Shrimpy.io, sometimes known as Shrimpy, is a well-known cryptocurrency social trading platform and portfolio rebalancing tool. It boasts a straightforward design, unique features, and great customer support. Users may create unique cryptocurrency index funds using Shrimpy, duplicate trading methods, and even automate rebalancing. Currently, the tool supports 16 important cryptocurrency exchanges, and it is constantly adding more. Copy trading and social trading are their defining selling points. Is Shrimpy secure, though? This Shrimpy evaluation will examine its costs, functionality, features, and more.
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Description Of Shrimpy Trading Bot
In 2018, Matthew Wesly and Michal McCarty founded Shrimpy. The company’s first registration name and location were Bethos Lab Incorporation and San Francisco, respectively. The platform provides efficient and secure trading methods, which is advantageous for the entire crypto community. It develops trading plans and streamlines exchanges of virtual money. This is made feasible by technology that takes advantage of index fund creation and crypto portfolio rebalancing. The platform’s popularity grew quickly as a result of its effectiveness and distinguishing features.
Currently, it functions with 16 well-known trading platforms. The tool can also use several cryptocurrencies to build a unique index fund. Portfolio management and automation are frequently listed as the product’s top features in a Shrimpy review. Earnings might increase while dangers are decreased automatically. Consumers frequently credit Shrimpy with being the first to introduce such features. It helps traders of all experience levels find the best trading opportunities. Although it enables users to buy and sell cryptocurrencies, it is in no way intended to be investing advice.
A Brief Review Of Shrimpy
- Practice and automate trading techniques.
- Managing a simple cryptocurrency portfolio.
- Make new applications using cryptocurrency APIs.
- To imitate other traders’ portfolios, use the social trading program.
- Analyze the profitability of the crypto portfolio.
- Get current market information from important exchanges.
- Automating a long-term trading strategy with the Shrimpy trading bot.
- Provides cryptocurrency index funds for various cryptocurrency exchange accounts.
- Contains API keys safe.
How Does Shrimpy Function?
Due to how well they work, customers routinely look for reviews of Shrimpy apps. The program’s capacity to automatically rebalance a portfolio is well-known. Redistributing the weighting of assets within a portfolio is what it entails. Assets are gradually purchased and sold to maintain a desired or original risk/asset allocation level. The platform claimed that it would simplify cryptocurrency trading for both novice and experienced investors.
Clients can also emulate popular traders and their varied trading strategies by using social trading and copy trading. The free service is advantageous to beginning traders. Experienced users profit since a replicated portfolio plan results in a monthly incentive of $4. Holders get free access to Shrimpy. Professionals must, however, pay $13 per month for an annual subscription.
With the help of tools like index automation, it makes collaborative investment possible. The features that the platform offers outweigh the price. Because of this, most qualified specialists prefer the device above all other alternatives.
Aspects Of Shrimpy trading bot
Rebalancing A Portfolio
Shrimpy places rebalancing at its core. It is the process of changing a bitcoin portfolio to reflect market volatility, as was already mentioned. As a result, it helps maintain stability for long-term growth. Other stock market platforms frequently employ this capability. But Shrimpy was the one who initially introduced it to the cryptocurrency community.
The feature’s main goal is, as its name implies, to rebalance the portfolio. It is done by maintaining preferred allocations. Even the possibilities that consumers would succeed financially and stick with their plans are increased by technology. The platform balances the portfolio using fiat value. It also offers comprehensive portfolio tracking solutions.
Backtesting
Performance is negatively impacted when developing unique trading portfolios and tactics without any assistance. Customers can therefore alter it and create the ideal fund distribution using the platform. Also, using past market data, its backtesting tool allows indexing or strategy testing. In this way, the tool assesses how the method would have performed historically given the market conditions.
Indexing Tool
Diversifying one’s holdings lowers risk, as any seasoned trader is aware. Wealth is ultimately even enhanced. Shrimpy offers functionality through an indexing tool. Users can use the application to create a customized crypto index with a variety of characteristics and automated rebalancing. Index weighting is crucial for the index’s performance in the market. The program allows you to automatically apply weights based on market capitalization or equal weights.
Social Trading
Brokers generally support social trading as an idea. Clients can make advantage of the approach to automatically track and imitate other traders’ trading strategies. Social trading even makes it feasible to monitor a portfolio’s success over time. Although the process is well known, Shrimpy presents it more enticingly. Users who successfully persuade other traders to use their strategies may be paid. The crypto portfolio or strategies don’t have to be made public. Also, copying the system is free of charge. Because of this, the majority of brokers believe the instrument to be revolutionary. It helps new customers and purchasers use social portfolios and get acclimated to the market. If you have efficient strategies, you can quickly produce dependable passive income in the meantime.
Review Of Shrimpy trading bot: Pros And Cons
Weighing the advantages and disadvantages of a Shrimpy review is the best rationale for reading it. As a result, the following are the main advantages and disadvantages of utilizing the tool: –
Pros
- User-friendly for beginners- Shrimpy is a platform that makes maintaining cryptocurrency portfolios relatively simple, unlike other products on the market that might be difficult to use effectively. As a result, it’s a great tool for newcomers who want to monitor their cryptocurrency holdings.
