Shrimpy Review

    Shrimpy is a portfolio management software for keeping track of holdings over multiple platforms and automating portfolio rebalancing. However, its lack of customizability and basic feature set means the platform could be unsuitable for experienced traders.
    Kevin Groves
    Posted by: Kevin GrovesUpdated May 25th, 2023

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    Managing a diverse portfolio of crypto assets across multiple platforms can be extremely bothersome. However, portfolio management software Shrimpy is designed to streamline this process with a central hub and various automation tools. This Shrimpy review will take a detailed look at the tools present on the platform, as well as its price, security, and overall functionality.

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    Our Take

    HedgewithCryptoScoreOur ratings take into account the ease of use, fees, deposit methods along with the exchange's reputation. All ratings are determined solely by our editorial team.
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    Bottom line:

    Shrimpy is an excellent option for managing a crypto portfolio stored across 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.

    Unfortunately, Shrimpy lacks many additional features, especially after the removal of its social trading capabilities. While a solid beginner solution for managing portfolios spread across multiple platforms, its lack of trading-centric features and limited automation tools hinders its usability for advanced traders or anyone looking to employ complex strategies.

    • Beginner-friendly to use
    • Free version available
    • Streamlines a crypto portfolio
    • Only suited for basic portfolio management tasks
    • Has issues with connecting crypto wallets

    Pros Explained

    • Beginner-friendly to use. While other tools on the market can require substantial knowledge to be used efficiently, Shrimpy makes managing crypto portfolios incredibly simple. As such, it's an excellent tool for beginners looking to keep track of their crypto holdings.
    • Free version available. Although somewhat limited, Shrimpy offers a free version supporting one crypto exchange. As such, Shrimpy could be an extremely cost-effective solution for anyone more concerned with automatically adjusting their portfolio rather than managing multiple accounts from a central hub.
    • Streamlines a crypto portfolio. Keeping track of multiple accounts and assets can be a lot of hassle. However, with Shrimpy, the process is massively simplified, enabling users to dedicate more of their time to finding new opportunities rather than managing their assets.

    Cons Explained

    • Only suited for basic portfolio management tasks. Although Shrimpy can be used for portfolio management and automation, its lack of customizability and advanced features means it's only suited for simple tasks with few moving parts.
    • Has issues with connecting crypto wallets. While creating our Shrimpy review, we tried linking multiple wallets to the platform but could only get assets to show up if they used the ERC-20 architecture. This is massively detrimental to the platform's usability and makes it only viable for managing assets on an exchange.

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    Shrimpy At A Glance

    Shrimpy is an online portfolio management platform for cryptocurrency that launched in 2018. The website enables crypto traders and investors to easily manage their holdings on a central platform rather than manually logging into multiple exchanges and wallets to trade or check up on profits.

    Despite being an unregulated tool, Shrimpy seamlessly connects with 11 of the world's leading exchanges and every crypto wallet that supports WalletConnect. Furthermore, investors can take advantage of the automated rebalancing feature to ensure their portfolios are always within predetermined parameters.

    FeaturesPortfolio Management, Automated Rebalancing, Strategy Backtesting
    Supported Fiat CurrenciesUSD, GBP, EUR, AUD, CAD, + 5 Others
    Payment MethodsCredit/Debit Card, PayPal, Crypto
    Supported CryptocurrenciesVaries Based on Exchange
    Number of Trading PairsN/A
    Pricing$0 to $49 Monthly
    Customer SupportHelp Center, Email
    Security Measures2FA, IP Whitelisting, FIPS 140-2 Hardware Security Modules
    Mobile AppNo

    Shrimpy's Top Features Reviewed

    Backest Strategies

    For crypto traders wondering whether Shrimpy will benefit them, the platform enables users to backtest investing strategies to see how the platform's rebalancing would perform compared to the standard HODL strategy. While there is no support for backtesting advanced trading strategies, users can see how Shrimpy's rebalancing would perform with particular assets, allocation percentages, and different rebalance periods. As such, it's a useful cryptocurrency tool for optimizing an investment's performance to offset volatility and other market conditions.

    Shrimpy backtest dashboardShrimpy backtest dashboard

    Portfolio Management

    Managing their entire portfolio is crucial for any crypto trader. However, it can be time-consuming if assets are spread across multiple exchanges. Thankfully, Shrimpy offers simple crypto portfolio management enabling users to easily view the assets value of assets on a linked platform and a crypto portfolio's profitability.

    Shrimpy Portfolio managementShrimpy Portfolio management

    The portfolio management tools are relatively basic, and free plans are limited to one linked exchange and one linked wallet. Still, the interface is well-designed and makes it easy to view the percentage of assets contained within a portfolio and how they're performing.

