Last Updated on August 13, 2023 by cryptocreed
You are in love with automated cryptocurrency trading? If you are here then I am sure you are a crypto trader and might have already used a crypto-automated trading bot.
The simple use of automated bots is trading for you without you. You don’t need to perform a trade every single time manually but the bot will do that for you.
3Commas is one of the platforms where you can perform automated crypto trading actions.
This 3Commas review will guide you on how to use the platform, they are popular but are they legit or scams, available bots, user reviews, and much more to know before using the 3Commas crypto trading bot or platform.
What Is 3Commas?
3Commas is an automated crypto trading service provider started in 2017 by Yuriy Sorokin, Egor Razumovskii, and Mikhail Goryunov. It has headquarters or was founded in Tallinn, Estonia.
With 3Commas you can start your crypto trading bot and the platform will run a bot for you which will make trades for you it will minimize your trading risks, and allows you to trade without stopping, and copying others’ trade.
3Commas is a cloud-based crypto trading service provider where you can buy and sell cryptocurrency automatically anytime. They are already partnered with major crypto exchanges which allows you to trade on big exchanges without any issues.
Currently, they have more than 220K registered users and support more than 20 crypto exchanges.
Why Use 3Commas? Top Features
You must have a reason to use any platform using a random platform is not a good idea. So what makes 3Commas better? and why you should use it?
Platform features are the best way to know about the platform.
Automated Trading
Automated trading allows you to set up your automated trading strategies which can trade your coins as per your strategies created by you.
These types of bots run 24/7 as scheduled or set up by you. You can buy bots that are available on their shop or you can customize your own crypto trading bots.
Following are the bots that are available to perform automated tradings.
DCA Bots:- DCA bots or Dollar Cost Averaging Bots allow you to set your parameters and the bot will buy & sell within the parameters to make it possible.
Options Bots:- Options bots are widely used in stock trading. This might be riskier for newbies but those who are experienced know where the market is going.
Grid Bots:- Grid trading bots check the market of the coin, it trades the coin between trading grid bars. Trades have to set two prices at which the bot will perform trades. They have an AI-based trading strategy as well.
Manual Trading Also Known As Smart Trade
Manual Trading is popularly known as Smart Trade as well. 3Commas allows you to perform trade cryptocurrency on different exchanges through a smart trade terminal.
Buy and Sell orders can get open on different exchanges at one time in one window. There are some strategies you can use to place orders.
Smart Cover:- The market is not stable and it will not be stable for long so it’s good to make trades where you buy at low and sell at high.
Take Profit & Stop Loss:- This type of bot closes the deal when the indicated price reaches. Also deal gets closed when the price drops at or below-indicated value.
Sell At Multiple Targets:- Yes you can sell your coins at multiple targets. You can choose your own rate and check the price if it touches your price or not.
Portfolio Management
This is the most important feature for experienced traders as they usually check their portfolios. The person diversifies his portfolio to reduce their loss.
You can create your own portfolio with any coin that supports or is available on the platform. You can check the balance of your coins or portfolio by checking the ratio of the coins.
Users can also view the income of other 3Commas users and copy & edit coin ratios of someone else’s to their own portfolio.
Top Crypto Exchanges
3Commas supports more than 15 top crypto exchanges. Allows users to trade on multiple exchanges from one place. Exchanges like Binance, ByBit, OKX, Kucoin, Coinbase, Gate.io, Kraken, Gemini, Huobi, and others.
It is important to know that sometimes they stop supporting exchanges depending on the status of the exchange.
Trading View Support
Trading View provides vast numbers of charts with different strategies and flows with features. Users can use these trading view charts to analyze their trades and the crypto market to make their trading decisions.
3Commas Pricing – Membership Plans
3Commas has different plans from free to paid. If you are a newbie and want to try the platform first then you can create a free account and test their bots.
As mentioned on the website they do not have any hidden charges or extra fees to use the platform. Let’s check out the platform pricing.
Free Plan
You can sign up for free with a free plan and you can handle this account forever. You can access TradingView integration, Traders signal, Traders Diary, Notification to your browser-mobile apps-email-telegram, and API.
