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SHRIMPY Review

 

INTRODUCTION TO SHRIMPY

Shrimpy.io or Shrimpy is a leading portfolio rebalancing tool and social trading platform for crypto that offers an interactive user interface, unique features, and responsive customer support.

With Shrimpy, users can develop customised cryptocurrency index funds and copy trading strategies and even automate rebalancing. Shrimpy supports 16 major crypto exchanges and is constantly adding new ones.

Although copy trading and social trading is its unique selling point, users also benefit by the accompanying tools and operations.

Shrimpy is a portfolio management website that allows investors and traders to manage their entire balance across several cryptocurrency exchanges all in one platform. Users do not need to log in separately to each crypto exchange to perform buy and sell trades if they make use of this platform.

The portfolio manager allows a user to allocate his overall portfolio by using simple percentages with a visual snapshot and statistics. A user can manually or automatically adjust the allocation of each coin, based on the market by just changing the percentages which will execute the trades on his behalf.

Shrimpy is an especially useful crypto tool especially for beginners that are searching for a simple and reliable way to manage their entire portfolio.

Shrimpy allows its users to connect multiple cryptocurrency trading exchanges, which means that they can buy, trade, and sell cryptocurrency by using a single interface. The crypto exchanges supported on Shrimpy include Binance, Coinbase, Bittrex, Bitfinex, Poloniex, Kraken, Gemini, and many others.

Shrimpy is also backed by some of the biggest names in the cryptocurrency world, which provides further credibility to the platform. The portfolio management site is supported by crypto companies such as KuCoin, HitBTC, OKEX, CoinTracker, Koinly, CryptoTrader.Tax, KaiKo, CoinStats and CoinAPI.io.

Shrimpy provides a demo trading account that allows a user to explore and experiment with the platform while connected to different cryptocurrency exchanges. One can practice setting up crypto portfolios and running automatic investment strategies based on allocations and frequency. Potential users can visit the website to view the demo.

The platform claims to offer an easy trading experience for novice and experienced crypto investors and the straightforward working of the Shrimpy app is a popular reason behind customers looking to join. The tool is recognised for offering automated portfolio rebalancing, which can be defined as the procedure of realigning assets’ weighting within a portfolio. This is done by gradually buying and selling assets to maintain a desired or original risk or asset allocation level.

Shrimpy allows customers to copy leading traders and their different strategies using Social Trading and Copy Trading. The service is offered free of cost and is most helpful for novice traders but also benefits experienced users as a copied portfolio strategy means a reward of a few dollars per month. Holders can access Shrimpy for free, but professionals need to pay 13 dollars per month for an annual plan.

Shrimpy facilitates collaborative investing through tools like index automation. The functionalities offered by the platform easily make up for the cost, therefore many skilled professionals place the device above the other just as popular alternatives.

Automatic trading tools and bots make the process to get into the cryptocurrency trading sphere easier to maintain and helps you in your quest to maximise your profits and minimise your losses. It helps to ensure maximum returns and can make an extraordinary portfolio for you.

The bottom line remains that trading in cryptocurrency is a whole new world, and bots are most probably the future to it.

HISTORY AND HEADQUARTERS OF SHRIMPY

Michal McCarty and Matthew Wesly founded Shrimpy in 2018 in San Francisco, with its original registered name being Bethos Lab Incorporation. The platform helps the global crypto community by offering safe and quick trading processes, automating digital currency trades, and preparing trading strategies. The tool uses crypto portfolio rebalancing and index funds development to facilitate this. The Shrimpy platform quickly became popular due to its efficiency and unique features.

Shrimpy currently works with 16 popular cryptocurrency exchanges and supports numerous cryptocurrencies to prepare a custom index fund.

A Shrimpy review stating portfolio management and automation as its ultimate feature is routine and it can increase profits and minimise risks without hassle. Many happy and loyal customers call Shrimpy the pioneer for offering such features and for helping new and experienced traders to find the best trading breaks.

FEATURES OF SHRIMPY AS TRADING PLATFORM

The Shrimpy platform comprises several helpful features, among which are the following:

Portfolio Rebalancing

Rebalancing is a feature placed at Shrimpy’s core. As already mentioned, it is the process of revising a crypto portfolio to meet the market movements. As such, it helps a portfolio to maintain stability for long-term growth. Other platforms already use the feature in the stock market, but Shrimpy became one of the first to bring it to the cryptocurrency sector.

