Read all about the newest crypto scam in our full 3Commas Review. We have investigated and exposed the 3Commas Scam in order to stop more of our readers from getting scammed. If you have already lost your money, please post in the comments below to warn others!
As this new asset class of Cryptocurrencies continues to grow in size and age, the available options presented to us crypto traders are also growing in number in parallel. From new exchange offerings, to new coins, investment strategies, technical indicator packages and automated trading services, if you have the funds there are almost infinite options to choose from.
Our focus at BSWM at this time is to successfully review and rate all available automated crypto trading services, of which 3commas is a leading player in the market.
Official Website: https://3commas.io/
The 3commas.io aka three Commas scam platform offers paid subscription access to a spectrum of trading tools, created to improve your crypto P&L over time. They have a proprietary system called “smart trading”. If used correctly, this should result (the company claims) in improved profits, tighter risk control and shorter losses on losing trades.
3Commas – Smart trading, features and tools
As with any other service we encounter, the bottom line is always what will matter the most. Does the service work? Are the features helpful? Will it do as it says on the label? Let’s have a look together now at some of the leading features and tools made available.
● Concurrent Stop & Take profit
Less of a real feature and more of a marketing ploy, this “available special tool” is truly as basic as they come. For anyone who has used an MT4, or traded on a web based platform in any market, the ability to set a stop loss and profit take level is nothing special in our opinion.
● Trailing features
As with the first point above, a trailing stop, or trailing profit take line is nothing new or special. In fact it is about as standard as anything can be. Would you get a car that didn’t have any seats in? Once more, not particularly impressed with this as there is nothing special about this widely publicised feature.
● Long Bots
Once more an extremely basic bit of information and most definitely nothing special whatsoever in regards to this “available feature”. Long bots from what we can gather are simply trade bots that do not sell assets on margin. Again, not sure what is special here? The 3Commas site doesn’t help much, they say “Long bot good for Bull market” – OK…
● Short Bots
In the interest of the real truth only is this still being written. Yet another non-special feature billed as “something special”. Short bots surprisingly only sell and never buy on margin. Are we missing something?
● Bots with QFL method
A made up technical analysis term (by 3Commas), QFL is a technical chart indicator set up to be used with their bots which apparently “brings profit on a dead cat bounce chart”. As a completely made up name we can’t hold much strength in it up front. And once more, we are not certain how a bot that uses basic technical indication such as wave analysis or fib levels is anything special at all, to anyone.
● Composite Bots
The most interesting feature we have found so far, composite bots technically gives you the ability to have a bot manage your money management of other bots you have trading on various coins. Confusing yes, potential usefulness is still yet to be seen. After all would you trust your entire portfolio into the hands of a set of brand new bots to manage without your oversight or input?
So to summarize the smart trade/features of 3Commas; we understand that they offer some basic bots, to sell, to buy, to work on basic indicators. As for the smart in “smart trade” perhaps you need to be not smart to find it smart? Looks pretty basic in every angle from our perspective at BSWM.
Three Commas – Creating an account
Signing up and getting started is of course as simple as possible. When on the website you simply click register and fill out your information.
Once done you are registered you then need to pick a price plan and subscription that is best for you. From what we can tell there are three main options listed, with a mysterious “Enterprise” level account that has no information whatsoever.
Starter account costs from $22 a month, Advanced costs from $37 a month and Pro from $75 a month according to the site. We are more than a little disappointed with this cup game of prices. Costs can and will rise quickly with more features that are used and more bots that are taken on. Proper money management for traders who use bots is key. Tto not be able to know up front what the true total costs are of the service left us not just a little disappointed.
3Commas Scam – Is there a team?
One big positive side for the 3Commas platform offering is that they seem to have a big and strong team of people involved. All of which seem to be listed on the website (always good to see). One thing that we found a little strange was that instead of the usual official linkedin logos and buttons to link us to actual profiles, that instead we have to manually copy and search. Unfortunately we were also unable to locate actual genuine pages for all of the staff listed. This made us feel a little uneasy.
3Commas Scam – Company history and market stats
3Commas was started in 2014. They claim to handle over 30,000 users. They speculate that their average connected volume turnover is up and over $10M. While we cannot refute these claims at this time, it seems rather unlikely that these specific “self-proclaimed” facts can be relied upon.
3Commas Scam is NOT regulated nor insured.
3Commas Review – Bottom line, should I use it?
We have encountered many automated trading services recently for Crypto, 3Commas is no exception to this. Even though it claims to be (as do the others) the “largest automated crypto trading service provider” globally, it simply isn’t. More correctly it isn’t the best service out there either or the most profitable. There is also no regulatory oversight, no licenses to protect investor confidence. There is also zero liability held by the distributors of 3Commas bots scam for the results that may follow from using the service.
A definite “middle runner” in this area of the market, the user interface is pleasant and easy enough to use for even the greenest newbie, and perhaps complex enough (at least when it comes to costs) so that even the most experienced investor might have some fun with it.
Best Trading System of 2019
Is 3Commas a Scam?
Due to the lack of trading proof and the numerous complaints to our team, we have no choice but to give our 3Commas Review 2 stars. 3Commas is not trustworthy and should be avoided if you don’t want to lose your money.
Please contact us immediately if you’d need help getting your money back from the broker you were assigned. We may be able to assist you.