Automated trade and streamlined trading strategies remain the ultimate goals of every crypto trading bot and software.
It may have this or that as “unique” features, but the functionality of a trading bot can be boiled down to the level, amount, and quality of automation.
Shrimpy claims mastery in handling crypto exchanges in these contested waters, but are these claims justified or not?
This Shrimpy review will try to reach a definitive answer.
Shrimpy Review 2023
Crypto trading bots come to be seen by the general public in two ways.
The first and more common view is that crypto trading bots are artificial intelligence that autonomously performs trade with cryptocurrency.
In other words, bots trade without any additional assistance from people.
This is true, to an extent. What’s not implied above is that human oversight, fine-tuning, and, most importantly, strategic planning are necessary for the crypto bot to properly function.
Crypto bots are tools that simplify and streamline crypto trading, but their efficiency still depends on the handling and market intuition of their users.
Top-performing bots excel in translating human logic into automatic processes and keeping these processes going even when traders aren’t around to supervise them.
This is the only thing where an average trading bot exceeds us, flesh-and-blood traders: software does not require sleep, leisure, and some time off every day; software does not feel emotions and thus remains immune to psychological pressure, doubt, and irrational moves.
On the other hand, the software lacks human intuition, will stick with the strategy you set upon it, and ultimately remains unaffected by the fact whether the balance will be positive, negative, or remain zero.
The most a bot can do is ease the process and make it much, much more simple. It is up to you to provide the bot with a winning strategy, either by creating your own or by following someone else’s.
How does Shrimpy fit into the picture? Shrimpy specializes in providing those strategies by connecting the strategy leaders with eager followers, besides the standard long-term trade automation, of course.
Is this cocktail of simplification of crypto trade, quick access to sharp ideas, and standard crypto trading features enough to land Shrimpy a position high on the list of best crypto trading bots out there?
Shrimpy is a web-based crypto trading platform that is designed around social trading, community building, portfolio tracking, and long-term strategy automation.
Established in 2018 and still relatively obscure and unknown on the market, Shrimpy seems to have established enough of a reputation to reach some potential users and sway them over to the bot.
Its main and most prominently featured aspect is crypto portfolio management. Done in a very simple, graphical, and intuitive way, it remains pretty to the eye and does not evoke confused glances from less-experienced users.
A host of various trading bots can be found on Shrimpy that can streamline strategies over long periods of time, and these too tend to cater to beginners in crypto trading more than the established professionals who have a firmer grasp on the crypto trading matter.
Another one of the goals that they’ve set upon themselves is to establish a working relationship between expert crypto strategy leaders and those users who are ready to follow them in their steps.
In other words, those who are willing can choose to copy the top traders, for better or for worse, but hopefully for the better, right?
Portfolio management is, however, still the main feature of Shrimpy. It claims to help you successfully craft a portfolio strategy, track your performance with trades, and keep a close eye on the state of the market at all times.
Perhaps it isn’t much, but it’s honest work for a bot. If it works. And earns money, of course. But does it?
Ease of Use
At first glance it can be said about Shrimpy that it was made for absolute beginners, eventually intermediately experienced users who aren’t willing to put too much time and effort into crypto trading.
Pretty much every feature is designed with simplicity in mind.
This can be a good thing for the average Joe and Jane who decide to try their luck for the first time, but sadly holds little sway over those who’ve taken their first steps already and have found their bearings in the market.
Shrimpy requires no installation as it is a web-based app. You simply sign in and proceed to access to the main dashboard.
It requires no particular skill and no previous experience in order to be used.
Heavily relying on simple and intuitive design to guide new users across, it provides some basic strategies and functionalities such as market and limit orders but lacks any more advanced features and options that come with some better-performing software.
Like every simplistic crypto trading service, Shrimpy suffers from the extreme rigidness of its code and scripts.
Without the ability to customize crypto bot trading strategies, Shrimpy provides almost nothing to those who wish to make their own path to successful crypto trading. This makes experienced people disinclined to even take Shrimpy into consideration.
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Social Trading Review
The simplicity of Shrimpy is further underlined by their goal of making the platform a meeting place where experts would make strategies that new users could readily copy.
Called “Social Trading”, it envisions successful traders sharing their codes which will then be copy-pasted and implemented by dozens of users.
It has to be admitted, this approach can have its benefits with new daytraders. Having little to no experience leaves them at the mercy of other, more successful traders, without doubt.
However, the risks of losses with such “guaranteed” winning marketing strategies remain disastrous, since the profits tend to be low and potential losses massive, even debilitating.
Needless to say, thoughtless copying of someone else’s code without even the basic understanding of what’s going on is not the right approach.
Ultimately, it’s still a gamble, and you still won’t receive any valuable insights into the mechanics of crypto trading.
But hey, it goes along with the general policy of Shrimpy to cater to the most casual crypto traders.
If this thing rocks your boat, go ahead, but we don’t recommend it. After all, there are better solutions for this out there. More on this in the conclusion of this review and as for Shrimpy, let’s move on.
Safety, Security, Backtesting Review
Shrimpy offers solid standard security measures such as using secure servers (HTTPS) and has the option of including two-factor authentication (2FA).
On top of this, the trades are conducted through linked exchanges and do not withdraw funds directly via the app’s API.
Regarding the safety of profit, Shrimpy offers some basic backtesting options before you strike out with a strategy on your own.
Both of these are considered a standard with proper crypto trading bots so it shouldn’t be taken as something extraordinary. It’s still good to know that these are there, though.
Shrimpy Review Verdict
Shrimpy does what it does well, even though that offer is humble on its own. It caters to the very beginners in the industry, which leaves a lot to be desired for everyone else.
Shrimpy is not a bottom feeder of the crypto trading industry, but it is definitely not the best crypto trading bot that the market can offer.
With a more diverse offer, a good balance between simplicity and the number of options available to experts, and an established community of users and support, Bitsgap and Pionex are better alternatives to Shrimpy.
Don’t make trading crypto a gamble when there are so many factors that you can turn into your favor.
Trade smart, and good luck!