A Guide to 3Commas – Is it the Best Crypto Trading Bot for Novice Users?

To be successful in cryptocurrency trading, you need to have the skills to analyze the market properly. But as a beginner, you may not have these skills yet. This doesn’t mean you walk away from the crypto market. There are several ways for a novice trader to make profits in the digital asset market. Among them is using trading bots.

Thousands of trading bots have been launched in recent years. However, only a few have proven to be helpful to beginner traders. In this article, you will explore 3Commas. Keep reading to learn whether this trading bot is among the few adding value to novice traders.

Exploring 3Commas

3Commas touts itself as a haven for beginner traders planning to automate their crypto trading strategies. The platform makes available different types of trading bots that are suitable for various market conditions. 3Commas was created by three experienced software engineers, Egor Razumovskii, Mikhail Goryunov, and Yuriy Sorokin.

The trio’s goal is to help traders automate trading strategies, thus getting rid of the need to monitor the market constantly. Over the last six years, 3Commas has managed to attract over 230,000 traders. The trading bot provider secured $35 million in September 2022 from Sam Bankman-Fried’s Alameda Research.

3Commas Geographical Available

3Commas doesn’t have geographical limitations. It is available in all regions where its partners (crypto exchanges) operate.

How to Register With 3Commas in 2024

Step 1: Go to 3Commas.io and then click the “Try It Free” button.

Step 2: Use your email, Facebook, or Google account to sign up. If you opt for email, 3Commas will send you a confirmation code.

Step 3: Check your email and enter the 6-digit confirmation code to access your new 3Commas account. Note that you will use the platform’s trading bots for free for seven days.

3Commas’s Tools and Features

You can use the free trial period to try out the following features and tools on 3Commas:

SmartTrade

This is a semi-automated trading bot. That means you need to open a market position manually, and the bot will take care of the pre-set stop loss, trailing stop loss, and take profit levels. Before using SmartTrade, you can check out a tutorial on the 3Commas platform to learn how to use the trading bot.

Dynamic Terminal

With this feature, you don’t have to visit a crypto exchange to enter trades. Instead, it lets you select an exchange that partners with 3Commas and then place trades without leaving the platform.

Dollar Cost Averaging Bots

Dollar Cost Averaging (DCA) bots invest a specific amount in a selected crypto asset periodically. These bots are ideal for short-sellers, as they allow them to ride downtrends. 3Commas offers a DCA bot called “Price Improvement,” which sells and rebuys cryptocurrencies at cheaper prices.

Gordon Bots

DCA bots can be extremely overwhelming for beginner traders. 3Commas understands this, and that’s why it offers the Gordon Bots. The trading parameters on these bots are pre-set. Your work is to select a profitable bot and “Start” it.

Grid Bots

These bots do well in a highly volatile market. A grid bot usually operates within a certain price range, which it creates. When a token price rises, the bot will sell a specific amount of tokens and buy when the asset’s price declines.

Trading Signals

There are several traders on the 3Commas platform that provide trading signals, which you can use to open trades. But the signals are not free. The experienced traders collect a fee from anyone looking to access their signals.

Paper Trading

You do not have to commit funds immediately to test 3Commas trading bots. Once you register with the platform, you will access virtual funds, which you can use to try out the bots and other offerings.

Conclusion

Trading bots are meant to make it easy for novice traders to maneuver the crypto market. 3Commas offers such bots. Moreover, its customer support is responsive, thus ensuring all users have a seamless trading experience.