As the term suggests, the main purpose of the feature is to rebalance a portfolio, which is done by keeping preferred allocations. The tool even increases a user’s odds of earning profits and maintaining a strategy. The platform uses the fiat value to balance a portfolio. Moreover, it offers comprehensive portfolio tracking solutions too.

Security

Shrimpy is one of the safest crypto bot platforms on the market. Every application programming interface (API) key is securely encrypted and stored using validated hardware security modules to protect the confidentiality and integrity of its exchange API keys.

Shrimpy only requires the capacity to read data and make trades, so the user’s funds cannot be removed from the exchange. They also encourage all users to activate their Two-Factor Authentication (2FA) service which further secures any access to their account.

Portfolio Management

Social portfolio management is a concept that is being perfected by Shrimpy. The platform allows crypto investors to leverage social portfolios by copying leading traders, discussing different strategies, and automating their portfolios.

Shrimpy is not designed for trading signals or indicators like many other crypto bots, but it focuses on portfolio management through simple automation of things such as rebalancing, dollar-cost averaging and stops loss. A user can copy an industry leader’s trading strategy and portfolio holdings with one click.

Social Trading

Social trading is a popular concept among brokers related to portfolio management and one of the most unique features of Shrimpy, separating it from other crypto trading bots. The method allows customers to monitor and automatically copy other traders’ strategies. It helps new buyers and customers leverage social portfolios and get accustomed to the sector. You can implement a leader’s strategy with just one click, but followers also have direct access to a powerful portal where they can browse the top crypto traders and leaders in the market.

By selecting a leader, you can see their allocations and current strategy which can help to provide proper insights into the most profitable portfolios. There is an excellent value of incentives to be a leader as well since you get at least $4 a month from Shrimpy for each follower you have.

The crypto portfolio or strategies public is not mandatory and copying the system does not incur any extra cost, therefore most brokers see the tool as revolutionary.

Backtesting

Developing custom trading portfolios and strategies without any indication hinders its performance therefore the Shrimpy platform allows users to alter it and create the ultimate fund allocation. When setting up your custom strategies and portfolios on Shrimpy, you can get an idea about how it performs by backtesting it, so that you can adapt it to improve it and find your best portfolio allocation. Shrimpy’s backtesting tool lets you test any strategy or index with historical data to see how your exact strategy would have performed in the past across any exchange.

A potential issue with backtesting though is that it focuses on historical data, while crypto is a constantly changing space, which means that what worked a year ago may no longer work in current or future market conditions.

Indexing Tool

Every experienced trader knows that owning multiple portfolios results in decreased risks and could even increase wealth overall. Shrimpy offers functionality through an indexing tool that helps users develop a custom crypto index with automated rebalancing and different parameters. Index weighting is crucial for its market performance and can be done by using the tool and adding automatic weights through equal weights or market capitalisation.

ADVANTAGES OF SHRIMPY

Shrimpy offers simple logic-based decisions, which are not clouded by any human judgment and emotions, with all decisions that need to be taken, based on an algorithm formulated for maximum profit. Advantages include the following:

  • The tool and crypto bots are free to use.
  • Shrimpy offers enhanced security and various trading tools.
  • Users can equip social trading tools to duplicate profitable trading strategies.
  • Portfolio automations rebalance is offered.
  • Shrimpy provides educational guides regarding digital currencies.
  • The platform is simple to understand and easy to use.
  • It supports multiple crypto exchanges to manage your crypto.
  • Traders can use a demo account for portfolio management and testing.
  • Dollar-cost averaging, and threshold rebalancing is supported.
  • Shrimpy connects multiple crypto trading exchanges into the one platform.
  • You can track your portfolio performance and automatically adjust investment strategy.
  • Users can copy the world’s best crypto traders on social trading.
  • You can earn a commission for each social trader that follows you.
  • Trading strategies are automated using various indicators and trading tools.