    Additionally, users can view their current rebalancing strategy from the portfolio management dashboard and manually rebalance their portfolio if needed. However, there is no option for filtering assets based on name or network, meaning users invested in a diverse range of crypto assets struggle to find a particular coin, and a crypto screener would be a better application for this.

    Trade Crypto

    Although Shrimpy is primarily a portfolio automation and management tool, users can trade cryptocurrencies directly on the platform. The tradable crypto assets will differ based on which exchange or wallet is connected to Shrimpy but are viewable by accessing the trading section.

    While the trading functionality is limited, Shrimpy users can view a basic chart as well as stats for each asset, including 24-hour price change, asset popularity, asset dominance, and market cap.

    Shrimpy trading platformShrimpy trading platform

    Crypto Portfolio Rebalancing

    After linking a portfolio to Shrimpy, users can set up automatic portfolio rebalancing. This feature enables users to set which assets they want to hold by percentage. Then if the portfolio goes above or below this figure, Shrimpy will automatically buy/sell to keep asset allocation balanced.

    Shrimpy asset allocationShrimpy asset allocation

    Shrimpy users set which assets they'd like to hold, the weighting of each within a portfolio, and over which period to rebalance (e.g., every 4 hours). Additionally, customers can use percentage-based threshold rebalancing to determine when to rebalance instead of relying solely on time.

    Users can set up one automatic rebalancing system per portfolio, making it easy to implement multiple trading strategies. However, Shrimpy is only suitable for basic price-based strategies as it lacks support for scripting or trading based on technical indicators for crypto.

    Social Trading Tools

    Although Shrimpy previously offered social trading, enabling users to follow successful traders and automatically mirror their positions, the team has since removed this feature, citing technical difficulties resulting from connection interruptions between Shrimpy and linked crypto exchanges.

    Considering that Shrimpy has removed its articles covering social trading on the platform, it seems unlikely this feature will be readded anytime soon. As such, users wishing to get involved with crypto copy trading must use another platform.

    Creating and Verifying a Shrimpy Account

    Creating an account with Shrimpy is as simple as possible. After navigating to the website and pressing the 'Sign Up' button, customers need to input and confirm an email address and password in addition to entering their full name. Shrimpy doesn't handle customer funds or act as a fiat-to-crypto gateway, so it is not subject to the same regulatory controls as crypto exchanges. Therefore, Know-Your-Customer verification is not required on Shrimpy.

    Supported Fiat and Deposit Methods

    Although Shrimpy has a free version, it only offers support for a single wallet and exchange. As such, users wishing to manage multiple portfolios must upgrade to a Shrimpy premium account.

    While transactions use USD, Shrimpy supports payments via PayPal, credit/debit cards, and Coinbase Commerce. As a result, users can upgrade their accounts with any fiat currency and 13 cryptocurrencies. However, as all transactions occur in USD, international customers could be charged currency conversion fees by their banking provider.

    Shrimpy payment methodsShrimpy payment methods

    Supported Cryptocurrencies and Trading Pairs

    While researching for our Shrimpy review, we were disappointed to find that the software couldn't retrieve data from two wallets we linked (Atomic Wallet and Trust Wallet). Furthermore, even when selecting a different network, only ERC20-based assets appeared under the trading tab.

    However, when we linked a crypto exchange account to the platform, it quickly pulled all data, including assets like XRP, which exists on its own chain. As such, while Shrimp supports any cryptocurrencies located on an exchange, it's only suitable for managing ETH-based assets stored on a non-custodial crypto wallet.

    Shrimpy supported assetsShrimpy supported assets

    Shrimpy Supported Exchanges

    Shrimpy is a portfolio management system that allows its users to connect to several major exchanges. Customers can manage and automatically trade on 11 platforms, including Binance, Bittrex, KuCoin, Coinbase, Kraken, Gemini, Suobi, and Gate.io.

    Shrimpy is backed by some of the biggest names in the cryptocurrency space, which provides credibility. Crypto companies that support the portfolio management site we have reviewed include KuCoin, HitBTC, OKX, CoinTracker, Koinly, CryptoTrader.Tax, KaiKo, CoinStats, and CoinAPI.io.

    Shrimpy Fees & Pricing

    Although Shrimpy offers a free account for users, it only provides basic features. However, users looking to access features like dollar-cost-averaging and extra automation can upgrade their accounts to a paid plan which is up to $49 monthly or $468 yearly.

