The term copy-trading isn't much of a neologism nowadays than several years ago when it was gaining traction in the investing public. And investors without sufficient knowledge about a particular asset are mostly familiar with this route in obtaining market exposure.
With the nascent crypto, in particular, copy-trading levels the playing field for all investors regardless of experience, knowledge, and capital. This is especially helpful since digital currencies are usually less understood by many.
And in comparing Wunderbit Trading and Shrimpy, it's also much easier to use a common denominator (copy-trading) in determining what the better option is.
Wunderbit Trading vs. Shrimpy Comparison
In this section, we contrast the copy-trading feature of the two companies. But for a more comprehensive comparison, we also cover bot automation, pricing, and other key differentiations.
What is Shrimpy?
Shrimpy is to a large extent a portfolio management company specializing in cryptocurrencies. It was founded in 2018 in Santa Clara, California, under the legal name Benthos Labs Inc.
Shrimpy's website allows you to connect exchanges and manage your portfolio on one platform. But aside from this, it also has a social trading or copy-trading feature.
Wunderbit and Shrimpy have very similar copy-trading features. Both platforms combine the element of social trading and the functionality to construct a portfolio of copied traders.
With Shrimpy's platform, you can follow traders or even their entire portfolio. Shrimpy allows you to view specific information about the trader to help you quickly decide which one to copy. This includes the trader's activity, performance (daily, weekly or monthly), followers, and a chart that visualizes the trader's balance.
One thing to note about Shrimpy is that its user interface is reminiscent of eToro's. The social trading tab, which contains the list of traders on the leaderboard, displays each trader's profile pictures and performance overviews, making it more like a social media trading site -- like eToro.
Both platforms offer a way to develop automated strategies, but the difference lies in the two companies' methods of providing them.
With Shrimpy, strategy automation is ingrained in its "portfolio rebalancing" design, which lets you set a specific percentage allocation for the crypto asset that you want to maintain in your portfolio. Shrimpy automatically rebalances your investments according to the percentages that you've set for each digital currency.
Shrimpy integrates with 16 exchanges like Bittrex Global, Coinbase Pro, Binance U.S., Poloniex, Gemini, Bibox, BitMart, and Huobi Global.
The pricing is where the two services vastly differ. Shrimpy's subscription-based pricing starts at $19 per month. A more advanced package with better capabilities like a quicker balance refresh, IP whitelisting, advanced index builder, and other features are available for $79 a month. Shrimpy does offer a 20% savings for an annual subscription.
What is Wunderbit Trading?
Wunderbit is an Estonia-based fintech company that operates a cryptocurrency exchange and a social trading platform. It also provides a payment service to enable merchants to accept payments in Bitcoin (BTC) using Wunderbit.
The company was established in 2018 and is licensed by the Estonian government under the license number FVT000433 to mediate between parties exchanging fiat for virtual currencies and vice versa.
All the users on Wunderbit Trading either have the status of Trader or Copy-trader. Traders are usually more experienced users that create strategies and appear on the Marketplace where they can be found and followed by Copy-traders.
Although WunderBit doesn't offer the same social-media-site-type UI as Shrimpy, it is nevertheless uncomplicated to use. All of the trading statistics of Traders (including ROI, P/L, etc.) are displayed in the Marketplace and used to rank them. This makes it easy to identify the most profitable ones.
With Wunderbit you're not limited to copying traders. Wunderbit's platform also gives you the option to copy automatic trading bots. Of course, the benefit of copying bots is that it's less subject to human emotion, which sometimes negatively impacts trading results.
Wunderbit integrates with TradingView in creating a fully automated copy trading bot. This helps anyone already familiar with the cloud-based charting application to find an easy transition in using Wunderbit's service. All you have to do is to create an alert bot with TradingView's PineEditor and convert that into a fully automated trading robot.
Wunderbit’s bot trading terminal allows you to set up some of the most advanced trading settings, such as DCA and Trailing Stop. You'll be able to filter bots by trading period, crypto pairs, time frames, leverage amount, and the crypto exchange.
Wunderbit supports 13 exchanges, including Binance, Bitmex, FTX, Binance Futures, Deribit, Bybit, Kucoin, OKEx, HitBTC, Kraken, FTX US, Bitpanda Pro, Bittrex, Huobi.
Wunderbit subscriptions plans are cheaper. Wunderbit's basic subscription starts only at $9.95 -- a $9.05 difference from Shrimpy. This subscription would already provide you with 15 open positions at a time, 5 active bots, two API per exchange, trailing stops, multiple take profits, and the DCA trading terminal. Wunderbit's premium plan is $44.95 per month, which comes with unlimited features. And a yearly subscription gives you 30% in savings.
In choosing between the two platforms, all comes down to the more beginner-friendly option. This goes back to the very concept of copy-trading, which is primarily directed at those who don't necessarily have extensive knowledge and experience in trading. Therefore, it beckons simplicity because trading is already a complex subject for most people, especially with crypto. Both platforms have a comprehensible user-friendly interface and all the necessary tools that make it effortless to start copy-trading for novice users.
Now, while both services are on par with each other regarding the copy-trading feature, the more extensive functionality of Wunderbit makes us prefer it to Shrimpy with respect to the potential of earning you passive income and increase your profit from trading crypto. The platform not only provides you with the opportunity to follow the best traders and track their performance but also allows you to set up your own crypto trading bot in just a few clicks.