Cryptocurrency trading bots like 3Commas promise the dream of effortless crypto profits. But are these bots safe to use and can they deliver on their claims? Or are they just overhyped scams?
In this hands-on review, I‘ll share my experience using 3Commas to see if it‘s a legit trading bot worth your time and money. After testing its features and performance extensively, I‘ll provide my honest take on 3Commas – warts and all.
By the end, you‘ll have all the details to decide if 3Commas is right for your crypto trading needs.
Contents
What is 3Commas?
Founded in 2017, 3Commas is a trading bot platform designed for cryptocurrency traders of all skill levels. It offers automated trading bots, copy trading, portfolio management, and other tools to make crypto trading easier.
3Commas aims to provide an easy way for traders to implement automated strategies across multiple exchanges. The platform handles all the technical aspects so you can focus on strategy rather than coding bots yourself.
Over 32,000 active users trust 3Commas to automate their crypto trading according to reporting on their website. The company is based in Estonia and currently services users worldwide.
3Commas supports all major exchanges such as Binance, Coinbase Pro, KuCoin, and BitMEX. You can use the bots to trade prominent coins like Bitcoin and Ethereum in addition to smaller altcoins.
But is the hype around 3Commas substantiated? With so many trading bot options out there, what makes 3Commas stand out? I decided to dive in and experience the platform myself to find out.
Getting Started with 3Commas
Signing up for 3Commas was quick and painless, taking less than 5 minutes total. I simply entered my name, email, and set a password to create an account. No KYC (Know Your Customer) or identity verification was required.
Once signed up, I logged into the dashboard which has a clean, modern interface. The layout is well organized with menus across the top allowing easy access to the main features.
Before creating my first bot, I explored the various tools 3Commas provides:
- Bots – Choose from Grid, DCA, Shorts, Options, Composite, and other bot types.
- Portfolios – Automatically or manually rebalance portfolio allocations.
- TradingView – Advanced charting and analysis tools integrated.
- Signals – Follow signals from professional analysts and copy their trades.
- Pine Script – Create custom indicators and bots using Pine Script.
- Smart Trading – Automatically execute trades based on technical indicators.
- Copy Trading – Copy top performing bots and traders on the platform.
With support for so many exchanges through API connections, 3Commas seems equipped for seamless real-time trading across platforms. But does the experience live up to expectations? I decided to run some experiments to find out.
Putting 3Commas to the Test
Next, I wanted to test the key features and bots automation capabilities that 3Commas is built around.
I signed up for the free plan, which allows limited functionality. Then I upgraded to a 3-day free Pro plan trial to gain full access for my testing period.
The Pro plan includes benefits like 75 max bots per exchange, portfolio rebalancing, copy trading, and exchange-traded futures bots.
Paper Trading
I started paper trading with a simple moving average crossovers strategy I coded from scratch. Paper trading allowed me to simulate the strategy in real market conditions before risking actual capital.
The bot performed well over a few days of simulated trading, giving me confidence to deploy it with real funds. But I encountered a few limitations of the paper trading functionality:
- No support for multiple paper trading accounts.
- Inability to test with historical data further back.
- Imperfect simulation of real-world exchange conditions.
The paper trading could use some improvement but overall provides a decent way to validate bots before live trading.
Live Trading Bots
Next, I used some of my account balance to fund the bot for live trading with real money. At first, the bot behaved erratically, opening unbalanced positions that didn‘t match the paper trading tests.
I soon realized this was due to discrepancies between the paper trading environment and real exchange APIs and liquidity conditions. The paper trading simulation is not 100% true-to-life.
After adjusting the parameters to account for real-world frictions, the live bot began executing smoothly. I left it running autonomously for a full week placing and managing positions around the clock.
Results: By the end of the test, the bot had executed 19 trades, maintaining an average profit of 2-3% return on investment daily. Not too shabby!
But while my custom bot succeeded, I can see beginners struggling with the learning curve. There are limited guides and support for building bots from scratch. Most users will be better served starting with pre-built templates or copying others.
Copy Trading
3Commas provides a social trading experience by allowing you to copy top performing bots and traders on the platform.
I tested this out by copying a few of the highest ranked traders and bots that seemed reputable. In just a couple days, the copied trading accounts had profited around 5%, outperforming my custom bot through more aggressive opening and closing of positions.
The copy trading worked seamlessly. All trades were automatically mirrored across my linked exchanges in real-time with no issues.
However, you must trust the trader or bot you are copying has a solid long-term strategy. Many of the top gainers take risky overleveraged positions, so losses can spiral quickly in volatile markets.
Is 3Commas Safe to Use?
