Shrimpy, a top portfolio rebalancing and social trading platform for cryptocurrency, is the best. It has a user-friendly interface, unique features and responsive customer support. Shrimpy lets users create custom crypto index funds and copy trading strategies. It even automates rebalancing. This tool supports 30 major cryptocurrency exchanges and is continually expanding. The unique selling point of the tool is copy trading and social trade. Is Shrimpy really safe? This Shrimpy review will examine its features, pricing, operation, and more.
What is shrimpy?
Shrimpy was founded in 2018 as a trading platform for selling and buying cryptocurrency. It has pre-set signals as well as automated features. This platform can be accessed online via the Shrimpy official site.
Shrimpy allows traders to manage and rebalance their own portfolios, in addition to automation. It can also assist in the analysis and indexing of cryptocurrency markets.
Backtesting allows you to test how your strategies perform before you put them into action on the platform.
If they choose to use the platform, they will need to sign up, connect the API account to their exchange accounts, then immediately start trading.
This is one of the most social crypto trading bots. You will be able to connect to strategies and suggestions to help you make the most out of your trades.
What’s Shrimpy’s Reputation Like?
Shrimpy is the new kid on the block compared to other bots for trading. While it might not be well-known in the crypto community, Shrimpy does have some appeal. The trading bot platform is slowly growing in popularity with both day traders and seasoned traders.
How does Shrimpy work?
The app’s working is a popular reason customers search for Shrimpy app reviews. This tool offers automated portfolio rebalancing. It is the process of realigning assets’ relative weights within a portfolio. To maintain a desired level of risk/asset allocation, it is achieved by slowly buying and selling assets. The platform claims to provide a seamless trading experience for experienced and novice crypto investors.
It allows customers to follow the strategies of top traders through Social Trading & Copy Trading. It is free for beginners and it is very useful. The service is also beneficial for experienced traders, as copying a portfolio strategy earns you a 4 dollar per month reward. Shrimpy can be accessed for free by holders. For an annual plan, professionals will have to pay 13 dollars per calendar month.
It makes it possible to invest together using tools like index automation. The cost is easily offset by the functionality offered by the platform. The platform is preferred by skilled professionals over any other alternative.
What Exchanges Does Shrimpy Help?
Here is a list with some of the supported exchanges.
- Coinbase Pro
- Bittrex International
These exchanges do not have any limits for the trading of cryptocurrency.
The Shrimpy Pros & Cons
|The tool and cryptobots can be used for free.||It does not provide crypto signals.|
|Offers increased security and numerous trading tools.||Financial security is not 100% guaranteed.|
|Social trading tools can be used to replicate profitable trading strategies.||Referral program is of limited validity|
|Portfolio automation rebalance.||No trading terminal|
|Provides educational guides regarding digital currencies.||This site does not provide trading bot scripting.|
|Easy to understand and use||No mobile app for users.|
|You can manage your crypto through multiple exchanges.|
|Demo accounts are available for traders to test their portfolios and manage their portfolios.|
|Dollar-cost Averaging and Threshold Rebalancing are supported.|
Shrimpy is full of amazing features such as Portfolio Management and Trading Automation. I’ll be covering each feature in more detail and the sub-features related.
Trading was the only thing that crypto traders did. However, portfolio management is now becoming more important as they seek to become long-term investment investors. Shrimpy is a fantastic portfolio management platform that allows for increased risk management. An added benefit is the automation feature and the ability interact with other Shrimpy users.
Shrimpy’s portfolio management tool is unique in that it does not use any trading signals or indicators and it doesn’t manage the portfolios of its users. Rather is uses automation and the basic risk management strategies of rebalancing and dollar-cost-averaging to keep portfolio risk in check. Performance tracking is included to help you monitor your investments’ growth.
Shrimpy lets traders create their own crypto index by using the parameters in the smart indexing software. This gives traders the ability to track performance and invest in index funds.
Shrimpy has a social copy-trading feature for those who don’t want to bother with creating their own index. This allows them to manage their portfolio by following the strategy and trades of another trader. This feature is as simple as clicking within the platform. Once clicked, Shrimpy will automatically make every trade by the trading leader.
