Shrimpy
16 min read

Shrimpy Review: Automated Crypto Portfolio Management

By Steve Walters

Anyone who is involved in the cryptocurrency space knows well the HODL strategy. This is a long-term investing strategy where coins are bought and held for years to take advantage of the long-term upward momentum in cryptocurrencies. If you have the nerve to keep HODLing it’s worked well as many coins are up thousands of percentage points versus their price just 5 years ago.

Of course those who bought earlier in 2021 above the current price remain under water, and might be wondering now if they made a mistake, and if their investment will ever recover and move into profit. It’s a difficult position to be in, but thankfully there is a potential solution that can remove the stress of the HODL strategy.

It’s called Shrimpy and it allows users to monitor and manage their entire portfolio across all supported exchanges. It will even automatically adjust your portfolio based on your own instructions, keeping your risk profile in check no matter how the market is behaving.

In the following review of Shrimpy we’ll take an in-depth look at the features of this unique trading tool, such as its ability to automatically rebalance your portfolio, and the social trading aspect of Shrimpy. You might be favorably impressed when you see how Shrimpy makes it possible to more easily manage your crypto portfolio and reach your investment goals.

Warning ⚡️: Trading Bots do NOT guarantee profit. Always exercise risk management

Shrimpy TLDR;

  • Test and automate trading strategies.
  • Simple crypto portfolio management.
  • Build new apps with cryptocurrency APIs.
  • Copy other traders’ portfolios with the social trading program.
  • Get paid for each Follower.
  • Assess crypto portfolio’s profitability.
  • Gather existing or live market data from major exchanges.
  • Long-term trading strategy automation using Shrimpy trading bot.
  • Offers crypto index funds for multiple crypto exchange accounts.
  • Keeps API keys secure.

What Is Shrimpy?

Shrimpy was created in 2018 in San Francisco, CA by Michael McCarty and Matthew Wesly and was originally registered as Bethos Lab Inc. The platform was created in an effort to make investing in cryptocurrencies less laborious, while also reducing investing risk.

It automates crypto trading and also assists in the creation and deployment of automated trading strategies. These include index fund development and portfolio rebalancing. Thanks to its unique features the platform has gained great popularity in the three years of its existence.

Shrimpy Logo

Start managing your crypto portfolio the smart way. Image via Shrimpy.io

While portfolio automation is considered the primary feature of the platform users can also take advantage of a number of other features. These include the ability to create a custom portfolio strategy, to utilize copy trading, and to easily track performance over time. Plus, users can also create their own custom indices across all the supported platforms.

In addition to its automation features, Shrimpy is also a social trading platform that allows traders to follow the trades of other users. This can be extremely useful in creating a hands-off approach to cryptocurrency investing.

Shrimpy can really save you time since its use of APIs means you no longer need to log into all of your exchange accounts separately to execute your trading strategies. Instead you log into Shrimpy and tell the platform what percentage you want to allocate to each cryptocurrency in your portfolio, and Shrimpy then automatically rebalances your portfolio to match those percentages. Of course you can also manually trade at any time as well.

Embracing DeFi

Automated portfolio management for decentralized finance. Image via Shrimpy blog.

Shrimpy is web-based, so there’s no application download to mess with. You can access the platform from the Shrimpy.io platform and then begin using it by integrating the exchange APIs associated with your accounts at the supported exchanges. Currently Shrimpy supports 16 crypto exchanges, with more on the horizon.

Shrimpy Features

Shrimpy has a number of excellent features which are categorized as Portfolio Management, Trading Automation, and Social Trading. Below I go into greater depth regarding each of these features and the sub-features that are related.

Portfolio Management

Crypto used to be all about trading, but portfolio management has been gaining increasing importance for crypto traders as they look to become long-term investors. Shrimpy is an excellent portfolio management platform that gives users increased risk management as well. The addition of automation and the ability to interact with other Shrimpy users is an added bonus.

