Shrimpy: The platform that simplifies the management of your crypto portfolio

shrimpy is a automated cryptocurrency management platform which allows investors to easily manage their crypto portfolio. It offers a wide range of features, such as automatic portfolio rebalancing, market analysis and trade copying.

It is a tool that can greatly facilitate your personal management of your various crypto-assets and help you have an informed view of your investments. This is indeed not easy to do when you have several accounts on different platforms.

Thus, its objective is to help investors make informed decisions before staking their funds. Discover the different characteristics of the platform below shrimpy as well as its operation.

What is Shrimpy and how does it work?

Shrimpy was created in 2018 by a group of developers including Michael McCarty who were looking to simplify cryptocurrency portfolio management. When investing in cryptocurrencies, you tend to have many scattered portfolios. We can then lose sight of all the crypto-assets we own. So, the problem is solved with Shrimpy, because it is a platform that allows you to track all the cryptocurrencies you own on different exchange platforms and on different portfolios for easier management on the same platform.

Thus, they can connect several cryptocurrency exchanges to their account and configure personalized investment strategies for their wallets. 

Shrimpy also offers market analysis tools and functionality. automatic portfolio rebalancing. This, with the aim of helping investors make informed decisions and maintain balance in their portfolio that Shrimpy has been developed. Using Shrimpy, investors can monitor the performance of their crypto wallet in real time and adjust their investment strategy accordingly.

Create a Shrimpy account 

Creating a Shrimpy account is quick and easy. First, go to the website of shrimpy and click the “Register” button at the top right of the home page. Then fill out the Registration Form by providing your email address and a password to create an account. Once you have created an account, you can connect your crypto exchanges to Shrimpy and start setting up your wallet.

Connecting exchanges to Shrimpy 

To connect cryptocurrency exchanges to your Shrimpy account, you must first generate API keys for each exchange you want to connect. API keys are identifiers that allow Shrimpy to access your trading account on the stock market. 

To generate API keys, you must go to each exchange's website and follow the instructions to generate API keys for your account. Once you have generated API keys for each exchange, you can add them to your Shrimpy account using the API key management interface on the Shrimpy website.

Setting up an investment strategy on Shrimpy 

Once you have connected your cryptocurrency exchanges to your Shrimpy account, you can start setting up your investment strategy. Shrimpy offers a variety of options for configure your wallet, including automatic rebalancing, dollar-cost averaging and market monitoring strategies.

To configure an investment strategy on Shrimpy, you must first select the cryptomonnaies that you wish to include in your portfolio, as well as the proportions in which you wish to hold them. You can also set limits for your wallet size, percentage of each cryptocurrency you are willing to hold and other personalized strategy settings.

How automatic portfolio rebalancing works on Shrimpy

Automatic portfolio rebalancing is one of the features Shrimpy's most popular apps. This feature helps keep your portfolio balanced. This, by automatically adjusting the proportions in which you hold each cryptocurrency according to the fluctuations of the market. 

For example, if the value of a cryptocurrency increases significantly, the automatic rebalancing of portfolio can sell part of this cryptocurrency to buy another cryptomonnaie which has declined in value. The main goal is to maintain balance in your portfolio.

Market analysis tools to make informed investment decisions 

Shrimpy offers a variety ofmarket analysis tools to help investors make informed investment decisions. These tools include real-time price charts, technical analysis, and fundamental analysis. Live price charts allow you to monitor market fluctuations in real time.

Conversely, the technical analysis allow you to identify long-term trends in the market. THE fundamental analyzes give you insight into the fundamentals of individual cryptocurrencies, such as their user adoption, technology, and development team.

How to use the copy trading functionality on Shrimpy?

The Shrimpy copy trading functionality allows investors to copy the trades of other investors on the platform. This feature can be useful for investors who want to follow the investments of other successful investors or for investors who do not have the time or skills to manage their own portfolio. 

To use the functionality of copy trading of Shrimpy, you must first search for successful investors on the platform and select those whose trades you want to copy. You can also set limits for the amount of each trade you want to copy and the percentage of your portfolio you are willing to allocate to each trade.

—> If you are interested in copy-trading, you can consult the article on copy trading on Bybit.

What are the fees associated with using Shrimpy?

Shrimpy offers a transparent and competitive pricing model for its users. Their fees are based on the trade volume carried out on their platform. Users can choose from two pricing plans:

• Free Pricing Plan : This plan is ideal for small investors and beginners. It offers core features such as portfolio management, portfolio allocation, automatic rebalancing, and API management. However, there is a monthly trading volume limit of $50 and the number of connected accounts is limited to 000. If you have few wallets to connect or want to try the platform, then this is still the option to choose.
• Professional Pricing Plan : This plan is intended for professional investors and experienced traders. It offers all the features of the free plan, but without monthly trading volume limits and with unlimited connected accounts. The fee is 0,10% per month on the volume of trades carried out.

It is important to note that the trading fees Shrimpy partner exchanges (such as Binance, Kraken, and Bittrex) also apply to every transaction made on their platform.

Here is a list of the main pros and cons of using Shrimpy:

✅ Benefits :

• Friendly and intuitive user interface for beginners and experienced traders;
• Advanced portfolio management features such as automatic rebalancing and portfolio allocation;
• A wide range of partner exchanges to trade a wide variety of assets;
• Transparent and competitive pricing;
• A wide range of educational resources for beginners and experienced traders.

❌  Disadvantages:

• Advanced features such as tracking;
• Advanced features like trading signal tracking and social wallets are only available in paid pricing plans;
• Advanced trading features such as orders stop loss and limit orders are not available on the Shrimpy platform;
• Although the platform is compatible with a large number of exchanges, it does not support all cryptocurrency exchanges available on the market.

Shrimpy's future prospects

Shrimpy continues to develop new features to improve the user experience and meet the needs of cryptocurrency investors. One of the new features offered is the Social signals. It is a technique that allows users to follow the portfolios of other successful investors and copy their investment strategies. 

Shrimpy is also working on a feature of staking, which will allow users to generate passive income by keeping their funds on the platform. Finally, Shrimpy is working on an integration with the platforms of decentralized trading (DEX), which will allow users to carry out transactions directly on DEXs from the Shrimpy dashboard.

If you have any questions or problems with your Shrimpy account, you can contact customer support via their online contact form. You can also access their knowledge base to find answers to your questions. Shrimpy also has a forum community where users can ask questions and discuss their experiences with other community members.

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Note: This is not investment advice. Always do your own research (DYOR). Only invest amounts you are willing to lose. Trading is an activity that involves risks of loss of capital.

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