Shrimpy Review: Is it a scam or a legit crypto bot?

Crypto Market Sentiment Drops Again, No Coins in the Positive Zone
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Shrimpy is a popular portfolio rebalancing tool for crypto and social trading platform. It features an interactive user interface and responsive customer service. Shrimpy allows users to create custom cryptocurrency index funds, copy trading strategies, and automate rebalancing. It currently supports 16 major cryptocurrency exchanges, and it is continually adding new ones. Its unique selling points are copy trading and social trading. Is Shrimpy safe? This Shrimpy review will evaluate its operation, fees, and other features.

What is shrimpy?

Shrimpy was created in 2018 to facilitate trading for cryptocurrency buying and selling. It provides pre-set signals and automated features. This web-based platform can be accessed through the Shrimpy website.

The Shrimpy tool allows traders to control the management and rebalancing their portfolios. It can also be used to index and analyze the cryptocurrency market.

Backtesting is another feature that lets you see how your strategies will perform on this platform before you actually execute them.

If you choose to use this platform, sign up on the site, connect the API with your exchange accounts and immediately begin trading.

This system is one of the most popular cryptocurrency trading bots. It will connect you with suggestions and strategies to help maximize your trades.

What is Shrimpy’s reputation?

It’s the latest player in the market, and Shrimpy can be compared to other trading robot services. Although it may not have a large following in the crypto community, it is still gaining popularity. This trading platform for day traders is slowly gaining popularity among both seasoned and newbie traders.

 

What Does Shrimpy Do?

Customers are often looking for reviews of Shrimpy apps because it works. It is well-known for its ability to automatically rebalance portfolios. This is the process of realigning portfolio assets’ weighting. This involves gradually buying and selling assets in order to maintain an original level of risk/asset allocation. It claimed that the platform would offer a simple trading experience for both novice and experienced crypto investors.

Customers can even copy successful traders using Copy Trading & Social Trading. This service is available for free and can be very helpful to novice traders. Experienced traders will benefit from the copying of a portfolio strategy, which earns them a reward of four dollars per month. Shrimpy is available for free to holders. Professionals will need to pay 13 Dollars per month for an annual plan.

It allows for collaborative investing using tools such as index automation. The platform’s functionalities easily cover the cost. This is why skilled professionals prefer the platform to any other option.

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Which Exchanges Does Shrimpy Support

Here’s a list of supported exchanges.

  • Huobi
  • Gemini
  • Binance
  • Bibox
  • Bitfinex
  • Coinbase Pro
  • Bittrex
  • Bitstamp
  • Bitmart
  • Bittrex International

These exchanges allow for trading of cryptocurrencies at any price.

Shrimpy Cons and Pros

 

Pros Cons
You can use the tool and the crypto bots for free. It doesn’t offer crypto signals.
This product offers enhanced security and a variety of trading tools. Financial security cannot be guaranteed 100%.
To duplicate profitable trading strategies, users can equip social trading instruments. Referral program has a limited validity.
Portfolio automation rebalance. No trading terminal
Provides educational guides regarding digital currencies. It does not offer scripting for trading bots.
It is easy to understand and use. No mobile app for users.
Multiple crypto exchanges are supported to manage your crypto.  
A demo account is available to traders for portfolio management and testing.  
Supported for dollar-cost averaging, and threshold rebalancing  

 

Shrimpy Features

Shrimpy offers a variety of great features, including Portfolio Management, Trading Automation and Social Trading. Below, I will go in greater detail about each feature and sub-features.

Portfolio Management

While trading was once the main focus of crypto, portfolio management is becoming increasingly important for traders who want to become long-term investors. Shrimpy, a great portfolio management platform, allows users to manage their risk better. It also offers automation and the ability for users to interact with each other.

Shrimpy is a unique portfolio management tool. It doesn’t use any indicators or trading signals and doesn’t manage portfolios directly. Rather is uses automation and the basic risk management strategies of rebalancing and dollar-cost-averaging to keep portfolio risk in check. You can also track your performance to ensure that your investments grow as you wish.

Shrimpy allows traders to create their own crypto indexes using the parameters provided by the smart indexing tool. This allows traders to track their performance and create index funds.

Shrimpy’s social copy trading feature allows you to manage your portfolio by following trades and strategies of other traders on the platform. The feature can be used within the platform in a single click. After that, Shrimpy will automatically execute every trade made.

