Dollar Cost Averaging (DCA) is a trading strategy where the trader divides the total amount of trades across periodic purchases of a target asset. Traders deploy this strategy to reduce the impact of volatility on their overall purchase, and the DCA Bot is the main attraction of the 3Commas software.

To find out how safe your DCA settings are and how many funds are required for each safety trade, I have programmed a DCA Safety Orders Calculator for 2024.

To get all the data calculated for you, replace the numbers in the orange fields of the table with your desired DCA Bot settings:

When the calculated Safety Factor shows a score of "2", the price should revert to only half of the initial order and reach a Take Profit of this deal. If the Average Safety Factor shows a score of "2" or higher, that is a good sign.

If you receive negative numbers or "DIV," your settings are against the rules of maths. For example, you cannot lose more than 100% of a long position in the same deal, so the max deviation is 100%.

Conclusion: Understanding the Essence of DCA and its Implications in Trading

The domain of trading has been constantly evolving, and the realm of digital currencies is no exception. In this constantly fluctuating environment, traders seek strategies that can help them navigate through the uncertainties with ease. Dollar Cost Averaging (DCA) emerges as one such strategy, providing traders with a systematic approach to minimize the effects of market volatility.

DCA is essentially an investment approach, where instead of making a one-time bulk purchase, the trader distributes the total amount of trades across multiple, periodic purchases of a target asset. By doing so, one can average out the cost of an asset over time, ensuring that even during volatile periods, their overall purchase value remains relatively stable. This strategy's primary objective is not to forecast the most optimal times to buy an asset, but rather to reduce the potential negative impact of purchasing an asset at its peak value.

But like any other strategy, DCA also comes with its set of intricacies and nuances that traders need to understand. This is where tools like the DCA Safety Orders Calculator, introduced in the 3Commas software, come into the picture. They bridge the knowledge gap, providing traders with an understanding of the safety of their DCA settings, and how much they might need in terms of funds for each safety trade.

The utilization of the DCA Safety Orders Calculator is relatively straightforward. By inputting the desired DCA Bot settings in specific fields, the calculator will determine various factors associated with your DCA strategy. One such critical factor is the Safety Factor. An average safety factor score of "2" or higher suggests that the DCA strategy is sound. Essentially, with a safety factor of "2", if the price reverts to only half of the initial order, a Take Profit for that deal can be attained.

However, like any tool, the calculator has its limitations. Incorrect settings, especially those violating mathematical principles, would result in undesirable results such as negative numbers or a "DIV" indication. One of the clear examples provided is the impossibility of losing more than 100% on a long position in the same deal, leading to a max deviation of 100%. This simple example underscores the importance of understanding the mechanics of trading strategies and using tools that abide by these principles.

In this age where digital trading software and bots are becoming increasingly popular, the 3Commas software stands out, particularly because of features like the DCA Bot. Such tools do more than just facilitate trade; they educate, guide, and empower traders to make informed decisions, backed by the data and calculations provided.

For those new to the world of trading or those who have faced challenges in navigating the unpredictable waters of cryptocurrency trading, Dollar Cost Averaging serves as a beacon. And tools like the DCA Safety Orders Calculator act as a compass, guiding traders toward safer shores, ensuring they're well-equipped to handle the challenges that come their way.

In conclusion, as the world of trading continues to evolve and present new challenges, strategies like DCA and software like 3Commas are paving the way for a more informed and calculated approach. Whether you're a novice or a seasoned trader, understanding the intricacies of your chosen strategy and using tools that streamline the process will undoubtedly prove beneficial in the long run.

This article describes how to set up a DCA safety orders calculator in 2024

DCA SAFETY ORDERS CALCULATOR 2024

Let's discuss on the latest crypto news updates this week of June 28, 2024

Mt. Gox to finally start the repayments of 141,686 BTC to creditors

The Mt. Gox distribution is probably the last big unlock of BTC we will see enter the market. There is already a looming fear of uncertainty, but for context Blackrock has acquired 303K BTC since their ETF went live earlier this year - that's the equivalent of +2x Mt. Gox (141,686 BTC). 


Also, Fidelity has also acquired 174k BTC, 1.23x the size of Gox. Fidelity & Blackrock together is like 2.1 Michael Saylors entering the market in less than 165 days. 


Remember, it took Saylor (Microstrategy) 1207 days to get to where he is. The largest beneficiaries of the Mt. Gox sellers are the ETF issuers, Bitcoin DeFi and the new Bitcoin primitives.

Why does it matter?  Large releases of Bitcoins into the open market can cause the price to dive due to oversupply.


