Hi all. The topics of today’s video release are a comparison of manual trading with automatic, and also account security in a 3COMMAS website. I will also touch on the topic of how to pay taxes if you trade cryptocurrency. Here we go!
What is better manual or trading by bots?
The choice between manual or automatic trading often arises between traders. Most often, beginners resort to using bots, believing that this is a magic tablet and it will turn out to be easy to make money. However, after a series of fails, such people stop using crypto robots and start trading manually, thereby completely killing their deposit.
So what is better – bots or manual trading? The answer is that both are equally good and complement each other. Professional traders often use both manual and automatic trading at the same time or in turn. If a person sees that there are a good market situation and growth, and he wants to take a break from work, he calmly using the bots.
But if the market situation is complicated and it is not possible to automate it, then, of course, it is better to trade yourself. Robots in 3COMMAS or another service, these are only tools that help make money and save time. But without the ability to use these tools, they will not bring any profit.
It’s like buying a shovel and say – dig it yourself, and I will watch, I paid the money for you! Therefore, do not expect miracles from robots in the cryptocurrency market. You should watch the video and read articles on botcryptorade.com, use a 3commas “demo account”, learn to trade manually through the Smart Terminal, and use bots. Then you will become a successful trader, and your profit will grow.
Security on 3commas
The security of your money accounts when trading cryptocurrency is very important. A large number of hackers and malware monitor and constantly scan the Internet. They are trying to get your passwords in order to steal cryptocurrency and transfer it to their wallet. It’s worth taking care not only of money accounts but also of the services through which you trade.
For example, if you use 3COMMAS for manual trading in Smart Terminal or using the bots, and a hacker takes possession of your account, this is not good. He will not be able to withdraw money, since they are in the crypto exchange, like BINANCE or Kucoin. But to trade them in order to drain a deposit or pump-up not popular digital money is quite possible.
Therefore, take care of securing your trading instruments is also worth it. At 3commas for security, go to the “Settings” section. Be sure to create a complex password – it must belong and at least 15 characters, contain uppercase and lowercase letters, numbers, and signs. It is better to write the password on a piece of paper or in a special application.
Also, enable Google Authenticator and install it on your mobile phone. It is recommended that you change the password periodically every month. This will be enough for the good security of your account. The same is recommended to be done in the security settings of your crypto exchange, for example, Binance. That is, create a password and enable Google Authenticator need be the same.
Tax reporting in trading
If you are worried about self-employment and want to pay taxes when trading cryptocurrency – this is possible. There are two options. In first, you open your own company, become an individual businessman, record income, collect all documents, and pay taxes self. The second option is simpler – special web services through which taxes are paid.
The most popular site for tax payments is CryptoTrader.Tax. This site will automate crypto-tax reporting. 3COMMAS officially cooperates with CryptoTrader.Tax. Therefore, this facilitates the process of tax payments if you trade in 3commas. To get started, go to the CryptoTrader.Tax website and register.
On this site, you have to fill out the information about yourself, such as passport information. Next, enter the trading data and connect the service to your exchange or 3commas. Then select the appropriate subscription plan, depending on your capabilities and trading volumes. And that’s all! Then you will automatically pay taxes through this service and be registered as an individual businessman.
In this video, I told already my opinion about manual trading and compared it using 3COMMAS bots. You also learned how to configure and improve the security of your account on this site. And another important topic I examined for you how to pay taxes in case with cryptocurrency trading. See you in the next videos!