DISADVANTAGES OF SHRIMPY

  • It does not offer crypto signals.
  • Financial security is not totally guaranteed.
  • Limited validity for the referral program.
  • No trading terminal.
  • Does not offer trading bot scripting.
  • No mobile app for users.

PROS AND CONS OF SHRIMPY SUMMARISED

PROS CONS
Automate trading strategy No crypto signals
Automatic portfolio re-balancer Not ideal for trading
Crypto social trading is possible
Different tiers for pricing
Excellent free version that offers many features
Manage entire crypto holdings
Platform best suited to investors
Rebalance portfolios automatically
Social trading for following other traders

COST AND FEES OF USING SHRIMPY

Shrimpy fees are based on three different packages that offer various features and functionality:

  • HODLer (free)
  • Professional – $13/month (billed annually)
  • Enterprise – customised to suit the user

To choose the best payment plan to automate your cryptocurrency strategy, you should check the website to see what features are included with each pricing option.

Payments are in USD or cryptocurrency. If you are unsure, you can start with the free Shrimpy account. Shrimpy offers a free version of the platform for individuals to connect an unlimited number of cryptocurrency exchanges and monitor their overall portfolio.

The paid plans provide additional features not included in the free account such as automatic portfolio rebalancing, strategy optimizing and back-testing tools.

Buying membership is not mandatory, but crypto traders cannot avoid the fees under some circumstances. Some fees charged on Shrimpy are:

  • Premium Leader Fees – additional monthly charges the platform generates when users follow a leader. The leader fee is not part of any subscription model; therefore, crypto traders should carefully go through the leaders before following them.
  • Performance Fee – This is calculated based on the profit users earn while following a leader, so the more profits traders earn, the more percentage leaders get.
  • AUM (Assets Under Management) Fees – is charged monthly and depends entirely on leaders. If they decide to levy a 1% AUM fee, followers need to pay 1% of the portfolio to them.
  • Flat Dollar Fees – ranges from one dollar to a thousand dollars and is a fee charged by Shrimpy when traders follow leaders. If customers follow additional portfolios, they pay more charges.

PAYMENT METHODS

At this stage, Shrimpy accepts USD or cryptocurrency.

SAFETY AND REGULATION

The developers of Shrimpy promise that it is safe and secure to use the platform since they do not hold traders’ funds; it is secured on the exchange side.

Shrimpy appears to be a legitimate and trustworthy company that provides an online portfolio management tool that connects multiple cryptocurrency exchanges under a single platform. Its website uses secure and encrypted APIs to integrate with credible, safe, and reputable trading platforms such as Binance, KuCoin and Bittrex. Its official website is backed by HTTPS (SSL), offering secure proceedings for every user.

The platform offers esteemed security proceedings to users including two-factor authentication/2FA and API encryption. The tool encrypts all exchange API keys in use, leaving no space for data breach or interception.

HOW TO USE SHRIMPY AS A PLATFORM

The first step to use Shrimpy is to create an account by following some effortless steps:

  • Visit shrimpy.io and click on the ‘Sign-up button, enter in your email and set a strong password.
  • Agree with the terms of service and click ‘sign-up’, verify your email address and login using your credentials.
  • Next, log in to your Shrimpy account after you have completed the email verification and connect your crypto exchange’s API to the platform. To connect an exchange, click on the ‘Exchanges’ tab under ‘Settings’ and select the exchange.
  • Enter the API information from the crypto exchange that you want to connect. Shrimpy has compiled a step-by-step guide on how to connect each exchange to its platform.
  • After you have connected your cryptocurrency exchange, you can begin to allocate a percentage to the coins that you want to own. Click on the ‘Automation’ link to navigate to a screen for asset allocation.
  • Each allocation is based on a percentage, so the total allocation should equal 100%. Once you have added the allocations, select an automation strategy by selecting the rebalancing period.
  • Once you have saved the automation, you can begin to automate the process by allocating your portfolio. Once you activate the sequence, Shrimpy will perform all the necessary trades on your behalf to reach the portfolio allocations you have set.
  • You can set up multiple automation to manage different portfolios that may comprise of different coins or a different strategy.

CUSTOMER SUPPORT

Potential users need to be assured that the platform they use can offer the necessary support and help whenever they may need it. The ease with which such support teams can be contacted may play a significant role when choosing a platform.

