Last update: May 11, 2022

Shrimpy Review

Shrimpy is a well-known crypto exchange software bot. It can be used by both beginners and professional traders alike for efficient account management of all exchange accounts and real-time market data collection. Its automated portfolio management and rebalancing makes Shrimpy stand out in the crypto market. Let’s take a better look at it below.

  • Shrimpy


    1. Operating Since 2018
    2. Cryptocurrencies Supported 16
    3. Fees Monthly subscription fees
    4. Deposit Methods Cryptocurrency, PayPal, or a credit card
    5. Fiat Currencies USD, AUD, CAD, GBP, EUR, JPY, CNY, INR
    6. Verification Methods 2FA
    7. Margin Trading Yes
    8. Futures Trading Yes

The closing years of the 2010s brought about a proliferation of cryptocurrencies / digital assets and crypto exchanges. Many investors are entering the field of crypto trading for the first time. The team at Smart Billions hopes this Shrimpy review and other reviews will help beginners and new investors evaluate Shrimpy and decide whether it is a good fit for them as they diversify their cryptocurrency portfolios.

Shrimpy is one of several crypto trading bots that automate the process of trading and crypto portfolio management to allow investors to make money without the hassle of micromanaging the currencies in their accounts.

About Shrimpy

Shrimpy began in 2018 with the simple mission of making trading easier through automation. In just four years, the company has grown in scope and prominence.

According to the most recent features on the Shrimpy website (shrimpy.io), the bot executes over half a million trades each day, for a total trade volume of $8 billion, Shrimpy works with a dozen other cryptocurrency and analysis companies to provide state-of-the-art cryptocurrency portfolio management services.

Integrating Shrimpy Into Your Investment Strategy

Despite the diminutive name, Shrimpy has a lot going for it. As this review will illustrate, the ability to automate your investment strategy allows new crypto investors to enact sophisticated trading strategies and avoid the hassle of keeping track of every element of your portfolio. Just as importantly, Shrimpy can make your entry into the world of cryptocurrency easier and less intimidating.

The Shrimpy bot automatically rebalances your crypto portfolio or executes trades according to the rules that you have set in place. You can learn from and emulate other crypto traders in the  Shrimpy community.

Know the Risks of Investing in Cryptocurrency

A program like Shrimpy can make it easier to execute complex or sophisticated investment strategies. However, a user-friendly interface and hassle-free automation do not mean that the underlying investment strategy is sound or profitable. Automated trading strategies that worked well in the past might not work in the future for reasons even the experts could not have predicted.

New investors using Shrimpy should be aware that their investments might lose value. Just as some cryptocurrencies have skyrocketed in value, many others have stagnated or even plummeted. Investors should not risk more than they can afford to lose in cryptocurrency.

Trading Fees and Costs

Shrimpy charges monthly subscription fees for each of its three tiers of service. You can pay using cryptocurrency, PayPal, or a credit card. Shrimpy recommends the latter two options.

The starter plan is the most economical in the selection, but it only allows you to manage five exchange accounts and update your balances once every fifteen minutes. The starter plan might not be enough for people with extensive portfolios or who want to keep track of their trades minute-by-minute. Still, it might be acceptable for buy-and-hodl investors with a limited portfolio as well as those engaged in spot trading.

The pricier professional and enterprise tiers offer more frequent updating and allow for a larger number of portfolios and exchange accounts. The enterprise tier includes dedicated support. Visit the website to look for special limited-time pricing opportunities. Shrimpy had a developer exchange API integrations, but according to their help page, they have discontinued the API keys as of January 2022.

If you’re new to crypto, don’t worry because Shrimpy offers a free version demo account / free account for users to assess the crypto trading bots.

Our Shrimpy review will discuss the pros and cons of the software.

