- Are you interested ter making money from cryptocurrency trading?
- Are you annoyed of keeping a track of numerous orders on innumerable exchanges?
If you resonate well with thesis concerns, you are at the right place. If you don’t, stick with us spil wij are going to unveil something very interesting, something that can help you maximize your profits te the cryptoland.
On observing closely, you will find that the cryptocurrency market is hyper volatile, to say the least, but this volatility can actually be used to earn remarkable profits if you have the right contraptions.
Usually, fresh and experienced users alike, fail to realize potential profits while trading cryptocurrencies because of certain issues, some of which are:
- Inability to monitor different exchanges for different coins
- Improper/less effective zekering losses or take profit features ter the exchange UI.
- Lack of real-time notifications etc.
Thesis are just a few of the many problems or limitations that they face. Hence, their trade quality isn’t good enough to realize maximum profits.
However, 3commas is revolutionizing that. Let us understand how!
What Is 3commas.io?
3commas is a cryptocurrency trading bot that helps improve the trade quality by providing the trader the right control and features they need to maximize their cryptocurrency trading profits. 3commas calls it SmartTrading.
Let’s learn a bit about their SmartTrading treatment:
Te the SmartTrading treatment that is implemented via the 3commas device, you get some off the hook features.
- You can trade on all exchanges from one single interface i.e. from 3commas’ window . Presently they support Bittrex, Bitfinex, Binance, KuCoin and Poloniex.
- Contemporary stop-loss and take-profit. Traditional exchanges won’t do this
- Trailing mechanisms can help you to trace all the market switches and limit the loss
- Handy notifications about your orders’ condition
- Notes for the orders
- Trader’s journal (automatic summary of your trading statistics from all the exchanges te one convenient report)
Now that you know about thesis features, it makes sense ter introducing you to its interface and also throw some light on each of thesis features.
Note: This application/service can be access through any web-browser or mobile so you need not worry about numerous device accessibilities. (See iOS app here, Android under development)
How Does 3commas Work?
- Access All Exchanges Ter One Window
When you register on 3commas with your email ID, and login for the very first time, you will see this spil your instrumentenbord. Here, you can keep track of your balance, prices and other quick access feature like ‘Connect to exchanges’.
3commas presently supports five exchanges ( Bittrex, Bitfinex, Binance, KuCoin and Poloniex ) and you can connect all thesis exchanges to 3commas and control them from a single window. Explore the linksaf (official) below for linking the following exchanges to 3commas:
Note: When creating API for any exchange, make sure to not enable the withdraw feature. This is already mentioned ter the 3Commas article but something I feel it’s significant to mention. Make this a thumbrule when everzwijn you are using a Crypto bot.
Contemporary stop-losses or take-profit conditions are managed and executed ter real-time according to the goals you set.
Here is an example: Lets say you want to buy a coin and your coming in price is $X. With 3commas, your order will actually be placed on your chosen exchange when the 3commas bots detect that your buying condition is met. Unlike traditional exchanges/bots, it will not create fake buy/sell walls.
Similarly, when stop-loss has to be activated, it will permanently look out to check if the conditions set by you actually match at that time.
Te both thesis ways, your actual funds will never be waiting for the conditions to be met and will not be frozen te the exchange itself.
Ter a nutshell, at the ogenblik of creating the order from 3commas, the bots start to look at the current price and compare them to your goals (SL/TP)
And spil soon spil the coin price coincides with the condition that you set (for example take-profit), the bot will close the position, i.e. it will take the profit.
Trailing Stop-Loss: For example, you buy 1 ETH for 0.05 BTC, and set te the system a stop-loss objective, for example, 10% (0.045BTC) and take profit is 20% (0.06 BTC). The trailing stop-loss always goes after the price and moves the stop-loss after the price moves toward the target take-profit. For example, suppose the price of ETH increases by 10% (0.55 BTC). Now your stop-loss of 10% will be rearranged to 0.0495 BTC. To understand more about how trailing stop-loss feature works see this official guide from 3commas.