VanEck, a prominent New York-based investment firm, has filed a proposal with the SEC to launch a spot Solana ETF (ExchangeTraded Funds). The filing, submitted on Thursday, June 27, 2024, marks the first attempt to create a Solana ETF in the United States.


This comes just a few days after 3iQ filed for Solana ETP (Exchange Traded Product) in Canada. VanEck explains that the reason behind the application is because Solana is the direct competitor of Ethereum with features that make it a digital commodity.


Why does it matter? If Solana ETF gets approved, it will likely have a positive effect on the solana token market and its ecosystem. 

Bitcoin activity drops to the lowest levels since 2010


Bitcoin wallets are making fewer transactions these days. 


This is evident with the numerous launch of celebrity memecoins which attract speculators away from more established cryptocurrencies.


In June, the weekly active wallet ratio dropped to a low of 1.22% while peaking at 1.32%. Meanwhile, the week of May 27 recorded 614,770 active wallets, the lowest figure since December 2018.

A declining active address ratio indicates a lack of buying and selling activity among holders, suggesting a phase of market consolidation. 

Why does it matter? This might be as a result of investors preparing to avoid being affected by the recent whale movements including the Mt.Gox news sell pressure.

Bolivia lifts ban on Bitcoin, authorizes crypto transactions through banks

The central bank of Bolivia, Banco Central de Bolivia, has lifted its ban on Bitcoin and crypto payments, allowing financial entities to conduct transactions with digital assets in a bid to modernize its payment system.


The new development marks the end of a ban on crypto use in the country since 2014. 


Nevertheless, companies are not required to accept them as payment and should not be treated as a legal tender. The Bolivian government does not recognize them and crypto transactions are to be done only through approved channels.


Why does it matter? The crypto market now has a more favorable environment for adoption in Latin America.

Major Crypto Projects to Unlock $755M in July

In July, crypto assets adding up to around $755 million from AltLayer, Arbitrum, Optimism and other projects will be released as their vesting period concludes.

Vesting data tracker Token Unlocks highlighted the large amount of crypto assets that will be released. This includes AltLayer (ALT), Xai (XAI), Aptos APT, Arbitrum (ARB), Optimism (OP), Sui (SUI), Immutable (IMX) and Starknet (STRK).

Why does it matter? If enough of the eligible investors decide to cash out their newly unlocked tokens, it will likely have a downward pressure on the prices of those tokens. 

Mt. Gox to start repaying creditors in bitcoin and bitcoin cash

3Commas Weekly Crypto Industry Updates June 28, 2024

Analyzing Cryptocurrency Price Performance Over the Past Week: Key Insights and Notable New Projects

This post provides a detailed analysis of these movements, highlighting specific coins and introducing some intriguing new projects that are making waves in the crypto ecosystem.


Over the past seven days, the cryptocurrency market has mostly been stable for the top marketcap coins. 

- Bitcoin (BTC) has shown a relatively stable trend, with minor fluctuations. Despite these small movements, Bitcoin continues to hold its position as a dominant player in the market, suggesting a steady interest and investment level.

- Ethereum (ETH), on the other hand, experienced slight volatility. However, it managed to regain some of its losses towards the end of the week, demonstrating the resilience and ongoing developer interest in its platform.

- Altcoins such as Solana (SOL) and Cardano (ADA) also displayed varied performances, with Solana seeing more significant dips compared to Cardano, which managed to maintain a more consistent price level.

After the recent halving of BTC rewards, we may see a flattish market for some period of time. As always, wise traders keep their multi-pair bots targeted at a large number of pairs so that when an opportunity presents itself, their bots can take advantage, provided they have appropriate strategies implemented. 

Since its launch, Render (RNDR) has emerged as a dynamic player in the distributed computing space, particularly in 2024, thanks to its pivotal role in addressing the surging demand for GPU computing power. This demand is largely driven by expanding sectors such as artificial intelligence (AI), machine learning, and high-quality digital rendering, which are essential for the development of entertainment and media content. The Render Network leverages a decentralized platform to provide distributed GPU resources for intricate rendering tasks. This capability is increasingly critical as industries continue to delve into immersive technologies like virtual reality (VR) and the metaverse, where advanced graphics and real-time rendering are key to user experience and content creation.

That this coin was the biggest drop this week says a lot about how relatively stable the market was. Given the difference between the biggest drop and biggest climber this week, traders may have cause to be cautiously optimistic about overall market trends. As always, exercise your due diligence and do your own research. 

