Managing and optimizing your digital asset portfolio can be challenging in the fast-evolving crypto space. With an array of trading strategies, rebalancing techniques, and a multitude of cryptocurrencies to consider, investors often need a streamlined solution.
This is where platforms like Shrimpy.io come in. In this Shrimpy review, we’ll tell you all about the platform’s key features and benefits, exploring how it empowers users to take control of their crypto portfolios. From automated rebalancing to social trading, here’s a walkthrough of all Shrimpy.io has to offer.
Whether you are a seasoned trader or a crypto enthusiast starting your investment journey, this Shrimpy review article has insights that will be useful for your investment journey. Here’s a summary of the most important takeaways.
- Shrimpy.io is a user-friendly cryptocurrency portfolio management platform.
- Automated portfolio rebalancing ensures your portfolio stays aligned with your targets.
- Social trading features allow learning and copying strategies from experienced traders.
- Developer APIs offer customization options for advanced users and developers.
- Backtesting enables performance evaluation of crypto trading patterns against historical data.
- The platform has a free tier and paid subscriptions costing $15 and $39 monthly.
Shrimpy Overview: What Is Shrimpy?
Shrimpy.io is a cutting-edge cryptocurrency portfolio management platform designed to simplify and streamline the process of managing and diversifying digital asset holdings. The platform empowers traders and investors with advanced tools like crypto trading bots, performance trackers, developer APIs, and portfolio rebalancing features to help them get comprehensive and user-friendly solutions.
|Headquarters||Santa Clara, California|
|Main Feature||Portfolio Management|
|Key Features||Portfolio RebalancingSocial TradingBacktestingDeveloper ApisTrading Bot|
How Does Shrimpy Work?
As a cryptocurrency portfolio site, Shrimpy simplifies and automates cryptocurrency holdings management and diversificationThe platform provides a range of tools and features to help users create and maintain a balanced and optimized cryptocurrency portfolio. Here’s how Shrimpy.io typically works.
- Account Creation: To get started with Shrimpy.io, users need to create a Shrimpy account by signing up on the platform. The sign-up process is simple, requiring only an email address and a password.
- Connecting to a Crypto Exchange: Users can connect their cryptocurrency exchange accounts to Shrimpy after creating an account. The platform supports various popular exchanges, and users can link multiple accounts from different exchanges.
- Portfolio Creation: Users can build their cryptocurrency portfolio once the exchange accounts are connected. They can select the cryptocurrencies they want and set a target portfolio allocation for each asset. The target allocation represents the desired percentage of each cryptocurrency in the overall portfolio.
- Tracking Rebalancing: At this point, Shrimpy clients can track their assets’ market performance and adjust their holdings so that they do not deviate beyond a specified threshold.
- Auto Trading: In addition to portfolio rebalancing, Shrimpy.io also provides automated trading tools. Users can set up and customize trading strategies based on their preferences. These strategies can include dollar-cost averaging, percentage-based buying and selling, and other trading tactics.
- Performance Tracking: Shrimpy.io provides users with performance tracking and reporting tools. Users can monitor the historical performance of their portfolio, analyze returns, and assess the effectiveness of their chosen strategies.
- Developer APIs: For advanced users and developers, Shrimpy.io offers a set of APIs (Application Programming Interfaces). These APIs allow users to integrate the platform’s functionality into their custom crypto trading applications or algorithms.
Shrimpy Key Features
Automatic Portfolio Rebalancing
Portfolio rebalancing on Shrimpy is a feature designed to help cryptocurrency traders and investors maintain their desired asset allocation in their portfolios. Rebalancing involves periodically adjusting the weights of different assets in the portfolio to realign them with the target allocation.
One of the leading advantages of this feature is that users get better control of investment risks. Rebalancing ensures that portfolios align with investors’ risk tolerance and financial goals. It helps prevent overexposure to specific cryptocurrencies and reduces the impact of market movements.
Let’s explore how crypto portfolio rebalancing works on Shrimpy.
- Setting the Target Allocation: The first step in portfolio rebalancing is defining your target allocation. This allocation represents the percentage of each cryptocurrency you want to hold in your portfolio. For example, you might have 40% Bitcoin, 30% Ethereum, 20% Litecoin, and 10% Ripple.