Supported Exchanges by Shrimpy

Here are the supported exchanges by Shrimpy. Take note that the company plans to add more in the future:

  • Binance
  • Binance US
  • Kraken
  • KuCoin
  • Bittrex
  • Bittrex International
  • Huobi Global
  • Gemini
  • Bibox
  • BitMart
  • HitBTC
  • OKEx
  • Bitstamp
  • Bitfinex
  • Coinbase Pro
  • Poloniex
  • Bitstamp

Keep in mind that Shrimpy’s major cryptocurrency exchanges compatibility doesn’t totally reflect its trading game.

Supported Fiat Currencies by Shrimpy

  • United States Dollar (USD)
  • Australian Dollar (AUD)
  • Canadian Dollar (CAD)
  • British Pound Sterling (GBP)
  • Euro (EUR)
  • Japanese Yen (JPY)
  • Chinese Yuan Renminbi (CNY)
  • Indian Rupee (INR)

Pros of Shrimpy

Social Trading Platform

Many trading platforms offer the option to mirror the trading activity of a more experienced trader. Shrimpy’s social trading options follow a common model, where experienced traders earn a monthly commission when other investors follow their different strategies. This allows new investors to make money and avoid costly mistakes while providing revenue to veterans.

Shrimpy promotes its social trading feature as more than just the opportunity to pick up tips and strategies. Shrimpy views social media as a process of developing a supportive community of investors. Shrimpy aims to help users become better traders, not simply copy other people’s performance.

Indexing

Shrimpy offers functionality through an indexing tool. Rather than buying cryptocurrencies individually, Shrimpy allows you to create an index of different currencies and allot each currency a proportion of your portfolio. Indexing is a powerful tool for risk management since it allows for gains in one cryptocurrency to offset losses in another.

Portfolio Rebalancing

Portfolio rebalancing means buying and selling some of the currencies in your portfolio so that the ratio of assets remains constant. For example, if you wanted 25% of your portfolio to be in bitcoin and bitcoin increased sharply in value compared to other currencies, the bitcoin in your portfolio would be worth more as a proportion of total assets. Shrimpy will automatically sell some of your bitcoin to bring the value down to 25%

One of the cornerstone and unique features of Shrimpy’s service is the automated shifting of assets to increase your rate of return according to Shrimpy’s algorithms. You can set the frequency of portfolio rebalancing from hourly to monthly according to your trading preferences.

Also, Shrimpy focuses on dollar-cost averaging, stop loss, and threshold rebalancing.

Backtesting

What if you had a time machine and could have tried a different approach to your trading? Backtesting means testing a rebalancing strategy after the fact to see how it would have done if you had pursued it earlier. It is an invaluable tool for detecting risks and weaknesses in your trading strategies. As the name suggests, the feature’s primary objective is to rebalance the portfolio. It is executed by keeping preferred portfolio allocations.

The summary shows the currencies in your portfolio and includes information about fees, the number of trades, and ending balances. Click on various cryptocurrencies to add or remove them from the mix. Your changes instantly appear on the graph and performance summary.

Shrimpy’s interactive backtesting tools compare its rebalancing feature to a buy-and-hold approach using different currencies. Users can try different rebalancing schedules and see their effects on an easy-to-interpret graph.

You don’t have to pay to use the Shrimpy backtest tool or have an account. It is free to use on the Shrimpy website. You can explore how Shrimpy’s rebalancing algorithm affects the return on a hypothetical investment.

Trading Terminal

Shrimpy has introduced a trading terminal to help users manage Shrimpy’s features and keep an eye on their trading. The terminal displays historical data and important portfolio statistics.  The ability to visualize your portfolio’s performance over time and track market movements is a helpful asset, especially for new and busy investors.

Smart Order Routing

Smart order routing is a feature that enables the easiest way for developers to optimize their crypto trading without worrying about the complicated logic that goes into smart order routing.

With this feature, developers can just specify a particular crypto asset they want to sell or buy. In just a matter of seconds, Shrimpy will evaluate every possible route and start executing crypto trades to have the best price.

