Cryptocurrency trading can be overwhelming and complicated, especially for beginners. Fortunately, trading bots have emerged as a solution to help make trading easier and more profitable. One such trading bot that has gained popularity is Shrimpy Bot.
In this article, we will provide a detailed review of Shrimpy Bot, including its features, pricing, ease of use, and performance.
Shrimpy Trading bot Overview
Shrimpy can help you diversify your portfolio, reduce your risk exposure, and potentially increase your returns. It is a platform that provides an automated trading bot for crypto investors.
It allows users to easily diversify their portfolios across different cryptocurrencies, exchanges, and trading pairs. The Bot offers a variety of features, including portfolio automation, rebalancing, and backtesting.
Users can choose from a variety of pre-built strategies, or they can create their own custom strategies using a drag-and-drop interface. This also includes real-time market data, performance reports, and customizable alerts.
| Type | Portfolio Mangament and Trading bot |
|---|---|
| 📊 Features | Portfolio Management, Automated Rebalancing, Strategy Backtesting |
| 💱 Supported Fiat Currencies | USD, GBP, EUR, AUD, CAD, + 5 Others |
| 💳 Deposit and Withdrawal Methods | Credit/Debit Card, PayPal, Crypto |
| 🪙 Supported Cryptocurrencies | Depends on exchange |
| 🤝 Number of Trading Pairs | Depends on exchange |
| 💰 Pricing and cost | free and $19 Monthly |
| 📞 Customer Support | Help Center, Email |
| 🔒 Security Measures | 2FA, IP Whitelisting, FIPS 140-2 Hardware Security Modules |
| 📱 Mobile App | No |
Pros and Cons of Shrimpy
| Pros | Cons |
|---|---|
| Easy to use | A limited number of supported exchanges |
| Customizable trading strategies | No mobile app |
| Automatic rebalancing | |
| Backtesting feature | |
| Affordable pricing |
Shrimpy Features Explained
Shrimpy is a comprehensive platform that offers a wide range of features to help crypto investors manage their portfolios efficiently.
- Smart Trading Terminal for easy asset swapping.
- Smart Order Routing for optimal trading pairs.
- Historical Data view for the price, market cap, and stats.
- Trend Analysis for market insights.
- Asset-Trade History for transaction records.
- Exchange Price Comparison for best rates.
Portfolio Management
Portfolio Management is one of the core features of Shrimpy that enables investors to manage their portfolios effectively.
With Shrimpy’s Portfolio Management, investors can create customized strategies, backtest them, and analyze historical data to minimize risks associated with volatile markets. This feature is suitable for both novices and experts who want to take control of their financial future.
Dashboard
The Dashboard is a powerful tool that provides investors with an overview of their entire crypto portfolio. With Shrimpy’s Dashboard, investors can track their portfolio’s performance in real-time, view their portfolio’s value, and monitor their holdings across multiple exchanges. This feature helps investors to make informed decisions based on the latest data.
Link Exchange Accounts
The Link Exchange Accounts feature enables investors to manage all their exchange accounts in a single place. You can connect and manage exchange accounts from major crypto exchanges like Binance, Kraken, Coinbase, and more. This feature eliminates the need for investors to log in to multiple exchange accounts separately, saving time and effort.
Connect Wallets
Connect Wallets feature allows you to automatically track balance changes to hardware and software wallets. With Shrimpy, you can connect your wallets and track their balances in real-time. It helps investors to monitor their assets securely, reducing the risk of loss or theft.
Automation
Automation allows to optimization of portfolios by automating strategies trusted by institutions to reduce risk and improve performance. With Shrimpy’s Automation, investors can create custom portfolios, automatically rebalance them, and dollar-cost average their investments. This feature helps investors to save time and effort while ensuring their portfolios remain optimized.
Index the Market
The Index the Market function has the capability to automatically index the decentralized finance market. Investors are given the option to either mimic the portfolios of leading funds or build a personalized index using Shrimpy.
This feature provides greater autonomy over investments and assists in keeping up with current market tendencies. In essence, Shrimpy empowers investors to choose from a multitude of pre-existing indexes or to create a unique one of their own, thereby granting them increased control over their portfolio.
