You should be familiar with crypto trading bots if you’ve been trading for a while. Cryptocurrency traders use these tools to analyze digital assets on the market, purchase and sell and carry out other tasks associated with cryptocurrency trading, much like they would in traditional trading marketplaces. When they are not online to manage their deals manually, most crypto traders use bots in their place.
Crypto trading automation tools that are dependable, efficient, and effective offer simpler and automated trading strategies. Since the release of this technology a few years ago, bots have skyrocketed in popularity. In addition, the significant increase in crypto automation has fueled the expansion of these platforms. As a result, you’ll notice that new trading algorithms occasionally appear and draw in new traders.
In this Shrimpy review, we will discuss all the features of the Shrimpy bot and Why is it important in your trading journey.
What is Shrimpy meaning in Crypto’s World?
Shrimpy is a crypto rebalancing bot that you can connect with any major crypto exchange. By providing a secure and efficient cross-exchange crypto portfolio management tool, the Shrimpy Rebalancing tool hoped to aid the larger crypto trading community. Shrimpy io was created as a quick and simple solution to connect your preferred exchanges and wallets. Shrimpy now has over 30 integrations with almost all of the top cryptocurrency exchange platforms and suppliers of cryptocurrency wallets.
Understand Shrimpy Rebalancing Tool
Shrimpy’s portfolio management tool is fantastic. The degree of automation you can apply to your portfolio makes it truly excellent. In addition, the crypto rebalancing bot enables you to be a passive investor if that’s what you like. The three major aspects of Shrimpy are social trading, automation, and portfolio management. We’ll get into more detail about each feature so you can understand what they offer.
Pros and Cons
- User friendly
- Portfolio rebalancing
- Affordable plans with a free version are available
- Social trading
- No crypto signals
Is Shrimpy io Legit?
Shrimpy appears to be a reliable and respectable business that offers a tool for managing online portfolios that links different cryptocurrency exchanges on a single platform. The website integrates with reliable, safe, and reputable trading platforms using secure and encrypted APIs.
When compared to other trading bot services, Shrimpy is the newcomer. It might not appear to have a significant presence in the crypto community yet. However, both experienced and novice day traders are gradually embracing this trading bot platform. The shrimpy io tool is a part of their trading strategy.
One of the most secure crypto bot platforms available is shrimpy io. To safeguard the authenticity and privacy of your exchange API keys, each API key is securely encrypted and stored using hardware security modules that have undergone validation. As a result, your money cannot be taken out of the exchange because Shrimpy needs to be able to read data and execute trades. Additionally, they promote the usage of their Two-Factor Authentication (2FA) service, which safeguards access to your account among all users.
Shrimpy provides strong industry-standard security features, including using secure servers (HTTPS) and using two-factor authentication (2FA). In addition, rather than withdrawing money directly through the app’s API, trades are made through linked exchanges. Before you launch an independent strategy, Shrimpy provides some fundamental backtesting alternatives concerning profit safety.
At first sight, Shrimpy appears to have been designed for customers who are completely new to cryptocurrency trading and eventually for immediately experienced users who don’t want to invest a lot of time and effort in it. Therefore, almost all features were created with simplicity in mind.
Sadly, this has little influence over individuals who have already taken their first steps and have established their bearings in the market. However, this can be beneficial for the average Joe and Jane, who decide to try their luck for the first time. Since Shrimpy is a web-based programme, there is no need for installation. You just need to sign in to get to the main dashboard.
Shrimpy Supported Exchanges
Although this platform is relatively new to the market, one of the things that makes it appealing is that it appears to offer a wide variety of cryptocurrency exchanges.
It supports every cryptocurrency that is presently traded and every supported exchange.
All supported exchanges can be seen below.
Both free and paid versions of the tool are available, with the paid version including advanced functionality. As a result, this software is now among the most reasonably priced options available in the market for cryptocurrency trading bots.
Rebalancing, bespoke portfolios, and connecting an infinite number of exchanges are all included in the free plan. However, there are restrictions on access to the community and social features, and backtesting is not a feature.
The monthly cost of the premium subscription plan, which includes all of the free plan’s features plus extras, is $8.99. In addition, the subscription plan offers features that the free plan does not, such as a threshold rebalancing strategy, complete access to community and social features, backtesting, customizable safety choices, and spreads.
If you wish to look, the website offers a demo so prospective customers can see it in action and get a sense of what to expect from this service.
Shrimpy io is developing a definition for the notion of social portfolio management. By copying top traders, discussing various techniques, and automating their entire crypto portfolio, they enable cryptocurrency investors to utilize social portfolios. Like many other cryptocurrency bots, Shrimpy is not intended for trading indications or indicators. Instead, it helps the traders with crypto portfolio rebalancing.
Instead, they focus on managing portfolios through straightforward automation of processes like rebalancing and stop losses. As a result, you may easily duplicate a market leader’s trading approach and portfolio holdings through automated portfolio management.
How to use Shrimpy?
Once you have successfully completed the email verification, log into your Shrimpy account. Next, you’ll need to link the platform’s API to your cryptocurrency exchange. Then, select the exchange by clicking the “Exchanges” tab under “Settings” to connect it.