- Monitoring Current Allocation: Shrimpy continuously tracks the value of your portfolio and calculates the current allocation of each asset based on its market value.
- Deviation Threshold: You can set a deviation threshold or tolerance level, representing the maximum difference between your current and target allocation. For instance, if your deviation threshold is set to 5%, Shrimpy.io will trigger a rebalancing if any asset deviates more than 5% from its target weight.
- Rebalancing Triggers: When the current allocation of an asset deviates beyond the specified threshold, Shrimpy.io generates a rebalancing signal.
- Rebalancing Execution: After receiving the rebalancing signal, Shrimpy.io will automatically execute the necessary trades to bring your crypto portfolio back to the target allocation. This involves selling a portion of over-allocated assets and buying more of under-allocated assets.
- Rebalancing Periodicity: You can set the frequency of portfolio rebalancing based on your preferences and risk tolerance. Common rebalancing intervals include daily, weekly, or monthly.
Social Trading Program
Social trading, also known as copy trading or mirror trading, is a method of investment that enables less experienced investors to replicate a trading strategy on other trader’s portfolios.
Shrimpy’s copy trading feature allows users to follow successful traders called Leaders, and copy their trading patterns. This option benefits users who want to learn from successful traders and replicate their strategies.
Here’s how the social trading feature works on Shrimpy.
- The Leader System: On Shrimpy, experienced and successful cryptocurrency traders can become Leaders. Typically, leaders have a track record of consistent profit margins and demonstrate expertise in the cryptocurrency markets.
- Follower Accounts: Users who wish to utilize the mirror trading feature can create follower accounts. These accounts are linked to the portfolios of the Leaders they follow.
- Copying Strategies: When you follow a Leader on Shrimpy.io, your follower account automatically mirrors the trades made by that Leader. If the Leader buys or sells certain cryptocurrencies, your account will replicate those trades proportionally based on your allocated funds.
- Auto-Rebalancing: As the Leader’s crypto portfolio changes through manual trades or rebalancing, your follower account will adjust accordingly to maintain the same proportional allocation.
- Control and Flexibility: While copying a Leader’s trades, you still have control over your follower account. You can choose to stop following a Leader at any time, adjust the allocation of funds, or even follow multiple Leaders simultaneously.
Another impressive feature of Shrimpy is backtesting. This functionality allows users to test their cryptocurrency trading strategies against historical market data. Backtesting is a vital tool for cryptocurrency traders and investors to evaluate the performance of their strategies before deploying them in real-market conditions. It helps users understand how their strategies would have performed in the past, which can provide valuable insights for future decision-making.
Here’s a summary of how backtesting works on Shrimpy.
- Selecting Crypto Trading Strategies: Users start by selecting the trading strategies they want to backtest. These strategies can be simple, such as a buy-and-hold approach, or more complex, involving technical indicators and trading signals.
- Historical Market Data: Shrimpy.io provides access to historical market data for various cryptocurrencies and trading pairs. The platform typically offers candlestick data with open, high, low, and close prices and trading volumes for different timeframes.
- Setting Parameters: Users can customize parameters for the selected trading strategies, such as the period under consideration, the frequency of trades, and any specific technical indicators used.
- Running the Backtest: Once the strategies and parameters are set, users can run the backtest. The platform will simulate trading activity based on historical market data and the selected strategies.
- Performance Analysis: After completing the backtest, users can review the performance results. Shrimpy.io typically provides various metrics and statistics, including returns, profit/loss, winning/losing trades, drawdowns, and risk-adjusted metrics like the Sharpe ratio.
- Learning and Optimization: Based on the backtesting results, users can learn from the historical performance of their strategies and make informed decisions about optimizing and fine-tuning their approach.
Developer Application Programming Interfaces (APIs) allow developers to integrate Shrimpy’s functionalities into their applications or trading algorithms. These APIs enable developers to access and interact with various features programmatically, opening up possibilities for building custom trading applications, and simple crypto portfolio management tools.
Shrimpy.io provides comprehensive documentation for its Developer APIs, including endpoints, request and response formats, authentication methods, and code examples. The documentation is essential for developers to understand how to interact with the APIs effectively. Below is an overview of the Developer APIs availed in the documentation.
- RESTful API: Shrimpy offers a RESTful API, a standard web API that uses HTTP requests to perform various operations. The RESTful API provides endpoints that allow developers to retrieve real-time and historical market data, access account information, execute trades, and manage portfolios.