Smart Rebalancing
The Smart Rebalancing attribute guarantees accurate rebalancing through the utilization of Shrimpy’s sophisticated smart order routing system. Investors who choose Shrimpy can automatically realign their portfolio based on their preferred allocations, which minimizes the danger associated with manual rebalancing. It ensures that an investor’s portfolio remains optimized and aligned with their investment objectives.
Dollar-Cost Averaging
The Dollar-Cost Averaging facilitates the automation of the funds’ injection into a portfolio, with designated allocations each time funds are deposited. Through Shrimpy, investors can computerize their investments, mitigating the risks entailed in timing the market. This function guarantees the sustenance of diversified portfolios in conformity with the investment objectives of investors.
Trading (Cold Storage)
The trading feature enables investors to quickly swap assets in and out of their portfolio with ease through Shrimpy’s smart trading terminal.
It can execute trades across multiple exchanges, saving time and effort. This feature also provides investors with access to real-time data and advanced order types.
Trading bot Automation Features Explained
Portfolio Stop Loss
A Portfolio Stop Loss is a risk management strategy used to limit an investor’s loss by automatically selling a security when its price drops to a certain level.
With Shrimpy, you can set up Portfolio Stop Loss, which means that if your portfolio drops below a certain value, It will sell some of your assets to minimize your losses.
Threshold Rebalancing
Threshold rebalancing is an automated trading strategy used to maintain the desired asset allocation of a portfolio. It involves buying or selling assets to ensure that each asset’s percentage in the portfolio is within the desired range.
Shrimpy allows you to set up Threshold Rebalancing, which means that it will automatically buy or sell assets to maintain your desired asset allocation.
Spread/Slippage Control
Spread/Slippage Control is a feature that allows you to set a maximum price difference between the expected price of an asset and the actual execution price of the trade.
Shrimpy bots can set up Spread/Slippage Control, which means that the platform will only execute trades if the price difference is within your specified range.
Fee Optimization with Maker Trades
Shrimpy uses Maker Trades to reduce trading fees by placing orders that add liquidity to the market. With Shrimpy’s Fee Optimization with Maker Trades feature, the platform will use Maker Trades to reduce your trading fees.
Shrimpy Supported Exchanges
Shrimpy supports a wide range of cryptocurrency exchanges. Here is a list of the exchanges currently supported:
- Binance
- Binance US
- Binance DEX
- Bitfinex
- BitMax
- BitMEX
- Bitstamp
- Bittrex
- CEX.io
- Coinbase Pro
- FTX
- Gemini
- HitBTC
- Huobi Global
- Kraken
- KuCoin
- OKEx
- Poloniex
- Upbit
Shrimpy Security Measures
Shrimpy was conceptualized with the preeminence of your security in mind right from its inception. Each API key undergoes a highly secure encryption process and is stored using hardware security modules (HSMs) that are validated under FIPS 140-2, a standard used to maintain the confidentiality and the integrity of your exchange API keys.
Shrimpy solely necessitates the capability to peruse data and make trades, thereby ensuring that your funds are impervious to be removed from the exchange. Additionally, they strongly encourage all users to avail themselves of Two-Factor Authentication (“2FA”) service, which effectively safeguards access to your account.
Shrimpy Pricing and cost
Shrimpy offers a range of pricing plans to fit the needs of different types of traders. Here’s a breakdown of the pricing plans:
- Free Plan: The free plan offers unlimited spot trades, support for 1 exchange, 1 portfolio, and 1 automation, with a balance refresh time of 20 minutes. Backtests are limited to 3 per day, and rebalance periods are limited to 1 day. The free plan also includes features like dynamic indexing, portfolio stop loss, and portfolio dollar-cost averaging, as well as API access.
- Standard Plan: The standard plan costs $19 per month or $15 per month if paid annually. It offers support for up to 5 exchanges, 5 portfolios, and 5 automation, with a balance refresh time of 15 minutes. Backtests are increased to 25 per day, and rebalance periods are customizable. The standard plan also includes dynamic indexing, portfolio stop loss, portfolio dollar-cost averaging, and the ability to reduce fees with maker trades, as well as API access.
