Shrimpy Review – Cryptocurrency Portfolio Management

About Shrimpy

Shrimpy is a portfolio management website for crypto investors that allows easy tracking and management of all your portfolios in one convenient place. In addition to consolidating all your accounts, Shrimpy offers tools to automatically rebalance your portfolios, automate strategies, use social trading, and much more. While some services are free to use, Shrimpy provides three tiers of plans users can choose from. While many will be just fine with the free services and most willing to pay will likely find the entry plan satisfactory, I will outline all the plans for you to decide for yourself what best suits your needs.

Opening an Account on Shrimpy

Creating an account with Shrimpy only requires your name, an email, and a password. Once that is completed, you will be able to link any of the supported accounts or wallets and even begin setting up automations for your portfolios. If you wish to access Shrimpy’s other features, however, you will have to pay for one of the three plans.

Shrimpy Dashboard

The dashboard is where you will be able to see and manage all your linked portfolios. Here you can track your performance along with various statistics related to your specific trades and the assets overall. If you have many different portfolios, you can easily toggle between them via the tab in the top right of the page. This makes viewing and managing your assets much easier than bouncing back and forth between platforms if you are one of the many who have their crypto sitting on several different exchanges. In essence, the dashboard is a way to combine all your brokers, including Binance, Gemini, Coinbase Pro, and more, under one interface to better manage and visualize performance.

Automation

Shrimpy’s automation function is a helpful tool that allows users to automatically rebalance their portfolios based on allocation percentages they determine. For example, if you decide you want your portfolio to be 40% BTC, 45% ETH, and 15% SOL, Shrimpy will rebalance your portfolio as these allocations distance themselves from your desired percentages according to specific parameters you can fine-tune in the automation mode settings.

You can choose how often your portfolios rebalance, set stop-losses, optimize for slippage, dollar cost average according to your allocations, and even choose to rebalance at the click of a button. Even if you are a more hands-on trader, it’s hard not to get excited about how easy Shrimpy makes optimizing your portfolio.

Shrimpy Trading

If you commit to one of Shrimpy’s paid plans, you will have access to spot (and eventually futures) trading through their decentralized exchange (DEX) aggregator. At the moment, Shrimpy is only utilizing the 0x DEX, but they expect to utilize more DEXes in the future. Nevertheless, 0x is a liquidity aggregator pooling from many different DEXes on Ethereum, meaning it will have a very large number of supported assets and pool from various other DeFi DEXes to get the best prices. However, 0x is built on the Ethereum network and not compatible with fiat, so it’s important to note you will need ETH to trade with 0x. To actually use the DEX through Shrimpy, you will also have to link an external wallet such as MetaMask. And given 0x operates on Ethereum, bear in mind the transaction fees associated with using the network as they can be substantial and often too unreasonable to make a trade worth it.

As for the actual trading interface, Shrimpy has a basic format with line charts, an order panel, and popular markets that looks very clean and makes the process of trading quite simple. They also have an advanced trading interface you can switch to via the small toggle near the top right corner of the trading page. Here you will find full charts powered by TradingView as well as panels displaying the order book, trade history, and separate panels for buy and sell orders. Shrimpy really did a good job of catering to all kinds of investors/traders with both their trading interfaces and easy-to-use toggle feature. 

Social Trading

The social trading function allows you to see and follow the performance of other users over specified time periods anywhere from one day to several months. Social trading essentially acts as a social media platform where you can share or copy your allocation strategy and consequent performance, as well as participate in group chats to discuss your trading strategies. There is even a tipping function (in either BTC or ETH) if you enjoy the work of one of the leaders you follow.

Backtest

Shrimpy uses backtests to compare the results of portfolios practicing forms of rebalancing to those of non-rebalanced portfolios (HODLs). The number of backtests they typically run for each portfolio size and rebalance period pair is 1,000. By running these backtests, Shrimpy compares HODL results to various rebalancing approaches related to the number of assets held or the frequency of rebalancing. Using all this information, traders can make more informed decisions about how they should construct their portfolio and what level of rebalancing will most likely lead to the best performance.

Shrimpy Pricing and Plans

Shrimpy offers three plans; the starter plan, the professional plan, and the enterprise plan.

Starter Plan

As mentioned, Shrimpy has three paid plans to choose from, beginning with the lowest tier Starter Plan at $9 per month. The plan includes the following features:

• Spot trading
• 15 min balance refresh
• Automate 3 portfolios per exchange account
• Connect 5 exchange accounts
• Portfolio tracking
• Strategy automation
• Smart trading terminal
• Smart portfolio rebalancing
• Strategy backtesting
• Social trading
• Fee optimization with maker rebalancing
• Spread and slippage safeties
• IP whitelisting
• Advanced index builder

Professional Plan

The next plan Shrimpy offers is the Professional Plan at $49 per month, and this includes everything in the Starter plan in addition to the following:

• Futures trading (coming soon)
• 5 min balance refresh
• Automate 5 portfolios per exchange account
• Connect 10 exchange accounts
• API Access

Enterprise Plan

The Enterprise Plan is the final and most expensive at $299 per month. This plan includes everything in the previous two as well as the following features:

• Priority support
• 1 min balance refresh
• Automate 10 portfolios per exchange account
• Connect 25 exchange accounts

Customer Support on Shrimpy

Shrimpy has done an incredible job developing their help center resources to ensure all elements of their website are easily understood. Everything is simply explained and organized; they have countless video tutorials and provide an abundance of pictures to plainly walk anybody through their services. It’s arguably the best help center I’ve come across, so they certainly deserve a shoutout for the effort put in and quality achieved.

In addition to the help center, Shrimpy offers customer support via email or the in-site chat accessible at the bottom left of the page.

Shrimpy Security

Shrimpy places an emphasis on cold storage and actually allows users to actively move as much of their assets into cold storage as they want. Even during rebalances, Shrimpy only moves the small amount that is necessary to achieve the rebalance without moving all your funds out of cold storage.

Given Shrimpy is a service largely built around linking other exchanges, securing your account information linked through the APIs is arguably the most important security feature. As Shrimpy states, every API key is securely encrypted and stored using FIPS 140-2 validated hardware security modules to protect the confidentiality and integrity of all exchange API keys. Shrimpy only requires the ability to read data and make trades, so your funds cannot be removed from the exchange.

Shrimpy also allows users to enable 2-factor authentication and IP whitelists for additional security measures.

Conclusion: Shrimpy Review

Shrimpy is an amazing service if you’re the type of investor who has multiple crypto brokers, as it offers a beautiful, fluid way to see and manage all your portfolios in one place. This and the ability to easily dollar cost average into positions makes it a must-consider for passive investors (or really anyone who’s a fan of simplicity).

If you are a trader, the convenience of managing your portfolios through one website is still a good reason to consider their services even if you want to rebalance on your own, but trading through their DEX will likely be too expensive due to Ethereum gas fees for it to be worth your while. The interface is still quite appealing, but the fees just won’t be economical. Notwithstanding that concern, Shrimpy is still a great way to track your trading performance, backtest portfolio strategies, and participate in a social trading community to further improve those strategies. They also have an amazing help center to walk you through each service and take the security of your account very seriously.

If you are only using or holding funds on one exchange, Shrimpy’s services will be less appealing, but the rebalancing/automation features and aforementioned backtesting and social trading still make it a very appealing platform. And given the simple and aesthetic Shrimpy interface, it could be an improvement on your lone broker anyway.

Overall, I would highly recommend their platform even if you are uninterested in committing to one of their paid plans, as the portfolio linking and automation are more than enough reasons to sign up.