A new entry into the cryptocurrency market, 3 Commas, offers bots for automated trades on popular exchanges. The company is designed to be safe and reliable, and provides an intuitive platform that integrates with multiple exchanges. However, a recent incident involving a group of users raising suspicions about their accounts has muddied the waters. It is unclear what happened, but many users were able to retrieve their funds through an API service.
Users can configure the 3Commas bots, which are programmed to follow a set strategy, and can use them to place hundreds of trades. The bots aren’t perfect, though, and can occasionally lose money. If you want to learn more about them, the company provides a trading school with four courses. There is also a community of active traders who are willing to help you learn.
3Commas has two main types of trading bots. One is called the Auto Trading Bot, which is designed to work automatically. It uses a basic trading parameter to determine the type of strategy it will apply. Another is the Dollar Cost Averaging Bot. This allows the user to buy a token over a period of time and track its average price. Traders can then close out their positions when they achieve a certain profit level.
The Smart Trade feature, on the other hand, is more robust. It allows you to set up take profit levels and stop loss levels. You can also set up a composite bot, which combines both long and short positions into a single strategy.
3Commas’s smart trade feature is a great addition for more advanced traders. It will close out a position when the price drops below a set percentage. By doing so, the smart bot minimizes the risk of losing money. Moreover, if the price reaches a target, the bot will hold it open, even if the price rises.
The company has a mobile application that is available for both iOS and Android devices. It features a copy button that allows you to mimic a trade. It also tracks the statistics of your trading strategies. Using the app, you can manage your positions anywhere.
Those who are looking to invest in the market may be overwhelmed by the array of features. The company has a relatively low monthly fee, however. Individuals can purchase trading tools for $25 to $84 a month. That is 50% cheaper than the prices for most common exchanges.
3Commas has a number of partnerships, including a partnership with Binance, which enables users to buy and sell cryptos. In addition, 3Commas works with other exchanges, such as Bitfinex and Coinbase Pro. It also offers a terminal that includes ByBit 3Commas futures markets. Those who are interested in investing in the markets can sign up for a free demo account.
However, the company does not report its users’ gains to the IRS. Although the company has no known history of hacking, many people believe their accounts were hacked. Some users reported their funds being stolen in October.
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