The cryptocurrency community is no stranger to trading bots. Similar to conventional markets, various cryptocurrency traders utilize these programs to analyze the digital asset market and perform trades even when they are not available to take these actions manually.
Due to the effectiveness and the ease of use that they bring to the table, these bots have gained immense popularity in the past few years. The exponential increase in cryptocurrency automated platforms has only fueled their growth, with new trading algorithms making their appearance now and then. Today we are going to review Shrimpy, which is one of them.
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Shrimpy is a trading bot that makes it easier for traders to buy and sell cryptocurrency. It does so by automating these functions through preset signals.
Apart from automating functions, the tool also allows traders to manage and rebalance their portfolio, index and analyze the market, and backtest and execute their strategies.
Established in 2018, Shrimpy bot works through a web-based application that may be accessed through its official website. Anyone who wants to utilize the application and set up their bots could sign up from the website, and instantly start using Shrimpy by connecting its API with their exchange accounts.
The platform also has a social aspect to it. It connects cryptocurrency traders for them to exchange strategies and suggestions on how to make the most out of their trading activities.
As compared to other trading bots, Shrimpy is relatively new. It may not have significant outreach in the cryptocurrency community.
But through the services that Shrimpy provides, especially at the price point that it offers them, the platform is slowly gaining traction amongst new and seasoned daytraders alike.
Notable investors for the Shrimpy include but are not limited to KuCoin, BitMart, and CoinStats.
While being new at the trading game, Shrimpy bot does support an extensive list of cryptocurrency exchanges. It also supports all of the cryptocurrencies that are traded on each exchange.
At the time of writing the review, Shrimpy supports the following exchanges for trading and more.
- Bittrex International
- Coinbase Pro
As mentioned above, Shrimpy does not have any limits on the cryptocurrencies that it supports for trading through these exchanges. With that being said, Shrimpy does note that it executes its trades using Bitcoin. This mechanism is explained by the team in a detailed manner.
Along with featuring a free of cost version that supports most of its features, Shrimpy also has a premium account that brings advanced functionalities to the table. At the moment, Shrimpy has one of the most modest pricing plans in the trading bots market.
The free account allows users to access almost all of the functionalities of the service. These functions include the linking of unlimited exchanges, custom portfolios, and rebalancing (with the exception of threshold rebalancing).
The free account does not include backtesting capabilities and has limited accessibility to the social/community features offered by the platform.
The paid account is priced at $8.99/month. This subscription includes all of the aforementioned features as well as the ability to make use of threshold rebalancing.
Along with full access to the social/community aspects of the platform, the paid subscription also has all of the backtesting features on offer. The paid plan also has the abilities of custom spread and safeties, which are not included in the free plan.
Apart from letting all users benefit from most of its features in the free account, Shrimpy also allows potential users to see its service in action through a demo on its official website. This gives new users a slice of what to expect when they sign up with the full product.
Ease of Use
Shrimpy trading bot has a very clean, simple and easy to use interface, which sets it apart from some of the more complicated automated bots.
The web-based application which executes Shrimpy remains quite easy to access and very simple to understand.
Apart from being a visual delight, Shrimpy also remains very easy to use in terms of its functionalities. Setting up trading bots is easy, and utilizing functionalities such as slippage and spread remains just as simple.
Overall, Shrimpy remains quite a user-friendly tool, which makes it ideal for new daytraders. At the same time, experienced daytraders would find it quite different from conventional tools. But due to the platform’s UI, they would easily be able to get familiarized with it.
For all the ease of use and affordability that it offers, Shrimpy does fall behind in terms of trading strategies.
While the tool offers basic functions such as market and limit orders, its lack of advanced order types leaves a lot to be desired. With that being said, the service does support the execution of slippage and spread mechanisms.
The ability to link cold storage wallets for portfolio management only adds to the overall functionality of the platform. This way, daytraders could know exactly how much collective cryptocurrency they have instead of having to drive manual calculations from their exchange and cold storage wallets.
Shrimpy has a rebalancing functionality, which allows traders to ensure that they hold a desired percentage of certain cryptocurrencies in their portfolio at all times. This allows traders to meet their set criteria at all times despite trading cryptocurrency on an active basis.
With that, Shrimpy bot also allows its users to backtest their trading strategies for any limits that they have set for the execution of a trade. This backtesting paints a picture of what traders could expect from their real-world strategies and allows them to tweak their approach if there is a need to do so.
The social aspect of the platform allows users to connect with other likeminded traders and exchange notes on how to make the most profit.
All of these functionalities, especially the social aspect, are quite lucrative for new traders. It’s because all of these abilities provide novice traders with the opportunity to learn and grow into advanced daytraders.
Speaking of which, Shrimpy seems too simple of a tool to make seasoned daytraders happy. The tool has been made too simple by its overall team, which seems to be both a positive and a negative aspect. New traders would love the simplicity, while seasoned traders might find it too basic as compared to their day to day requirements.
Shrimpy offers standard security procedures to its users, which include the usage of secure servers to run its program. This functionality of operating its services through HTTPS makes the platform safer and keeps it from falling into malicious hands.
With that, facilities such as two-factor authentication (2FA) add to its overall security.
As a standard practice, the ability of making their trades directly through connected exchanges and never having to withdraw funds through its API strengthens the platform’s security mechanisms for its users.
Shrimpy has an extensive knowledge base where it answers almost all questions that pertain to the usage of the service.
Apart from the knowledge base, it also has a live chat tool to connect to potential and existing clients alike.
Shrimpy also has a dedicated support email. This allows users to connect to the platform whenever they are in need of help.
Like all other trading bots, Shrimpy does not promise any specific percentage of profitability. This is a standard practice and saves the service from any liability.
Since the platform is new, it does not have many customer reviews or recommendations to help form an informed opinion.
That is why it is better to use Shrimpy through its free plan offering and see for yourself how the bot might work for you.