Manage Portfolios

Manage multiple portfolios and much more! Image via Shrimpy.io

Shrimpy is also unique as a portfolio management tool as it doesn’t use any trading signal or indicators, and it doesn’t directly manage users’ portfolios. Rather is uses automation and the basic risk management strategies of rebalancing and dollar-cost-averaging to keep portfolio risk in check. It also includes performance tracking to make sure your investments continue growing as you like.

With Shrimpy traders are able to develop their very own crypto index using the parameters included in the built-in smart indexing tool. This gives traders the power of performance tracking and index funds.

For those who don’t want to be bothered with the creation of their own index Shrimpy offers a social copy trading feature that helps manage a portfolio by following the trades and strategy of another trader on the platform. This feature is as easy to use as a single click within the platform, after which Shrimpy will automate every trade made by the trading leader.

Index Funds

As mentioned above, Shrimpy includes its very own built-in indexing tool which allows each user to create their very own index, thus helping to ensure their portfolio remains diversified. Shrimpy’s indexing tool includes a number of parameters that make it the most powerful indexing tool available in crypto portfolio tools. Not only can users create an index, they can also weigh the index appropriately.

Shrimpy Index

This is an index of 26 cryptocurrencies, weighted by market cap. The maximum allocation for any asset is capped at 20%. Image via Shrimpy blog.

With Shrimpy it’s possible to construct an index manually, or you can automate the process based on market-cap-weighted index, equal-weighted index, and dynamic index. Then users select a rebalance period for their newly created cryptocurrency index portfolio.

Performance Tracking

If you have multiple exchange accounts you know what a hassle it can be to track your performance. However with Shrimpy’s intuitive and user-friendly dashboard it’s a breeze to track your portfolio’s performance across all the supported exchanges. Without this type of tracking you’re simply guessing at your profitability. That’s why top traders use Shrimpy to help them making crucial trading decisions.

Portfolio Automation

Automating your trades using Shrimpy’s built-in trade algorithm makes it a simple task to automate your portfolio. Unlike other automated portfolio solutions in the crypto space that use complex signals, indicators, and statistics to automate, Shrimpy keeps things simple and elegant. It uses such long-term strategies as dollar-cost averaging and portfolio rebalancing to ensure risk remains in control and your portfolio remains evenly balanced.

Portfolio Rebalancing

The core automation feature of Shrimpy is portfolio rebalancing. This is how the tool helps to reduce risk and enhance your profit margins. And because it’s automated it is even more effective in creating a good environment to profit from market movements.

Portfolio Rebalancing

Sometimes even the best portfolios need some rebalancing.

Portfolio rebalancing is nothing new. It’s been used by equity investors for decades. However as the cryptocurrency markets mature traders are also finding it is useful for managing crypto portfolios. Portfolio rebalancing simply works by buying and selling assets to ensure that a set target allocation is matched at all times. Shrimpy automatically makes these trades to keep the portfolio at the percentages specified by the user.

Users can take advantage of two rebalancing strategies:

  1. Threshold rebalancing – This strategies involves rebalancing the portfolio any time one of the assets strays from the specified allocation by a specified amount. This type of rebalancing can incur higher trading fees as it typically triggers more trading events.
  2. Periodic rebalancing – This is a simple method that looks at your portfolio at a regular time interval (monthly, weekly, daily, etc.) and rebalances to meet the specified asset percentages. When set to rebalance on a weekly or greater timeframe periodic rebalancing can keep trading fees in check, however it does increase market risk.

Backtest

One very handy feature included in Shrimpy is the back testing tool that helps to determine whether a strategy or index fund would have performed well in the past. You can look at the past five years of data to determine what the performance of any custom generated strategy, index, or portfolio would have been. This aids in developing a potentially profitable trading strategy with Shrimpy.

Social Trading

A second very distinctive feature of the Shrimpy platform is its social trading feature. With this any user is able to copy the trades of “lead traders” and hopefully profit as a result. And unlike other copy trading platforms that work by sharing signals and indicators, Shrimpy is focused on the community of traders using the platform. Traders are permitted to become leaders and create groups of like-minded traders, or they can simply follow whichever traders they prefer.