1. You open a position at a price, for example, $Five. You set take-profit to $6. The TP condition itself means that when the price reaches $6, your position will close, and you will earn $1.
Two. Trailing take-profit is needed to maximize profits, that is, if the value of the position increases, it won’t close it at a immobile price, but will raise the closing condition while the value goes up. If you bet Trailing TP to $7 (40% of the growth from the initial one), while the price goes up – $6 (20%), $7 (40%), $8 (60%) – the closing position switches and the take-profit grows.
Trio. At a time when the price goes down more than X% (which you choose te the settings), the position closes. If this happens, for example, at $9 dollars, you will additionally earn $Three, thanks to trailing take -profit. To understand more about how the trailing take-profit feature works, check this official guide from 3commas.
You can also enable notifications for mobile, te the browser, and emails from the right top corner under settings here. You can also customize the type of notifications you would and would not like to receive.
You can also add notes/comments te your trade orders so that you can recollect or can get its audit trail te the report itself spil to why and when you the trade wasgoed carried out. You may also add comments like ‘you want to hold this coin for next 6 months’ to trade efficiently through 3commas.
Trader’s diary is another cool feature of this contraption where you get a consolidated report of the trades that you have made on all the linked exchanges through 3commas.
You will also understand at a glance, by looking at this diary, the profit or loss you have incurred on a particular trade ter a particular duration.
You can also explore portfolios of others through this implement and analyze how they is doing by following that particular portfolio.
You can also copy a portfolio if you like, but for this feature to be used you should have those particular exchanges linked to 3commas.
3commas is rather cheap for the features it provides. It cuts down on a loterijlot of hassle for numerous exchange users. A commission of 0.25% on the transaction amount is charged for each Brainy Trade (Buy) or Clever Sell (Sell) created. The use of infographics and portfolios, automatic balancing ter particular, is fully free on 3commas for now.
Note: The service charges the commission from your internal account, not from your deposits on an exchange. Also, you get a joining toeslag of $Ten ter your 3commas account when you register on it for the very first time but this $Ten is stringently to voorkant their commissions and you can lightly test a volume of $4000 from the amount.
When you commence a transaction, you are not charged the commission. The required commission amount gets frozen ter your account. The commission will be deducted from your account upon the successful completion of a transaction: activation of stop-loss or take-profit or clicking Fright Sell. If you cancel a transaction or if it does not go through due to a service error, the frozen funds will be returned to your account.
Looking at their roadmap, it is not difficult to say that the development team seems serious about what they are developing. Also, it looks very overduidelijk that they are doing something that no one else is doing te the industry spil of now.
Here is there roadmap:
Also, there is a flurry of more exchanges such spil Bitstamp, Yobit, Bitmex etc that they are going to add ter the future.
One of features under development is the option to copy winning traders via their CopyTradingBot feature which they also call spil social trading.
Project for next week release:
Two. Updared iOS app
Trio. Bitstamp support
Four. Conditional on Bitfinex &, Binance
Five. TakeProfit with step orders
6. Filters for portfolios
7. MarketBuy orders
With other features like order books, fresh exchanges, copy traders etc that are upcoming, it will only make this product more useful ter the coming days, also keeping ter mind that the entry barrier of 0.25% toverfee is also very nominal for most of us.
That is all from my side ter this introduction of 3commas. If you liked the idea, go ahead and register on 3commas to embark trading.
And if you want to understand more about how to use this contraption for actually setting up exchanges and begin trading, observe this movie tutorial:
I hope this detailed analysis and review of 3commas helps you te making a good decision. Share your practice with us ter the comment section below!
If you like the postbode, don&rsquo,t leave behind to share it with your friends and family on social media!
Official 3commas Resources:
I indeed like the idea of Crypto trading bots spil they help te making a better decision and some time makes it eaier to do trading. However, ter no condition everzwijn imagine that a bot will automatically make money for you. Spend time learning about the features and thesis bots will make your trading joy and effortless. Now, go ahead and make some money!
Do come back and share your review of 3Commas and let us know if you are using any other Crypto trading bot and your practice.