Core Features and Capabilities of 3Commas AI Crypto Trading Bot
How to use 3Commas AI Crypto Trading Bot?
3Commas AI Crypto Trading Bot Explained: A Quick Overview
There are several problems people are faced with when they start trading cryptocurrencies. First, the markets are open 24/7, and things move fast. Prices can fluctuate within minutes, so it is impossible to be ready to act at all times. Second, if you trade on multiple exchanges, you need to constantly navigate between the sites. Even if you trade on just one exchange, the current set of trading tools requires you to make a lot of decisions manually. Moreover, if you trade on emotions, it is hard to trade consistently. Even for experienced traders, it can be a challenge to monitor all their positions. Making split second emotional decisions usually leads to sub-optimal results. Most people use basic manual trading tools that require constant maintenance. Simple automated bots lack flexibility and the ability to customize the way it works.
3Commas is a platform that aims to solve some of the above problems. Instead of just a simple automated bot, 3Commas provides a robust set of tools to automate your trading.
3Commas is able to integrate with several exchanges using API keys. Once you integrate your accounts, you can monitor your balances and trade without having to be logged into the exchange. Within 3Commas you can automate a single trade, or you can create an automated bot that makes trades repeatedly using the parameters you set.
So how does this help with the problems listed above? Automating your trading means that you do not have to monitor your positions as constantly. The platform can automatically create an order for you, and enter/exit a position for you. You can even automate your stop loss and take profit. That means you can monitor your positions on a less frequent basis and avoid making emotional decisions. Additionally, you can monitor all of your positions across all exchanges in one place.
Therefore, 3Commas solves some of the problems by giving people a way to automate their trading, customizing the automation to their needs and providing a single place to monitor all accounts.
3Commas AI Crypto Trading Bot Pros and Cons
- Trading Bots
- Multiple Exchange
- Risk Management
- Save Time
- Trading Templates
- Learning Curve
- Paid Subscription
- Poor Execution
- API issues
- Not a Holy Grail
3Commas AI Crypto Trading Bot Alternatives Worth Considering
Depending on what you want to achieve, your skill level, and the extent of hands-on trading you desire, there are several alternatives to 3Commas bots. Here are a few of them.
Pionex – If You Want an Easy and Affordable Bot
You can use Pionex if you are a beginner or need something simple. Trading bots are integrated into this exchange, you do not need to pay a subscription fee to connect any external bot to the exchange API, the only fees you pay are trading fees and the moment you open an account you can already use simple DCA or grid bot. That is the best choice for new users or for those who are on a tight budget and just want a simple automation.
Cryptohopper – Best for Strategy Flexibility and AI assistance
If you value the ability to tweak and play around with automated trading and a lot of different strategies, then Cryptohopper might be the better choice. This is a cloud-based bot that also has other features such as strategy stores and social trading. Hence, if you want to play around with automated strategies or take signals from the community then this could be the better option.
Bitsgap – Best for Portfolio Management and Arbitrage
Now, if you’re looking to automate your trades across multiple exchanges and want features such as arbitrage or very aggressive grid bot strategies, you might want to check out Bitsgap. They’re mainly known for allowing users to track their portfolio and run bots all from the same platform, with even a simulated environment to test your strategies beforehand. A good option if you’re the type of trader that likes to strategize and needs an overview of all their accounts.
Coinrule – Best for Using Conditional Logic Rules (No-Code)
If you’re looking for a platform with a simpler ‘no coding’ style of automation, Coinrule also offers a rules-based framework of creating automated trading strategies using blocks and templates. This may be the best option for those with a bit of a strategy already in mind, but without wanting to go to all the trouble of coding an entirely new bot from scratch.
Shrimpy – A Suitable Option for Long Term Investors
If you are not focused on arbitrage, but are more interested in portfolio management, then consider Shrimpy for automated portfolio and rebalancing strategies on multiple exchanges. Shrimpy is ideal for users with multiple positions across an account that want to maintain a portfolio, rather than constantly deciding when to buy/sell.
HaasOnline – For Deep Customization and Scripting
If you want to go really deep into customization or use scripts, you’ll want to consider HaasOnline. It’s an older platform, but it has a wide variety of customizable settings and scripts you can use to automate your trades. HaasOnline currently has 50+ pre-built trading bots along with the ability to create custom bots using a visual interface.
