Don't have time to read an article? We've got you covered! Check out our tutorial video below.
In Shrimpy Pro, we have simplified the process of placing trades manually. You are no longer required to route assets yourself if there is not a direct pairing between what you're selling and the asset you intend to purchase. Just select what you want to sell, what you want to buy - and we do the rest!
What is Smart Order Routing?
Smart Order Routing is a system designed by Shrimpy Pro that evaluates all pairings offered on an exchange in order to optimize the outcome of a trade. This means that if an asset is offered by an exchange - Shrimpy Pro may use it as a vehicle to move value between assets. More information about our Smart Order Routing system can be found here.
How does one enable Smart Order Routing?
You don't! Smart Order Routing is one of the most valuable benefits of using Shrimpy Pro and it is enabled on every rebalance and trade placed through Shrimpy Pro in order to ensure that our customers are getting the best possible prices that the market can offer for their trades.
Placing a Trade
First, you'll need to access the Asset Detail page for the asset you intend to sell. Once you've done so, you'll see following page.
This is showing the exchange that is selected on your Dashboard before visiting the Asset Detail page, and to switch between exchanges on the Asset Detail page you'll need to first switch the exchange that is selected on your Dashboard. The portfolio shown initially is the top portfolio on your Dashboard if you are using our Multiple Portfolios feature and you can change which portfolio you’re looking at by using the portfolio selector dropdown menu at the top of the page.
On the right side of the page, you'll see information showing how much of the selected asset you hold on the exchange (or portfolio, if applicable) as well as current price of the assets on both sides of the trade. The "From" asset is what you intend to sell, and the "To" asset is what you intend to purchase. To make things easy, there is a "switch" button you can use to transpose the asset selection fields when necessary.
Clicking on the "Available amount" will attempt to sell the entire balance held in the "From" asset.
Once you've entered the amount of the "From" asset that you want to sell, you'll notice the button below this field is now enabled, and you can "Preview" the trade.
If you're satisfied with the trade you're submitting, click on Preview to view the details of the trade. You'll see a page showing the final details of the trade being submitted including how much of each asset you'll hold after the trade is completed. At this point you can still cancel the trade without incurring additional fees, as the trade has not been submitted yet.
If you are satisfied with the results of the trade, click "Confirm". You will see a notification on the bottom of your screen stating "Success! We have successfully queued your trade."
And that's it! By this point you have successfully traded using Simple Trading with Smart Order Routing enabled and your Dashboard will have been updated to reflect the results of your trade. Wasn't that easy? Now comes the hard part - deciding what to do with all this time you're saving!
Have questions, comments or concerns? Feel free to reach out to us via the blue "Support" button found in the bottom left corner of your Dashboard, or send an email to Support@Shrimpy.io.