- Websocket API: Besides the RESTful API, Shrimpy provides a WebSocket API. Websockets enable real-time data streaming and are ideal for applications that require continuous updates, such as live price tracking, order book updates, and market depth information.
- Market Data: With the Developer APIs, developers can fetch real-time market data, including price quotes, trading volume, and other essential market metrics for various cryptocurrencies available on the supported exchanges.
- Trading Execution: Shrimpy.io APIs allow developers to run trades programmatically. Based on predefined trading strategies, developers can use the API to place buy and sell orders on supported cryptocurrency exchanges.
- Account Management: The APIs enable developers to programmatically manage their Shrimpy.io user accounts. This includes functionalities such as accessing account balances, transaction history, and portfolio information.
- Portfolio Rebalancing: Developers can leverage the APIs to implement custom portfolio rebalancing strategies based on their unique requirements and risk tolerance.
- Webhooks: Shrimpy.io offers Webhooks, which are HTTP callbacks triggered by specific events. Developers can set up Webhooks to receive notifications when certain events occur on the platform, such as when trades are executed or when crypto portfolio rebalancing is completed.
Shrimpy Bot Review
Shrimpy.io provides an automated trading bot feature that allows clients to implement pre-defined trading strategies without manual intervention. The trading bot executes trades on behalf of the user based on their selected strategies, aiming to optimize trading outcomes and enhance portfolio performance. Here’s how the Shrimpy.io trading bot works.
- Strategy Selection: Users start by choosing from a range of pre-configured trading strategies offered by Shrimpy.io. These strategies are designed to cater to different risk appetites and investment goals.
- Customization: After selecting a strategy, users can customize certain parameters to align the bot’s trading behavior with their preferences. These parameters may include trading frequency, position sizing, and risk management settings.
- Market Analysis: The Shrimpy trading bot continually monitors the cryptocurrency market and analyzes real-time price data and market trends. The bot identifies potential trade opportunities based on the selected strategy and the customized parameters.
- Automated Execution: When the trading bot identifies a trading signal that aligns with the strategy, it automatically executes the trade on the connected cryptocurrency exchange. This can involve buying or selling specific cryptocurrencies per the strategy’s guidelines.
- Risk Management: Shrimpy.io’s trading bot typically incorporates risk management measures, such as stop-loss and take-profit orders, to mitigate potential losses and lock in profits based on the user’s settings.
- Performance Tracking: Users can monitor the performance of their trading bot in real-time through the Shrimpy.io platform. The bot’s performance, including trade history and portfolio value, is accessible for analysis and assessment.
Shrimpy.io’s trading bot feature is intended to cater to novice crypto traders seeking simplified trading and experienced ones looking to implement sophisticated strategies. However, users should remember that past performance does not indicate future results, and regular monitoring and adjustment to strategies may be necessary to align with dynamic market conditions.
Aside from its range of impressive portfolio management features, Shrimpy also has a reputation for its seamless and highly intuitive user design. This top-ranking cryptocurrency portfolio management platform has an easy-to-navigate and straightforward user interface, ensuring users can easily find their way through the platform and its key features.
The trading terminal and overview section are also well-organized, providing clients with a comprehensive real-time overview of their portfolio’s performance, asset allocation, and relevant market data. Additionally, there’s a user onboarding process that eliminates confusion and guides new users through the necessary steps to create an account, connect their exchange accounts, and set up their portfolios.
Shrimpy has implemented several security features to safeguard users’ accounts and assets. The platform employs real-time monitoring and alert systems to detect suspicious activities or unauthorized access attempts, allowing timely responses to potential security threats.
It follows secure development practices to reduce code vulnerabilities and potential security risks. Also, Shrimpy runs regular security audits and assessments to identify and address any potential weaknesses while maintaining robust safety features. Besides this, here’s a summary of other outstanding security measures on Shrimpy.
- Two-Factor Authentication (2FA): Shrimpy supports Two-Factor Authentication, which adds an extra layer of security to user accounts. With 2FA enabled, users need to provide a one-time verification code and their password when logging in or performing certain account actions.
