SHRIMPY REVIEW

How Legit is Shrimpy Exchange?

Traders of all levels love Shrimpy's myriad features that have taken the crypto world by storm. In the following Shrimpy Review, we explore what exactly it is, what it offers, how it can assist you in trading, and if it's legit.

Getting started is the first step.

Shrimpy-Compatible Cryptocurrency Exchanges

In February 2023, Shrimpy is now able to support an exchange of 10 cryptos and 13 wallets. These include,

Exchanges

Binance
Binance.us
Bittrex
Bittrex Global
Coinbase
Gate.io
Gemini
Huobi Global
Kraken
KuCoin

Wallets

1inch Wallet
Coinomi
Ellipal
Guarda
Huobi Wallet
Julwallet
Ledger Live
Metamask
Rainbow
SafePal
Spatium
TokenPocket
Unstoppable

What is Shrimpy?

In 2018, Shrimpy was founded in San Francisco, Shrimpy is an online trading platform for social media that lets you manage and rebalance all your crypto portfolio from one spot. It was initially designed as a means to make investing in crypto as well as asset management easier, Shrimpy developed into one of the top social trading platforms within the crypto world.

One of the major goals of Shrimpy is to streamline the crypto trading process and to implement automated trading strategies with the help of an exchange API.

Thus, traders can run their digital portfolios with much less hassle while reducing the risks they take.

Because Shrimpy is also an online platform for social trading It makes it much easier for traders and traders to exchange information, receive inspiration from other traders, and do copy trading. In addition, Shrimpy comes as a web-based platform that utilizes APIs for trading strategies in different platforms from one central location.

Team Behind Shrimpy

Shrimpy started as a small project that had a few employees and later grew into a larger organization as more of the public became aware of its potential of it.

The first members to join the Shrimpy are,

Michael McCarty - Co-founder and CEO

A former software engineer at Samsung and Boeing with a Bachelor's degree in Bioengineering.

Matthew Wesly - Co-founder and CTO

A former software engineer in KMC Systems and MedAcuity Software with a bachelor's degree in Biology Engineering and Electrical Engineering.

Nishant Nayudu - Head of Infrastructure

An engineer in the past at Amazon who is familiar with large-scale distributed systems.

Sumaya Mehzabin - UI/UX Designer

A former UX/UI Designer at Moxtra and is in charge of Shrimpy's creative directions. Shrimpy.

Features of Shrimpy

Shrimpy is a great platform with a lot of features that allow it to stay one of the best Social trading websites. In this article, we will highlight a few of the most widely utilized features.

Portfolio Management

Shrimpy is an excellent portfolio management platform that uses automation and basic risk management strategies of rebalancing and dollar-cost-averaging to manage portfolio risk. Crypto traders also can create their cryptocurrency index here using the built-in Smart Indexing tool. If not, just copy portfolios from other traders. Also, you could make use of it to monitor the performance of your portfolio.

Portfolio Automation

Through the use of dollar-cost Averaging and portfolio balancers, Shrimpy will automatize your trades to limit risk. Market participants can choose from either regular rebalancing or threshold rebalancing and back-test these options for a better option.

Social Trading

Utilizing the social-trade function of Shrimpy traders can copy trades and strategies from the lead traders and improve their chances to earn a profit. Traders can also be leaders in trading and reap advantages as more traders follow their strategies.

Shrimpy Fees

If you use the platform, there are three packages to choose from that have different costs.

FREE Account 1 Portfolio on 1 exchange with daily rebalancing periods.

Standard package $19 per Month 5 Portfolios on 5 exchanges and with adjustable rebalancing timeframes.

Plus Pack $49 Per Month for 10 Portfolios on 25 exchanges with customizable rebalancing time frames.

Shrimpy Security

With its excellent service and positive feedback from customers, Shrimpy has a good long-standing history in the crypto community. Therefore, to ensure the integrity of Shrimpy's security procedures, Shrimpy has taken many security measures in its infrastructure.

Here are some ways Shrimpy ensures client funds and the security of data.

Account Security

Industry standards account security measures such as 2FAand strong cryptographically hashed passwords, and secure transport layer encryption are all used in this case.

API Keys

Using FIPS 140-2 certified Hardware security devices, each API key is encrypted to ensure the highest level of security for your money and personal data.

Cold Storage

With Shrimpy traders can also input the number of assets they own using its feature called Cold Storage feature. This allows the application to look at your assets that are stored in the cold storage and allow for a more accurate rebalancing of the portfolio.

IP Whitelisting

By using this feature, you can restrict access to your account on cryptocurrency exchange stopping any unauthorized entry to your account.

Shrimpy Customer Support

To reach out to the Shrimpy team, you can use our chat online feature or social media platforms, or email.

But, with the help of their extensive knowledge of self-help and knowledge base, you'll be able to resolve the majority of the basic issues you'll run into while using Shrimpy by yourself.

Pros and Cons of Shrimpy

Understanding what Shrimpy excels at and where it lacks will help you arrive at a more informed decision.

Then, here's the list of pros and cons of the platform.

Pros

Simple to navigate interface for beginners.
Demo accounts are available for demo and backtesting.
Social trading tools that copy strategies of successful traders.
Automating and rebalancing your crypto portfolio.
Supports 10 exchanges and 13 wallets to date.
Dollar-cost averaging strategies.

Cons

Insufficient mobile applications.
A limited version of the free model of the website.
Insufficient crypto bot scripting.
Lack of trading terminal and crypto signals.

Conclusion

If you are a frequent trader with many transactions to analyze, managing and rebalancing your portfolio can be challenging.

In such situations, an automated profile rebalancing program could be very helpful.

Shrimpy can help here. With its dollar-cost-averaging strategies, it can serve as a social trading platform as well as help you manage your portfolios effortlessly. You'll never have to worry about the security of your funds with its highly sophisticated APIs. Shrimpy offers a trusted solution for managing and even balancing your portfolios, as well as improving trade efficiency.

FAQs

Is Shrimpy Free?

Yes, there is a cost-free version of Shrimpy accessible to traders to make use of. It allows traders to manage one portfolio on any exchange they choose, with daily replenishment. If you sign up for a paid plan it allows you to manage multiple portfolios on multiple exchanges.

Can You Use A Demo Account With Shrimpy?

Yes. Customers who use Shrimpy may use its demo account to test their trading and trade strategies.

Is Shrimpy Safe To Use?

While it's not strictly controlled, it boasts an outstanding service history with very positive customer feedback. Furthermore, with its strict security policies, you don't have to worry about the safety of your funds.