Index Funds

Shrimpy has its own built-in indexing software. This allows users to create their own indexes, ensuring that their portfolio is well-diversified. Shrimpy’s indexing tools include a variety of parameters, making it one of the most powerful crypto portfolio tools. Users can create and weigh an index.

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This index is comprised of 26 cryptocurrency, weighted according to market capital. Maximum allocation for any asset can be no more than 20%. Image via Shrimpy blog.

Shrimpy allows you to create an index either manually or automatically based on market cap-weighted, equal-weighted, or dynamic index. Users then choose a rebalancing period for their newly-created cryptocurrency index portfolio.

Performance tracking

It can be difficult to track performance if you have multiple exchange accounts. Shrimpy’s user-friendly dashboard makes it easy to track the performance of your portfolio across all supported exchanges. This type of tracking is essential to ensure profitability. Shrimpy is used by top traders to assist them in making critical trading decisions.

Portfolio Automation

Shrimpy’s built in trade algorithm makes automating your portfolio easy. Shrimpy is a simple, elegant alternative to other solutions for automating portfolios in crypto. To ensure that risk is managed and your portfolio stays balanced, Shrimpy uses long-term strategies such as portfolio rebalancing and dollar-cost averaging.

Portfolio Rebalancing

Portfolio rebalancing is the core automation feature of Shrimpy. This is how the tool reduces risk and increases your profit margins. It’s also automated, making it even more efficient in creating an environment that allows you to profit from the market movements.

Portfolio rebalancing has been around for decades. This strategy has been used for decades by equity investors. It is becoming more popular among mature crypto traders as a way to manage their portfolios. Portfolio rebalancing is simply the act of buying and selling assets in order to maintain a target allocation. These trades are automatically made by Shrimpy to maintain the portfolio at the specified percentages.

Two rebalancing strategies are available to users:

  1. Threshold rebalancing: This strategy involves rebalancing your portfolio whenever one of the assets is out of line with the allocated allocation by a certain amount. This type of rebalancing may result in higher trading fees, as it usually triggers more trading events.
  2. Periodic rebalancing is a simple way to review your portfolio on a regular basis (monthly, weekly or daily). You will rebalance your portfolio to achieve the required asset percentages. Although periodic rebalancing is a good way to keep trading fees under control, it can also increase market risk if done on a weekly basis.

Backtest

Shrimpy has a back-testing tool that allows you to see if a strategy or an index fund performed well in the past. To determine the past performance of any custom-generated strategy, index or portfolio, you can view the five most recent years of data. This helps you to develop a profitable trading strategy using Shrimpy.

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Social trading

The Shrimpy platform also offers social trading. This is a very unique feature. Any user can copy trades made by “lead traders” to make a profit. Shrimpy, unlike other copy trading platforms which share signals and indicators with their users, is focused on the traders who use the platform. Traders have the option to be leaders or follow other traders.

This allows a novice trader to still build a portfolio while following the trades made by more experienced traders. You can automate the entire process and have your portfolios updated whenever the portfolio of the trader you are following changes. Shrimpy makes it easy to follow successful traders’ trading strategies.

For those who create the groups, “lead trader”, there is a $4/mo reward for each other user who implements your trading strategy. You can make $40/mo if you have 10 followers who use your strategy. You can make $400/mo if you have 100 followers. The rewards for traders who are successful are endless.

Shrimpy’s social trading platform is ideal for beginners to cryptocurrency trading. They will have a greater chance of profitability and can learn from the trades made by successful traders.

Shrimpy Pricing

 

Different pricing options are available at Shrimpy.io. The Starter plan costs $19 per month and allows spot trading. It connects to 5 exchanges and automates 3 accounts.

For $79 per month, the professional plan includes 5-minute refresh options, connection to 10 exchanges and 5 accounts optimization. This plan will soon include futures trading.

For $299 per month, the enterprise plan includes 1-minute balance refreshing, 10 accounts automation, connecting with 25 exchanges, priority service, and a server.

These plans are affordable and offer many options. The downside is that you will need to pay extra for access and features, such as linking up to more than 25 exchanges.

Shrimpy Review: Conclusion

Shrimpy is an excellent tool for novice investors. However, there aren’t many testimonials or reviews about Shrimpy’s trading platform because it’s still new. It is difficult to make an informed decision about the cryptocurrency bot. However, this does not mean that it is impossible to make an informed choice. Other crypto trading bots have similar features to shrimpy, such as bitsgap and quadency.

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