- API Key Security: Shrimpy employs API key security measures for users who utilize the Developer APIs. Exchange API keys are unique identifiers that allow access to the platform’s APIs. Users are advised to keep their API keys secure and avoid sharing them with unauthorized parties.
- Encryption: Shrimpy also has encryption techniques to protect sensitive user data, such as login credentials and API keys, as it is transmitted between users and their servers.
- Wallet Security: As a portfolio management platform, Shrimpy does not have custody of user funds directly. However, it integrates with cryptocurrency exchanges implementing robust security measures to protect user wallets and assets.
Shrimpy offers a comprehensive free plan tailored to users’ basic cryptocurrency portfolio management needs. The free plan allows users to connect to one exchange account, create and manage a single portfolio, and set up one automation for their trading strategies.
This plan has several limitations, including the fact that it does not support APIs. Nevertheless, Shrimpy’s free tier plan is an excellent starting point for those exploring the platform’s portfolio automation features capabilities without committing to a premium subscription.
There’s also a standard plan which is the most popular. This plan supports automation features and multiple crypto exchange accounts, but not more than five. However, like the free tier, it does not support APIs, but it is a fair price for the range of features it offers.
The final plan is the Plus tier. With this, users have access to all of Shrimpy’s features. The number of supported exchanges rises to 25 while the number of portfolios and automation increases to 10. The table below summarizes what each tier offers.
|Price||$0||$15 monthly||$39 monthly|
|Number of Exchanges||1||5||25|
|Number of Portfolios||1||5||10|
|Number of Automation||1||5||10|
|Balance Refresh Time||20 min||15 min||10 min|
|Backtests Per Day||3||25||100|
|Rebalance Periods||Limited to 1 day||Customizable||Customizable|
|Portfolio Stop Loss||no||yes||yes|
|Portfolio Dollar Cost Averaging||no||yes||yes|
|Reduce Fees With Maker Trades||no||no||yes|
Supported Crypto Exchanges
Currently, Shrimpy supports trading on at least 15 cryptocurrency exchanges, providing users with a diverse selection of platforms to manage multiple portfolios efficiently.
However, the platform does not stop there. It has ambitious plans to expand its supported exchange list, aiming to offer even more options and opportunities for crypto traders and investors in the dynamic and ever-evolving crypto market. Here’s a list of the major exchanges supported.
- Binance DEX
- Coinbase Pro (now known as Coinbase Prime)
- Huobi Global
Shrimpy Customer Support
Shrimpy.io takes customer support seriously, prioritizing the needs and concerns of its users. The platform provides multiple channels for customer assistance, including a dedicated support team that promptly responds to queries and inquiries.
Users can reach out for help via email or through the platform’s website, where they can submit support tickets and receive personalized assistance. The team aims to deliver timely and helpful responses, ensuring users can navigate the platform smoothly and address any issues they encounter during their cryptocurrency portfolio management journey.
In addition to traditional support channels, Shrimpy.io also maintains an active and engaged community across various social media platforms. Users can participate in community discussions, share their experiences, and seek advice from fellow traders.
The vibrant and supportive community fosters a collaborative atmosphere where users can learn from one another and discover innovative strategies to optimize their portfolio management on the platform.
Overall, Shrimpy.io’s customer support approach emphasizes accessibility, responsiveness, and a sense of community, fostering a positive user experience for traders and investors seeking assistance in the fast-paced world of cryptocurrencies.
Pros and Cons
Shrimpy.io, as a cryptocurrency portfolio management platform, offers many advantages and drawbacks, as explained below. By examining this platform’s pros and cons, you will understand whether Shrimpy.io aligns with your cryptocurrency trading and investment needs. Here are some glaring merits and demerits of using Shrimpy.io for cryptocurrency portfolio management.
- Diversified Portfolio Management: Shrimpy.io allows users to manage cryptocurrencies and multiple exchanges from a single platform, making diversifying and rebalancing their portfolios easier.
- Strategy Automation: The platform offers automated strategy execution, ensuring that your portfolio stays aligned with your desired asset allocation without requiring manual adjustments.
- Social Trading Aspect: Shrimpy.io’s social trading feature allows users to follow and copy the trades of successful traders, making it suitable for less experienced investors who want to learn from experts.
- Developer APIs: The availability of developer APIs enables advanced users and developers to build custom trading applications and integrate Shrimpy.io’s functionality into their strategies.
