Shrimpy Review: Summary
- Easy to use cryptocurrency portfolio management and social trading tool.
- Compatible with 20 exchanges and 13 wallet services.
- Provides users with portfolio rebalancing, social trading, and backtesting capabilities.
Advantages & Disadvantages
- Allows you to manage all your digital assets in one convenient location.
- Uses a powerful DEX aggregator to facilitate decentralized trading.
- Social trading lets you copy the portfolio decision of more experienced investors.
- Extremely easy to use.
- TradingView-powered trading terminal available.
- No free account.
- Many top wallets aren’t supported.
- Trading station isn’t suitable for active traders.
- No support for futures contracts (yet).
What is Shrimpy.io?
If you’re like most crypto-investors, chances are your portfolio is spread out across multiple exchanges and wallets. While there’s nothing wrong with this, it can make it difficult to manage your digital assets.
Shrimpy.io is a portfolio management and social trading tool that aims at solving this issue.
If you would like to learn more about Shrimpy.io and all its features, take a moment to check out this review – it has everything you need to know.
Shrimpy.io offers several powerful trading and portfolio management tools, all of which are straightforward and easy to use.
Basic Portfolio Management
The first step to using Shrimpy.io involves connecting your exchange accounts to its platform. Once done, the service acts as a central hub from which you can view balances, execute buy and sell orders, and even move coins/tokens between accounts.
By linking your exchange accounts to Shrimpy, all your digital assets can be accessed in one place, meaning you don’t have to log into several exchanges separately.
One feature that sets Shrimpy.io apart from other automated trading tools is its decentralized wallet support and DEX trading capabilities. Connecting a crypto wallet to your Shrimpy.io can be done quickly and easily by using a service called WalletConnect.org.
Once connected, you can use Shrimpy.io to manage all your digital assets that aren’t held on a centralized exchange. To do this, Shrimpy.io facilitates trades using decentralized exchanges (DEX’s).
Currently, the top supported wallets include MetaMask, Ledger Live, and 1Inch wallet. Unfortunately, popular options like Atomic Wallet, Trust Wallet, and Coinbase Wallet aren’t available.
If you participate in futures trading, know that Shrimpy doesn’t currently support this feature. However, the platform is working on a solution, which it plans on releasing later this year.
Shrimpy.io provides users with ‘Smart Order Routing’ (SOR). Designed by Shrimpy, SOR maximizes the outcome of a trade or portfolio rebalancing by evaluating available trading pairs and picking the most favorable options.
To learn more about Smart Order Routing and its benefits, read here.
Yes, cold storage balances can be included in your Shrimpy.io portfolio. However, because all cold storage assets are held offline, Shrimpy.io won’t be able to sell or transfer these funds.
Working with a set number of DEX’s can be limiting when it comes to liquidity and asset availability. To deal with this, Shrimpy.io has chosen to use 0x, a popular DEX aggregator.
DEX aggregators explore all available DEX’s and liquidity pools for a specific trading pair, choosing the option that returns the best price. For more information about DEX aggregators and how they work, I recommend this article.
If you’re an active trader, know that Shrimpy.io has a TradingView-powered trading station you can use. The station comes equipped with a decent array of technical indicators, drawing tools, and customizable settings.
Compared to more advanced platforms – like those you would find on Kraken or FTX – Shrimpy.io’s interface is a bit basic and only market and basic limit orders are supported.
For basic buy and sell options, Shrimpy.io does have a ‘Simple Trading’ option. Here you’ll be able to conduct basic swaps from one cryptocurrency to another. This simple view also comes with an interesting price forecast tool that gives a 7-day price prediction on any coin/token you hold in your portfolio.
No. Shrimpy.io only works with the assets you currently hold in your exchange accounts/wallets. There’s no way to deposit cryptocurrency into your accounts using Shrimpy.io.
Portfolio Rebalancing is an investment strategy that adjusts how much of your portfolio is allocated to each cryptocurrency you hold.
For example, say you’re a Bitcoin maximalist who wants 50% of their total portfolio always allocated to Bitcoin (BTC). Now, say another coin you hold – like Shiba Inu (SHIB) – undergoes a massive price increase and makes up more than 50% of your portfolio.
To correct this, Shrimpy.io will automatically rebalance your portfolio by executing buy and sell orders until your desired balance is restored.
Rebalancing strategies on Shrimpy.io are called Automations, and there is no limit to how many Automations you can create. However, for an Automation to run, it must be linked to a portfolio.
Portfolios are created by connecting exchange accounts and choosing which cryptocurrencies you wish you include in the portfolio.
Creating multiple Automations can be useful for handling different market conditions.
- In bullish conditions, you could move gains from large-cap coins, like Bitcoin (BTC) and Ethereum (ETH), into lower-cap altcoins with higher upside.
- During bearish market conditions, you could rebalance your portfolio so that most of your holdings consist of stable and large-cap coins.
According to Shrimpy.io, Portfolio Rebalancing is a good way to reduce risk and harvest value from market volatility. When a cryptocurrency increases sharply in price, the gains can be redistributed among the other coins/tokens you hold.
In some ways, Portfolio Rebalancing can be thought of as a supercharged version of the traditional buy-and-hodl strategy.