Social Trading

Follow successful trader’s or become a leader yourself. Image via Shrimpy.io

In this way a new trader can still grow a portfolio by following the trades of more experienced traders. They can even automate the whole process, allowing their portfolios to update whenever the portfolio of the trader they are following changes. Shrimpy makes it a snap to follow the trading strategies of successful traders.

And for those creating the groups, the “lead traders”, there’s a reward of $4/mo for every other user who implements the trading strategy. So, have 10 followers using your strategy and make $40/mo. Have 100 followers and make $400/mo. There’s no limit to the rewards for successful traders.

The social trading feature implemented at Shrimpy is perfect for those who are new to trading cryptocurrencies. They can have a better shot at profitability, and can also learn from the trades of the successful traders they are following.

Shrimpy for Developers

There’s actually more available at Shrimpy than just the portfolio automation and social trading features. The platform also has powerful market data APIs that allow developers to get involved with Shrimpy. This API allows for the creation of algorithmic trading bots, tracking applications, portfolio management tools, market signals, and more.

Shrimpy Developers

The developers portal. Image via Developers.Shrimpy.io

The Shrimpy APIs are perfect for crypto trading apps, with historical exchange data going back to 2013. They can also be used for real-time data collection or for efficient account management of all exchange accounts. With just one API a developer can integrate all the major exchanges supported by Shrimpy into their platforms, without needing to write a custom code for each individual exchange. This provides developers with the opportunity to quickly create and launch crypto trading platforms and much more.

The Shrimpy APIs for crypto trading include:

Trading API– The trading API allows developers to integrate trade execution from all 16 of Shrimpy’s supported exchanges. The API allows for the creation of market orders, limit orders, and supports smart order routing.

Live Data API– The live data API is the heart of any trading platform. After all, it’s impossible to trade without having a live price feed. With the Shrimpy live data API developers can integrate live data into their trading platforms, signals, and other trading tools. Shrimpy makes it possible to access live data via REST API endpoints or via WebSocket feeds. Having both available is quite useful since the REST API endpoints work well in mobile apps that don’t need to be updated as frequently, while WebSockets are ideal for high frequency trading.

Historical Data API– Shrimpy has data going all the way back to 2013, and the historical data API is the means to access all that lovely data. Historical data is presented in candlesticks, 1-minute interval order book snapshots, and tick-by-tick trade data.

Shrimpy Supported Exchanges

Shrimpy currently supports 16 major exchanges:

Shrimpy Exchages

Choose your favorite exchange. Image via Shrimpy.io

All 16 of these exchanges are compatible with all Shrimpy’s features, including the developer APIs.

Shrimpy Costs

Shrimpy fees are based on three different packages that offer various features and functionality:

Starter ($19/mo)

  • Spot trading
  • 15 min balance refresh
  • Automate 3 portfolios per exchange account
  • Connect 5 exchange accounts
  • Portfolio tracking
  • Strategy automation
  • Smart trading terminal
  • Smart portfolio rebalancing
  • Strategy backtesting
  • Social trading

Professional ($79/mo)

  • Everything in the Starter tier, plus:
  • Futures trading (coming soon)
  • 5 min balance refresh
  • Automate 5 portfolios per exchange account
  • Connect 10 exchange accounts
  • Fee optimization with maker rebalancing
  • Spread and slippage safeties
  • IP whitelisting
  • Advanced index builder
  • API Access

Enterprise ($299/mo)

  • Everything in the Professional tier, plus:
  • Dedicated server cluster
  • 1 min balance refresh
  • Automate 10 portfolios per exchange account
  • Connect 25 exchange accounts
  • Priority support
Shrimpy Pricing

Shrimpy pays for itself. Image via Shrimpy.io

The plan you choose will obviously depend on which features you require. Many people will be able to run their crypto portfolio strategy with the basic Starter account, while more experienced traders will want to move up to the Professional account. And for the power users the Enterprise account delivers all the powerful features needed to trade and manage multiple accounts.

For those who would like to take the platform for a test drive Shrimpy also provides a demo platform where you can dig into the functionality of the platform on your own.