- Performance Tracking: Shrimpy.io provides tools for monitoring portfolio performance and historical data, and generating reports, helping users analyze their investment outcomes more effectively.
- User-Friendly Interface: The platform’s interface is user-friendly and accessible for traders of various experience levels.
- Limited Exchange Support: Shrimpy.io’s exchange connectivity might only cover some exchanges, which could limit access to certain cryptocurrencies or trading pairs.
- Trading Fees: Users may encounter trading fees when using Shrimpy.io to execute trades on supported exchanges, and these fees can add up, especially for active traders.
- Market Volatility: Like any cryptocurrency trading platform, Shrimpy.io is exposed to the inherent volatility of the cryptocurrency market. Sudden price swings can impact the performance of portfolios and automated trading strategies.
- Risk of Copy Trading: While social trading can be beneficial, blindly copying trades from other users without understanding the underlying strategies can be risky, as past performance does not guarantee future results.
- Dependence on API Connectivity: Since Shrimpy.io relies on APIs to interact with cryptocurrency multiple exchanges, any issues with exchange APIs or maintenance can affect the platform’s functionality.
There are several other leading cryptocurrency portfolio trackers that offer functionalities similar to Shrimpy.io, including cryptocurrency portfolio management, social trading, and developer APIs. Let’s discuss these platforms and analyze how they compare to Shrimpy.
- eToro: While eToro is primarily known as a social trading platform for traditional assets like stocks and forex, it offers cryptocurrency trading with a social trading feature. Users can follow and copy the trades of experienced crypto traders.
- Coinigy: Coinigy is a trading platform that provides portfolio tracking, real-time market data, and advanced charting tools for cryptocurrency traders. It also offers API access for developers.
- CoinTracker: CoinTracker is a cryptocurrency portfolio tracking platform that helps users manage their crypto holdings, track transactions, and generate tax reports.
- CoinStats: CoinStats is a cryptocurrency portfolio management app offering real-time market data, tracking, and price alerts.
|Exchange Support||Multiple exchanges||Proprietary exchange only||Multiple exchanges||Multiple exchanges||Multiple exchanges|
|Trading Fees||Not specified||Varies by asset and region||Not specified||Not specified||Varies by exchange and plan|
Shrimpy Review – Conclusion
Shrimpy.io offers a powerful and accessible cryptocurrency portfolio management and trading solution. Its user-friendly interface, automated rebalancing, and social trading features make it an attractive choice for beginners and experienced traders.
The availability of Developer APIs and backtesting adds an extra layer of customization and performance evaluation. However, users should remain mindful of trading fees and the platform’s supported exchange connectivity.
Shrimpy.io’s team continues to update and improve the platform as the cryptocurrency market evolves. For traders seeking a comprehensive and user-friendly portfolio management solution, Shrimpy.io is undoubtedly a strong contender.
Is Shrimpy legit?
Yes, Shrimpy.io is a legitimate and reputable cryptocurrency platform that has gained trust and recognition within the cryptocurrency community. With a focus on providing traders with a crypto portfolio strategy and automating portfolio rebalancing trading features, Shrimpy.io offers users a secure and reliable solution for managing their digital assets.
Is Shrimpy free?
Shrimpy offers an impressive free tier plan, making its cryptocurrency portfolio management platform accessible to a broader user base. The free tier allows users to experience and utilize essential features like portfolio rebalancing and social trading, providing valuable tools for optimizing their digital asset holdings.
However, the free tier comes with several limitations. Users may encounter constraints on the number of connected exchanges, portfolio allocations, or rebalancing frequency. Additionally, certain advanced features, such as backtesting or custom developer APIs, are only available for paid subscriptions.
While the free plan is an excellent starting point for those new to the platform, users with more extensive portfolio management needs may find it beneficial to explore the premium plans to unlock Shrimpy’s full suite of capabilities.
Is there a Shrimpy demo?
Shrimpy.io offers a portfolio designer feature, which allows users to explore and test different portfolio strategies without risking real funds. This feature acted as a demo-like environment where users can simulate and observe how their portfolio would have performed historically based on the selected strategies and assets.
However, the portfolio designer feature is not a live trading simulation or a real-time demo account. It provides historical data for backtesting purposes, allowing users to evaluate the performance of their strategies against past market conditions.