3Commas Sees an Automated Trading Cryptocurrency Future ⋆ FGR* Blog
As the cryptocurrency market continues to entice new and old traders, teams are building projects to facilitate the process of buying and selling digital assets. One such company, called 3Commas, is one of the largest in the space to provide trading bots and trading automation tools.
We got a chance to connect with the 3Commas team to understand more about their project and how they envision a future built on automated trading.
Tell us about your team. Why did you create 3Commas?
The idea for 3Commas came about when the founder, Yuriy, and two of his friends fancied a trading automation feature for personal use around early 2017. After the Bitcoin hype came along, their acquaintances started to request access to the program as well. The trio had to add a registration form to it, which gave the conception to what you now know as 3Commas.
The technical team with Yuriy as CEO was assembled in 2013 as a small IT company focused on data visualization and mobile applications.
In mid-2017, the whole team switched to developing 3Commas. At the moment, there are almost 30 members of the team. The three friends that came up with the idea are our CEO, CTO, and CBDO now.
What differentiates 3Commas from other popular trading bots?
To be concise – we are the biggest by traffic and the number of users. We like to think of ourselves as an iPhone on an Android market. Awesome and designed for creators. We have 10k+ active traders and 60k+ active free accounts on top of that. We even surpass some exchanges by activity with $50m+ daily trading volume.
We put a lot of emphasis on the security of our users’ data and connectivity with 100% of our servers rented from Amazon. The cost is high, but confidence is worth far more. The vibrant and supportive community we’ve managed to gather around 3Commas is invaluable, and we’re happy to have the trust of 15k+ active chat participants.
The whole service was created to be easy-to-start for novices, with lots of tutorials made by the community. At the same time, experienced traders can enjoy a full variety of technical indicators and subtle settings, which can make a real difference.
Some bots make 2% of profit per day, and they are all displayed real-time on the dashboard, available to just copy and paste. In my personal experience, a balanced strategy would make a user up to 10-15% per month.
Who is the ideal 3Commas user?
We strive to make the service as available as possible. For instance, deposits under 750$ get a free subscription. So, users can actually witness the performance of our service before committing to a paid subscription.
Traders of any experience (novice or pros) would find something for their interest.
We released a state-of-art Paper Trading feature two weeks ago. It is a trading simulator, allowing to invest virtually $10,000 with our bots, with full Binance connectivity and order books.
How can users guarantee that their bot is performing in line to how they set it up? How do you guarantee transparency?
Of course, there’s no automatic “Get Money” button, we’d rather give our users the instruments to make it.
We are fully transparent, in every domain. Traders can even share configurations of every bot with each other, with real-time statistics on each of them. There are even ready-to-use configurations for the lazier traders :))
We offer huge freedom for bot customization, a lot of technical features, as well as superb technical analytics. There’s just so much more that it wouldn’t fit in a single interview – you can even set your account to respond to the trading signals from Telegram, not just our marketplace.
Handing over API keys to execute trades is a risky move. How can users trust that you won’t do anything malicious with their keys?
Taking any malicious actions against our users would come at an unforgivable price of our reputation, and we operate in full legal compliance since 2017, and our offices are located in Tallinn, St. Petersburg, and Toronto.
Walk us through the process of creating a trading bot.
To begin with, there are simple, composite bots, and SmartTrade. There’s no “automatic trading” button, just like there’s no universal answer for “How to set up a bot properly”. Every trader has an appetite to take on risks, so we have an array of configurations to help users customize bots to the market conditions and personal preferences.
Our community has created educational materials for all levels of “trader maturity” – you can check it out on YouTube.
There are several scenarios for a quick start, although we are asking the users to invest time into learning to use deeper layers of our service.
Which trading bot strategies are the most popular on the platform? Which ones are the most successful? If there’s a difference between the two, why do you think that is?
We provide instruments for any state of the market: be it growing, stagnating, or declining. So, at any given point of time, our traders have access to the best situational configurations. As the market acts differently each day, the preferences evolve with it.
It’s very easy to track the best-performing bots for the time periods of up to 30 days. As the retrospective look can sometimes help to predict the future, we allow copying these bots with a single click to your own portfolio. Another way to automate trading experience is our signal marketplace with 10+ signal providers, ranging from free to $95 per month.
What upcoming 3Commas features is the team most excited about?
Soon we’ll introduce “Copytrading” – a subscription-based feature, allowing novices copy-cut our hired, experienced traders’ whole strategies. Using the feature, the experienced traders would be able to monetize their skills and the 3Commas platform will slowly but steadily evolve into a center of analytics. We aspire to make analyzing and choosing a suitable trading strategy easier than ever before.
What are the long-term goals of the 3Commas team? What does success look like?
In our global vision, we will serve not only as a cryptocurrency trading automation service but as a digital asset management platform. We recently added the Forex-broker, and globally we see 3Commas as a trading terminal for stocks, Forex and Crypto, providing maximum coverage for the whole Fintech ecosystem. The decentralized exchanges are also to be added soon.
Anything else you’d like our readers to know?
Fun Fact: The name of 3Commas actually came from Silicon Valley series (look up Tres Commas tequila) as a draft, and later nobody came up with a better idea 🙂 Also, there are three commas in a billion.
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