Shrimpy is a trading crypto bot designed to manage traders' portfolios and rebalance profiles automatically and also provides a free-crypto environment where market indices and trading strategy backtesting are made very simple.
Hey guys, welcome to my Shrimpy review.
First off, let me ask a quick question:
Have you ever wondered why so many crypto dealers give up trading after the first month?
Think about it for a moment and you will see, and agree with me that the main reason is that they make the wrong decisions.
From trading with the wrong tools and at the worst times, to quitting — these are all the bad situations you probably never want to end up in.
The good news is that there's still so much good coming from the crypto space, and I need not mention that just about anyone can take advantage of them and make money with crypto trading bots.
So, stay with me because I'm going to show you how to shoot for the stars while trading with this bot.
Who Are the Brains Behind the Bot?
It's not surprising to mention how impressive their work histories and experience are.
For example, Michael's starting block was with NASA. He was later tapped by both Samsung and Boeing, while Mathew was formerly involved with KMC Systems and MedAcuity Software.
The bot is currently run by a team of 4 software engineers, including McCarty and Mathew.
A fun fact is that these four guys were schoolmates from the University of Illinois. Nishant Nayuda ( Senior Software Engineer and former Amazon employee) and Alireza Masrour (Shrimpy crypto advisor and Vice President of Engineering, Department of American Liquid Packaging Systems) were the last engineers to join the team.
In 2017, Michael McCarty developed a crypto bot called Crabby.
Apparently, after trade-testing his innovation, Michael came to the conclusion that Crabby could be made better, and it was out of this thought that Shrimpy was born.
So, we can safely say that bot is a rebranded and better performing version of Crabby (or pretty much a clone).
In light of remaking his first-ever bot, Michael was able to create a new project and a more trusted niche where transactions could be automated and tracked, and where the rebalancing of trading profiles and social trading interactions could also be made possible.
In this section of my Shrimpy crypto review, I will outline as well as explain the features of this trading bot.
For what it's worth, let's split them into three main categories and discuss their finer points in detail.
Here we go!
This is a common question and usually goes like this: how does a crypto trader consolidate different exchanges into one account?
Let me take a wild guess: before now, you never thought it was possible to merge cryptocurrency exchanges and trade from a single bot, right?
Traders can spot popular exchanges to connect transactions from; all you need to do is set up your Shrimpy crypto bot and tie it to the exchanges you want.
Since it's my business to choose how I trade, and not merely dump everything into the hands of robots, I felt very impressed with being able to select my own algorithms.
This feature helps you identify and choose very lucrative digital assets. When you're done, your bot integrates them into your portfolio and conducts automatic trades using your defined algorithms.
The rebalance feature is a way to make sure your trades are done.
How does this work?
You will need to log into your account and set up your API keys. Afterward, all your exchanges will be automatically encrypted in your main portfolio.
Using the crypto index bot strategy is just one aspect of tracking.
Here, smart tools are used to determine and build your own index strategy.
This is vital because your trading bot takes note of your own indices and uses the results obtained to decide which particular deals to trade on.
Imagine this - a crypto trading space where you are all by yourself. There is no one to talk to and certainly no one to share your ideas with.
Sounds crazy, right?
Trust me, the Shrimpy trading bot is nothing like that.
The social trading option gives everyone the leverage to interact and build engagements, which is even better for so-called social leaders.
These guys earn an extra $4 for each crypto trader that follows their activities.
Crypto Portfolio Management
Before the discovery of trade bots, dealers used to be lost at sea with how to manage several exchanges at once without shuttling between accounts — this was a real hassle.
These days, trading crypto is better, and so we can feel the difference bots have made with regard to consolidating exchanges.
Shrimpy does an excellent job of linking accounts.
Another point is that, since 2017, the bot has continuously added exchanges.
This takes me back to my earlier research; when I went through other Shrimpy reviews, I noticed that a lot of sites complained about the restricted number of exchanges.
However, this is no longer the case.
There are now 14 major Shrimpy exchanges.
Let's take a brief look at what they are:
Backtesting and rebalancing are very closely related.
However, the difference is in the type of index market strategy on which they run.
For instance, backtesting compares a standard strategy (constructed using algorithms) versus a trading strategy ( what works in the crypto market). Rebalancing compares your strategy with the trading strategy.
All in all, both target the trading strategy to make the best deals on your behalf.
The Shrimpy trading bot helps you keep track of your exchanges, plus the performance of other users.
Through this medium, you're able to access all exchanges from your own accounts.
Range of Tools
By now, it's pretty apparent that the site provides its users a good number of tools to trade with.
It is a good thing if we have the real smart tools to harvest the fattest profits on the market.
Word of Mouth
Yes, Shrimpy is indeed young, but notwithstanding, the administration has done a fantastic job of being able to carve out a very reputable brand.
This goes to show the level of trust that has been put in their hands as well.
Let me be honest, security checks with these guys are absolutely incredible and brilliant.
I know that, for one, so many traders with other platforms have severe concerns about how much protection they are provided.
This is different at Shrimpy.
You can see an exclusive statement on their website addressing security concerns.
"Shrimpy only requires the ability to read data and make trades, so your funds cannot be removed from the exchange. We also encourage all users to utilize our Two-Factor Authentication ("2FA") service, which secures access to your account."
Believe it or not, it's easy to hack accounts, and some scam bots are notorious for this.
Personally, I don't want my mind freaking out every now and then, so I would instead double-check than have bots feed on my funds.
You can always reach out to them using various options.
There are mentions of the Telegram, Reddit, and Discord accounts.
I must say that I think not having a mobile app kind of waters down the software usability.
Still, the interface has a spit-and-polish design.
There are seven functional sections, including the dashboard and allocation tabs. Each segment address is specific.
I'd prefer it if I showed you using no particular order:
Dashboard: For logging in and linking to exchanges
Wallet: To save and retrieve digital assets
Backtest: Compare market trading bot strategies and pick the best according to some given algorithms
Allocation: Set up and refresh the rebalance feature
Social: To share ideas and copy and follow successful portfolios
History: Access all your trade activities here
Setting: Alter most setups from here
Drawbacks of Using This Bot
No Mobile App
Come on, it's high time, and it really wouldn't hurt to have one.
If anything, it's going to make trading a whole lot more comfortable and portable.
Only Bittrex and Binance exchanges are compatible with social trading.
I have to say that most of the compelling features up there are reserved only for premium account holders. This is not too bad, however, because the pricing is quite reasonable.
Do you see where we are going? It is best if you purchase a plan.
As well, visit this page regularly to get the full list of available subscription plans.
Why Shrimpy Should Be the First Stopover for Beginners
Fair enough, I recommend this crypto bot for first-timers.
One thing I won't do in this Shrimpy review is to exaggerate the positives of using this platform.
A bunch of things you probably want to consider as a beginner would include:
An intuitive bot
The range of tools
Judging by what you've read so far, you can likely tell that the Shrimpy trading bot caters well to these needs and leaves almost nothing to be desired.
Let's Wrap It Up
In total, this bot is a compelling place to trade crypto.
For me, the most exciting parts are the social trading, rebalancing, security, and the user-friendly interface.
There should be no difficulties with navigating your bot if you are ready to start and to top it off, you will be protected.
I can also add that writing this Shrimpy review was worth it.
I hope it goes a long way in helping you get on your feet. Lastly, I recommend the use of the Shrimpy trading bot for both beginners and experienced traders.
Trust me guys, you'll be glad you did.