhail Goryunov to provide traders with the necessary tools to automate their trading activities.
Is 3Commas safe to use?
3Commas is one of the safest cryptocurrency trading platforms in the market. It takes the necessary steps to protect its users, including encrypting API keys through which customers connect to their exchange accounts. Additionally, it employs the services of security provider Cloudflare to ensure the safety of its systems. Finally, the platform offers its users tools to better protect their accounts, including using 2FA.
Does 3Commas enjoy a good public reputation for its services?
Yes, 3Commas is relatively popular amongst cryptocurrency traders seeking to automate their trades. According to company records, the service serves at least 220,000 users. On TrustPilot, an independent review and rating website, 3Commas gets an average of 4.4 stars from about 1,080 feedback reports.
How do I contact 3Commas customer support?
There are several ways to contact 3Commas’ customer support. You can either choose to email them using the addresses provided on the contact page or you can reach them through social media platforms such as Reddit, Twitter, and Telegram. However, before reaching out, you should attempt to solve your issue by researching through the vast knowledge base kept on the 3commas help section, blog, and academy.