update 3 August 2021

Shrimpy Introduces New Crypto Features: DeFi and Futures Trading Options

Introduced first in 2018, Shrimpy has been an impeccable crypto trading bot providing investors with an excellent automated portfolio management solution.

Automated portfolio management tools represent services that enable traders to control, monitor, and adjust their portfolios in an automated way. This helps save time, improve trading efficiency, and gain access to trading strategies controlled by crypto trading bots.

Simultaneously, Shrimpy also supports social trading. The feature essentially makes it possible to copy experts’ trading strategies and capitalize when the user questions profits. 

Lately, Shrimpy has been introducing new advancements to its system. Among them include futures trading, DEX trading in the scope of decentralized finance (DeFi), and new exchange integrations.

Shrimpy’s Futures Trading

One of the most popular features that Shrimpy now supports is futures trading

Futures trading was just recently introduced as part of the supported services by the platform. Trading in futures involves investors putting their money in a contract to purchase an underlying asset at a predetermined date and already determined price. Due to customer demand, the futures social trading option was developed for the past months.

Leveraged trading in the financial markets is when investors enter into a contract to control assets, buying only a fraction of the investment they control. Thus, a user can spend or invest with less money but control a large sum.

Generally, leveraged trading is a hazardous type of investment since the investor with low investment can lose an amount larger than their investment. Furthermore, combining the risks associated with leveraged trading with those associated with futures makes leveraged futures trading a very risky investment class. 

Shrimpy also hosts a social trading feature for futures leveraged trading. Experts in trading futures will help benefit the persons with little to no knowledge of futures leveraged trading. Like in other social trading options, the user needs to;

  • Connect wallet and exchange
  • Choose a leader trading on futures
  • Follow the leader and hope for profits

Shrimpy Now Supports DEX Trading

The DeFi space is among the greatest financial revolutions that came in the 21st century. However, most social trading platforms connected to the crypto world have not been supporting DEX social trading. Most platforms have only been focusing on the centralized part of the crypto world. Even Shrimpy has been supporting centralized exchanges mostly. So, why is DEX trading necessary?

Decentralized exchanges deal with Defi tokens. Currently, the Defi world is growing and gaining adoption very fast. However, some investors still don’t trust DeFi, and others fear that trading on DeFi tokens can lead to scams and losses. However, once a reputable platform like Shrimpy gets involved in DEX trading, the DeFi world will gain more trust. 

As such, recently, Shrimpy introduced support for multiple wallets, some of them focused on DeFi. One of the most popular wallets for ERC-20 tokens, Metamask, can now be connected to Shrimpy, and the investor benefits from DEX trading. Metamask is a wallet that supports the Ethereum network.

Other new wallets supported by Shrimpy include the Trust and Atomic wallets. Both these wallets have had an excellent foothold in the Decentralized Finance world. The introduction and support of DeFi-oriented tokens will help bolster trust in decentralization and also accelerate the adoption of the Defi banking sector. 

New Exchange Integrated in Shrimpy

In a mission to ensure they reach the furthest parts of the crypto market, Shrimpy has been continually integrating exchanges with excellent services. The network initially had around 16 exchange platforms integrated, including Kraken, Binance, Kucoin, Bittrex, Pro Binance US, Poloniex, Coinbase pro, Bittrex global, Gemini, Huobi global, HitBTC, OKEX, Bitmart, Bibox, Bitfinex and Bitstamp. 

Having all those exchanges, Shrimpy was already providing excellent services in portfolio management. However, after recently introducing futures trading, it became necessary for the platform to integrate additional exchanges. As such, Shrimpy is integrating FTX, Crypto.com, and Bybit. 

In the future, the platform will continually integrate more user-friendly exchange platforms for the user’s benefit. Their ultimate goal is total convenience for the average user.

Final Word

Shrimpy currently ranks amongst the best-automated portfolio management platforms in the crypto ecosystem. Its vast exchange and wallet support make the platform thrive over other trading bots, which is not surprising considering that the team continuously ensures they provide more features and capabilities.

Among the most recent upgrades include the introduction of DeFi support by enabling DEX trading, futures trading, more exchanges, and even more offline wallets. As the crypto market expands, Shrimpy will continue working hard to ensure its users enjoy the services they deserve and trade with their preferred exchanges. 

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The costs involved in Shrimpy trading are also very fair to the average user and are convenient to people depending on their needs. There are three options, starter, professional, and enterprise, ranging from as low as $19 per month to $299.

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