In this Shrimpy review, we will provide our opinions on the cryptocurrency portfolio tools available such as automatically adjusting your portfolio allocations across multiple exchanges in a few simple clicks. Innovative tools such as these can help you to manage your crypto investment portfolio and reach your investment goals sooner.
- Beginner-friendly social trading platform
- Link to more than 30 cryptocurrency exchanges and wallet
- Easily manage assets, trade and monitor positions in a single platform
- Supports spot and Futures market integration
- Automated trades that initiate across multiple exchanges
- Follow and copy profitable traders in the Shrimpy community
For those of you that invested in cryptocurrencies a few years ago, you will know the popular the HODL trading strategy. Many investors would also remember the pain of watching the value of their portfolio decrease from the peak in 2017 and now left wondering if their investment will ever recover.
Shrimpy is useful crypto tool that can take out the stress, manage and monitor your entire crypto and automatically adjust your risk based on how the market is behaving.
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Our Shrimpy Review - Quick Verdict
Shrimpy is a great option for managing a crypto portfolio that is stored on multiple cryptocurrency exchanges. Its portfolio management and automatic rebalancing tools make light work of adjusting a balance in one location with a highly visual and intuitive interface. The platform is best suited for beginners that are also interested in copy-trading. However, experienced traders will find Shrimpy lacking and will prefer sticking with the larger trading platforms.
What Is Shrimpy?
Shrimpy is a portfolio management website that allows investors and traders to manage their entire balance across several cryptocurrency trading platforms all in one location. You do not need to log in separately to each crypto exchange to perform buy and sell trades.
The portfolio manager allows you to allocate your overall portfolio using simple percentages with a visual snapshot and statistics. You can manually or automatically adjust the allocation of each coin based on the market by changing the percentages which will execute the trades on your behalf. For serious investors, Shrimpy is a popular choice for managing a portfolio and one of the best crypto portfolio trackers in the market to date.
Is Shrimpy Legit?
Shrimpy appears to be a legitimate and trustworthy company that provides an online portfolio management tool that connects multiple cryptocurrency exchanges under a single platform. The website uses secure and encrypted API's to integrate with credible, safe and reputable trading platforms such as Binance, KuCoin and Bittrex.
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Shrimpy Crypto Tools & Features
Here is a summary of the best features of Shrimpy (with our commentary):
- Connect multiple crypto trading exchanges into the one platform
- Manage your entire crypto portfolio with a simple interface and crypto tools
- Track your portfolio performance and automatically adjust your investment strategy
- Copy the world's best crypto traders on social trading
- Earn commission for each social trader that follows you
- Automate trading strategies using various indicators for crypto trading
Shrimpy allows its users to connect to multiple cryptocurrency trading exchanges. This means you can buy, trade and sell cryptocurrency using a single interface. The supported crypto exchanges on Shrimpy include:
Shrimpy is backed by some of the biggest names in the cryptocurrency space which provides credibility. The portfolio management site is supported by crypto companies we have reviewed such as KuCoin, HitBTC, OKX, CoinTracker, Koinly, CryptoTrader.Tax, KaiKo, CoinStats and CoinAPI.io.
Is Shrimpy Free?
Shrimpy offers a free version of the platform that allows individuals to connect an unlimited number of cryptocurrency exchanges and monitor their overall portfolio. The paid plans include additional features that are not included in the free account such as automatic portfolio rebalancing, strategy optimization and back-testing tools.
The first step is to create an account with Shrimpy. Simply follow these steps:
- Visit shrimpy.io
- Click on the 'Sign Up' button at the top right-hand corner
- Enter in your email and set a strong password
- Agree with the terms of service and click 'sign up'
- Verify your email address
- Login using your credentials
Linking To An Exchange
Log in to Shrimpy account once you have completed the email verification. Here you will need to connect your crypto exchange's API to the platform. To connect an exchange, click on the 'Exchanges' tab under 'Settings' and select the exchange.