Amid the regular market players, several new projects have emerged, capturing the attention of investors and tech enthusiasts alike:

1. Decentralized Finance (DeFi) Innovations

   - Polygon Treasury Protocol: A new DeFi project launched on the Polygon network, aimed at providing a decentralized financial management toolkit. This protocol allows for automated treasury operations, helping DAOs and other decentralized organizations manage their finances more efficiently.

   - GreenFi: With environmental concerns becoming more central to cryptocurrency discussions, GreenFi presents a novel approach by offering a platform that integrates carbon credits with blockchain technology. This project aims to incentivize sustainable practices among crypto miners and investors.

   - Elysium: This project combines gaming with blockchain to offer a decentralized gaming experience where players can truly own in-game assets and trade them in a trustless environment. Elysium uses NFTs to represent these assets, bringing tangible value to player involvement and contributions.

Sometimes the market moves a lot, and sometimes it does not. While that may sound trite, it's simply the reality of the crypto space. As demonstrated by the biggest riser this week though, there's no such thing as a boring market if you know where to look. While the major players like Bitcoin and Ethereum continue to dominate the market, new and innovative projects like the Polygon Treasury Protocol, GreenFi, and Elysium highlight the diverse applications of blockchain technology.

These new ventures not only promise to enhance the functionality and sustainability of the crypto ecosystem but also open up new avenues for investors looking to diversify their portfolios beyond traditional assets. As we move forward, these projects, along with the ongoing developments in the market, will be crucial in shaping the future landscape of cryptocurrency.

In conclusion, there are a lot of opportunities for traders who venture a bit deeper into the top 100-200 coins. With multi-pair bots that can handle over 100 pairs, there are compelling reasons to set up at least one or two to search for breakout climbs like we saw from RNDR this week. 

3Commas is not giving trading advice or recommendations. We are providing commentary on the activity we see in the market. 

This post delves into the past week's cryptocurrency market movements, emphasizing stability among top market cap coins like Bitcoin and Ethereum, alongside the notable rise of Render (RNDR) due to its pivotal role in GPU computing power. Additionally, we spotlight innovative projects such as the Polygon Treasury Protocol and GreenFi, highlighting their potential to influence the crypto landscape. Join us as we discuss these trends and how they reflect broader market sentiments and technological advancements. Dive into the full analysis to gain a comprehensive understanding of this dynamic market.

Why did Render climb over 30% this week?

Forex trading involves trading positions on currency pairs, the values of which are compared relative to one another. Because Forex trading is a little more abstract and requires more research, many people believe Forex trading is reserved only for professional stock market traders.

That’s certainly not true! Anyone can learn to trade Forex and make money on this unique market. If you don’t know where to start, you’ve come to the right place. This ultimate guide will break down everything you need to know about trading Forex, including which platforms to use, what strategies to follow, and more.

Forex robot is a trading software that monitors the market for trading opportunities, and executes them automatically on your behalf. Most trading bots use AI algorithms to decide on entering and closing a position taking custom parameters you set into account. In some sense, a forex robot is an advanced and more embracing form of trading signals executed automatically, meaning you don’t have to analyze technical data and fundamentals of an asset you’re willing to trade. 

Each of the automated forex trading robots have a specific strategy, which has been designed and hard-tested by the developing team. Most strategies rely on “if/then” logic, meaning when a condition or a set of conditions are met, the bot launches the built-in logic pattern such as enter or close the position.

Here is a quick example of how if/else logic works with FX trading:

IF Condition: Imagine your robot targetS the EUR/USD pair and activates if the RSI for EUR/USD dips below 30 or goes above 70. 

Then Condition: If your robot notices RSI drop below 30 or goes above 70, it will instantly place a buy order for RSI < 30 and sell order for RSI > 70.

The example above is rather simplified for educational purposes. In fact, some bots use much more complicated if/then sequences to maximize returns and reduce risks associated with entry/exit. As a rule, complicated systems yield more rewards but also carry more risks compared to more straightforward strategies.

Bots work along with trading platforms that connect you to a Forex broker, which in turn, displays the real-time data related to the market. The data feed includes several parameters like open/close price, time intervals and variative feed on top.

Top-notch robots use market data analysis along with market risk forecasts to make the best trading decisions going forward. Bots can also spot major market trends, monitor local price fluctuations, track patterns, and more. A trading robot might either focus on one technical pattern, or it could analyze several patterns via indicators like moving average convergence divergence (MACD) and relative strength index (RSI) oscillator to get the highest yields.

You can usually access any bot through the provider’s website and either download or use it directly via a browser. Summing up, a forex robot is a popular tool for any trader — from newbies lacking technical knowledge to seasoned veterans in need of 24/7 automated trading.

What are the Pros and Cons of Using a Forex Robot?

