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.
We have come across a 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.
In this Shrimpy review, we will provide our opinions on the cryptocurrency 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.
This post contains affiliate links with our partners who may compensate us. However, this does not influence our review process or rating system. Read our disclaimer for further information.
What Is Shrimpy?
Shrimpy is a portfolio management website that allows investors and traders to manage their entire balance across several cryptocurrency exchanges all in the one platform. 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.
Shrimpy is a useful crypto tool for beginners that are searching for a simple way to manage their entire portfolio. Here are a few other platforms that connect to multiple exchanges to manage your portfolio.
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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.
Shrimpy Crypto Tools & Features
Here is a summary of the best features on 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 investment strategy
- Copy the worlds best crypto traders on social trading
- Earn commission for each social trader that follows you
- Automate trading strategies using various indicators and trading tools
Shrimpy Registration & Login
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 A Crypto Exchange
Next, 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.
Here, 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.
Here, you 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.
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.
Shrimpy allows its users to connect multiple cryptocurrency trading exchanges. This means, you can buy, trade and sell cryptocurrency using a single interface. The supported crypto exchanges on Shrimpy are:
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?
Shrimpy is backed by some of the biggest names in the cryptocurrency space which provides credibility. The portfolio management site is supported crypto companies such as KuCoin, HitBTC, OKEX, CoinTracker, Koinly, CryptoTrader.Tax, KaiKo, CoinStats and CoinAPI.io.
Frequently Asked Questions
Is Shrimpy Free?
Shrimpy offers a free version of the platform that allows individuals to connect unlimited number of cryptocurrency exchanges and monitor their overall portfolio. The paid plans includes additional features that are not included in the free account such as automatic portfolio rebalancing, strategy optimizing and back-testing tools.
Can You Back Test Cryptocurrency Trading Strategies
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.
Is There An Affiliate Program?
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.
Does Shrimpy Have A Demo Account?
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.
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.
And 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.
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