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3Commas Review [2022] | Crypto Trading Bot | Pros, Cons

Jordan
Major
Updated: 18 Apr, 2022
14 mins read

This review will look at the 3Commas, an online cryptocurrency trading platform for beginners and experts alike. Specifically, we will consider why 3Commas is popular amongst crypto traders, its features, safety, and security approach, plus its pros and cons. The review also outlines a detailed step-by-step process for creating an account with the service.

About 3Commas

3Commas.io is a non-custodial trade automation platform in crypto launched in 2017 by Yuriy Sorokin, Egor Razumovsky, and Mikhail Goryunov. The crypto trading bot service, headquartered in Tallinn, Estonia, is one of the market leaders in its sector, currently serving more than 220,000 active monthly users across the world.

According to its founders, 3Commas was created to help solve the problem of trading cryptocurrency across multiple digital platforms. The service enables users to manage trades and portfolios on more than 18 supported exchanges and more than 2,000 crypto trading pairs.

With 3Commas, users get access to a host of services, including portfolio tracking, smart, paper, and social trading, plus a cryptocurrency wallet with support for more than 45 blockchains.

In brief, 3Commas users get access to some of the following key features:

  1. Smart trading – 3Commas offers its users a host of trading tools that enable them to trade across multiple exchanges, maintain several positions effortlessly and even have access to order types not supported on some trading platforms such as ‘Take Profit,’ ‘multiple Take Profit Targets’ and ‘Trailing Take Profit’;
  2. Portfolio tracking – the automated trading service enables its users to monitor and manage their assets on more than 18 crypto exchanges using the API feature;
  3. Paper trading – 3Commas offers a virtual trading account where users can test out their trading strategies without risking their funds. Paper trading gives a user access to historical data and real-time price action within a controlled environment ideal for testing and iterating. This feature is not only crucial for beginners but also for expert traders alike;
  4. Trading school – cryptocurrency trading beginners have access to educational material, including guides, tutorials, and blog posts with tips and tricks on how to improve their skills. Users also get to learn how to use 3Commas effectively;
  5. Social trading – a unique feature offered by 3Commas is the ability for users to track and replicate other traders’ positions and portfolios. Users can buy, sell, or simply share their winning trading strategies through the crypto signals service.

Recommended video: 3Commas.io explained

Why do crypto traders use 3Commas?

As the industry has grown and evolved and the competition has become stiffer, 3Commas has been actively innovating by introducing newer products seeking to maintain its market position.

Although algorithmic trading has been around for decades, even before the invention of Bitcoin in 2009, and therefore experienced traders appreciate the benefit of automated trading. They have opted to use trading bot services such as 3Commas because:

  • Time-efficient: These bots help traders do more with less time. A trader can adopt a ‘setup and forget its strategy,’ allowing the software to open and close positions automatically. 3Commas users can manage multiple positions in more than 18 different exchanges simultaneously from a single interface;
  • Increased profit potential: Trading algorithmically reduces emotional decision-making, often associated with market losses. 
  • Social trading: 3Commas users have access to features such as social trading where less experienced traders can track the strategies and portfolio of experts, learning and copying their market positions and portfolio management techniques;

These advantages are not exclusive to 3Commas, however, some of its unique features include;

  • Cloud-based services – 3Commas hosts its user interface online, allowing users to interact with their accounts from remote locations using mobile devices and computers alike;
  • Intuitive user interface – 3Commas offers a unique and easy to use interface that is ideal not just for experts but also for beginners;
  • A comprehensive suite of trading tools – experts appreciate the slew of tools at their disposal with 3Commas allowing them to open market, limit, spot, and futures trades on their accounts. Other features include backtesting, a trading academy, social trading, etc.;
  • Accessibility – 3Commas is available worldwide in the US, Europe, Asia, Africa, and Oceania.
  • Crypto wallet – the digital asset wallet is a recent addition that allows users to store their cryptocurrencies temporarily on the platform as they manage their portfolios.

3Commas key products and features

1. Manual trading

Despite 3Commas being an algorithmic trading service, there are several functions that are provided to users enabling them to conduct manual trades through the smart trading feature. This function is ideal for expert traders who still wish to have control over their trades.

The smart trading functionality is made up of four tools which are:

  • TradingView integration – 3Commas has embedded the TradingView price charting software within its interface allowing users to perform effective technical analysis (TA) on thousands of trading pairs;
  • Take Profit and Stop Loss Trailing feature – this is an innovative tool enabling users to set up dynamic take profit and stop loss levels enabling users to maximize profits and minimize losses;
  • Multiple sell targets – with 3Commas, traders can set up multiple take-profit targets as they seek to minimize risk and maximize their gains;
  • Concurrent Take Profit and Stop Loss – 3Commas users can place both take-profit and stop-loss levels on a single trade simultaneously.