In addition, forex robots do not sleep (obviously), meaning that they are in operation 24/7, ensuring that potentially lucrative opportunities are not missed. This is one of the major selling points and benefits of using these forex tools.

The main benefits of using a trading robot are that it eliminates emotions from the trading process and is a passive trading strategy. This means you don’t have to analyze technical indicators and fundamental data, or even understand how and why the crypto market functions. Different trading robots allow different levels of user involvement but they all work on pretty much the same logic. 

Even though bots have some potential loopholes, they limit emotional trading and maximize your potential to spot as many profitable deals as possible. Let’s boil down key pros of using bots.

Can combine several strategies simultaneously 

Fits both newbies and experienced forex traders

No risk of loss due to emotions like fear or rage trading

No downtime if connection is stable as bots operate 24/7 

Users can adjust software from manual to fully automated trading

Automated scanning allows monetizing more tradable currency pairs

Track charts, analyze patterns and take historical background into account to make efficient decisions.

The biggest disadvantage of automated trading bots is that they can’t be 100% accurate over the long run. The inclusive list of cons is highlighted below:

Some developers do not update the software

Disregards crowd psychology and emotions entirely

Potential of being scammed if software is a mere bite

Can’t predict volatility, hence less efficient if market is storming

Paternal strategies as most robots leverage intraday pattern for scalping

The market trends change fast, which may negatively affect some strategies 

How To Choose The Best Forex Trading Robot

Trying to choose the best trading robot? Keep the following tips in mind to maximize your chances of picking a suitable piece of trading software.

First and foremost, you need to consider the robot’s accuracy rating. The number one reason why you would be looking to use a trading robot is to find the best trading opportunities and make positive returns in a passive approach to cryptocurrency trading. With that said, you should be looking for a trading robot with an accuracy rating of at least 88%. 

You could try writing to the vendor and ask for his track record audited over say 2 years and see if you get a reply but don't hold your breath.

Another key metric to assess is the different trading opportunities the trading robot can identify. Usually, trading robots that scan a larger volume of cryptocurrencies and crypto crosses will find more unique trading opportunities. Certain AI algorithms also search for multiple technical patterns and trends to trade, which in turn increases your overall daily trading volumes. So, this is something to bear in mind especially if you are interested in executing high trading volumes per day. 

Finally, you might also want to look into the strategy and level of automation that your forex robot employs. For example, some robots may go for higher risk strategies, whilst others are more risk-averse. Double-check which rules your robot abides by and ensure they tally with your investment goals.

Automation level is another thing to look out for. As mentioned, most robots are fully automated, which will mean they require access to your trading capital. However, some providers (such as Learn2Trade) offer a very similar service to what a forex robot will supply – except you do not need to give access to your trading account. Many traders prefer this as it adds an element of safety to the proceedings.

Another thing to keep an eye out for is reviews and testimonials. The best types of reviews are Trustpilot reviews, as these are verified as real people and are not made up by the robot’s provider. Alternatively, some robots will have a dedicated Facebook page where current and former users may comment and add validity to the robot’s strategy.

You may also want to search the internet for the best forex robot reviews from reputable online sources. Numerous websites review the best forex robots and cover all of their features in detail – so make sure to read a few different reviews to get a comprehensive overview.

Perhaps, you know that risk management is a crucial part of successful trading over the long haul, but what if your bot breaks some risk management rules? 

Imagine you have $100,000 and you lose $50,000, that’s a 50% loss of your portfolio traders would call a drawdown. In other words, a drawdown is the reduction of your portfolio’s size after a series of losing trades. It’s the difference between peak and bottom, normally calculated and displayed as a % of your trading account. 

Big losses rarely fit any strategy. Which is why you might want to pick a trading bot that has the lowest possible drawback rate to protect your riches. Normally, bots with lower drawback rates yield you lower returns. However, such bots are more reliable over the longer investment horizon — a little patience goes a long way.

Developers use back-testing to understand whether the system is behaving appropriately and whether the Forex trading strategy is any good. 

In essence, back-testing is the process of testing a bot taking the historical data into account. It includes a simulation of each tick opening, closing at a certain price and reaching highs & lows. Once compared with back data, developers have a good sense of whether the strategy works well. 

Background check never hurts, especially when it comes to such important matters as trading your own money. Make sure to check some data behind a testing phase, what developers say about audits, how they highlight it, etc. You can digest more about technical back-testing here.

You can rely on reviews to make it simple, but only do so if you’re sure the reviews are not fabricated by aggregators or malicious actors paid for сonveying bulk of senseless feedback. Ideally, you should talk to a trader who already used the software and has something valuable to share. 