    Shrimpy PlanExchange ConnectionsActive AutomationsExtra Features
    Standard ($19 monthly or $180 yearly)55Custom Rebalance Times, Dollar-Cost Averaging, Stop Losses
    Plus ($49 monthly or $468 yearly)2510API Access, Faster Balance Refresh, Support for Maker Trades

    Shrimpy Ease of Use

    The Shrimpy platform boasts an intuitive interface that is easy to navigate and suitable for beginners and those experienced in the crypto space. All critical areas of the site (dashboard, automation, trading, etc) are clearly labeled and easily accessible via prominent quick links.

    Shrimpy DashboardShrimpy Dashboard

    For Shrimpy to function, a user must link a wallet or exchange to the platform. Thankfully this process is very straightforward. Crypto wallet connections are conducted via WalletConnect, with a user simply having to scan a QR code to link the wallet. On the other hand, to connect an exchange, the user must create an API key on a trading platform and then enter it on Shrimpy.

    Shrimpy adding supported exchangesShrimpy adding supported exchanges

    After linking an exchange to Shrimpy, the automated portfolio management system pulls the data, displaying it on the dashboard. Afterward, users can create an automated portfolio rebalancing trading strategy to maintain a well-balanced portfolio or use the inbuilt system for backtesting strategies.

    Despite Shrimpy users being able to link multiple crypto exchange accounts and wallets to the platform, users with a free plan can only create one portfolio containing assets from a single exchange. As such, users looking to manage multiple portfolios will need a premium plan.

    Shrimpy exchange linkingShrimpy exchange linking

    Shrimpy Mobile App

    Unlike alternative portfolio management platforms, Shrimpy does not offer a mobile app. Despite customers calling for a mobile app to be created, the Shrimpy team has yet to announce plans for a mobile version of the platform. As such, users looking to keep track of the crypto portfolio strategy on mobile will need to use another solution like Delta.

    Shrimpy Customer Support

    To ensure that its users can get the help they need, Shrimpy has created a help center containing a myriad of articles relating to all aspects of the site, including the dashboard, backtesting tool, and portfolio management features.

    While the help center does an excellent job covering simple issues and common questions, customers can also email a Shrimpy customer support representative to get tailored assistance. While no response time is given, many customers have stated that receiving a response could take a day or two, which could be better.

    Security Measures

    For its crypto portfolio rebalancing and automation features to work, Shrimpy needs access to a crypto exchange via API keys. Shrimpy keeps API keys secure by using FIPS 140-2 hardware security modules. Furthermore, the platform only needs access to read and execute trades, meaning customers needn't worry about their funds being unceremoniously transferred.

    Additionally, the portfolio management platform recommends users set up two-factor authentication and IP whitelisting to add additional protection and make it more difficult for a bad actor to compromise their Shrimpy account.

    Frequently Asked Questions

    Shrimpy offers a free version that allows individuals to connect to one cryptocurrency exchange and monitor their overall portfolio. The paid plans include support for more linked accounts and extra features such as automatic portfolio rebalancing, strategy optimization, and backtesting tools.

    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 APIs to integrate with credible, safe, and reputable trading platforms such as Binance, KuCoin, and Bittrex.

    Shrimpy has a backtesting 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 and rebalancing strategies without any time or money requirements.

    Shrimpy has a demo account that allows users to explore and experiment with the crypto platform without connecting an account. For example, on the demo platform, users can practice setting up crypto portfolios and running automatic investment strategies based on allocations and frequency.

    Final Verdict and Scores

    Shrimpy is a portfolio management software designed to streamline investing through automation and a central data hub. Unfortunately, although the platform certainly helps streamline crypto asset management, it lacks flexibility, making it suitable for only a small range of tasks.

    While a free Shrimpy account provides access to the platform's core functionality, it only enables users to link a single exchange and wallet. As such, users aiming to manage multiple exchange accounts on a single platform must opt for a paid plan which is relatively pricy, starting at $15 per month.

    While testing the platform for our Shrimpy review, we were impressed by its ease of use and exchange support. However, due to its lack of advanced crypto trading tools and the wallet linking feature seemingly not working well, it's primarily suited to new investors looking for a tool to keep the allocation of their holdings within a specific range.

    Review CriteriaHedgewithCrypto Rating
    Features3.8 / 5
    Supported Fiat and Deposit Methods4 / 5
    Supported Crypto & Trading Pairs4.5 / 5
    Fees3.6 / 5
    Ease of Use4 / 5
    Customer support3.8 / 5
    Security Measures4.4 / 5
    Mobile App2.5 / 5
    Kevin GrovesKevin GrovesKevin Groves

    Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started HedgewithCrypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world.

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