2. Automated trading with Bots

For the traders that seek autonomy, this is the functionality that may solve their needs. There are multiple bots programmed to achieve various functions, and they include:

  • Single and multiple-pair bots – these are algorithmic instructions for 3Commas to open one or multiple positions automatically;
  • Long and short algorithms – these bots can be used to open long or short trades on multiple supported platforms;
  • Grid bot – enables users to set buy and sell levels for multiple future trades;
  • DCA bot – the dollar-cost average bot is used to open multiple buy or sell orders at preset levels allowing for a lower buy-in or higher sell-out average position;
  • Options and Futures Bot – options and futures are complex financial instruments only supported by a select number of exchanges. 3Commas enables its users to set up Futures trades on exchanges such as Binance, FTX, ByBit, etc., and Options trade on Deribit.

3. Other features

  • Portfolio management  – managing your portfolio is a crucial skill, and 3Commas makes it simple to create, monitor, and balance and rebalance your assets across multiple exchanges for optimal profits;
  • Notifications – 3Commas integrates Telegram bots, email, and browser to provide real-time notifications to users about trades and account statuses;
  • Crypto signals – the trading services also include a marketplace where traders can buy and sell trading strategies and setups to less experienced traders;
  • Mobile apps – get the 3Commas trading experience and track price action on the move as well as the ability to launch bots, and close orders using the using the mobile apps available on iOS and Android devices;
  • Backtesting – 3Commas enables its users to paper trade using a virtual account where they can back-test their trading strategies or even gain experience before jumping on board to trade with actual money;
  • Trading diary – also called a trading journal, this tool is used to hold a record of all trading activities, including the comments of each trade. Unlike trade history, which is kept by the platform, a trading diary should also contain comments that explain the reasoning behind every trade taken (or avoided).

3Commas Pricing Plans

3Commas charges a straightforward fee to its users based on pricing packages. There are four packages so far:

  • Free – $0;
  • Starter – $29/m (50% discount if paid annually);
  • Advanced – $49/m (50% discount if paid annually);
  • Professional – $99/m (50% discount if paid annually).

With any package, users get access to features such as portfolio dashboard, TradingView integration, access to mobile apps, and all the 18+ supported exchanges.

Generally, the lesser-ranked the package, the fewer features its subscriber has access to, with the Pro package having all the bells and whistles that 3Commas has to offer, including:

  • Unlimited access to smart trading tools;
  • Unlimited access to trading bots;
  • Developer API integration;
  • A complete suite of portfolio management tools;
  • Preferential customer support access, etc.

3Commas’ chosen pricing model is advantageous compared to most other automated trading platforms that charge commissions on executed trades.

A one-off fee is especially advantageous to large-volume traders. However, 3Commas’ prices are competitive in the market, offering a great alternative for low-volume traders and beginners to consider.

The bot trading service also offers a 3-day Pro package trial to all new sign-ups without requiring any payment information.

Is 3Commas safe to use?

3Commas is designed to operate with as minimal information from its users as possible, thereby reducing security risks. Hackers are often attracted by personally identifiable information (PII), and any service that holds or stores this kind of data is a potential target.

Outside this security design, 3Commas has provided its users with a few essential safety tools, including:

  • Use of login credentials (password and email address combo);
  • 2FA (second-factor authentication).

On its end, 3Commas encrypts API keys used by its customers to connect to their various exchange accounts. Additionally, the trading service uses the following security tools from Cloudflare:

  • Web Application Firewall;
  • Anti-DDOS attack;
  • SSL/TLS encryption for web traffic.

It’s also worth noting that 3Commas has opted to enable support for leading cryptocurrency exchanges such as Binance, Kraken, Huobi, and Coinbase Pro, among others, with robust security measures.

Binance, for instance, mandates its users to enable 2FA when creating API keys. Kraken is among the few exchanges with zero reported cases of security incidents, an impressive feat given that it has existed for more than a decade.

By extension, the security measures implemented on these large exchanges contribute to the overall safety within the 3Commas ecosystem.

Note: To learn more about the platform’s security measures be sure to read our comprehensive ‘Is 3Commas Safe?’ guide.

How to Create a 3Commas Account (step-by-step)

Creating an account with 3Commas is simple and only takes a few easy steps.

Step 1 – Visit 3Commas.io to sign up.

Click on one of the numerous signup buttons available on the home page.

Provide a valid email address and a strong password.

Click on the verification button to verify your browser then on the [Sign Up] button.

