3Commas

3Commas Review: Is 3Commas any good?

Overview and general information of

3Commas is a digital asset management and trading platform founded in 2017 by Yuriy Sorokin, Egor Razumovskii, and Mikhail Goryunov in Tallinn, Estonia. Designed to help cryptocurrency investors with automated trading tools and portfolio management, the platform supports connections to leading crypto exchanges such as Binance, Coinbase Pro, Kraken, and OKX, and features the ability to create trading bots, rebalance portfolios, and implement various trading strategies, including integrating trading signals from TradingView to optimize your investment.

In 2020, 3Commas had over 100,000 users and a total trading volume of over $12 billion. The company received a $3 million investment from Alameda Research to develop its automated trading and portfolio management features and technologies. Today, 3Commas continues to strive to be the leading platform to help investors increase the efficiency of trading and managing assets in the cryptocurrency market.

Is 3Commas safe?

3Commas is a non-custodial cryptocurrency trading platform, which means that users retain control over their assets and 3Commas cannot access or withdraw users' funds. The platform uses an API key connection to the user's exchange account to execute trades based on user-defined instructions.

However, in late 2022, there were reports of a leak of API keys connected to 3Commas, leading to unauthorized access to users’ accounts. The CEO of 3Commas confirmed the incident and advised users to revoke API keys connected to the platform.

For added security, users should follow these guidelines:

• Restrict API key permissions:Set the API key to have trading permissions only and disable withdrawal permissions.

• Enable two-factor authentication (2FA):To prevent unauthorized access to your account

• Check your API keys regularly:Revoke unused keys and generate new keys when suspected to be compromised.

While 3Commas has security measures in place, recent incidents highlight the importance of following security guidelines and regularly reviewing user accounts.

Licensing and Regulation

If you ask whether 3Commas is good or not, you should start by considering the license and registration factors first, which are detailed as follows:

• 3Commas is not licensed as a securities company or an asset management company, as it is a platform that provides tools for crypto trading and does not directly manage users’ funds.

Products and services

Trading products

• SmartTrade: A tool that helps investors plan their buying and selling with advanced features such as setting Take Profit, Stop Loss and efficient order management.

• DCA (Dollar Cost Averaging) Bot: A bot that helps to invest a fixed amount of money in a given cryptocurrency periodically to spread risks and reduce the impact of market volatility.

• Grid bot: A bot designed to profit from market volatility by setting buy and sell orders within a specified price range, creating a grid of trading orders.

• Options bot: A tool that helps in trading cryptocurrency options, allowing investors to use more complex trading strategies.
  
  

Trading Platform

3Commas is a non-custodial platform, meaning users retain control over their own assets. 3Commas connects to users’ exchange accounts via API keys that allow them to manage trades but not withdraw funds.

The platform supports connections to over 14 leading crypto exchanges, including Binance, Coinbase Pro, Kraken, and OKX, allowing investors to conveniently manage their trades across multiple markets through a single interface.

With a wide range of features and tools, 3Commas enables investors to efficiently tailor their trading strategies to market conditions and their own investment goals.

fee

3Commas is a cryptocurrency trading platform with a subscription-based fee structure, as detailed below:

Subscription plans

• Free: The basic plan is free of charge and is ideal for beginners who want to try out the platform’s basic features.

• Starter: Costs $29 per month and provides additional features such as access to SmartTrade and price alerts.

• Advanced: Costs $49 per month and includes the Starter plan features plus access to the DCA bot and portfolio analytics.

• Professional (Pro): Costs $99 per month. Includes all the features of the Advanced plan and adds access to the Grid and Options bots, as well as other advanced features.

***This price may vary depending on the user's currency and region.

Trading Fees

Although 3Commas does not charge additional commissions for trading, users are still required to pay trading fees set by the cryptocurrency exchanges connected to 3Commas via API keys, and these fees depend on each exchange's fee structure.

Trial use

New users get a free trial of the Pro plan right after connecting their trading account with 3Commas, without having to fill in any credit card information. After the trial period ends, users can choose the subscription plan that suits their needs.

***Please check the official website for the latest information on subscription plans and fees to ensure you are getting the most current and relevant information.

Support and Customer Service

• Email: [email protected]

• Address: 3Commas Technologies OÜ Laeva 2, Tallinn, Estonia, 10111 Registration code 14125515

• 24/7 service with Chat Bots

3Commas: Pros and Cons

Pros

• Supports connection to multiple leading exchanges

• There are various automated trading bots such as DCA, Grid, Options.

• User-friendly interface, suitable for both beginners and professionals.

• SmartTrade feature helps you set up your trades efficiently

• 24/7 customer support

Cons

• Advanced features require a subscription fee.

• Complex for beginners

• There is a history of API key leaks that increase security risks.

• Dependency on API keys can be risky if not managed properly

• It takes some learning to use all the features to their full potential.

Summary of the 3Commas review: Is it good?

3Commas is a versatile crypto trading platform that supports connections to over 14 leading exchanges, offers automated trading features such as DCA bots, Grid, and Options, and has a SmartTrade feature that helps you set up trades efficiently. The platform’s interface is user-friendly and suitable for all levels of traders, and it offers 24/7 customer support.


However, there are fees for advanced features, and beginners may need some time to learn how to fully utilize the platform. There is also a history of API key leaks, which increases security risks. Overall, 3Commas is a good option for investors looking to increase their crypto trading efficiency, but consider the security and additional fees before committing to using it.

Frequently asked questions

Q: Is 3Commas safe?

A: 3Commas is a non-custodial crypto trading software, which means that 3Commas cannot access or withdraw your funds. Your account is connected to the exchange via an API key that allows 3Commas to manage trades, but not withdrawals. For added security, enable two-factor authentication (2FA) and use restricted API key permissions.

Q: What happens to the bot if my subscription expires?

A: When your subscription expires, your bot will be paused as per the free plan limitations, but the bot settings will not be lost. Open deals will continue as planned. You can renew your subscription to get all features back.

Q: How do I cancel my subscription or automatic payment?

A: You can stop future charges by canceling automatic payments. For more information on how to cancel automatic payments,