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The idea of making money even when you are sleeping, and yet you are not among the wealthy 1% elite may sound like fantasy and wishful thinking. However, the introduction of automated cryptocurrency bots in the crypto market has made this idea a reality.
Automatic bots can allow you to get off your screen for a rest, or even for another task and yet the trading activities continue in your exchange account. These bots have proved to redeem time for the traders. They have also improved the trading experience by eliminating the influence on trade due to emotions. These bots are also fast and more accurate in analyzing market data and executing trade orders. Shrimpy is one of such bots.
Shrimpy is a social index-trading platform for cryptocurrency that focuses on long-term index automation and portfolio tracking. Shrimpy has some interesting combinations of tools and strategies that make it a unique bot.
Its social trading feature also triggers the thought of collaborative investing and gives modern dimensions to crypto index-trading. Below are some of the features and tools that come with this bot.
Market Cap and Custom Indexing
Shrimpy has an intelligent indexing tool that makes it easy for traders to diversify their portfolios. Shrimpy allows the users to create their index with multiple parameters and automatic rebalancing.
This bot also allows traders to weigh their cryptocurrency index funds using the indexing tool automatically. A correct weighted index is a key to successful trading.
Shrimpy offers two types of indexing: Market Cap Weighting and equal weighting, which is based on an equal percentage of coins included in the trader’s portfolio. Diversifying portfolio decreases risk and enhances profit margins.
Rebalancing is an excellent trading approach that reduces risks and improves profit margins. This is a trading strategy where you develop a formula for allocating assets depending on the market conditions. Ideally, it involves changing your portfolio to meet your percentage criteria and enhance your chances of profiting from the market movements.
Shrimpy will automatically calculate the trades that need to be executed to rebalance the trader’s portfolio. Then it places the trades systematically on the trader’s exchange of choice to reach their desired portfolio allocation.
Shrimpy offers two types of rebalancing: time (periodic) rebalancing and threshold rebalancing. This strategy ensures that the risk remains within the trader’s desired level. It leads to risk mitigation and improved returns.
Backtesting is an important tool when developing a custom trading strategy. It involves running the new strategy through the past market environment to see how it would perform. It allows tasting any trading strategy or index with historical data to predict the success of the strategy or index.
You can backtest up to 5 years of detailed historical data, which is directly obtained from each exchange.
Social Copy Trading
The social trading feature allows users to copy other traders' strategies if they like them. Users who share their trading strategy are paid $4 per month for each person who copies their strategy. This is ideal for new users since they can automate their trading strategy without necessarily learning all the aspects of trading.
Shrimpy Universal Crypto Exchange API
Shrimpy APIs provide an effective trading solution for teams developing trading products and high-frequency trading strategies. It allows users to access live market data and complete order book to make timely trading decisions. This tool is the foundation for developing effective crypto trading products that are competitive with algorithmic trading bots.
Shrimpy has a simple and easy to use interface that makes it separate from some of the complicated bots. The web-based application, which executes Shrimpy is easy to access and very simple to understand.
The process of setting up trading bots also includes a few and easy steps. Utilizing functionalities such as slippage and spread is also simple. There is also a Demo program to help new users familiarize themselves with the program. Social trading also works wells for novice traders.
Shrimpy was built with the trader’s security and privacy in mind right from the beginning. This platform uses FIPS 140-2 validated hardware security modules (HSMs) to securely encrypt and store every API key. This feature protects the confidentiality and integrity of the trader's exchange API keys.
The bot only acquires the ability to read data and make a trade. It cannot tamper with the funds in the user's exchange through withdrawal. Shrimpy also encourages users to use their Two Factor Authentication (2FA) to secure access to their accounts.