Enter the API details of your crypto exchange, and traders need to link their exchange accounts through API. To provide further details, Shrimpy has created a step-by-step tutorial on how to link any transaction to their platform.
You can include the crypto assets in your portfolio by adding them. Since each allocation is calculated as a percentage, the overall allocation should be 100%. Make sure to choose an automation approach by selecting the rebalancing time period once you have added the allocations.
You can start automating the procedure by allocating your portfolio after you’ve saved the automation. Review the allocations to ensure they are satisfied before clicking the Rebalance Now button. Once you start the sequence, Shrimpy will make all the trades required to reach the specified portfolio allocations for you. You can manage all of your crypto portfolios in one place.
You can even build up numerous programmes to handle various portfolios that can include various coins or employ other strategies. Furthermore, the portfolio’s rebalancing interval can be customized. For example, you can instruct Shrimpy to rebalance the portfolio on an hourly, daily, or weekly schedule.
Social trading, connected to portfolio management, is Shrimpy’s most distinctive trait and sets it apart from other cryptocurrency trading bots. It extends beyond simply being able to implement a leader’s approach with a single click, as described before. Instead, followers have immediate access to a strong site where they may browse the leading cryptocurrency traders and market leaders.
By choosing a leader, you may get a detailed understanding of the most successful portfolios by seeing their allocations and current approach in social trading. Being a leader also comes with many rewards since Shrimpy pays you $4 monthly for each follower you have. In addition, you can pick from verified leaders with their performance histories and trading breakdowns.
Backtesting your unique strategies or portfolios on Shrimpy will give you a sense of how they perform, allowing you to make adjustments to make them perform better and determine your ideal portfolio allocation. With Shrimpy’s backtesting tool, you can test any strategy or index using historical data to see how it would have done on any exchange in the past.
Backtesting may have a problem because it focuses on past data, and since the crypto industry is dynamic, what worked last year could not be as effective now. This process also involves the analysis of historical data across multiple exchanges. Check the performance record and approach of the leader you intend to follow before choosing them. Check to understand if it fits your needs and investment philosophy.
Most of the frequently asked concerns concerning the service are addressed in the extensive knowledge base on the official website. There is a live chat option in addition to the knowledge base for present and potential users. Shrimpy assigns a small shrimpy team to manage user support and offer efficient solutions. Their response time is fairly quick, and many customers attest that their problems are fixed shortly after calling assistance.
Additionally, users can contact the customer support team via a dedicated email address as needed. Use their live chat option or email them at [email protected] to get in touch with them.
Shrimpy vs 3commas
Shrimpy has excellent tracking, social trading, and automated rebalancing options. Similar to Shrimpy, 3Commas connects to bitcoin exchanges through an API. After that, the user can trade directly from the 3Commas console on any exchange. However, while 3Commas appears to be created for traders, Shrimpy appears to be created for portfolio investors. The portfolio rebalancing skills of Shrimpy are well known. It is the process of redistributing the assets in a portfolio.
3Commas is a wonderful option for cryptocurrency traders who are a novice because it is effortless to use. 3Commas offers a spot trading interface with risk management tools and connects with the most significant cryptocurrency exchanges.
Despite the fact that the offer is modest in and of itself, Shrimpy does what it does best. It only serves beginners in the field, leaving much desired for everyone else. Nevertheless, Shrimpy can be the easiest way to monitor your portfolio performance and digital assets if you are a beginner. Remember that it does not offer any investment advice. Instead, it provides the facility to buy or sell cryptocurrencies.
Shrimpy is not a bottom feeder in cryptocurrency trading, but it is not the best bot available. However, it is quite apart from those complex trading tools. Both novice traders and experienced traders can use Shrimpy to enhance the quality of their asset allocation. Before jumping right into any tool or crypto bots, you must do your own research also.
Are trading bots legit?
Yes, trading bots are legit unless you sign up with fake bots out there. Thoroughly check whether the platform is regulated or not.
Is Shrimpy a legit crypto trading bot?
Yes, Shrimpy is a legit crypto trading bot. It protects the API keys through proper encryption and hardware security.
How good Shrimpy trading bot reviews are?
Many traders trust Shrimpy for different reasons. It is one of the most used trading bots used among the traders. Long story short, Shrimpy has good trading reviews.
Is Shrimpy io free?
Shrimpy.io is free of cost and highly beneficial for each level of traders. Once you link your trading account with Shrimpy, you can access it for free.
How many days of Shrimpy trial provides?
Shrimpy offers a free 7-day trial for its users. Traders are not obliged to sign up to use the trial.
How does the Shrimpy crypto bot work?
You need to enter the crypto exchange API details to link your account with Shrimpy. Then choose automation after adding crypto assets to your portfolio. Then Shrimpy will automatically make the trades.
Is the Shrimpy app available?
Yes, Shrimpy is available for both Android and iOS devices.
Top legit crypto trading bot?
Perhaps, Shrimpy is one of the best crypto trading bots. But Pionex has been considered the leading crypto trading bot.