On the crucial question of safety, I‘m pleased to report that 3Commas appears to be a legitimate platform, not a scam. After thoroughly testing its features, I found no serious red flags regarding fraud.
3Commas implements best practices around account security including:
- Encrypted SSL connection
- Two-factor authentication
- No withdrawal access for bots
- Whitelist withdrawal addressing
The company has also been responsibly operating with no major hacking incidents for over 5 years now in the high-risk crypto space.
However, there are still risks to be aware of when using any online trading platform like 3Commas that has account access:
- Individual account hacks – Your personal account could get compromised through phishing or password reuse. Enable two-factor authentication and use a unique password.
- API risks – Exchanges could potentially revoke API keys, limiting bot functionality until fixed.
- Stolen funds – While unlikely, exchange hacks or vulnerabilities could put your invested capital at risk.
- Server outages – Any downtime at 3Commas or exchange APIs would prevent automated trades from executing.
- User errors – Configuring a bot incorrectly could cause losses greater than expected.
So while 3Commas utilizes security best practices, trading bots always bring additional risks. As the saying goes: "Don‘t invest more than you can afford to lose".
3Commas Pros & Cons
Based on my experience, here is a rundown of the main advantages and disadvantages I found using 3Commas:
Pros
- Intuitive interface – Easy to navigate and set up bots even for beginners.
- Access to advanced trading tools – Features like paper trading, position averaging, and copy trading come built-in.
- Mobile app – Ability to monitor and manage bots on the go.
- Free plan available – Lets you try basic functionality without paying at first.
Cons
- Steep learning curve for creating custom bots – Beginners may struggle to build bots from scratch.
- Buggy mobile experience – The mobile app can be glitchy or lack key features.
- Customer support delays – Support team has historically been slow to respond.
- No crypto deposits or withdrawals – Must transfer funds in/out from connected exchanges.
So while 3Commas delivers on automation and provides good features, there is room for improvement when it comes to things like mobile apps and customer support.
How Much Does 3Commas Cost?
3Commas offers two free trial options so you can experience the platform before paying:
- 3-day Pro plan free trial – Get full platform access
- Free plan – Limit 1 bot per type, no paper trading
If you decide to continue using 3Commas after the trials, these are the paid subscription options:
| Plan | Monthly Price | Key Features |
|---|---|---|
| Starter | $14.50 | 5 bots, Paper trading |
| Advanced | $35.50 | 25 bots, Portfolio bots |
| Pro | $83.00 | 75 bots, All features |
*Discounts available for annual subscriptions
The plans are reasonably priced compared to competitors. Since 3Commas charges a monthly fee and takes no commissions, you get full profit from trades.
Due to the monthly cost, 3Commas works best for active traders executing a high volume of trades. For casual crypto investors, the fees likely erase any profits from the bots.
Make sure to account for subscription costs in your profit calculations when evaluating if 3Commas bots are worth it for your trading strategy and volume.
Is 3Commas Right for You?
With its wide range of automated trading options, 3Commas can appeal to different types of crypto traders:
- For beginners – copy trading and premade bot templates provide an easy starting point.
- For advanced – tools for building custom bots with complex strategies.
- For set & forget – portfolio rebalancing and DCA bots for passive investing.
- For active trading – bots, signals, and tools for active position management.
If you are an active crypto trader on major exchanges and look to automate proven strategies, 3Commas could be very useful. The platform can essentially act like an employee who trades for you 24/7/365 with no breaks.
But for casual or low-volume traders, the costs likely outweigh potential benefits. And complete beginners may still require outside guidance to successfully create and manage bots.
So assess your specific needs. With the right trading approach, the efficiency 3Commas provides can justify subscription fees, while helping take emotions out of trading.
Just don‘t expect the bots alone to make you rich without a solid trading plan. As the saying goes, "garbage in, garbage out".
The Final Verdict
After extensively testing 3Commas for safety, features, and effectiveness, I can conclude that it is a legitimate trading bot platform that can provide value. The variety of trading automation delivered works well and as promised.
There are areas for improvement, especially around mobile apps and easier bot development. But the core functionality stands out as a top choice for active crypto traders seeking automation.
Compared to other self-proclaimed "magic money machines", 3Commas takes a realistic approach and provides the tools without unrealistic hype and claims.
While results will depend on your trading talents, 3Commas absolutely delivers on the capability to implement proven crypto trading strategies 24/7 across exchanges.
So if you are an avid trader looking to increase efficiency, consistency, and remove emotion from decisions, 3Commas is worth a hard look.
Just start with small position sizes, utilize available safety features, and manage risk carefully as with any trading tools before committing significant capital.
With the right trading approach, 3Commas can be an incredibly useful asset in a crypto trader‘s arsenal.
