A social crypto trading community is an online ecosystem of crypto investors that allows sharing and discussion of trading ideas. The trend which is taking the crypto community by storm could transform crypto trading significantly. Today, many cryptocurrency trading platforms are contemplating adding a social trading feature to their systems. 

Managing the social trading community is currently the most significant challenge faced by social trading platforms. Many platforms failed a few days after launching social trading systems due to poor management. But what does it take to manage a geographically scattered community in a decentralized environment? Let’s find out:

Know Your Customer

Information is power! Having necessary details about your clients goes a long way in solving disputes that arise within the community members. Also, details like the customer’s level of expertise will help link beginners to the right Experts. Such information can be included in the signup forms as requirements before joining a trading community.

On the other hand, and perhaps the most important is letting your customer know you. The projects’ purpose, vision, mission, and roadmap should be captured in the whitepaper. For instance, consider how the Ethereum community came to be the strongest: Clear whitepaper!

Terms of Use

Terms of Use (ToS) are legally binding agreements between a service provider and a client. They are useful in social crypto trading as a disclaimer to help traders understand community rules and the consequences of not following them.

To avoid conflicts, ToS must be written in a language understood by all members. Every member must agree to abide by the terms of social trading before being allowed into the community.

Technical management

A big part of managing the social crypto trading community lies in platform development. Software project management skills are required to ensure the process from requirements elicitation, system design, implementation, and maintenance run efficiently. Technical management involves ensuring:

• Functionality 

Implementation of the system captures everything in the design from the user interface, tabs, and buttons.

• Secure 

The platform must ensure every members’ funds are secure from hackers and other malicious attackers.

• Efficient 

An efficient system loads faster and processes transactions, posts, and comments from the community almost instantly.

Incentives and Customer Engagement

One of the most effective ways to manage a community is keeping it active. The best way to keep the community hyped is by giving contingent motivators. There are many ways to do this in social crypto trading; affiliate programs, virtual contests, competitions, rewarded online tasks, airdrops, giveaways, etc.

Customer support is another excellent management strategy. How fast questions are answered, and the relevance of the answers given, live chats, and self-service is the new gauge for a well-managed platform. According to a recent study by Hubspot, “88% of service professionals agree customers have higher expectations than ten years ago. 76% agree customers are smarter and more informed now than in the past. 89% agree that customers are more likely to share positive or negative experiences now than in the past.”

Professional Online Community Managers

There are currently online community managers available online for hire. Community managers have expertise and tools required to: Grow the community through different social media channels and promotions; Act as first-line of support for non-technical specific queries; Organize promotion events and competitions through various channels like Twitter or Telegram.  

Online community managers also work closely with other departments such as developers, marketing, sales, and customer service for enhanced customer experience.

What is Shrimpy?

Shrimpy is a simple portfolio platform for social crypto trading management. The platform incorporates automated strategies to help investors earn more with less effort. Shrimpy is one of the few social crypto trading platforms with a robust community of leaders and followers. It has several unique features that make it easy to maintain a vibrant traders’ community. These features include:

• Rebalancing 

Shrimpy automatically executes a buy/sell request for a currency pair that aligns with the trader’s goals at any given time.

• Backtesting 

Shrimpy analyzes the trader’s strategy and simulates its potential performance by comparing historical data to reduce the risks. 

• Incentives and support system 

Shrimpy’s social trading platform regularly offers incentives to followers and leaders plus a 24-hour customer support system.  

Final Thought

Social crypto trading is a unique strategy aimed at minimizing the risks involved in crypto trading. Managing social crypto trading communities is a significant undertaking that helps build the reputation of a platform and the crypto industry as a whole. There are many ways to manage a social crypto trading platform, as discussed in the above paragraphs. 

However, the implementation of the above strategies isn’t an easy task. Few platforms get it right, as seen with Shrimpy. The platform encompasses unique features simply and efficiently understandable by all. The Shrimpy social trading platform links beginner traders to experts through copy trading to form the most effective social trading community in crypto space.