Once you move past the “beginners” phase of using crypto you start to realize how much upkeep it takes to really keep your cryptocurrency portfolio in tip-top shape. Any good portfolio of assets looks to maintain a well diversified spread across your investments, but doing this manually can really take some time. This gets even further complicated with how cryptocurrencies work currently because if you are holding a decent variety of coins they may be spread across different exchanges or wallets. This requires you to log into each one specifically and manually rebalance your portfolio as the market changes to keep your desired allocations. This is where a great automated platform like Shrimpy comes in to play that helps you to rebalance your portfolio using a simple, yet highly effective set of tools.
Simple Automatic Crypto Trading With Shrimpy
If you are just hodling a few coins for the long term ( or ‘staching your crypto as I like to call it!), then you may not have to deal with these upkeep issues as much, but even the long term hodler will need to rebalance their portfolio from time to time. The team at Shrimpy have built an extremely user friendly interface to make asset allocation, rebalancing your portfolio, and backtesting your choices a simple process.
I got a chance to test out the Shrimpy platform for myself recently and I found that they really focused on a great user experience that is simple enough for intermediate traders and crypto investors to set up and let it do it's work. One of the best parts is that they offer a basic free account so you can check it out with NO risk!
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Shrimpy connects through an API to several popular exchanges including Binance (my fav), Bittrex, Coinbase Pro, Kucoin, Poloniex, Kraken, Huobi, Gemini, Bibox, Bitmart, & HitBTC. This is the backbone of their platform and when you sign up it is the first step you take to get your portfolio set up for automation. As you can see below they walk you through the main features and tell a little about them which is simple and I love it!
In addition to the main features of allocating and rebalancing your crypto portfolio they also offer some other cool features that include social following and cold storage which I will get into here in just a second.
Once you go through this mini-overview it takes you right to your dashboard which is a clean interface that prompts you to connect your first exchange so you can start allocating a portfolio. Adding an exchange API is probably the trickiest step, but not because of the Shrimpy platform but more so because each exchange has a little bit of a different process to generate an API key. While Kucoin makes it relatively easy, yet very secure, Coinbase Pro makes you wait 48 hours for the API key to be active as a security measure. Do keep in mind any time you are entering in your API information into a 3rd party site like this it does carry some risk, especially since you must enable the API to make trades for you (although withdraws are not enabled).
Setting Up Your Portfolio
When you do get your API keys entering them in Shrimpy is super simple and you just click the big red banner to go directly to the right spot. I decided to connect my Kucoin account to do some testing. While I don't have a ton of valuable assets in my Kucoin account it was still enough for Shrimpy to do its work, but do note that each exchanges minimum trade requirements may come into play if you have a low balance. Here is what your Dashboard looks like now! A very clean overview of your portfolio and history that is easy to read and understand at a quick glance.
Now that you have an exchange connected you set up your first portfolio on the Portfolio tab (easy right?). The interface is once again very clean and intuitive, I found that selecting coins was self explanatory and the only draw back I have seen to this interface is that the individual tiles that show each coin to pick are kinda big so you have to either scroll a lot or use the search function (this is what I did) to find your coins.
From this screen you pick your allocations which show on the right, and set what percentage they should always stay at to total up to 100%. You can see that I picked Enjin Coin, IOST, NEO, and Zilliqa for my portfolio (I later added in Bitcoin which is not shown here). While other similar platforms have overly complicated automation, Shrimpy gives you a simple Rebalacning option where you can set it to Never, 1 time per day, 1 time per week, etc.
Now that my portfolio is saved (I called mine the “Shrimpy ‘Stache”!), the Dashboard starts to show your history and your portfolio value over time. Setting up your portfolio for automatic rebalancing is the main feature, but let's take a look at some of the extra features too!
There are a few really cool features that I actually though were well laid out and designed. The first is the Social tab. Once you create a portfolio, and not before, you get access to the Social tab that shows you other people's portfolio's who have made them public (you can make your portfolio public as well from here). The Leaderboard tab shows you other's asset allocations (with a premium subscription) & performance over time so you can use this to follow others setups or post your own for people to follow you. As with the portfolio setup, it is very intuitive and easy to navigate and learn from.
The Insights tab is really cool and gives you an overview of the entire platform, which coins are most popular in all portfolio's, rate of return, popular rebalance times, and more. I actually really enjoyed this quick overview and found it quite useful when refining my settings for my portfolio.
The other very interesting feature they provide is the Backtest tab. This allows you to set up different portfolio allocations to see what they did historically. As you can see from this screenshot, you can pick a basket of coins to see how well Shrimpy rebalancing did against just hodling and it gives you some idea of what the future may be based up on the history. In this example you can see that a basket of Bitcoin, Ethereum, Litecoin, and EOS had a slight gain using Shrimpy versus just holding onto the assets. If you find a good allocation you can also “copy” it which I though was a great way to quickly switch up your portfolio based on real market data.
Not So Shrimpy Conclusion
While I have only been using Shrimpy for about a week now I am really loving how they make this tedious task of rebalancing your portfolio incredibly simple. The interface is clean, easy to navigate, and intuitive for the most part. In comparison to similar platforms, Shrimpy may not have as many bells and whistles but it focuses on the core features and does that EXTREMELY well. I appreciate this as I have found that many crypto tools like this are overly complicated.
Shrimpy makes it easy for even the novice to get started out with automation of their portfolio, but has a diverse enough set of tools for the experienced trader that just wants to optimize their asset management.
The great thing is that Shrimpy is FREE to sign up! With the free account you get most of the main features, but you will need a “premium” subscription to use the Backtesting, see others full portfolio's, and most of the other social features like following Leaders, etc. If you are looking for a simple and straightforward portfolio automation platform then I highly suggest checking out Shrimpy!
Hope this review of the Shrimpy platform was fun and informative, post in the comments if you have any specific questions. Until next time…
‘Stache That Crypto Friends!