Shrimpy dedicates a support team to provide quick solutions to users. There are multiple ways to contact the team, like email and a live chat.

EDUCATION AND TRAINING

Before starting to trade, potential Shrimpy clients should arm themselves with all possible information and trading skills needed to be successful in the world of cryptocurrency trading. If Shrimpy’s website itself does not provide enough means, a trader should explore other information sources to obtain those skills and knowledge.

RESEARCH

Potential traders always need to do as much as possible research about speculative trading before commencing to do it. Successful trading relies heavily on knowledge and understanding of the markets and the platform; therefore, research options form an integral part of its features when choosing the right company to trade with.

SUMMARY

Shrimpy is an esteemed cryptocurrency exchange software bot that can be used by professional and novice traders. Its automated portfolio management and rebalancing make the platform an excellent choice. It offers esteemed security with features like API encryption and 2FA. The platform excels in portfolio automation as it supports portfolio tracking, portfolio allocation, and long-term portfolio growth.

Shrimpy’s trading automation turns users into successful traders. Despite being an unregulated platform, it has not faced any security breaches. Traders can create a cryptocurrency strategy with its cryptocurrency tools and with live chat support and a referral program, it offers a quality trading experience. Developers can build custom trading bots, making Shrimpy a safe and reliable platform.

Automatic or manual coin allocation features make it quick and easy to change your portfolio allocation and exposure and you can allocate a small part of your portfolio to copy the investment strategy of highly profitable crypto traders on the platform.

The reason Shrimpy is excellent for new traders is its simplicity. Its trading bot offers a clean and straightforward, user-friendly interface and the web-based app is visually pleasing and straightforward to use.

DISCLAIMER

Shrimpy warns potential traders that Forex and Crypto trading always carries a prominent level of risk, therefore may not be suitable for all investors.

Shrimpy products are complex instruments and come with a substantial risk of losing money rapidly due to leverage, thus not necessarily suitable for all types of investors.

Potential traders should consider whether they understand how these products work and whether they can afford to take the substantial risk of losing money.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

SHRIMPY AT A GLANCE

Broker’s name Shrimpy
Headquarters Santa Clara, California
Year founded 2017
Payment methods USD or cryptocurrency
Languages supported on the website English
Customer support languages English
Customer support 24/7

FAQ

What is a crypto trading bot?

Cryptocurrency trading bots are software programmes that can help you automate your trading strategy and take full advantage of the crypto exchange market.

Why are crypto trading bots useful?

Crypto trading bots remove fear and emotions from the trading calculation by allowing investors to execute trades based on a predesigned strategy. Bots enable a trader to run his trading plan 24/7 so if you are a part-time cryptocurrency trader or are unable to always stay on top of the market, a bot allows you to trade efficiently without having to dedicate lots of time to market analysis.

Are trading bots legal?

Cryptocurrency trading bots are fully legal but not all brokers allow bot trading. Algorithmic trading is legal, but many people have objections to how automated trading can impact the markets. There are however no rules or laws in place that keep retail traders from making use of trading algorithms.

Are trading bots safe to use?

Shrimpy takes security very seriously and follows the strictest processes to assure a higher level of security by using encrypted data.

How to choose the best trading bot?

There are specific key functions to remember when choosing a cryptocurrency trading bot. You need to understand functions like reliability, security, profitability, transparency, and ease of use when researching bots, so it is important you understand exactly what each one means.

Do I need to deposit funds?

It is optional and usually depends on the service a trader wants to use.

Are there trading fees charged?

Some fees charged on Shrimpy are Premium Leader Fees, Performance Fees, AUM (Assets Under Management) Fees and Flat Dollar Fees.

What types of payment does Shrimpy accept?

Currently, Shrimpy accepts USD or cryptocurrency.

How much profit can a trader make?

As a platform Shrimpy’s role is that of an intermediary, to make it easy to trade or invest for traders, but it cannot assure any profit. Profit depends on the trader’s choices and the market conditions.

Is a trading bot easy to use?

Yes, if you decide to go with Profit Sharing, which is the easiest way to invest, you only need to choose a trader to invest in and allocate the desired amount. And if you need help, support is available.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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