As of now new users in Free plan can get access to a premium subscription for free for 3 days.
Starter – $22 Annual Plan
You can access the Starter plan by paying just $29 per month in monthly plans or you can go with $22 per month with an annual plan.
Smart Trade, Demo Account, Terminal, Trailing, 1 DCA Bot, 1 Grid Bot, 1 Smart Bot, HODL Bot, 1 Options Bot, Futures, margin Support, Trading View, Portfolio manager, Notification, and access to API.
Advanced – $37 Annual Plan
This plan will cost you $37 per month with an annual plan and you can get this plan for $49 per month with the monthly plan. You will get access to features that come in the Starter plan plus unlimited DCA bot access.
Pro – $74 Annual Plan
The highly experienced or the person who is big amounts to trade should go with this plan. As this is the highest plan they offer. Everything comes in this plan from the advanced plan plus Unlimited GRID Bot, Options Bot, DCA Bot, and HODLE Bot
The 3commas Pro plan will cost you $74 per month with an annual plan and $99 per month with a monthly plan.
Binance Supports 3Commas
Binance is the official partner of 3Commas. The platform integrated Binance in 2017 and they come into an official partnership in October 2019. Users can easily trade on Binance through 3Commas.
If you don’t have Binance then you can create one using our referral link to save 40% trading fee. You might already have a Binance account but still you can join using our link to support us.
3Commas Customer Support
One of the most important points to check out on any platform is customer support. If the platform offers high quality and fast customer support then you should try them and might put your trust in them at first.
3Commas offers a live chat option where they claim that you will get a reply within a few minutes.
You can also visit their contact us page (https://3commas.io/about/contacts) and fill out the form to get answers to your questions.
They also mentioned their email address on the contact us page.
3Commas Is Legit or Scam? 3Commas Hacked
First, we are going to check users’ reviews posted by users on review websites.
On G2, they have a rating of 4.6 out of 5 from 2 reviews. There are no negative points to mention here.
On Trustpilot, they have a rating of 4.2 out of 5 from more than 1480 reviews.
We filtered negative reviews and found most of the negative reviews are talking about the Data breach. The one incident that shook 3Commas completely. No other major issues were reported by users.
On Play Store, they have a rating of 4.3 out of 5 from more than 15000 users. Major recent reviews are claiming that after the latest update, some features are not working for them like reporting.
3Commas API Breached Incident
3Commas is operating since 2017 and unfortunately, they faced one of the major crypto hacks. The positive point is that in the last 6 years, their system got disturbed only once. The major negative point is, that one incident causes the loss of more than $10 million from user accounts.
In December 2022 (specifically on 28th December) 3Commas got exposed to hackers through an API security breach. This security breach allowed hackers to access the API keys of more than 100,000 users.
At first, the founder and 3Commas team denied any such incident, even after several users reported and contacted them.
The worst part was the acceptance, the team and specifically the founder was not accepting their fault. In such a situation platforms and founders should give users hope that the “team is investigating if such an incident has occurred or not” but neglecting several users’ reports is a bad attitude.
Meanwhile, Binance founder CZ, in his tweet claimed that the issue is with 3Commas and not with exchanges.
Let’s understand in chronological order.
On 28th December, 3Commas got compromised. Immediately users started reporting.
3Commas Founder & team denied users’ allegations. Ironically team & founder said that users exposed their API through phishing or any other way.
On 29th December, Binance Founder CZ tweeted and said the fault is from 3Commas side.
After a tweet from CZ, the founder of 3Commas accepted that the platform was got compromised or there was a security breach.
After this incident, Founder CEO Yuriy Sorokin and his team introduced more secure features like Sign Center. In this users have to sign the transaction like they do in Metamask or any other web3 wallets.
Conclusion
After checking their features, platform, pricing, and security issues we can collude that the platform is now safe and trusted to use. Yeah like any other platform, 3Commas has faced major issues but this is forgettable on the mark of their availability.
Operating for the last 6+ years within one major incident is ignorable in my point of view.