For example, let’s say you want to trade from XMR to LTC. On most cryptocurrency exchange providers, there will be several trading pairs that link these two digital currencies. You could use Bitcoin (BTC), Ethereum (ETH), Tether (USDT), or Ripple (XRP). The Shrimpy platform automatically evaluates all of these trading pairs to get the best price during trading.

Resources for Learners

Shrimpy supports investors that want to simplify and streamline their trading experience, helping investors up the learning curve is vital. Fortunately, Shrimpy includes a substantial help session and blockchain educational resources in English so that new users can understand how to use the interface, interpret the information that Shrimpy provides and make the best use of its features.

 

The Shrimpy Academy is a searchable collection of resources on various cryptocurrency topics, including Shrimpy’s core features. You can find:

  • ●       blog articles on cryptocurrency topics like liquidity
  • ●       courses on cryptocurrency investing
  • ●       links to relevant YouTube videos

Each resource displays the amount of time that it should take to finish, making it easy to learn on your lunch break or during your commute, or whenever you have time to spare. The resources are best accessed in Chrome.

The Shrimpy Referral Program

Are you a persuasive person your friends and family turn to for advice on the latest technological advances? The referral program could get you up to a 50% commission. Just give your friend, relative, or other contact a referral code. When they sign up, they enter that code to get a discount, and you get a portion of their payments.

The referral program has a tiered structure. People in the higher tiers receive larger commissions and gain a smaller commission when their friends refer someone they know (an indirect referral for you).

Security Features

As expected for a cryptocurrency platform, Shrimpy uses sophisticated encryption to provide security and defend itself against attacks. They store your information offline in encrypted files when not in use. This makes it harder for a hacker to get at your personal information.

One of the reasons crypto experts trust Shrimpy’s security is that the bot has permission to read your account and execute trades, but it does not have permission to withdraw funds from your account. This means that even if a hacker gained access to your Shrimpy account, they might be capable of some mischief but will not be able to get at any of your funds.

Whitelisting

Whitelisting allows you to limit the devices that have access to your Shrimpy account. This could prevent a hacker with access to your password, but not your computer, from getting into your account.

Two-Factor Authentication

Two-factor authentication requires you to provide two separate credentials to access your account. For example, you might have to enter a password as well as a code that Shrimpy sent to your phone or email account.

Cold Cryptocurrency Wallets

Exposing your crypto account information online exposes your cryptocurrency investments to hacking and malware. One countermeasure is to maintain a cold wallet, which stores your information offline when you are not using it. Shrimpy makes it easy to keep most of your assets offline except for a small percentage that Shrimpy uses for trading and rebalancing.

Customer Support of Shrimpy

Shrimpy has a dedicated support team to provide immediate solutions to their users. There are several ways to contact Shrimpy, which include live chat and email (support@shrimpy.io). With Shrimpy customer support, most problems are resolved within hours. What’s interesting is that sometimes, Shrimpy’s CEO helps personally!

Cons of Shrimpy

Leaving out Crypto Signals for Social Trading

Many traders value crypto signals, which are messages from experienced traders (either free or paid). As they discuss on their blog, Shrimpy considers crypto signals outdated and limited compared to social trading and copy trading. Investors who depend on crypto signals heavily might reconsider that part of their strategies.

Lack of Regulation

Unlike crypto exchanges, cryptocurrency trading tools like Shrimpy are not subject to government oversight. This could be a relief to investors who worry about the restrictions of government regulations, but others might be wary of allowing unregulated software to manage their crypto trading.

No Mobile App

This is one of the most popular FAQs we always receive. Unfortunately, Shrimpy doesn’t have a mobile app yet.

Shrimpy Review for Australia: Crypto Portfolio Management

Shrimpy is a prominent social trading platform and portfolio rebalancing tool. Matthew Wesley and Michal McCarty established Shrimpy back in 2018 in San Francisco. It was originally called Bethos Lab Incorporation.

