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Advances in crypto trading have made investing in cryptocurrencies more profitable and less cumbersome. Portfolio rebalancing, trading bots, and social trading are some of the notable advances in crypto trading. Conventionally used in the traditional investment markets for decades, portfolio rebalancing has been widely accepted in the crypto space, hence its recent growth. Portfolio rebalancing is a simple investment technique that involves realigning assets in a portfolio back to their target allocations in line with market movements.
Shrimpy is a top-class automated crypto trading platform that integrates portfolio management, social trading, trading automation, and long-term portfolio growth. The platform lets you manage your crypto platform efficiently, automate long-term trading strategies using indicators and various trading tools, analyze your portfolio with time, copy other traders under the social trading feature, collect live and historical market data via its API and carry out backtest strategies all from a single platform. This comprehensive Shrimpy Review will show you what you’re missing if you’re not yet using it to automate your crypto trading.
Shrimpy is a social cryptocurrency trading platform that incorporates comprehensive portfolio tracking and rebalancing automation in the long term. The platform integrates some excellent tools and strategies such as index automation to enable traders to make the most out of crypto index-trading and collaborative investing.
In addition to portfolio automation, its main feature, the platform enables users to build a portfolio strategy, track performance, monitor the market and automatically copy trading strategies from the world’s best traders. Additionally, users can create custom indexes across all supported exchanges and implement a unique trading strategy for individual indexes.
Using Shrimpy, you really don’t need to separately log in to each crypto exchange and execute trading strategies. The platform allows you to distribute your crypto portfolio using percentages displayed using statistics on a visual snapshot. The platform allows you to manually or automatically allocate coins in your overall portfolio based on the prevailing market conditions and execute coins on your behalf.
Shrimpy is available as a web-based application that may be accessed through its official website. To use the platform, you’ll need to sign up on the website and immediately start using Shrimpy by integrating its API into your crypto exchange accounts. Shrimpy supports 16 crypto exchanges with thousands of different cryptocurrencies, which can be used to develop your custom cryptocurrency index fund.
The Team Behind Shrimpy
Shrimpy was co-founded in 2018 by Michael McCarty and Mathew Wesley, the current CEO and CTO. It’s not surprising that Michael and Mathew founded such a solid platform as they have vast software development and blockchain technology experience. Michael began his career at NASA before moving to Samsung and Boeing as a software engineer. Mathew also has a background in software engineering and has worked with KMC Systems and MedAcuity Software. Other members of the Shrimpy team are Nishant Nayudu (Senior Software Engineer) and Alireza Masrour (Project Advisor)
Shrimpy features are categorized as Portfolio Management, Trading Automation, and Social Trading. Here’s an in-depth look at each feature.
Portfolio management platforms are getting prevalent among crypto traders, and Shrimpy made sure it offers the best when it comes to such a platform. Shrimpy redefines portfolio management by allowing traders to automate their portfolio and interact with other traders to learn or copy different trading strategies.
Unlike other portfolio management platforms in the crypto space, Shrimpy doesn’t use trading indicators or signals or manage users’ portfolios. Instead, it deploys simple yet effective automation strategies such as dollar-cost averaging, rebalancing, and performance tracking in portfolio management in the long-term.
Shrimpy offers an easier way to automated portfolio management. You can easily automate your portfolio management by selecting a preferable trader via a click. The platform will then begin copying the trader’s trading strategy and automate every trading update made by the leader.
Don’t want to automate your strategy by activating a trading leader? No problem. Shrimpy allows you to develop your very own crypto index based on different parameters using Shrimpy’s in-built smart indexing tool. This feature involves index funds and performance tracking.
As mentioned earlier, Shrimpy features a built-in indexing tool that allows individuals to diversify their portfolio by creating their crypto index based on different parameters. Shrimpy has the most powerful indexing tool in the crypto space. The tool allows Shrimpy users to create their preferred index and also weigh their crypto index funds automatically. You can manually or automatically construct your own custom cryptocurrency index based on selected preferences such as market-cap-weighted index, equal-weighted index, and dynamic index. Then select a rebalance period for your cryptocurrency index portfolio.
Shrimpy’s simple, user-friendly, and intuitive dashboard allows you to track your portfolio’s performance across multiple exchanges under one roof. As you may know, performance tracking is key to successful crypto trading. Therefore, up to your trading game by using Shrimpy to track all your coins across multiple exchanges. Shrimpy treats your multiple portfolios individually and tracks your funds’ movement to enable you to make critical trading decisions.
Shrimpy leads the way to automated crypto trading thanks to a built-in trade algorithm that places trades automatically. Shrimpy makes automating a portfolio simple and straightforward. Unlike other automated trading platforms in the crypto space, which use statistics, indicators, or signals to automate a trade, Shrimpy goes a notch higher. It deploys effective long-term strategies such as a dollar-cost averaging to automate portfolios. The platform has two core automation features.
Portfolio rebalancing is Shrimpy’s core feature. Rebalancing is a great trading strategy to reduce risk and enhance profit margins. And when it’s automated, it becomes even more effective in enhancing your chances of profiting from market movements.
For decades, portfolio rebalancing has been used by investors in traditional markets such as the stock market, but it’s slowly finding its way to the crypto space thanks to Shrimpy. In portfolio rebalancing, the platform essentially automatically realigns digital assets in your portfolio back to their target allocation. To rebalance, Shrimpy trades the assets so that each asset’s value in the portfolio is once again equal to the initially specified percentages.
Shrimpy offers two types of crypto portfolio rebalancing, i.e., threshold rebalancing and periodic/time rebalancing. In periodic rebalancing, Shrimpy realigns your portfolio within a selected period, i.e., monthly, weekly, or daily to match the specified asset percentages.
