3Commas for Binance Basic Plan: Functionality of Trading Software
Automated trading can be beneficial for you if you are new in the arena of online trading. Even professionals in this field find trading bots useful to boost up their trading capability, such as being able to continue trade for the whole 24 hours. Among all other cryptocurrency bots, 3Commas has made a name for themselves for being quite renowned and reliable to traders. With 3Commas, you can customize your bot using several different features, suiting your needs, and you can use them on most of the leading binary options trading platforms.
To simplify the trades and aid you in the process, the usage of trading bots in live trades has only gone up. Traders prefer that they can trade smartly with the use of bots while applying strategies designed by themselves, using take profit and stop loss services in appropriate places to ensure constant wins or minimum loss.
This article is going to be about 3commas review binance . Applying 3commas with Binance makes a combo that produces better chances of a better outcome. Follow the rest of the article to know more.
What do we know about 3Commas?
If you are a newbie in the promising world of online trading, then trading tools such as 3Commas might sound foreign to you. Fear not, for I have prepared this article so that all despite being a beginner can get the hang of it quickly.
It can be said as an automated trading service that improves the efficiency and effectiveness of your trading strategies. Using them enables you to avoid certain degrees of losses while improving your ratio of wins. At present, thousands of traders use this service as a combo with the leading cryptocurrency exchanges, such as Binance, Coinbase, GDAX, etc. With this, you can not only use the strategies generated by professional traders but also create plans yourself. What is more, registering Binance with this platform is free of charge, no commissions included for indefinite trading volume.
Anyway, the traders pay from $22 to $75 a month to gain access in the 3Commas platform alone – $22 for starter account, $37 for advanced, and $75 for the pro version. It also has a trial period of 3 days; as time passes and the online trading market advances, cryptocurrency trading management platforms, like 3Commas, are getting more and more users. According to 3Commas, they are supported by 23 trading exchanges and have over 120 thousand registered user account that processes a considerable amount of 60 million dollars a day.
You might find the monthly subscription too high if you’re new, but as you go about your way and trade live, it will become pretty clear to you that why this is a great deal. Considering you subscribe to starter pack that’d count to $264 a year – while granting you access to count5less features and useful indicators, the advanced the package, the more 3Commas has to offer. Let me talk about a few to give you a better understanding.
● Continue to trade 24/7, even when you are not present to monitor the trade, 3Commas will.
● Limit your losses, customize your take profit, and stop-loss commands, so you don’t lose more than you intend to, the trade will automatically close after reaching a certain level that you have chosen. You can also set them in trailing mode, so as the price of coin increases, the limit will also increase, thus, minimizing the loss.
● At the pro package, you can view the contemporary rates of currency in a chart with TradingView’s signals in the same window.
Implementing 3Commas for Binance Basic Plan
I believe if you’re with me till now, you already have a rough idea of what 3Commas is and what it does, now, to apply it in the Binance basic plan is a similar context with different settings. While trading in Binance, you can use stop loss or take profit command to put a limit to both win and loss. And you can also use trailing stop loss and take profit service, which is useful to traders who cannot full time monitor the trade but also doesn’t want to deal with losses if the price suddenly goes up or down.
Let me elaborate how you are introduced to more profits with the 3Commas trading tool, suppose on a trade you have set the trailing take profit command, and the profit limit is set at 5 percent, and eventually, as the deal goes on it might rise to 10 percent. Now, if you had ordinary take profit command set up, you would have to leave with the 5 percent profit and losing feasible profit.
But now with trailing take advantage, the limit will expand with the market and letting you explore the full potential of the market, same with the trailing stop loss command, which works the exact opposite of taking profit service. Since the trailing take profit or stop loss is not a built-in feature of Binance, Bittrex, and such platforms, so you will have to use 3Commas or other third party API integration like it to be able to use those features.
So, in this way you can enhance your potentiality in trade. Using this tool is also pretty easy. First, go to the 3commas browser or software whichever you use, upon entering, on the left tab, you will see several options. Such as – Dashboard to log in or sign up, SmartTrade, My bots, My exchanges where you can see the list of connected currency exchanges, Trader diary, and so on. With SmartTrades, you can do both, buy and sell using only one function. And they are not even hard to conduct, after watching one or two tutorial online you will be able to do so by yourself.
Conclusion: What is better than profits? Easy, more profits. As you use 3Commas with your Binance trades, you can boost up your chances of win and having better outcomes by so many times. They also have a Smartphone app, so you can enter trades and use 3Commas easily, even if you are away from your computer. Remember to research a bit more. Good luck!