If you have been trading for any length of time, you should be familiar with cryptocurrency trading bots.
Much like traditional trading markets, cryptocurrency traders use such programs for analyzing digital assets in the market, buy/sell, and perform other activities related to cryptocurrency trading.
Why do they use bots? Most traders are using bots in their stead when they cannot be online to manage their trades manually.
Effective, reliable, and efficient crypto trading bots bring an easier option for trading to the table. Over the last few years, since the introduction of such technology, these trading bots have become wildly popular.
The substantial boost in crypto automation has served to stoke the flames of growth for these platforms. You will find that here and there, new trading algorithms crop up that attract new traders.
Shrimpy is one such platform that we are reviewing today. Let’s see how it stands up in this niche.
How Long Has Shrimpy Been in Business?
Shrimpy was established in 2018 as a trading bot designed to make trading easier for buying and selling cryptocurrency. It offers preset signals and automated features. This platform is a web-based program that is easily accessed via the official Shrimpy site.
Besides automation, the Shrimpy tool gives traders control over the management and rebalancing of their own portfolios. It can also help analyze and index the cryptocurrency market.
Another feature includes backtesting that allows you to see how your strategies will perform before you execute them on this platform.
For those who choose to use this platform, they must sign up on the website, connect the API to their exchange accounts, and then immediately start using the system to trade.
As one of the most social cryptocurrency trading bots, this system will connect you to suggestions and strategies to help you get the most from your trades.
How Is Shrimpy’s Reputation?
Comparing Shrimpy to other trading bot services, it’s the new kid in the industry. It may not seem to have an extensive outreach in the crypto community just yet. However, this trading bot platform is gradually gaining momentum amongst seasoned as well as newbie day traders.
What Exchanges Does Shrimpy Support?
Even though this platform is relatively new to the industry, it seems to support a vast array of cryptocurrency exchanges, which is one of the things that drives its appeal. It supports all of the currently traded cryptocurrencies on every exchange supported.
Here is a list of some of the supported exchanges.
- Coinbase Pro
- Bittrex International
There are no limits on cryptocurrencies traded via these exchanges. Shrimpy does use Bitcoin to execute trades.
What Does Shrimpy Cost?
There is a free version that allows use for most of the features and a premium version that adds advanced features to use. Right now, this platform is one of the most modestly priced programs in the crypto trading bot industry.
The free plan includes linking of unlimited numbers of exchanges, rebalancing (except threshold rebalancing), and custom portfolios. It doesn’t include the feature of backtesting and there are limitations on access to the community and social functions.
The premium subscription plan is $8.99 per month, which includes everything in the free plan and extras. Threshold rebalancing, full access to community and social features, backtesting, customization options for safeties, and spreads are included in the paid plan, but not in the free plan.
If you choose to look, the website features something for potential clients to see a demo in action, which gives you an idea of what you can expect from this service.
Ease of Use: Shrimpy developers must have had traders in mind when they created this clean, easy-to-use interface, which is an aspect that stands apart from many of the complex automated trading tools out there. Also, its web-based program is simple to comprehend and is easily accessible.
Besides being visually appealing, this platform has features and functions that are easy to use. It’s easy to set up your trading bots and to use the features and functions like spreads and slippage.
It seems to be an ideal tool for day traders who need a user-friendly platform. Seasoned day traders might think it too simple, but once they get used to it, they may be okay with it.
Some may be used to the complexities of trading bots and feel they have more control over the management of their trading activities. It’s all about preference.
Settings: Honestly, we noticed that this service is lacking in trading strategy solutions. It does provide the basics like limit and market orders, but then it lacks advanced orders that intermediate to experienced day traders will not like as much.
You can link your cold storage wallets to aid in your portfolio management, which is a pro in this bot. It lets you see your actual collective cryptocurrency as opposed to having to manually calculate by looking at their cold storage and exchange wallets all the time.
The rebalancing feature is used to make sure you are keeping your desired percentage of specific cryptocurrencies in your portfolio at any given time. This feature helps you to properly set your criteria regardless of your trading activity.
You may choose to backtest your strategies for whatever limits you set for trade execution. This gives you an idea of what you can expect from your actual strategies and make the appropriate changes as necessary.
When it comes to the social and community of this platform, this seems to be a lucrative option for novice traders. It offers learning opportunities from seasoned counterparts.
This trading tool receives positive and negative reviews due mostly to its simplicity. As mentioned earlier, experienced traders find its simplicity basic and boring, while novice traders like the simplicity. Again, it’s all about perspective and preference.
Security: Two-factor authentication and standard HTTPS security features are in line with most cryptocurrency trading bots. In other words, your activities and trades are as safe as they can possibly be.
Customer Support: The official website boasts a substantial knowledge base that answers most of the common questions about the service.
Besides its knowledge base, there is also the live chat available for current and potential users. There is also a dedicated email support option in place that lets users communicate as needed.
Profitability: Shrimpy is no different from similar trading bots since it doesn’t make promises of any profitability percentages, which are common and ethical practices. This gold standard in practice prevents them from claims of liability for losses.
You won’t find many reviews or testimonials related to Shrimpy’s trading bot because of how new it is. This makes it difficult to make an informed decision about using the cryptocurrency bot, but ultimately the choice and/or risk is up to each individual.