3Commas Review – Is It a Scam?

3Commas Trading Bot Review

It’s pretty standard for conventional market traders to use trading bots to save time and keep up with market trends and fluctuations. Two main bot features used by day traders include trade execution and technical analyses. The appeal tends to be the automation aspect of these “smart” bots. 

With that kind of technology already being used, it’s no surprise that it has ventured into the cryptocurrency trading markets as well. Essentially, the same kinds of features can cater to digital assets just like with conventional trading. 

That said, the rise of cryptocurrency trading bots has offered many opportunities for cryptocurrency traders to be more active or to jump in if they were previously on the fence. Again, we think it has a lot to do with the convenience of automation.

3Commas Review

3Commas is one such crypto trading bot, which happens to be the one we are reviewing today.

Let’s see if it stands up to our metrics for safety, security, effectiveness, and performance.



TOP TRADING BOTS

Free 14-day PRO trial
GET STARTED NOW

Quadency Free trial for 3 days
GET STARTED NOW

Coinrule Try 7 days for free
GET STARTED NOW


How Long Has 3Commas Been in Business?

3commas logo

3Commas rolled out in 2018 as a program that will automate cryptocurrency trading for the platform’s traders. On this platform, you will find preset functions for convenience and options to customize your strategies. Additionally, you may also follow other users and partake in their strategies.

The goal of such a piece of technology is to save time for its users while they trade without having to be staring at their computer display all day. 

This crypto trading bot combines features such as triggers, indicators, and signals to facilitate trades. Therefore, if you, as the user, do not wish to micromanage your strategy, you can just set up your predefined strategies for your trades.

Because this program has a social reach, you may also apply other user’s strategies that you follow. 

Besides offering automation, 3commas has a Smart Trading engine that delivers support for manual trading, when you want to go that route. This option gives experienced traders a way to use more advanced tools on specific exchanges.

Traders on this program may also manage their portfolios and monitor their own cryptocurrency assets.

Some of the supported exchanges allow you to rebalance your digital assets to maintain your preferences for all of your cryptocurrency that is in your portfolio. Also, TradingView lets users create custom signals.

Let’s discuss 3Commas’ reputation, pricing plans, features, and pros and cons.

What Kind of Reputation Does 3Commas Have?

3commas

3Commas has built a level of popularity and a reputation since its inception. If you read user reviews on forums or other places on the web, it’s hard to avoid seeing 3Commas mentioned. That is due to its popularity. 

Related:  Fastlykke Review – Is Fastlykke a Scam?

Its ease of use is one of the appealing aspects of this program. Other aspects that some users like include the ability to apply various strategies and indications that it has delivered some level of profitability.

You could say this company has built its reputation in this competitive industry.

This cryptocurrency trading bot has amassed a huge community that utilizes the trading tools quite regularly. The social aspect gives its popularity a boost since it lets experienced cryptocurrency traders share their trading strategies with others.

That helps newbie traders learn more about this market so they can also profit. 

What Exchanges Does 3Commas Support?

3Commas supports multiple exchanges including the following:

  • KuCoin
  • Huobi
  • Binance
  • Bittrex
  • Okex
  • Coinbase
  • Bitfinex
  • BitMEX
  • Ethereum
  • FTX
  • FTX US
  • Ripple
  • Kraken
  • Wallet
  • Bybit
  • Deribit

There could be more by the time you take a look at this trading bot. 

You should know that some of these exchanges support only some of this trading bot’s features. Please remember to check what features are available before deciding to sign up with an exchange.

You will find some special offers through 3Commas as a reward for signing up with specifically supported exchanges.

For example, we found that by creating your first Coinbase trade through the bot, you get a free trading course from 3Commas. Of course, the special offers may change from time to time.

How Much Does 3Commas Cost?

3Commas Pricing

This trading bot platform has four plans available to you. 

The Free Plan: You get One Active SmartTrade, One DCA Bot, One GRID bot, One Options Bot, Unlimited Scalper Terminal. This plan does not include paper trading. 

The Starter Plan is $14.95 per month (when you make an annual payment). This plan comes with everything seen in the free plan except you get unlimited Active SmartTrades and Paper Trading.

The Advanced Plan is $24.50 per month (when you make an annual payment). Everything from the Starter Plan is included except you get Unlimited DCA Bots instead of just one.

The Pro Plan is $49.50 per month (when you make an annual payment). Everything you see in the other plans is unlimited with this plan. 

Payment for these plans can be made via PayPal, debit or credit card, cryptocurrencies, or advcash.

Ease of Use: The user interface for 3Commas is clean and concise. Some of the features may seem overwhelming at first to the novice trader, though seasoned traders are comfortable with them.

The knowledge base available on the website is helpful to novice cryptocurrency traders and can be a good resource for acclimating to sophisticated features. Also, the social community is a great and vast resource of help.

From what we have gathered from research, it takes just a few hours to become familiar with the advanced features when you use it.

Related:  Zenbot Review - Does It Work? Is It a Scam?

Settings: There is a multitude of advanced settings on this platform, which may be why initially, novice traders get overwhelmed.

Some features you can use are concurrent take profit and stop loss, short bots and long bots, trailing, and paper trading. The paper trading feature is helpful when you need to see how your strategies are faring under real market conditions without needing to spend a lot out of exchange accounts.

These combined strategies deliver a complete set of features that include manual strategies, portfolio balancing, automated trading, and more. 

Security: The platform is on a secure server, so there is no need to install anything on your device. You will be advised not to offer up any withdrawal permission to the platform’s API. This is how you protect your funds from getting into the wrong hands. This security feature is common practice with all cryptocurrency trading bots, as is the two-factor authorization that 3Commas provides.

Customer Support: The vast knowledge base, actively sharing community, and ticketing system tend to serve the users well on this platform. You can access not only the knowledge base but also tutorials if you are a new user. 

Profitability: While 3Commas was boasting on the website that you can earn profits in just 10 minutes, it no longer makes that claim. Perhaps the company learned that the hard way. While there is no promise of profitability, there are numerous articles and tutorials that claim certain activities increase your chances of higher profits. 



TOP TRADING BOTS

Free 14-day PRO trial
GET STARTED NOW

Quadency Free trial for 3 days
GET STARTED NOW

Coinrule Try 7 days for free
GET STARTED NOW


Review Conclusion

Some final thoughts from our point of view regarding 3Commas.

While we think it’s safe, we are not sure about the API ordeal and some of the articles and language give us pause to recommend it. 

We prefer to recommend reliable and credible cryptocurrency bots like Bitsgap and Quadency for your consideration. We have found them to be the best we have seen yet. 

That said, the ultimate decision on which cryptocurrency bot is up to you. If you feel you will be confident as a novice trader on 3Commas, you are free to use it. It’s just our opinion that it may be more suited to experienced traders.

The following two tabs change content below.
My diverse background started with my computer science degree, and later progressed to building laptops and accessories. And now, for the last 7 years, I have been a social media marketing specialist and business growth consultant.
Jonathon Spire

Jonathon Spire

Tech Blogger at Jonathon Spire

My diverse background started with my computer science degree, and later progressed to building laptops and accessories. And now, for the last 7 years, I have been a social media marketing specialist and business growth consultant.

Leave a Reply

Your email address will not be published. Required fields are marked *

Jonathon Spire

I blog about a range of tech topics.

For the last 7 years I have been a social media marketing specialist and business growth consultant, so I write about those the most.

Full transparency: I do review a lot of services and I try to do it as objectively as possible; I give honest feedback and only promote services I believe truly work (for which I may or may not receive a commission) – if you are a service owner and you think I have made a mistake then please let me know in the comments section.

– Jon