Looking for an expert Shrimpy review? Our guide has all the details you need for when you start to use Shrimpy, covering the key facts and features.
- Shrimpy: What it is and How it Works
- How Easy is Shrimpy to Use?
- How Safe is Shrimpy?
- How Much Does Shrimpy Cost?
- What Support Channels are Available?
Imagine making money while you’re asleep, even if you’re not a member of the one-percent blessed with unimaginable wealth. It might sound too good to be true, but it’s not — automated crypto trading bots can earn you profits 24/7!
With automated trading bots, you’re free to close your laptop and enjoy some time away from staring at screens. Perhaps you want to spend a few hours with your partner or read a book. Sometimes, being tech-free can be hugely refreshing for the mind and body.
Trading bots don’t just give traders more time to focus on other areas of their life: they take the emotion problem out of trading, too. You can make bad decisions when you’re tired or frustrated, but bots don’t. Bots can also analyze markets quickly and accurately, executing orders based on real data sooner than you might be able to.
One great example of an automated crypto trading bot is Shrimpy. Learn more about it in our in-depth Shrimpy review.
Shrimpy: What it is and How it Works
Shrimpy is a social index-trading cryptocurrency-focused platform, based on comprehensive portfolio tracking and index automation in the long term. It incorporates some impressive tool and strategy combinations, which help to make it unique.
Furthermore, the Shrimpy social trading function brings cutting-edge dimensions to cryptocurrency index-trading and collaborative investing. You can take advantage of the following features:
Rebalancing creates the potential to boost profit margins and reduce risks. This approach involves creating a formula for the allocation of assets, based on current market conditions. In the best cases, portfolio rebalancing requires you to adjust your portfolio to align with your percentage criteria and boost your chances of turning a profit from market movements.
Shrimpy can calculate trades to be executed to rebalance portfolios automatically, before placing trades on a specified exchange systematically. This helps you reach the portfolio allocation desired.
With Shrimpy, there are two rebalancing types — time and threshold. Rebalancing as a strategy keeps risks within a manageable level and creates a better opportunity to gain returns.
Custom indexing and market caps
The Shrimpy intelligent indexing tool enables traders to diversify portfolios and create an index with specific parameters, with automated rebalancing. It also enables users to weigh crypto index funds via the tool automatically, as a correctly-weighted index is essential for trading well.
Two types of indexing are available with Shrimpy: market cap and equal weighting. This revolves around an equal coin percentage in portfolios, and diversifying your portfolio reduces risks while helping to boost profit margins.
This tool is crucial for creating a custom trading strategy, as it’s based on trialling a new strategy against historical market conditions to assess its performance.
This enables you to test all trading indexes or strategies with past market data to predict the level of success you can expect to achieve. Up to five years’ worth of historical data is available for backtesting, gathered from each exchange directly.
Universal crypto exchange API
The Shrimpy APIs offer an efficient way to trade for teams working on trading products and strategies with high frequencies. Users can gain access to live market data and order books for well-timed decisions.
This tool also serves as the foundation of effective crypto trading products which compete with algorithmic trading bots.
How Easy is Shrimpy to Use?
For the next part of our Shrimpy review, we’ll look at its user-friendly interface. This helps to separate it from bots which are more challenging for newcomers, and, thankfully, the process of configuring your trading bots involves just a few simple steps.
You can also use functions such as spread and slippage with ease, while the demo program makes familiarizing yourself with the platform a breeze. Beginners will find social trading a welcoming option with Shrimpy.
How Safe is Shrimpy?
The Shrimpy team developed the platform with privacy and security in mind, so it utilizes FIPS 140-2 validated hardware security modules to ensure each API key is encrypted and stored efficiently. Your exchange API keys will be kept safe.
As Shrimpy can only read data and make trades, it’s unable to withdraw funds from your exchange. It also advises users to leverage the Two Factor Authentication for greater peace of mind.
How Much Does Shrimpy Cost?
Shrimpy offers three plans:
Holder — free
Professional — $13 per month
Enterprise — customizable rates available
What Support Channels are Available?
Shrimpy has cultivated an active community across multiple sites, including Twitter and Discord. If you want to join the community and discuss Shrimpy with fellow users, the team makes it easy.
You can access support through the aforementioned channels, as well as via live chat on the website.