Cryptohopper Vs. 3Commas: Copy-trading Platforms Comparison.
Today’s article will compare two of the best-automated trading platforms. Both platforms offer a great set of trading bots and also an outstanding social trading experience.
In the beginning, If you haven’t read our article about social about the best social trading platforms, we highly recommend checking it out for a comprehensive idea. You can read the article here, and also, you can also check our section on the best-automated trading platforms.
What Is Social Trading (Copy-trading)
Briefly, social trading is a way of investing that allows you to observe the trading behavior of expert traders and copy their trades. The main goal is to follow their strategies to make the same profits or losses. Social trading does not require excellent trading knowledge; you can make profits without knowing anything about trading.
There are different types of copy trading, such as Copy Bots(Strategies), Copy Signals, Social Trading, and Copy Indexes. Refer to the previously mentioned article for further information.
In the following part, we will discuss both platforms’ features.
- Mirror Trading (Social Trading): Copy expert traders and view their previous trades and profits.
- Arbitrage: Arbitrage will make you profit from market price differences by simultaneously purchasing and selling an asset. Exploiting the price differences of exchanges or market inefficiencies can make you a lot of profit.
- Algorithm Intelligence: You’ll feed your A. I with all possible strategies and it will analyze all of them for you and tell which one works the best in the current market.
- Strategy Designer: Instead of using indicators that look at the trends, volume, momentum, and volatility. The strategy Designer will indicate how the market is moving. All you have to do is choose indicator and candlestick patterns, which will be used to scan the market; then Cryptohopper will tell if it’s time to buy or sell.
- Backtesting: Test your strategies in previous market conditions and see how your strategy would have done. Know that Backtesting does not reflect the strategy’s efficiency 100% correct.
- Paper Trading: If you are new to trading or testing out new strategies, paper trading is the best feature for you. With paper trading, you will not be trading with real money, but you will still be able to trade in the current market conditions.
- Portfolio Management: View your previous trades and profits across all connected exchanges.
- Copy Trading: Copy the experts, and don’t worry about not making the best decision.
- Paper Trading: You’ll be able to perform trades in an environment that simulates the current market and its changes with unreal funds that don’t exist; that way, you can get used to their UI without risking any real funds.
- Trading School: Being new to trading can make someone apprehensive. The 3Commas team is aware of that.
- Variety of bots: 3Commas’ marketplace has a variety of trading bots that you can apply to your account, and you will be able to view each bot’s previous performance.
- Trading Terminal ‘SmartTrade’: You can trade across all connected exchanges simultaneously through one intelligent terminal. On the 3Commas trading terminal, you will also find advanced tools and indicators to analyze the market.
- Portfolio Tracking: Available for all types of subscriptions. You’ll be able to monitor your current and past trades and analyze them.
2. Supported Exchanges.
|Supported Exchanges||CryptoHopper supports 16 top exchanges at the time of writing this article. The list includes Binance, ByBit, and more.||3Commas supports more than 20 major exchanges like Binance, Bitstamp, and ByBit.|
3. Pros and Cons.
|Pros||1. Supported on most major exchanges.|
2. Easy to set up and use.
3. mobile app includes advanced security features.
|1. Has a mobile app.|
2. Lots of features.
4. Variety of bots
5. Responsive interface.
|Cons||1. Pay for extra signals.|
2. Must purchase a monthly plan to access the most valuable features.
|1. Unfortunately, you must pay a subscription to receive signals.|
|Pricing||CryptoHopper plans start at $19 for the Explorer plan, $49 for the Adventurer plan, and $99 for the Hero plan. Also, Cryptohopper offers a free plan.||3Commas has four plans available. The free plan, the starter plan for $29, the Advanced plan for $49, and the Pro plan for $99.|
There’s no doubt that both platforms offer unique features that will assist you in making more profits. Automated trading, in general, is becoming very popular, and it is controlling a massive amount of the market. On the other hand, social trading, in particular, is the best solution for novice traders.
Luckily, both platforms offer social trading and automated trading bots that you can fully customize and set up. So if you have the knowledge, you could make profits and even sell your trading signals on the platforms for new traders.