Before trading real, you might want to give your bot a try. Most trading platforms have a demo account option, which helps a lot once getting started. Make sure the platform provides a demo account feature. A bright example of a demo account provided would be 3Commas. 

3Commas — Overall Best Forex Trading Robot 2024

3Commas is an automated trading platform offering two types of easy-to-use bots. It’s the most straightforward way to start trading or bootstrap returns for traders of all kinds — from rookies to seasoned veterans alike. 

Platform offers two types of robots — Gordon is a Dollar Cost Average (DCA) bot that is the perfect way to get started with automated trading. It’s pretty intuitive and doesn’t require any additional skills or knowledge. Grid bots are more complex and used for out-of-trend occasions like sideways markets. 

Newbie traders can benefit from a free 3Commas plan. It provides access to all features except paper trading (demo account). Any user can set up the first DCA bot at no extra cost. To learn more about pricing and features, check out the plan page.

Minimum Deposit – No minimum deposit required, users can start with a free plan

The 1000pip Climber System is another Forex Expert Advisor that has stood the test of time. It has a range of real-live data verified by MyFXBook accounts showing the EA’s performance over a sustained period of time. 

One of the unique features that separates the 1000pip Climber System from the rest is 

a wide range of currency pairs available along impressive strategies implemented. These features ensure traders can adjust to varying market conditions. 

However, the system has some loopholes such as limited demo account features and lack of MT5 support. Also, reviews regarding the customer & live support are controversial.

Minimum Deposit – No minimum deposit required

Winrate – The developers highlight up to 20,000 pips during the three years

The Forex Gump bot is popular among traders due to its advanced algorithm which encompasses a wide array of market conditions for it to adapt quickly to ever-changing circumstances. The robot has a solid background in terms of performance, reliability, and customer reviews. Other perks include a 30-day money-back guarantee and demo account option available for a small pay. 

Even though the bot is time-tested and quite affordable, some EU customers might choose an alternative because it works best with high leverage around 100:1 or even more. Other drawbacks include MT4 only support and a limited currency pairs available for trading (AUD/USD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/USD, GBP/USD, USD/CAD, USD/CHF, USD/JPY)

Minimum Deposit — $4,000 or equivalent if depositing in different currency for a regular account and $40 or equivalent if depositing in different currency for a micro account.

Winrate – up to 1,000% gains according to the website information

ForexVPS is a dedicated FX server for those who prefer fast-paced trading, this robot may be a good opportunity, with many currency pairs to trade MT4 & MT5. 

The bot has been tested with data from different dates, using different setups to limit potential spreads and minimize slippage. Simply put, its efficacy doesn’t depend on a specific broker, but you might want to keep your spreads as low as possible because the robot works on short timeframes. 

Minimum Deposit – $200 or equivalent if depositing in different currency

Forex Trendy bot is an innovative Expert Advisor that trades a wide range of currency pairs, supports many platforms, charts, and patterns. 

The robot operates on a unique automated trading algorithm that has historically picked trades verified by MyFXBook. More than 300 charts are available for traders along with dynamic trading logic and slippage & spread protection. Chart pattern recognition is a part of the basic version, entailing no extra costs for a user. However, some traders claim the robot lacks high-end customer support despite reasonably high payments per quarter. 

Minimum Deposit — $250 or equivalent if depositing in different currency

Winrate – The developers promise up to 90% accuracy if trades are made as directed

The Forex Diamond Bot is one of the leading FX trading robots and has earned very strong reviews from users. It has high ratings on Trustpilot and users have been particularly impressed with the performance of the robot.

As well as the strong performance verified by MyFXBook, traders have been particularly impressed with real-time calculations, versatility, and up to 80% winrate. However, some users prefer having live support, as they might need directions on how to use bot at the beginning. 

Minimum Deposit – $1,000 or equivalent if depositing in different currency

Winrate – 75% to 80% profits, depending on currency pair and strategy picked

EA Builder is beginner-friendly bot suitable for almost any trading preferences. The robot supports stocks, bonds, crypto, and FX currency pairs across multiple platforms like MetaTrader 4 & 5, TradesStation. Both free and paid versions are available — the difference is the paid version has advanced features designed to bootstrap trading results and yield as much as 200% depending on a strategy picked.

To accelerate the start for beginners, the platform has 15 video tutorials ranging 2 to 7 minutes in length. The topics include important aspects such as strategy creation, breakout strategies, daily breakout with pending orders, optimization, money management, automated entry, custom indicators, and more. 