Shrimpy Team

Shrimpy Team
Shrimpy runs a lean operation, with a small team of developers and business professionals. That said, the popularity of the platform led to Shrimpy doubling their staff in the first quarter of 2021. The primary team members leading the growth of the platform are:

Michael McCarty – Co-founder and CEO. Before founding Shrimpy Michael was a software engineer at Samsung and Boeing. After achieving a Bachelor’s degree in Bioengineering he started his career at NASA, where he was an Associate Research Scientist.

Matthew Wesly – Co-founder and CTO. Matthew and Michael met while at the University of Illinois at Urbana-Champaign, where Matthew received a Bachelor’s degree in Biomedical and Electrical Engineering. Following that he went into software engineering, first with KMC Systems and later with MedAcuity Software.

Nishant Nayudu – Head of Infrastructure. Nishant is the member of the team who actually studied Computer Science in university. Before joining Shrimpy, he held a number of positions, including that of software engineer at Amazon. Like McCarty and Wesly, he’s also an alumnus of the University of Illinois at Urbana-Champaign.

Sumaya Mehzabin – UI/UX Designer. Sumaya is the creative side of the team, and prior to joining Shrimpy she held a number of positions as a graphic designer, handling responsibilities like wire-framing, screen mock-ups, and visual design. If you enjoy the intuitive design of the Shrimpy platform you can thank Sumaya.

Is Shrimpy Safe to Use?

Based on its fairly long history within the crypto community and the positive reviews of users it appears that Shrimpy is both trustworthy and reliable as a portfolio management tool for automating trading within many major cryptocurrency exchanges. The APIs used are fully encrypted and secure, and there have been no breaches or other security issues in the history of Shrimpy.

The design of the platform and APIs means that Shrimpy only has access to trade on your behalf at the exchanges. There is no time at which the platform has access to your private keys, and no way for Shrimpy to make a withdrawal and steal your coins. According to the Shrimpy knowledge base:

Safety is hands down the largest concern in the cryptocurrency space for everyone involved. Due to this, it’s necessary to be skeptical of everything, and we here at Shrimpy both understand and appreciate that…

Shrimpy does not, under any circumstances, want or need “Withdrawal” permissions. The permissions we require on API keys are Data and Trading permissions. These will allow us to receive data from the exchange regarding the balances held in your exchange account, as well as place trades using the funds held in your exchange account.

Because we do not have withdrawal permissions, we are not able to remove any of the funds held within your exchange account – even to another exchange that you have linked to Shrimpy.

Customer Support

The primary support is provided through an extensive knowledge base, where Shrimpy has provided answers to all the most common questions and issues pertaining the usage of the service. In the event you have a question that’s not addressed by the knowledge base Shrimpy has a dedicated support email (support@shrimpy.io) where you can contact the support team.

The team can also be reached via the various social media accounts (Twitter, Youtube, Facebook, Telegram, Discord, and Reddit). And there’s an online chat feature on the Shrimpy website that allows user and potential users to connect with the Shrimpy team at any time.

Conclusion

As you’ve likely seen from our review Shrimpy is a robust automated crypto portfolio management tool that can save time and help to preserve and even increase profit margins within a crypto portfolio. The powerful set of APIs included in the platform make Shrimpy one of the leading crypto portfolio automation tools on the market.

The platform also includes an excellent social trading aspect that allows traders to copy the trades of those who are more successful. This can be both a timesaver and a way for new traders to learn how to properly craft a winning crypto portfolio strategy.

With features like automated dollar-cost averaging, portfolio rebalancing, backtesting, and social trading Shrimpy is a tool that any crypto trader will find to be both useful and valuable. And thanks to the powerful APIs developers can also benefit from Shrimpy through the creation of new tools, signals, and even trading terminals.

The Shrimpy platform has a user-friendly interface that makes it easy to get started, but is still powerful and rich in features. And most importantly, the platform is secure and safe to use, with no concerns over the safety of your coins and keys.

You can get started today with Shrimpy at a 20% discount from their usual fees by using our special offer found here. Start taking advantage of trading and portfolio automation with Shrimpy.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
Steve has been writing for the financial markets for the past 7 years and during that time has developed a growing passion for cryptocurrencies. View all posts by Steve Walters ->

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