Threshold rebalancing involves realigning your portfolio each time one of the assets strays from the desired allocation percentages. This form of rebalancing is not limited by time and, therefore, effective compared to time rebalancing. One also incurs less trading fees as you don’t need to trade every time.
Additionally, Shrimpy features a backtesting tool that allows you to determine whether any trading strategy or index funds would have performed in the past across any exchange using historical data of up to 5 years. Backtest gives you a rough idea of how your custom trading strategies/portfolios on Shrimpy would have performed across multiple exchanges, thus allows you to develop a profitable custom trading strategy.
Social trading is another distinctive feature of Shrimpy. The feature allows you to “copy trade” successful traders’ strategies and profit in return. Shrimpy’s approach to copy trading is unique. Unlike other platforms that offer social trading, such as eToro, which focuses on sharing indicators and signals, Shrimpy focuses on growing a community of traders. Traders are allowed to follow their preferred traders or lead groups of their traders.
Traders can grow their portfolio by following strategies by successful traders. Better yet, traders can automate their portfolios to change based on portfolio updates by the trading leaders. Shrimpy makes it extremely easy for anyone to copy the trading strategies of successful traders on the platform. Shrimpy pays trading leaders $4/month for every person that implements their trading strategy. Note that you can follow any successful trader absolutely for free.
Shrimpy’s social trading feature is ideal for new traders with limited trading experience as they can automate their portfolio to match those of established traders.
Shrimpy for Developers
Portfolio automation and social trading is not everything offered by Shrimpy. The platform also features crypto trading and market data API to enable developers to seamlessly create algorithm crypto trading bots, portfolio management applications, and crypto trackers.
Shrimpy APIs are ideal for exchange account management, real-time data collection, and general crypto trading. Using a single API, developers can efficiently integrate every major exchange to their platforms without writing custom code for each exchange. Shrimpy API gives an excellent opportunity for blockchain developers to create competitive crypto trading platforms.
Shrimpy APIs for crypto trading include:
- Trading API– Shrimpy trading API supports smart order routing, market orders, and support limit orders. Using this API, traders can execute trades on all 16 exchanges supported by Shrimpy.
- Live Data API– Trading assets is impossible without live data. How else would you determine market movements? Shrimpy live data API enables developers to incorporate live trading data into their platforms. Through this API, live data can be accessed via the WebSocket feeds or the REST API endpoints. WebSockets are great for high-frequency trading, while the REST API endpoints are suitable for mobile trading apps that require infrequent updates.
- Historical Data API– Shrimpy’s historical API provides access to historical data across major exchanges going back as far as five years. Historical data is presented in candlesticks, 1-minute interval order book snapshots, and tick-by-tick trade data.
Shrimpy Supported Exchanges
Shrimpy currently supports 16 major exchanges. Binance, KuCoin, Bittrex, Coinbase Pro, Bittrex Global, Bibox, Kraken, Poloniex, Gemini, BitMart, Huobi Global, HitBTC, OKEx, Bitstamp, and Bitfinex. These exchanges are compatible with all Shrimpy’s features, including developer APIs.
Shrimpy has made formidable partnerships in the cryptosphere, supporting its standing as the best portfolio automation and social trading platform. Some of Shrimpy’s partners include OKEx, HitBTC, KuCoin, Kaiko, CoinStats, CoinAPI, CoinTracker, Koinly CryptoTrader Tax, among others.
Shrimpy charges fair pricing for the premium accounts. Nonetheless, you can access most features on the free account. Among the features accessible on the free account include integrating to unlimited exchanges, custom portfolios, portfolio rebalancing (except for threshold rebalancing). Some of the features not included in the free account include limited access to social trading and a lack of backtesting capabilities.
The paid account, also referred to as the professional package, is billed at $19/month if you pay monthly, $16/month if you pay bi-annually (every 3 months), and only $13/month paid annually. There’s also an enterprise account option that can be customized to suit your needs. The paid plans allow you to access all features on the platform. Check the website to see a more detailed outlook of features included in each payment option.
Shrimpy deploys the latest technology in regards to website security. Some of its security features include Two-Factor Authentication (2FA), API encryption, and the use of HTTPS to make the platform safe. Shrimpy only reads data and executes trades on your behalf via APIs. It, therefore, has no powers of withdrawing funds from the linked exchange(s). It’s, therefore, extremely safe with no past security incidents.
A good customer support system is necessary to complement an excellent platform, and Shrimpy doesn’t disappoint. The platform has a dedicated customer support team with extensive 24/7 reachability on all major social media platforms, including Twitter, Facebook, and Telegram. Additionally, it has a live chat tool on the official website to connect to potential and existing customers. There is also a dedicated support email to enable users to get in touch. Whether it’s a query, question, or complaint, you are guaranteed of quick response from customer support via various avenues listed above.
Overall, Shrimpy is a robust platform that can automatically manage a crypto portfolio with excellent features such as portfolio automation and social trading. The platform is a compelling place to manage your cryptos across multiple places. The platform’s most exciting features are automated portfolio rebalancing, backtesting, and world-class social trading, not forgetting the APIs designed for developers. Navigating through the platform is also easy, thanks to a user-friendly interface with dedicated support. Most importantly, the platform is secure, and you’re guaranteed the safety of your assets attributed to practical security features.
You are greatly missing out if you’re yet to use this platform. If you’re a crypto enthusiast looking to take your crypto trading to the next level by automating your portfolio and connecting to other established traders, then Shrimpy is the right place.