Minimum Deposit – Depends on platform picked

What are the Risks Associated with Forex Trading Bot

Robots can’t think beyond the built-in set of rules they box. As a result, they only can perform a limited number of algorithms and it doesn’t matter how well these algorithms have been designed. Robots can use technical indicators to analyze and evaluate the market, but they lack abstract thinking and crowd psychology components. The mentioned factors cause a list of risks associated with using automated trading software.

Simulated performance results may have certain limitations. Unlike an actual performance record, simulated results do not take several components like lack of liquidity into account. Poorly-designed bots work on hindsights rather than thoroughly calculated models. As a result, the real-life profits and losses might not correlate with predicted ones — some bots don't indicate profits correctly, resulting in a wasted risk management. Summing up, you can make money in FX, but an automated trading system that has never been actually traded is not the way to do it.

Another related issue is data-mining, which haunts many FX software buyers. In essence, developers deliberately pick only a few good results, leaving the rest off-board. More refined cheating is testing a bot just once, instead of running multiple cycles. As a result, there are many FX trading software examples misleading, showing exaggerated profits, and reduced losses. 

If you’re willing to get a forex trading system, you can find a bot with track records provided, but not a controversial, mediocre simulation. 

A flash crash refers to a rapid price decline due to a withdrawal of orders followed by a quick recovery. Automated trading has exacerbated many flash crashes during the last decades. Some prominent examples are the $1 trillion DJ flash crash back in 2010, NYSE plummet in 2015 or a staggering 6% drop for a GBP/USD pair in 2016. 

Imagine an asset trading at $100 — most bots aim for close sales of $95 to minimize losses and $105 to make some profits. As long as the price goes lower, more algorithms are triggered along the downside journey, pushing the price even lower due to massive selloffs. Subsequently, the whole thing reverses itself as buying bots consider the price cheap and outstrip sellers until it finds a balance.

You can set up a bot working well 99% of the time, but that 1% may negate your returns. That’s why you should implement several strategies to diversify risks as much as possible. 

Some bots claim working smoothly no matter what the market is, but quite a few actually do so. If your FX trading system helps traders win regardless of market conditions like 3Commas, it’s a good one. 

As a rule of thumb, a bot tends to be effective if it leverages several opposed strategies rather than similar patterns. Signal-based, counter trend, and scalping are perfect examples of most widely used strategies to diversify profits and minimize losses. 

To avoid a scam scheme, you have to spot it first. Let’s have a look at four most common schemes related to FX bots. 

A trader cannot withdraw funds from the account because the platform is a one-day fake. The scammer either doesn't respond or makes unclear claims, justifying why you can't withdraw right now. To avoid it, pick a licensed and trusted broker regulated by a financial authority.

Some platforms provide trading signals in special Telegram/Discord groups, but most just suck money out of trustful pockets. These are called signal seller scams initiated mainly by investment account companies, pooled asset managers, and retail traders. Such groups or individuals with attractive portfolios charge newbies to share financial advice. Signal sellers usually vanish after taking the trader's money. To avoid it, you should either avoid signals or check the renowned ratings of signal providers. 

Spread scam is the oldest one existing. In essence, scammers offer large bid/ask spreads on a specific currency pair. As a result of unreasonably high spreads and commissions set, most traders lose money on such trades. Even though financial authorities monitor unethical behavior, Forex is a somewhat gray market at the moment, and newbies fall into traps frequently. To avoid it, you can compare spreads across several platforms. 

The scheme is also known as a pyramid structure similar to multi-level marketing (MLM) but with intangible goods. In essence, the owner recruits new paying members, who in turn attract even more underling members. Higher members get paid upfront fees until the whole system fails to operate eventually, which is just a matter of time. To avoid it, check reviews and pay attention to any red flags, the first being upfront fees.

Depending on a score, you can evaluate the risk level and decide whether to proceed with a particular piece of software. 

If the score is 30-50 points — you have a fairly high risk 

If the score is 20-30 points — you have an average risk

If the score is 0-20 points — you have a fairly low risk

The score doesn’t necessarily spot scammers, but might give you a good hint to judge for yourself. 

If you feel like starting trading using robots, we’ll guide you top to bottom and show how you can use the overall best Forex trading robot for 2024 by 3Commas.

Reach out to the 3Commas website and click on Try It Free to get started. 

Fill out all the fields required to create an account from scratch. Alternatively, you can use your Apple/Facebook account to pace up and keep going faster.

If you’re willing to start off using 3Commas Bot functions directly, you have to connect your exchange account with an API. Read more about connecting an exchange using an API key. 

Otherwise, if you want to practice first, you can use a demo account also known as a paper trading account. Read more about enabling demo mode. Please note that paper trading is only available for subscribers. In other words, 3Commas free doesn’t provide a demo account by default. 

