Crypto trading bots are computer programs that create and submit buy and sell orders to exchanges based on the rules of a pre-defined trading strategy.
Automated trading for cryptos is supported by a growing number of platforms. In this comparison article, we will closely examine 3Commas, one of the most successful companies in the space, and compare it to Mizar.
Mizar is a next-gen algo-trading platform that will open up to the public soon. Mizar is a social trading marketplace where you can copy other traders and a platform where you can build bots and portfolios through a user-friendly interface. Additionally, we at Mizar have developed MizarLabs, an advanced open-source trading library where experts can research, develop and back-test their algorithmic strategies. Mizar has no subscription fees, users pay based on usage or performance and can reduce or avoid fees by holding Mizar native token, MZR.
3Commas is a comprehensive online service that enables cryptocurrency trading management. 3Commas users can follow successful traders’ signals or customize different strategies to fully automate their trading activity. To be able to use 3Commas, users have to pay a subscription fee, which can be up to $50 per month. On top of that, users have to pay monthly fees to follow other traders.
This article will compare Mizar to 3Commas and highlight the main differences.
Prices and Plans
Mizar wants to make algo-trading accessible to everyone. Most of the algo-trading platforms offer subscription fees ranging from $15 to $100 per month, sometimes too expensive for small retail investors (especially when trading bots do not perform as expected). However, we at Mizar have developed a secure wallet system that investors can use to reward, be rewarded, or pay service fees based on different metrics.
- Copy-trading: users can copy traders who published their strategies or portfolios on the marketplace. Traders have the option of charging performance fees to users that are following their portfolios or strategies. Successful traders are fairly rewarded for their hard work and ideas, and users pay only if they are making profits.
- Bot Trading: users can design their own bots and allocate some of their capital to them. Users will be charged based on the total value of the funds that are being managed by the bot.
3Commas currently has 3 different plans: starter ($14.50), advanced ($22.50), and pro ($49.50). Based on the plan, users will have access to different features and perks. Users also have to pay an extra subscription fee if they want to follow other traders. This could be free or go up to $150 per month, depending on the trader.
Mizar’s utility token, MZR, will have distinct advantages for MZR holders and act as the heart of the Mizar ecosystem. For example, the more MZR a user holds, the lower the fee for taking part in trading strategies or bots. Traders who climb to the top of the leaderboard will be rewarded by the community in MZR for being the best. Lastly, in the near future users can stake MZR in the STAR pool and get rewarded a part of the Mizar revenue stream.
3Commas does not have a token yet.
Mizar wants to make algo-trading as easy as possible. Users can get access to the marketplace and search for their favorite strategies. They can visualize back-testing or live trading performance and copy trade, with a few clicks. The low latency Mizar engine will place orders on behalf of the investor, according to the strategy. Users don’t have to worry about anything else, the traders will monitor the strategy behavior in the back-end and adjust it based on market conditions and performance.
3Commas offers a marketplace of pre-built bots which everyone can use to automate their trades. These bots are proposed by 3Commas and the users have to calibrate and regularly monitor them depending on market conditions. Moreover, 3Commas offers a marketplace of signals coming from traders, which users can integrate into their bots. Even though this feature is appreciated by users, it is still complicated for beginners requiring some know-how about trading and continuous adaptations.
Mizar wants to support users who find it difficult to pick up the right strategies. Investing in one single strategy could be beneficial… only if the strategy is performing. Mizar helps users to differentiate their investments, proposing a marketplace of funds. Users have the possibility to invest in a trader or a trading company, which will allocate their capital on different strategies and swap it from one to another to get the best performance while controlling the risks.
3Commas does not offer this service yet.
Mizar offers to advanced or professional traders an open-source library named MizarLabs. Traders can get access to Hedge Fund Quality data and use Machine Learning models to research, develop and back-test their own algo-trading strategies. Traders can also leverage the live trading infrastructure of Mizar to live-test their own strategies with paper trading or live trade. For traders who run self-hosted strategies, Mizar has developed an advanced API that can be used to connect to Mizar, deploy the strategies live or publish them on the marketplace to attract capital from other investors.
3Commas provides an API to traders who run self-hosted strategies in order to be able to deploy the strategy live or publish signals on the marketplace.
Mizar wants to give the freedom to its users to design trading bots without coding. To achieve this, Mizar developed a platform where users can get access to a wide range of trading tools. DCA (Dollar Cost Averaging) and grid bots are at the core of the Mizar Trader Lab offerings. Moreover, traders will be able to create their own portfolios, automate or rebalance them, or manage risks through stop-loss or by taking profits.
3Commas made trading bots the core of its product. Similar to Mizar, they are also based on the DCA mechanism and use buy and sell recommendations according to Tradingview algorithms. The platform features simple and composite bots ranging in how many coins you can trade simultaneously.
Mizar is non-custodial, which means your capital will stay in your wallet or exchange. Mizar developed an API system that enables its users to connect to centralized and decentralized exchanges (CEX and DEX) to automate their trades without users losing custody over their funds.
3Commas also has an API that lets users connect to their exchanges. There is currently no solution to connect to decentralized exchanges yet.
Mizar intends to support a wide range of CEX in order to accommodate different kinds of users. The first exchanges which have been implemented are Binance, FTX, and KuCoin. Mizar is planning to integrate many more exchanges in the upcoming months, such as Bitmex, Bitfinex, Coinbase PRO, and others. Moreover, Mizar plans in the near future to integrate DEX in order to expand in the DeFi space.
3Commas offers a wide range of different CEX. No DEX has been integrated yet.
Mizar’s algo-strategy platform runs on crowd-sourced principles. The traders who research and design algo-trading strategies that other traders use will receive rewards for their hard work, and this incentivizes the community approach to building and sharing algorithms. Mizar helps bridge the gap between developers who find it hard to engage the market and users who find it difficult to find and use successful algo-trading bots. In parallel, Mizar aims to make algo-trading easy and open to everyone. Mizar proposes a wide set of No-Code tools to develop simple or advanced bots and automate users' trades, at an affordable price.