Shrimpy.io did a one year analysis on how Portfolio Rebalancing fared against basic HODLing. The study showed that, on average, Rebalancing outperformed HODLing by a median of 64%.
Yes. Even if you only link one exchange account, you can still divide all held cryptocurrencies into several portfolios. To learn more about this feature, read here.
Depending on how you set up your Automation, rebalancing can occur as often as every hour or as infrequently as once a month. The service also has a ‘Rebalance Now’ option, which when selected, will instantly conduct a portfolio rebalancing.
Building a crypto portfolio can be difficult, and if you’re lost as to which coins to include or what rebalancing strategy to employ, you may want to check out social trading.
Social trading lets you copy the portfolio decisions of other, more experienced investors. To do so, log on to the Shrimpy.io dashboard and click on the ‘Social’ tab. Once there, you’ll find a list of top performers all ranked by their performance over the last 30 days.
Most top performers (called leaders) will charge a fee for following them, which can range from 5-20% of the total performance. Moreover, social leaders can be filtered based on what exchanges they use and how many followers they have.
Unfortunately, the number of filter options is low compared to other social trading providers, and filters like risk level and trading strategy aren’t available.
If you’re confident in your portfolio management skills, you could become a leader. Along with whatever commission you charge people for following you, Shrimpy.io pays leaders $4/month for every follower they gain.
Compared to other social trading providers like eToro and KuCoin, Shrimpy.io’s platform is considerably different. Instead of focusing on high-frequency trading strategies, all social trading options are built around portfolio management and rebalancing.
If you’re looking for more traditional copy trading services, then Shrimpy.io might not be the place for you.
Like all automated trading tools, Shrimpy.io lets you test your rebalancing strategies against historical market data. To do so, select the ‘Backtest’ option from the dashboard, choose the automation you wish to test, and hit run.
All test results are plotted against how your portfolio would have performed had you used a simple buy-and-hodl strategy. If this sounds confusing, refer to the image below for clarification.
When running a backtest, Shrimpy.io lets you play with how often your portfolio is rebalanced. Depending on what kind of strategy you’re using, some frequencies may provide better results than others.
Shrimpy.io currently supports 20 exchanges, including popular names like Binance, Coinbase Pro, FTX, and KuCoin. The service also supports integration with 13 crypto wallet services.
Shrimpy.io currently offers integration with the following exchanges:
- Binance US
- Bittrex Gold
- Coinbase Pro
- FTX US
- Huobi Global
Shrimpy.io currently offers integration with the following wallet services:
- 1Inch Wallet
- Huobi Wallet
- Ledger Live
Shrimpy.io’s pricing has three tiers: Starter, Professional, and Enterprise.
As we can see from the picture below, the main difference between the options is the number of exchanges you can link at once and how many portfolios you can have per exchange account.
Monthly pricing ranges from $19 – $299 per month and a 20% discount is available when you take out an annual plan. Unlike many other automated trading tools, Shrimpy.io doesn’t have a free account.
A 7-day free trial is available to users who want to take Shrimpy.io for a test run though. There’s also a free demo version where you can explore its features using a dummy portfolio.
Is Shrimpy.io Safe?
Shrimpy.io is known for being safe and secure and no major incidents have been reported since it was released in 2019.
All website data is encrypted using Transport Layer Security (TPS) connections and all API keys are stored using FIPS 140-2 hardware security modules. If these terms are unfamiliar to you, don’t worry – just know that Shrimpy.io and all its data is secure.
To connect your exchange account, you need to provide Shrimpy.io with your API keys. These keys are administered by the exchange themselves and give services – like Shrimpy and other trading bots – permission to trade on your behalf.
However, (as long as you configure them correctly) the API keys don’t grant permission to conduct withdrawals. Even if hackers gained access to your Shrimpy.io account, they’d only be able to mess around with your portfolio (however, that could still do some significant damage).
For an added layer of protection, you should absolutely enable 2-factor authentication.
Here are a few alternatives to Shrimpy.io that you could check out:
- CryptoHopper: An easy-to-use, yet powerful, trading tool designed for beginners. Cryptohopper allows you to build and deploy trading bots with no coding required. Check out my CryptoHopper review to learn all about it.
- HodlBot: For a more affordable option, check out HodlBot – a crypto trading bot and management platform that offers automatic portfolio rebalancing and a 7-day free trial.
- 3Commas: A robust automated trading tool that lets users build trading bots using hundreds of technical indicators and parameters. Compared to Shrimpy.io, 3commas is much more focused on active trading instead of portfolio management.
Shrimpy.io is one of the better portfolio management tools I’ve come across.
And it’s perfect if you don’t want to deal with the hassle of managing several accounts and wallets.
Here’s what stood out to me:
- Let’s you access and manage your portfolio from a single account.
- Compatible with crypto wallets and DEX-trading.
- Works with 20 exchanges and 13 wallet services.
- Provides you with automated portfolio rebalancing.
- Quality social trading and backtesting options.
With its 7-day free trial, you can take Shrimpy.io for a test run without spending a dime.
But to get a true feel for how the service works, it’s worht signing up for at least a month (which at $19, is very affordable).Shrimpy.io Website
Thanks for checking out this Shrimpy review!
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