Once you sign in, you’ll see the dashboard by default and the side menu left hand. Click on the trading bots tab to expand the list of available trading bots 3Commas provides.

For example, GRID bots work perfectly on fluctuating sideways markets, which is a fit for Forex trading. You can read more about AI GRID bots here.

Once you pick a bot type, proceed to its page and set trading criterias as limit prices, profits, and available amount. You can also set your bot manually by clicking on a Manual strategy tab instead of the default AI strategy menu appearing. 

Click on the Create button to finalize a bot creation. You can learn more about 3Commas bots here.

In conclusion, the world of Forex trading has witnessed significant advancements in recent years, with the emergence of Forex trading bots being one of the most noteworthy developments. These automated trading systems have transformed the way traders approach the foreign exchange market, offering a range of benefits and opportunities. However, it's essential to understand that, like any tool, Forex trading bots come with their own set of advantages and disadvantages.

Emotion-Free Trading: One of the most significant advantages of using trading bots is their ability to eliminate emotions from the trading process. Emotions like fear and greed can cloud judgment and lead to irrational trading decisions. Bots execute trades based solely on pre-defined algorithms, reducing the impact of emotions.

24/7 Operation: Forex markets operate 24 hours a day, five days a week. Trading bots can monitor the markets and execute trades around the clock, ensuring that potentially lucrative opportunities are not missed, even when traders are asleep.

Diverse Strategies: Forex trading bots can be programmed to implement a wide range of trading strategies, from trend-following to mean reversion, scalping, and more. This versatility allows traders to diversify their trading approaches and adapt to changing market conditions.

Technical Analysis: Bots can analyze vast amounts of technical data, such as price charts, indicators, and patterns, in real-time. This data-driven approach enables bots to identify trading opportunities and execute trades with precision.

Back-Testing: Many trading bots undergo rigorous back-testing using historical data to assess their performance and refine their strategies. This provides traders with a level of confidence in the bot's capabilities.

Lack of Emotional Intelligence: While the absence of emotions is an advantage, it can also be a drawback. Bots lack the ability to adapt to unforeseen events or market sentiment changes, which human traders might pick up on.

Not 100% Accurate: No trading bot can guarantee 100% accuracy. Market conditions can change rapidly, and unforeseen events can lead to losses. Traders must understand that bots are tools, not infallible profit machines.

Dependency on Stable Internet: Trading bots require a stable internet connection to function effectively. Any interruption in connectivity can result in missed opportunities or bot malfunctions.

Limited Predictive Abilities: Bots rely on historical data and technical indicators to make decisions. They cannot predict sudden market volatility or black swan events, which can lead to unexpected losses.

Risk of Scams: The forex trading bot market is not immune to scams. Some developers may offer fraudulent bots or exaggerated claims of profitability. Traders must exercise caution and conduct thorough research before selecting a bot.

Choosing the best Forex trading bot involves careful consideration of factors like accuracy, trading opportunities, strategy, and automation level. Additionally, traders should seek truthful and independent reviews to gauge a bot's reputation and performance.

Risk management is crucial when using trading bots, and traders should be prepared for the possibility of drawdowns. Selecting a bot with a low drawdown rate can help protect investment capital over the long term.

Thoroughly testing a bot's performance and understanding its strategy through back-testing and research is essential. Engaging with the trading community and seeking feedback from experienced traders can provide valuable insights.

In conclusion, Forex trading bots offer a compelling option for both novice and experienced traders. However, they are not a guaranteed path to riches and should be used as part of a well-rounded trading strategy. By carefully evaluating the pros and cons of using trading bots, conducting due diligence, and implementing robust risk management practices, traders can harness the potential benefits of automation while minimizing the associated risks. Remember that successful trading, whether manual or automated, requires continuous learning and adaptation to evolving market conditions.

If you consider entering the Forex market, you should think about the way you want to do so, as the market is pretty established already, and over 80% of the volume traded are algorithms. 

One of the best ways to compete with a robot is another robot. However, you should carefully pick your trading software provider as most providers gloss over stats, sharing inflated numbers and returns. You might want to work with a reliable bot provider like 3Commas.

Automated forex trading bot is a trading software that monitors the market for trading opportunities, and executes them automatically on your behalf. Learn more in this article about 2024 Forex bots.

AI Forex Trading Bot For Automated Currency FX Trade 2024 | 3Commas

With the recent news about Robinhood, GME, and beginners jumping into the stock market and making thousands of dollars, more people than ever before are looking to start trading for the first time. But while many people will simply try to buy or sell stocks, others might be more interested in trading Forex.

