Shrimpy

INTRODUCTION TO SHRIMPY

Shrimpy.io or Shrimpy is a portfolio rebalancing tool and social trading platform for crypto.

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

Shrimpy is a portfolio management website that allows investors and traders to manage their entire balance across several cryptocurrency exchanges all in one platform.

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

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

Shrimpy is backed by some of the biggest names in the cryptocurrency world, such as KuCoin, HitBTC, OKEX, CoinTracker, Koinly, and CryptoTrader.Tax, KaiKo, CoinStats, and CoinAPI.io.

Shrimpy provides a demo trading account to explore and experiment with the platform while connected to different cryptocurrency exchanges.

Shrimpy allows customers to copy leading traders and their different strategies using Social Trading and Copy Trading. Holders can access Shrimpy for free, but professionals need to pay 13 dollars per month for an annual plan.

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

HISTORY AND HEADQUARTERS OF SHRIMPY

Shrimpy was founded in 2018 in San Francisco.

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

FEATURES OF SHRIMPY AS A 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.

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.

Shrimpy only requires the capacity to read data and make trades and encourages all users to activate their Two-Factor Authentication (2FA) service which further secures any access to their account.

Portfolio Management

The platform allows crypto investors to leverage social portfolios by copying leading traders, discussing different strategies, and automating their portfolios.

Social Trading

Social trading is a popular concept and one of the most unique features of Shrimpy, which allows customers to monitor and automatically copy other traders’ strategies. You can implement a leader’s strategy with one click, and followers have direct access to a powerful portal where they can browse the top crypto traders and leaders in the market.

Backtesting

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.

Indexing Tool

Shrimpy offers functionality through an indexing tool that helps users develop a custom crypto index with automated rebalancing and different parameters.

ADVANTAGES OF SHRIMPY

Shrimpy offers simple logic-based decisions 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 automation rebalance is offered.
• The platform is easy to use.
• It supports multiple crypto exchanges to manage crypto.
• Traders can use a demo account for portfolio management and testing.
• Shrimpy connects multiple crypto trading exchanges into one platform.
• You can track your portfolio performance and automatically adjust your investment strategy.
• Users can copy the world’s best crypto traders on social trading.

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

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 – customized to suit the user

Payments are in USD or cryptocurrency.

Shrimpy offers a free version of the platform for individuals to connect to 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 optimization, and back-testing tools.

Some fees charged on Shrimpy are:

• Premium Leader Fees – additional monthly charges the platform generates when users follow a leader.
• Performance Fee – 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 – charged monthly and depends entirely on leaders.
• Flat Dollar Fees – ranges from one dollar to a thousand dollars and is a fee charged by Shrimpy when traders follow leaders.

PAYMENT METHODS

At this stage, Shrimpy accepts USD or cryptocurrency.

SAFETY AND REGULATION

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 API’s 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 security proceedings 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 using Shrimpy is to create an account by following some effortless steps:

• Click on the ‘Sign-up’ button, enter your email, and set a strong password.
• Agree with the terms of service and click ‘sign-up’, verify your email address, and log in with your credentials.
• Next, log in to your Shrimpy account after the email verification and connect your crypto exchange’s API to the platform.
• Enter the API information from the crypto exchange that you want to connect to.
• After you have connected your cryptocurrency exchange, you can allocate a percentage to the coins that you want to own.
• Each allocation is based on a percentage, so the total allocation should equal 100%.
• Once you have saved the automation, you can begin to automate the process by allocating your portfolio.
• You can set up multiple automation to manage different portfolios that may comprise different coins or different strategies.

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.

There are multiple ways to contact the support team, like email and 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 a 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 supports portfolio tracking, portfolio allocation, and long-term portfolio growth.

Despite being an unregulated platform, Shrimpy 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.

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.

FAQ

What is a crypto trading bot?

Cryptocurrency trading bots are software programs 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.