Enter the API information from the respective crypto exchange that you want to connect. For further information, Shrimpy has put together a step-by-step guide on how to connect each exchange to their platform.
Allocating Your Crypto Portfolio
Now that you have connected your cryptocurrency exchange, you can begin the process of allocating a percentage to the coins that you want to own. Click on the 'Automation' link on the left menu which will take you to a screen as shown below.
You can add the crypto assets to include in your portfolio. Each allocation is based on a percentage, so the total allocation should equal 100%. Once you have added the allocations, make sure to select an automation strategy by selecting the rebalancing time period.
Once you have saved the automation, you can begin to automate the process by allocating your portfolio. Before you hit the 'Rebalance Now' button, make sure to review the allocations to ensure you are happy with it. Once you activate the sequence, Shrimpy will perform all of the necessary trades on your behalf to reach the portfolio allocations you have set.
You can also set up multiple automation to manage different portfolios that may comprise of different coins or a different strategy. For more information on how to create a portfolio with Shrimpy, watch the video below.
Copying Other Traders Portfolio
Similar to other social trading platforms like eToro, users on Shrimpy can interact with other investors and view the most popular allocations of digital currencies on the platform. By following successful crypto investors, you can tailor your portfolio to match the best investors on the platform and even chat directly to them. You can even follow multiple Social Leaders and let them automatically manage a portion of your crypto assets. To do this, you need to create multiple portfolios as explained above. To view and follow crypto traders portfolio, click on the 'Social' tab on the left.
Users can browse all of the other investors on Shrimpy that have shared their portfolio allocations. You can see the following information to determine which portfolio(s) to follow:
- Number of followers
- Performance over a day/week/month (percentage)
- Line chart visualization of users portfolio
- When the investor was last active
After you have settled on a portfolio that you want to follow and replicate, click on the 'Start Automation' button which will open a dialog box showing your current portfolios. Select your portfolio and click on 'Start' to automatically rebalance your crypto portfolio to copy the person's account you are following. For more information on where to find a social network, read this comparison list of the top crypto social platforms and copy trading accounts.
So basically, each time the portfolio you are following changes their allocation, it will automatically buy, trade and sell through your connected crypto exchange to match their portfolio. It's obviously important that you thoroughly examine the investor you wish to follow and interrogate their performance over a long period of time.
The only improvement we noticed would be to add filters to order the investors by performance or another metric.
What Are The Fees?
Shrimpy fees are based on three different packages that offer various features and functionality:
- HODLer (free)
- Professional - $13/month (billed annually)
- Enterprise - customized to suit you
To choose the best payment plan to automate your cryptocurrency strategy, you should check the website to see what features are included with each pricing option. Payments are in USD or cryptocurrency. If you're unsure, why not start out with a free Shrimpy account?
Frequently Asked Questions
Shrimpy has a backtest feature to simulate a portfolio allocation to see how the strategy would have performed over a period of time. It's a great way to compare results between a HODL strategy and a rebalancing strategy.
Shrimpy has a demo trading account that allows you to explore and experiment with the platform while connected to different cryptocurrency exchanges. You can practice setting up crypto portfolios and running automatic investment strategies based on allocations and frequency. To view the demo, visit the website.
Shrimpy has an affiliate program for users to earn up 50% commission for the first 3 months on any payments made by the people you refer through your unique referral link.
To conclude our review and assessment of Shrimpy, we found the crypto trading tools are very useful. It removes the need to check your crypto portfolio each time or having to log into multiples exchanges. Furthermore, the automatic (or manual) coin allocation feature makes it quick and easy to change your portfolio allocation and exposure. It takes only a few minutes to setup and the Shrimpy does the rest to rebalance your portfolio automatically.
Best of all, you can even allocate a small part of your portfolio to copy the investment strategy of highly profitable crypto traders on the platform. Overall, we were quite impressed with the Shrimpy and believe it is worth giving it a try. The cryptocurrency trading tools available on the platform are excellent even in the free version. It will be great to see more cryptocurrency trading exchanges added and new and exciting new features released in the future.