The absolute winner when it comes to customization is HaasOnline, which offers its own script language and an interface to create very granular strategies. This is the go-to for people with a technical background who want to have absolute control over all the details of their bot’s actions, including backtesting and decision making.
Which one describes you better?
Pionex is the best choice for you if you are looking to use bots for free and with little to no effort.
- Go with Cryptohopper for flexible strategies and social trading options.
- If you are focused on multi-exchange automation and market opportunities such as arbitrage, go with Bitsgap.
- If you are interested in a no-code rules constructor, go with Coinrule.
- We recommend Shrimpy over this program if you are more interested in automating a portfolio for the long term rather than day trading.
- HaasOnline is the best choice for advanced technical traders who require strong scripting and customization tools.
Each platform has its pros and cons, so think about what you’re trying to do, your level of expertise, and how much you’d like to tinker before you choose which one to use.
3Commas AI Crypto Trading Bot: Ideal Users
3Commas is ideal for certain types of cryptocurrency traders – mainly those who find it difficult to deal with the logistics of trading on multiple exchanges and desire automation that adheres to their style and rules. Here are some examples of the traders who will benefit the most from 3Commas, illustrated through common problems.
24-Hour Market Surveillance Is Not Possible for Every Trader
Markets are open 24/7 so if you are worried that you can’t trade because you’re not at your computer or phone, 3Commas can make the trades for you with Smart Trades and Bots using the conditions you set without you needing to be present.
Pain point addressed: It’s something you have to manually run on an ongoing basis.
Trader Who Have a Hard Time with Emotional Decisions
Most traders will understand what should be the optimal entry and exit, but in practice they get affected by fear and greed. The ability to set a take-profit or stop-loss with 3Commas ensures that the trade happens as planned, not decided on a whim. It aids discipline for those who previously exited too soon or waited too long out of emotion.
Pain point addressed: Unreliable outcomes caused by emotional based decisions.
Multiple Exchange Accounts for a Single User
If you’re currently using multiple exchanges and don’t like having to use different interfaces, 3Commas combines all this activity onto one screen. You can monitor balances, open orders and the performance of your bots all in one place, so it saves time when you’re working across different accounts.
Pain point addressed: Managing scattered portfolios on different platforms.
For Intermediate Traders: Automate Strategies with No Coding Required
Some folks are aware of techniques such as grid trading, DCA (dollar cost averaging) or position scaling, but do not wish to automate it by scripting and developing systems. These templates and config examples are available in 3Commas for you to automate them without having to code.
Pain point addressed: need to automate a strategy without incurring any development costs.
Strategists Seeking to Backtest and Refine Ideas
Especially useful for traders who are looking to optimize specific setups over time (e.g., tweaking bot settings as a function of market context), 3Commas offers the ability to transform the guesswork involved into more methodical testing. Historical results can be drawn upon to hone strategies, eliminating the need to trust your memory or your note-taking skills.
Pain point addressed: inability to systematically obtain feedback on trading methods.
3Commas is ideal for traders who need more automated discipline and a unified interface and are looking to save themselves some time from making repetitive decisions. It is not so geared towards traders who prefer to trade fully manually, have a very small number of assets to manage or are expecting easy gains with no input at all.
Final Thoughts on 3Commas AI Crypto Trading Bot
3Commas is another piece of the puzzle, that makes a transition between manually trading and fully automated trading solutions for cryptomarkets. After markets started to become available 24/7, and more and more people started to trade cryptocurrencies, the demand appeared for some sort of semi-automation of trading process, which would help people to open and close positions, control risk, manage profits and losses, etc.
In response to the demand appeared several services including 3Commas, which provide the traders with trading automation instruments, risk management tools and automated trade execution at different exchanges.
In general, 3Commas is a service that can be classified as a tool to manage automated execution based on pre-determined rules, without making decisions for the traders. The way it works, through integration with exchanges using APIs and automated trade execution based on pre-defined algorithms and bots, is one of the paths, that trading services are taking in order to automate the traders work, but still allow them to control everything.
With services like automated trading bots, combined portfolio management, and possibilities to trade using signals from 3rd party services, 3Commas meets the current requirements of the traders.
It is one of the tools available, which offer automated trade execution, with many settings, options and possibilities to control your trading process.
