3Commas Review: Best crypto trade bot of 2024?

Discover 3Commas

3Commas is an advanced automated crypto trading platform designed to help traders optimize their strategies across various market conditions. Launched with the aim of making trading efficient and profitable, 3Commas supports multiple exchanges and provides a unified interface for managing trades and portfolios effectively.

Pricing

3Commas offers several pricing plans to cater to different trading needs:

  • Starter Plan: Priced at $4/month, includes 10 SmartTrades, 2 Signal Bots, 2 Grid Bots, 5 Single-Pair DCA Bots, and 25 DCA deals.
  • Professional Plan: Costs $37/month, offering 50 SmartTrades, 10 Signal Bots, 10 Grid Bots, 50 DCA Bots, and up to 500 DCA deals.
  • Expert Plan: At $59/month, it includes unlimited SmartTrades, 50 Signal Bots, 50 Grid Bots, 250 DCA Bots, and 2500 DCA deals​

Ease of Use

3Commas is known for its user-friendly interface, which makes it easy for traders of all levels to navigate and use its features. The platform offers a comprehensive dashboard where users can monitor the market, manage trades, and analyze their portfolio’s performance in real-time​​.

Features

3Commas provides a range of powerful tools designed to enhance trading efficiency:

  • Automated Trading Bots: Operate 24/7, including DCA bots for optimizing entry prices in various market conditions, Grid bots for sideways markets, and Futures bots for advanced trading.
  • SmartTrade and Terminal: Set predefined triggers for automated trade execution, offering customization for entry/exit points, stop-loss orders, and take-profit levels.
  • Rebalancer Tool: Automatically adjusts the allocation of coins in your portfolio to maintain your investment strategy.
  • Portfolio Tracking and Analytics: Centralized management of all crypto assets with detailed performance dashboards.
  • Trading Bot Presets and Signal Bot: Follow strategies developed by experienced traders or integrate TradingView indicators for automated trading decisions​​.

Supported Exchanges

3Commas supports a wide range of exchanges, including Binance, Bitfinex, Bittrex, Coinbase Pro, Huobi, and many more. Integrating your exchange account is straightforward, ensuring you can start trading quickly.

Security, 3Commas Hacks, & Breaches

3Commas has faced significant security challenges, raising concerns about its security standards in recent years. While the platform employs several robust security measures, recent incidents have highlighted vulnerabilities that have impacted user trust.

Additionally, they offer two-factor authentication (2FA) and IP whitelisting to further secure your account.

Incident 3: Unauthorized Trades and API Key Leak (October 2023)

In October 2023, 3Commas was on “heightened alert” after several user accounts were compromised and unauthorized trades were executed. The incident was identified after users reported suspicious trades following password resets. An investigation revealed that only a few accounts were affected, primarily those without two-factor authentication (2FA). To address the breach, 3Commas implemented additional security measures, such as a new approach to resetting passwords and disabling API connections after a password reset. This incident underscored the importance of enabling 2FA and regularly updating passwords to enhance account security​ (Cointelegraph)​.

Incident 2: API Key Compromise and Unauthorized Trades on FTX (December 2022)

In December 2022, 3Commas faced a significant security issue when API keys linked to its platform were used to perform unauthorized trades on the FTX exchange. The joint investigation by 3Commas and FTX revealed that the API keys were not stolen directly from 3Commas but were obtained through phishing attacks and malicious browser extensions. Following this discovery, 3Commas and FTX suspended the compromised API keys to prevent further unauthorized trades. This incident led to increased scrutiny and highlighted the need for users to safeguard their API keys and be vigilant against phishing attacks​ (Cointelegraph)​​.

Incident 1: Phishing Attack and Unauthorized Trades (October 2022)

In October 2022, 3Commas was alerted to unauthorized trading activity involving API keys stolen through phishing attacks. Scammers created fake websites resembling 3Commas, luring users to enter their API keys, which were then used to execute unauthorized trades for DMG, MTA, and MATH tokens. The incident affected a small number of users but resulted in a significant loss of funds. 3Commas collaborated with partner exchanges to identify and disable compromised API keys and implemented more stringent security measures to prevent similar attacks in the future​ (3Commas).

Pros and Cons

Pros:

  • User-friendly interface.
  • Wide range of features and supported exchanges.
  • Robust security measures.
  • Free trial available.

Cons:

  • Higher pricing compared to some competitors.
  • Some advanced features may have a steep learning curve.

Final Thoughts

3Commas is a versatile and powerful platform for traders looking to automate and optimize their crypto trading strategies. Its comprehensive range of features, user-friendly interface, and strong security measures make it an excellent choice for both beginners and experienced traders. Whether you’re looking to use automated trading bots, manage your portfolio, or leverage advanced tools, 3Commas has you covered.

Take Your Trading to New Heights

Ready to see what 3Commas can do for your trading? Sign up for a free trial today and take the first step towards smarter, more efficient trading. Visit 3Commas to get started.

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