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Cryptocurrency markets are super volatile, however, this volatility can actually be used to earn some profits if a person has the right tools. Usually, new and inexperienced users, fail to realize potential profits while trading cryptocurrencies mainly because of their inability to monitor different exchanges for several different coins, their improper stop losses or take profit strategies and the lack of real-time notifications. These are just a few of the many problems or limitations that a user has to face when trading cryptocurrencies. Hence, their trading quality isn’t good enough to realize maximum profits.
What Is 3commas.io?
3commas is a cryptocurrency trading bot that improves the quality of trading by allowing the trader to control and use features they need to maximize their cryptocurrency trading profits. The company called it Smart-Trading.
Users that want to use the Smart-Trading approach, that is implemented by 3commas tool, will have access to some exclusive features:
The application/service can be access through any web-browser or mobile so users won’t need to worry about multiple device accessibilities.
How Does 3commas Work?
Access All Exchanges In One Window
When a user registers on 3commas using its email ID, and logs in for the first time, he will see the dashboard. On the dashboard, a user can keep track of his balance, prices and other quick access features like ‘Connect to exchanges’. 3commas currently supports five exchanges (Bittrex, Bitfinex, Binance, KuCoin and Poloniex.) and any user can connect all these exchanges to 3commas and control them from a single window.
Contemporary Stop-Loss and Take-Profit Contemporary stop-losses or take-profit conditions are managed and executed in real-time according to the goals that a user has set. Here is an example: Let’s say a user wants to buy a coin and the entering price is $X. With 3commas, the order will actually be placed on the user’s chosen exchange when the 3commas bots detect that the buying condition is met. Similarly, when stop-loss has to be activated, it will constantly look out to check if the conditions set by the user actually match at that time.
For example, a user buys 1 ETH for 0.05 BTC, and sets in the system a stop-loss goal, for example, 10% (0.045BTC) and take profit is set at 20% (0.06 BTC). The trailing stop-loss always follows 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 the stop-loss of 10% will be rearranged to 0.0495 BTC.
3commas users can also enable notifications for mobile, in the browser, and emails from the right top corner under settings here. They can also customize the type of notifications they would and would not like to receive.
Add Notes To The Trade
Users can also add notes/comments in their trade orders so that they can recollect or can get its audit trail in the report itself as to why and when the trade was carried out. Comments like ‘you want to hold this coin for next 6 months’ can also be attached to a specific order, to trade more efficiently through 3commas.
The trader’s diary is another amazing feature, where users get a consolidated report of the trades that they have made on all the linked exchanges through 3commas. Users will also easily realize at a glance, by looking at this diary, the profit or loss they have incurred on a particular trade in a particular duration.
Users will have the option to explore portfolios of others through this tool and analyze how they are doing by following that particular portfolio. Users can also copy a portfolio if they like, but for this feature to be used the user should have those particular exchanges linked to 3commas.
3commas cuts down on a lot of hassle for multiple exchange users. A commission of 0.25% on the transaction amount is charged for each Smart Trade (Buy) or Smart Sell (Sell) created. The use of infographics and portfolios, automatic balancing, in particular, is currently free on 3commas.
To learn more about 3commas visit their Website, Twitter or download the iOS App from the App Store for free.
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Once you install Good Crypto on your iOS or Android device or open the Web App, it offers real-time market data and analytics, automated portfolio tracking, and advanced trading terminal supporting 30 leading crypto exchanges.