Shrimpy’s indexing tool allows each user to create his or her own index. This helps to diversify their portfolio. Shrimpy’s powerful indexing tool has many parameters which make it one of the best crypto portfolio tools. The index can be created by users and can be weighed.
This is an index that includes 26 cryptocurrencies. It is weighted by market capital. Maximum asset allocation is limited to 20%. Image via Shrimpy blog.
Shrimpy makes it easy to build an index by hand or automate the process using market-cap-weighted and equal-weighted indicators, as well as dynamic index. Next, users can choose a period of rebalancing for their newly created cryptocurrency portfolio.
You know how difficult it can be to keep track of your performance when you have multiple accounts. Shrimpy’s easy-to-use dashboard makes it simple to track your portfolio’s performance across all exchanges. You can’t accurately predict your profitability without this type of tracking. Shrimpy helps top traders make crucial trading decisions.
Shrimpy’s builtin trade algorithm makes it easy to automate trades. Shrimpy’s automated portfolio solution is simple and elegant, unlike other solutions that use complicated signals, indicators and statistics to automate. You can rest assured that your portfolio is evenly balanced and risk will be managed by Shrimpy’s long-term strategies, including dollar-cost average and portfolio rebalancing.
Shrimpy’s core automation function is portfolio rebalancing. This is how Shrimpy helps reduce risk and increase your profit margins. Automated, it creates a favorable environment for market movements to be profitable.
Portfolio rebalancing does not seem new. It has been used by equity investors since decades. As the cryptocurrency markets mature, traders are finding it useful in managing their crypto portfolios. Portfolio rebalancing works by purchasing and selling assets to match a predetermined target allocation. Shrimpy will automatically make these trades in order to keep the portfolio at a certain percentage.
There are two options for rebalancing:
- Threshold Rebalancing – This strategy involves rebalancing portfolios when one asset is not allocated by a specific amount. This type rebalancing is more likely to result in higher trading fees because it triggers more trading events.
- Periodic rebalancing: This simple method looks at your portfolio over a set time period (monthly or weekly). You can rebalance to reach the desired asset percentages. While periodic rebalancing on a weekly or longer timeframe can reduce trading fees, it can increase market risk.
Shrimpy’s back testing tool is a very useful feature that can help you determine if an index or strategy has performed well in past years. The past five years can be used to calculate the performance of any custom-generated index, portfolio or strategy. This allows you to create a potentially profitable trading plan with Shrimpy.
Another distinctive feature of Shrimpy’s platform is its social trading feature. This allows users to copy the trades and potentially profit from them. Shrimpy’s focus is on the traders, not signals or indicators like other copy trading platforms. Traders can either become leaders or create groups of like-minded traders, or simply follow any other trader they choose.
A trader who is new to trading can still benefit from the experience of an experienced trader. The whole process can be automated, so that portfolios can be updated as and when the portfolio of trader is changed. Shrimpy makes following the trading strategies of successful traders easy.
The “lead traders” are those who create these groups. They get a $4/mo bonus for each user who implements the trading strategies. So 10 followers can use your strategy to make $40/mo. Get 100 followers to make $400/mo. You can earn unlimited rewards as a successful trader.
Shrimpy’s social trading feature is great for people who are just starting to trade cryptocurrencies. They have a better chance at profitability and can also learn from successful traders they follow.
You can choose from different pricing plans at Shrimpy.io. The Starter Plan costs $19 per Month for spot trading. It connects with 5 exchanges, automates 3 accounts, and takes a 15-minute refresh.
The $79/month professional plan provides 5-minute refresh options and connects to 10 exchanges. It also automates 5 accounts. There is no optimization or rebalancing fee. Futures trading will be available soon.
The monthly enterprise plan costs $299 and includes 1-minute balance refresh, 10 account automations, connecting to 25 exchanges and priority support.
These plans are very affordable and provide many options. The only problem is for those who need additional access or features such as linking to more exchanges than 25
Shrimpy Review: Conclusion
Shrimpy can be a great tool to help novice investors. Unfortunately, you won’t find many testimonials or reviews regarding Shrimpy’s trading bot due to its newness. Although it’s difficult to make an informed decision on whether or not to use the crypto bot, the final decision is entirely up to the individual. Other cryptocurrency trading bots offer similar features to shrimpy like bitsgap or quadency, and 3commas.