With 3commas.io, you will be able to access tools that assist you trade and invest in cryptocurrencies, all from one place. The tool can help you minimize your risks, grow profits, and limit losses as a result of bad trade decisions. It can also be used to assist you to find a performing portfolio. In general, it is a great tool for managing investments.
How does it work?
3commas will provide you with all the tools that you need to trade on crypto exchanges. For these tools to work, they will need to be connected to the exchange via an API. To ensure that your funds are not stolen, the API key permissions are set to allow only trade but not the withdrawal of funds. When you set up the API keys, do not forget to disable the withdrawal feature.
Setting up 3commas
To sign for 3commas, go to their sign up page. After signing up, you are provided access to all the analytical features. However, if you wish to trade using this tool, you must connect it to your exchange.
With SmartTrading, you will be able to trade profitably. With this tool, you can utilize the TakeProfit and StopLoss features. In essence, you can choose investment decisions that are profitable for you while preventing any significant losses.
How do Portfolios Work on 3commas?
Portfolios provide you with the opportunity to analyze and purchase an investment portfolio of cryptocurrencies. This is a type of passive investment when you buy tokens and hold onto them long term as you wait for their value to rise.
How to Invest in a Portfolio
You can either find an existing portfolio that looks profitable, or you can create your own. When a portfolio is created, or you choose one created by someone, you can begin to analyze its performance. You can then save the portfolio and follow how it performs.
After you find the right portfolio and choose to buy it, ensure that you press Apply to exchange- ALL(!). The balance in your account will be utilized to make purchases of tokens in a specified manner. You can also analyze portfolios created by others and buy by clicking “Apply”.
Why is 3commas useful?
3commas.io provides tools for cryptocurrency traders and investors. With 3commas help, you can maximize your profits, limit your losses from bad traders on crypto exchanges or find a well-performing asset portfolio to invest in
We give you tools to trade with your exchange accounts. To do so, you have to connect 3commas to your exchanges via API. When you create API keys permissions are set only to allow trading, not withdrawal, so your funds are safe. It is important you disable withdrawal when setting up API keys.
- Exchange setup:
- You create an account on Bittrex, Poloniex or Bitfinex exchange
- Verify your exchange account (this is optional but very important).
- Make a deposit to your account
- Create an API key on the exchange (without withdrawal!)
- 3commas setup:
- Sign up to 3commas Here. After signing up you will have access to all the analytics features, but to trade, you need to connect to exchange
- Connect 3commas to the exchange by inserting API key and secret to your 3commas account.
What is SmartTrading?
SmartTrading is a set of tools that help you to trade with profit. With SmarTrading you can plan target TakeProfit and StopLoss simultaneously (you can choose either SL or TP on the exchange). SmartTrading also allows you to “trail” StopLoss and TakeProfits targets, that is called Trailing SL and Trailing TP.
How does Trailing Stop Loss work?
You buy 1 ETH for 0.05 BTC and set up stop loss at 10% (so at 0.045 BTC). If the price of ETH goes up, let’s say 10%, stop loss will be moving up 10% (so now at 0.0495 btc). Trailing stop loss gives you an option to limit your losses if the price went up first, but then went down.
How does Trailing Take Profit work?
It’s the same logic as TS:
Example: You buy 1BTC for $5. You set up take profit target – $6. This means, that when the price will reach $6 you position will be closed, you will earn $.
But what if price continues to go up? You will be happy to get all that profit, right? So to follow the example, if you turn trailing take profit on, the target is the same $6. But as the price reaches $6 take profit target is moved up too, so you can catch all that upcoming trend. When the price will fall more than X% from its highest point (there is a setting for that), the position will be closed. If that happens at $9, you will make $3, not $1, thanks to TTP.
How do portfolios work?
Portfolios gives you an opportunity to analyze and buy an investment portfolio of crypto token assets. This kind of investments should be understood as passive investments to ETFs or funds – you buy tokens allocated in some way and hold them.
How do I invest in a portfolio?
Firstly, you find an existing portfolio, created by someone else, or create your own. To create a portfolio using “Analyze new portfolio” button. https://3commas.io/portfolios/new. When the portfolio is created (or you open one created by someone else) you can see analysis its performance.
You can save your portfolio and follow its performance (not buying the tokens), to do so you have to press Save & Publish. Now every user on 3commas.io is able to see, follow, or copy it.
When the desired portfolio is found and you are finally ready to buy it, you have to press Apply to exchange – ALL(!) your balance will be used to but token with specified allocation. Also you can view and analyze any portfolio already created by other users and buy it, pressing Apply button.
Extra bonus to get $10 dollars bonus for trial use this link – 3commas.io
Do you like the 3commas tool? Is it something you would consider using? Tell us more in the comment section below.