This story was written in the morning on Monday, April 29th, so all the numbers included in this article will be reflective of that date. 


It’s been a frustrating week for many traders as BTC has corrected down to just above 63k, but don’t let emotions cloud your judgment. If you have your multi-pair bots set up to monitor a lot of different pairs, then maybe you benefit this week when BONK (love the name) moved up over 22% in value. 

Here are a few notable ones from the top 10. Although there’s a lot of red in the market this week, it’s not a complete bloodbath. Very few coins saw more than a 15% downward price change, indicating there’s no sense of panic in the markets. 

It gets grimmer from there, with every single coin in the top 20 is in the red except for Tron, and we bet a lot of you are curious as to why that is. While we cannot promise that our answer is definitive, we’re going to do our best to offer you a reasonable hypothesis backed up by some data. 

TRON is at +6.26% for the week. What’s going on here? Well, the primary theory is that it’s because TRON has real world use cases and adoption of it is accelerating very dynamically outside of the EU, U.S., and Chinese markets. It turns out that Tron quietly became the number one blockchain for stablecoin transfers. 

Why TRON became the network of choice for stablecoin users

Inflation and accompanying currency devaluation are major issues in most countries these days. The more unstable your nation’s currency is, the less willing people are to maintain savings or other accounts using that currency. So in this modern world of convenient apps and fast electronic transfers, citizens in countries like Argentina, where inflation has been rampant and the peso is almost 100% less valuable than it was a year ago, people are taking salary payments in stablecoins like USDT. In order to purchase and transfer USDT, users went looking for an economical network to do it on. If you guessed that network turned out to be TRON, then you guessed correctly. 

Within the crypto community, opinions of TRON’s founder, Justin Sun, range from believing he’s a guru to people alleging that he stole ideas from other projects. For the record, 3Commas has no opinion on Justin Sun and we are simply doing our due diligence by informing readers that he is a figure who has attracted some controversy and elicits strong reactions from long-time crypto enthusiasts. 

But end-users don’t care about that controversy. They see a platform that works as advertised and is much cheaper to use than Ethereum and several other chains. This article from October of 2023 does a good job of discussing the details of consumer sentiment about stable coins. They interviewed shop owners and bank employees in Argentina to find out why they were using TRON so much. 

One of the key points was simply a lack of trust in their national currency. In the U.S., many consumers are facing a mighty struggle to cope with the rapid rise in cost of living expenses due to inflation, and that’s with inflation that’s lower than in most western nations. For people living in nations that don’t use the dollar or Euro, inflation combined with a weak currency can seriously cripple your buying power in a short period of time. 

In Argentina, it’s becoming increasingly popular to conduct bigger transactions using USDT and moving it with TRON because it’s around 30% of the cost of moving USDT on the Ethereum chain. It should be noted that there are layer 2 solutions on the Ethereum chain that are even cheaper than TRON, but whether it’s an ease of use issue or a speed issue, TRON is beating them out and it’s not even close. BSC is the next highest volume network for moving USDT, and it has around 42% of the volume that TRON transfers. 

So there you have it. We think TRON is maintaining its value because it is seeing growing adoption in countries with less than reliable central bank fiat currencies. From a trading perspective, it’s a somewhat standard practice to exit an asset by trading it for stablecoins. If users are then using those stablecoins to pay bills or buy consumer goods, they’re likely using TRON to do it, thus increasing the demand for TRON and correspondingly assisting with its rise in value. 

Will stablecoins kill off less viable fiat currencies?

It’s possible, but there are a few reasons it will take some time. When making small purchases, you can pay cash or debit card with fiat with no fees. This makes buying a soda and a bag of chips from the corner store far more economical to do with dollars or pesos than USDT or BTC, for example. 

There’s also still a lot of work to be done when it comes to security and trust with blockchain currencies. It might seem counterintuitive for people to trust an unstable fiat currency over a cryptocurrency like USDT that was designed from the ground up to be as stable as possible, but it’s simply reality that normal people are inherently skeptical of fintech solutions that rely on digital currencies. As TRON continues to be the platform of choice, and USDT continues to be a good currency solution for people in emerging markets to dodge currency devaluation and rampant inflation, we will likely see those attitudes shift over time. 

People usually vote with their wallets, and when the USDT and TRON combo offers them a way to do more with their paychecks, it’s bound to change some minds. 

3Commas did not write this in partnership with the teams from TRON or USDT. We just wanted to take a look at potential reasons for TRON to be the only top 20 coin not in the red this week. 

This article discusses how TRON is growing due to adoption in the real world in many countries and how it is the leading platform for transferring USDT.

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