- Plus Plan: The plus plan costs $49 per month or $39 per month if paid annually. It offers support for up to 25 exchanges, 10 portfolios, and 10 automation, with a balance refresh time of 10 minutes. Backtests are increased to 100 per day, and rebalance periods are customizable. The plus plan includes all the features of the standard plan, plus the ability to customize dynamic indexing.
Supported Payment Methods
Shrimpy’s complimentary version only facilitates one wallet and exchange, whereas, for individuals looking to manage multiple portfolios, upgrading to Shrimpy premium account is mandatory.
The financial transactions carried out through Shrimpy are conducted in USD, but the platform accepts payments via PayPal, credit/debit cards, and Coinbase Commerce.
In consequence, users can subscribe to premium accounts using any fiat currency or one of the 15+ available cryptocurrencies. However, in the case of international customers, banking providers might charge currency conversion fees for the transactions performed through Shrimpy’s platform.
Supported Cryptocurrencies and Trading Pairs
After our inquiry into Shrimpy, we have discovered a regrettable shortcoming in the software’s capability to obtain information from two of the linked wallets, specifically Atomic Wallet and Trust Wallet. In addition, even after selecting an alternate network, only assets based on the ERC20 protocol were discernible under the trading section.
Regardless, after we seamlessly connected a cryptocurrency exchange account to the platform, it swiftly amassed all relevant data, encompassing assets such as XRP that possess their own distinct blockchain. Consequently, while Shrimpy is accommodating of any cryptocurrency stashed on an exchange, it is exclusively adept at managing Ethereum-based assets stored in a non-custodial crypto wallet.
Shrimpy Customer Support
Shrimpy offers excellent customer support through various channels. Their support team is knowledgeable and responsive, and they are always available to assist users with any issues or questions they may have. Users can reach out to the support team through email, live chat, or social media channels like Twitter and Telegram.
Shrimpy also has an extensive knowledge base with detailed articles and tutorials to help users navigate the platform and its features.
Shrimpy Mobile App
Shrimpy currently does not have a mobile app available for download on iOS or Android devices. However, their website is mobile-responsive, which means it can be accessed through a mobile browser. Users can still manage their portfolios, execute trades, and access all of Shrimpy’s features on their mobile devices through the website.
Alternatives and Comparison
| Exchange | Exchanges | Trading Fees | Rating | Website |
|---|---|---|---|---|
| Shrimpy | 20+ | $19 | 4.3/5 | shrimpy.io |
| Cryptohopper | 20+ | $16 | 4.2/5 | cryptohopper.com |
| 3commas | 16 | $15 | 4.1/5 | 3commas.io |
| Pionex | Built-in Exchange | Free | 4.2/5 | pionex.com |
Final Thoughts: Is it Safe?
Shrimpy Bot is an excellent trading bot that provides users with a range of features to help them manage their cryptocurrency portfolios effectively. The platform is user-friendly, affordable, and offers a variety of customization options.
While it does have some limitations, such as the lack of a mobile app and a limited number of supported exchanges, these are minor drawbacks compared to the benefits the platform provides.
FAQs
Is Shrimpy safe?
Yes, Shrimpy is a safe and secure platform. The platform uses advanced security measures to protect user data and funds. Shrimpy Bot utilizes secure encryption protocols to safeguard user data and two-factor authentication to prevent unauthorized access to user accounts. Additionally, users have complete control over their API keys, ensuring that they can manage their security as they see fit.
Can Shrimpy automate trades on multiple accounts?
Yes, Shrimpy can automate trades on multiple accounts. The platform offers portfolio management tools for multiple exchange accounts, allowing users to manage all of their trading activities from a single dashboard. This feature is especially useful for traders who want to manage multiple accounts simultaneously, as it eliminates the need to log in to each exchange account separately. Shrimpy’s API integration with exchanges allows users to easily automate trades across all their accounts, saving them time and effort.
Can I use Shrimpy Bot for free?
Shrimpy Bot offers both free and paid plans. The free plan allows users to connect to one exchange, create one portfolio, and use basic features such as rebalancing, backtesting, and dollar-cost averaging.