Shrimpy offers unique features and functionality, interactive user interface, and reliable customer support. Using this platform/tool, users can develop custom cryptocurrency index funds as well as copy trading strategies. Users can even automated rebalancing! Shrimpy currently supports 16 major exchanges and is planning to add more in the future.

Overall, Shrimpy is a well-established crypto exchange software bot, whose main selling points are social trading and copy trading. It can be used by both beginners and experienced crypto traders alike. It offers solid security with features such as 2Fa and API encryption. Furthermore, Shrimpy excels in portfolio automation as it supports long-term portfolio growth, portfolio asset allocation, as well as portfolio tracking. Shrimpy’s automated portfolio management and rebalancing make it a leading crypto platform.

Here’s a list of the Best Crypto Exchanges in Australia 2022 that you can use along with Shrimpy.

Shrimpy Review for Canada: Crypto Portfolio Management

Established by Matthew Wesley and Michal McCarty in 2018, Shrimpy is a well-known portfolio rebalancing tool and social trading platform. Shrimpy comes with unique features, interactive user-interface, as well as responsive customer support.

With Shrimpy, users can develop customer crypto index funds, copy trading strategies, and automated rebalancing. Moreover, Shrimpy currently supports 16 major crypto exchanges and is aiming to add more in the future.

To sum it up, Shrimpy is an esteemed cryptocurrency exchange software bot. Its main selling points include social trading and copy trading. It’s suitable for both novice and advanced crypto traders alike. Shrimpy also excels in portfolio automation because it supports portfolio asset allocation, long-term portfolio growth, and portfolio tracking. With its automated portfolio management and rebalancing, Shrimpy is one solid crypto platform!

Here’s a list of the Best Cryptocurrency Exchanges in Canada 2022 that you can use along with Shrimpy.

Shrimpy Review for United Kingdom (UK): Crypto Portfolio Management

Founded by Michal McCarty and Matthew Wesley back in 2018 in New York, Shrimpy is an esteemed social trading platform and portfolio rebalancing tool. It offers several unique features, interactive user-interface, and responsive customer support team.

Shrimpy allow their users to develop customer crypto index funds, automated rebalancing, and copy trading strategies. Aside from that, Shrimpy currently supports 16 major exchanges and is looking to add more in the future. Shrimpy also excels in portfolio automation because it supports portfolio asset allocation, long-term portfolio growth, and portfolio tracking. With its automated portfolio management and rebalancing, Shrimpy is one solid crypto platform!

All in all, we can say that Shrimpy is truly a prominent crypto exchange software both with social trading and copy trading as its main selling points. Shrimpy can be used by both beginners and seasoned crypto traders alike.

Here’s a list of the Best Cryptocurrency Trading Platforms in Canada 2022 that you can use along with Shrimpy.

Overall Impressions

Shrimpy simplifies and automates the investment process, certainly a boon for several types of investors.

  • investors who want to profit from cryptocurrency without taking the time to become an expert
  • experienced traders who don’t want the hassle of managing their crypto portfolio on a day-to-day basis
  • investors who want to learn about crypto investing through a supportive community of investors

Shrimpy makes it relatively easy for new users to know the ropes. The services that it offers, particularly portfolio strategy automation, portfolio tracking, social trading, and rebalancing, are pretty intuitive, and the company has an established track record that users can count on. The ability to try out tools and product features, together with the overall ease of use, are key advantages of the program.

Investors who like to micromanage their funds might not benefit from Shrimpy, but the program has a lot to offer investors with specific cryptocurrency strategies. Despite the downsides discussed earlier in this Shrimpy review, the platform is an invaluable part of the crypto investment toolkit and can help crypto traders become successful traders.

 


Disclaimer: These are the writer’s opinions and should not be considered investment advice.

author Marco Vela

A crypto obssessed digital marketer passionate about making a difference in the world. When he's not behind the computer he can be found hiking, camping and relaxing with his dog.