Step 2 – Confirm your email address.

Open your email inbox and check for an email from 3Commas. Click to open it and tap on the [Confirm email] link provided.

You will be redirected back to the 3Commas dashboard. At this point, you have successfully created a 3Commas account and been awarded a 3-day Pro trial offer.

Step 3 – Connect an Exchange.

Before accessing the dashboard, 3Commas will prompt you to connect to one of your crypto exchange accounts. If you do not have one, you can create it by either visiting your preferred exchange either directly or using one of 3Commas provided links.

There are even a few offers for new users to Binance and FTX who sign up for those exchanges through 3Commas.

To connect an exchange, you will need an API key. Using the example of Binance, visit Binance, and sign in to your account. Hover over the user account icon on the top right as shown below and select the [API Management] link from the drop-down list.

On the Binance API Management page, provide a label for the API keys, then click on the [Create API] button. Binance will prompt you to provide your 2FA credentials before proceeding.

Next, copy the API Key provided and its secret key, then paste them into the 3Commas link exchange page as shown here.

Once you have copied the two pieces of information, click on the [Connect] button. API permissions can be edited from your specific exchange’s API management page.

Step 4 – How to subscribe to 3Commas

Paying for a 3Commas subscription is also straightforward. Navigate to the subscription page using the link on the left navigation bar. Tap or click on [Subscription], then choose the package preferable to you.

Next, provide a payment method of your choice. The options are debit cards, PayPal, or cryptocurrencies.

You have successfully created a 3Commas account, connected your exchange, and paid for a subscription.

Note: To learn more about how to add money to your account, read our step-by-step guide on how to deposit funds with 3Commas.io.


3Commas Help and Customer Support

3Commas platform provides a host of information to its users to help them better interact not just with the trading service but also the broader cryptocurrency market. There is library of relevant articles within the help section that gives various details on:

  • Pricing and subscriptions;
  • Trading (margin, futures and options);
  • Bots (how to create and manage them);
  • Account management;
  • Portfolio management;
  • API configuration; andfin
  • Information on how to use the 3Commas mobile apps.

Additionally, 3Commas users have access to an informative blog section with articles on important features, updates and industry news. Other than that, there is a FAQ and  contact page with email addresses specific to various departments such as support, billing and affiliates; location address information and a contact form.

Other channels through which you can get further assistance include:

Pros & Cons of 3Commas

Pros

  • 3Commas provides support for more than 18 major cryptocurrency exchanges;
  • It’s relatively cost-effective with additional 50% savings on annual subscriptions;
  • It offers an exhaustive list of features to enable both manual and automated trading;
  • The service is accessible across the world;
  • 3Commas has an intuitive user interface across all platforms, including iOS and Android mobile devices;
  • There is minimal KYC (know your customer) information required;
  • Offers a trading academy for non-experts and beginners to improve their skills;
  • 3Commas has a paper trading account for backtesting trading strategies.

Cons

  • 3Commas is not cost-effective for small-volume traders;
  • Beginners and casual traders may not take full advantage of all the available features;
  • No desktop application.

Final thoughts

For more than five years, 3Commas has been iterating and improving its core proposition, making it one of the leading automated cryptocurrency trading services in the market. It offers most of the features pro traders seek in a trading platform and little else.

Its security measures are sufficient for safe trading, but all users still need to stay vigilant against attacks such as phishing. It is highly recommended to maintain high standards of security hygiene across all platforms linked to 3Commas.

Finally, make use of the active social media forums and chat rooms managed by the trading platform to associate with fellow 3Commas users and learn how to better utilize the service.

FAQs on 3Commas.io crypto trading platform

What is 3Commas?

3Commas is a Tallinn, Estonia-based online crypto trading platform that was launched in 2017 by Yuriy Sorokin, Egor Razumovsky, and Mikhail Goryunov. It offers tools to perform both manual and automatic trading.

Is 3Commas safe?

Since its launch, 3Commas has not reported a significant security incident. It has taken the necessary measures to ensure the security of its systems and users’ accounts, including using Cloudflare as a security provider. It also provides essential safety tools such as 2FA to its users to help secure their accounts.

How reliable is 3Commas?

So far, there have been minimal complaints from existing customers about the reliability of the online service provider. This could be because the service has existed for over five years, giving it enough time to test, iterate and improve on existing processes and systems to ensure class-leading reliability.

How much does 3Commas cost?

3Commas offers four pricing packages to its customers: Free, Starter, Advanced, and Pro. The free package costs nothing but is also feature-limited. Starter and Advanced packages cost $29 and $49, respectively, while the Pro package costs $99. There is a 50% discount for annual payments across all packages.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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