- The free version is offered- Shrimpy offers a free version that supports one cryptocurrency exchange, however, it is relatively constrained. As a result, Shrimpy may be a very affordable option for someone more interested in automatically modifying their portfolio than in monitoring various accounts from a single location.
- Simplifies a cryptocurrency portfolio- Many accounts and assets might be difficult to keep track of. Shrimpy, on the other hand, greatly simplifies the procedure, allowing customers to spend more time looking for new opportunities than maintaining current assets.
Cons
- Suitable just for simple portfolio management activities- Although Shrimpy can be used for automation and portfolio management, it is best suited for straightforward operations with few moving parts due to its lack of customizability and advanced functionality.
- Has difficulties linking cryptocurrency wallets- We tried connecting several wallets to the platform when writing our Shrimpy review. Still, we could only get assets to appear if they utilized the ERC-20 architecture. This severely reduces the platform’s usability and limits its usefulness to asset management on exchanges.
Costs for Shrimpy
Users of Shrimpy.io can access a free version of the platform. Users can evaluate the cryptocurrency trading bots by signing up for a free account or demo account. Nonetheless, certain paid memberships and fees do need payment. Although purchasing a membership is not required, there are some situations where crypto traders are unable to avoid paying fees. The many fees that Shrimpy charges are listed below:-
Cost for Leader Premium
As users follow a leader, the site assesses these additional fees. Leaders have the power to raise the price for particular portfolios. No subscription model includes the leader cost. Thus, before following the leaders, cryptocurrency traders should carefully review them. These fees are charged monthly by the tool, and there are two additional fees under the section.
Cost for Performance
It is determined using the profits followers of a leader make. As a result, leaders receive a higher percentage of traders’ profits.
Costs for AUM (Assets Under Management)
It is based only on leaders and is billed monthly. Followers will be required to provide them with 1% of their portfolio if they choose to charge a 1% AUM premium.
Fixed Dollar Amounts
It goes from a single cent to a thousand. When merchants follow the leaders, Shrimpy levies a fee. Customers incur higher fees if they follow more portfolios.
Shrimpy Crypto Trading APIs
API Trading
The trading API for Shrimpy enables developers to carry out trades across many exchanges. Limit orders, market orders, and intelligent order routing are all supported. To aid the developers, the orders are placed quickly and precisely. The APIs can produce a variety of results depending on user expertise.
Smarter Order Routing
The API uses sophisticated order routing to quickly optimize trading processes. Initially, it helps developers identify the assets they wish to buy or sell. The program then assesses potential trading paths for the item. In a nutshell, it offers the asset’s best market price.
Instant Data API
Shrimpy maintains its market relevance with the aid of the API. No trader can make wise selections without live data. Because of this, the tool provides a variety of endpoints for quick access to the most recent market data. There are two choices: WebSocket feeds and REST API endpoints. The former is better for trading infrequently and mobile apps. The latter, however, is advantageous for high-frequency trading. It can be applied to threshold rebalancing and rebalancing strategies.
API For Historical Data
Historical information can show a variety of trends and patterns. If understood properly, consumers can make significant income using them. The historical data API for Shrimpy provides significant trading data going back to 2012. Customers can develop an investment strategy and make trades to improve their entire portfolio using the API.
How Simple Is It To Use Shrimpy?
Shrimpy evaluations typically give excellent scores for novice traders due to their simplicity. Its trading bot has an easy-to-use interface with a transparent design. The web-based tool is aesthetically pleasing and easy to use, even for beginners. Spread and slippage functions of the device can be used right away by users. Your digital assets are simple to maintain with the help of its portfolio management tools. Users can also utilize bitcoin trading bots to help them create a solid trading strategy. Even while Shrimpy seems to be a good fit for new traders, more experienced users also find it useful.
Security Shrimpy
The platform provides consumers with reputable security procedures. It uses functions like two-factor authentication and API encryption (2FA). The exchange API keys currently in use are encrypted by the program, eliminating any chance of data leak and an interception. Shrimpy facilitates money withdrawals for users by limiting access through developer APIs. Its main website offers secure transactions for every customer thanks to HTTPS (SSL) support. Additionally, it stops users from withdrawing money from the website by limiting their access to data and trading.
Supported Exchanges For Shrimpy
Now, Shrimpy supports 13 wallets and 16 exchanges:
- Kraken
- Binance
- KuCoin
- Binance US
- Huobi Global
- Bittrex
- Bibox
- Gemini
- Bittrex Global
- BitMart
- OKEx
- HitBTC
- Bitfinex
- Bitstamp
- Coinbase Pro
- Poloniex
All 16 trades work with developer APIs and all of Shrimpy’s other features.
Summary
Few platforms are aware of the needs and demands of web 3.0 users. You might want to distribute your portfolio across various exchanges or wallets for several reasons. Yet, juggling them all at once can be very challenging. Shrimpy provides the best option. Users of the platform can effectively manage their portfolios and even try social trading to make money while setting everything up to run automatically. Anyone may begin using Shrimpy thanks to its user-friendly layout and features that are simple to understand. Before making a selection, you can also use their sample account to test out their features, experiment with fictitious money, and integrate APIs.
