In-depth Pros & Cons review of Automated trading bot platform Shrimpy.io
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INTEGRATION TIME: Less than 40 mins
SAVES YOU: Hours of Manual Trading
Exchanges Supported:
Kucoin, HitBTC, CoinAPI, Binance, Bittrex, Kraken, Gemini, Huobi and 13 others
Availability:
Only Browser based
Shrimpy.io Cryptocurrency trading bot is a robust platform that allows anyone (Beginners or Experts) to configure trading bots that execute buy/sell orders on their behalf. The platform has useful features that are kickass and not found in many other competitors in this price segment.
Pros
Security (7/10)
The primary form of security begins with the user, they’ll have to setup a 2FA authentication method that only allows them to access their account. Every API key is securely encrypted and stored using FIPS 140-2 validated hardware security modules (HSMs) to protect the confidentiality and integrity of your exchange API keys. The trading platform has a dedicated backend security team that monitors the platform continuously for any suspicious activity.
Multiple Exchange Support (8/10)
Shrimpy.io supports multiple exchanges such as Huobi, Binance, Bittrex, Poloniex, Coinbase etc. They are also in the process of adding newer reputed cryptocurrency exchanges that are popular among it’s users.
Smart routing (8/10)
Shrimpy has built in smart routing for trades that happen through it’s platform. This feature allows you to get the best possible rates for your cryptocurrencies whether you’re buying or selling. All you have to do is the pick the cryptocurrency you want to buy or sell (for ex. Buy XRP using ETH or vice versa.) Instead of choosing the direct trade pairs, the platform analyses the best possible rates across the exchanges to make your trade profitable and execute it on your behalf.
Trading API (7.5/10)
Shrimpy.io allows secure API access for it’s customers. According to Shrimpy.io, their API only allows viewing balance and placing a trade. It doesn’t allow moving of funds etc. out of the exchange. Hence it is secure. You can build third party applications using their APIs as well.
Portfolio Management (7/10)
Keep track of all the cryptocurrencies in your Portfolio. Easily analyze the trend, calculate how your portfolio is performing at a glance, all from the Portfolio manager.
Historical Trade API (7/10)
Shrimpy.io makes your exchange-wise historical trading data available through secure APIs. If you are building an application, or using a third-party trade analysis tool, this feature will come in handy.
Best for beginners (7/10)
The platform is easy to understand and operate even for beginners. There’s guided tour of the product and ample amount of documentation that is available for anyone. The support team also helps customers with any query they may have using the platform.
Backtesting Strategy (8/10)
Backtesting is a feature that analyzes trade patterns using different strategies to understand and predict successful outcomes by applying the strategies to historical data from the exchange. Shrimpy’s bots are capable of carrying out backtesting effectively.
Pricing (8/10)
The bots are affordable. Please note that the pricing is for using the bot. There is a charge for each trade that is executed through the bot.
Cons
Limited custom bot functionality
Trading bots can be setup through manual interface on the admin panel. However, if you’re a little savvy and want to create your own bot, you can but the API support is slightly limited.
No mobile app
The platform still runs on the web only and doesn’t support mobile apps.
Trading terminal is not supported
Shrimpy.io doesn’t support trading terminal. Instead it offers a very hands-off trading experience for it’s investors.
No, the Shrimpy doesn’t support iOS or Android apps as of now . However, Shrimpy has a responsive website that you can use on a mobile browser.
Shrimpy has a freemium plan which only includes portfolio tracking and its premium plans start from $19/mo (when paid annually).
Yes, you can backtest your portfolio strategies for any exchange for more than 5 years. It has multiple configurations for its backtesting feature. You can also copy strategies from PRO traders.
Yes, Shrimpy provides APIs that allow developers to build portfolio management applications, trading bots, and trackers easily.
What other good Cryptocurrency trading platforms are present to compare?
Yes. Check out this post on the top 5 Crypto Bot trading platforms. You can get a 360 degrees view to help your decision making process.
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