Shrimpy is a trustworthy and long-existing solution for automated trading, so this is not a surprise that I will test this tool. Today I am going to connect my Binance account, buy a subscription plan, launch trading bots and show to you the profit that Shrimpy could generate for the whole month of usage.
Shrimpy is offering a copy-trading strategy for you to automate your trading. Basically, you just follow some serious traders, copy their buy and sell orders without any personal interaction and collect profit. Sounds pretty cool, right?
Nonetheless, after trading for a whole month, I was not able to make any income with Shrimpy. I have even lost a couple of hundreds of dollars. Keep reading this report to see my results and details.
Buying the Subscription Plan
The first time you enter the Shrimpy dashboard, you will have to connect your crypto exchange account via API. I will be working with Binance, where I already have some coins deposited.
Once my Binance account is under Shrimpy’s control, let’s proceed to the paid subscription plans that the platform offers. I will launch this experiment with the cheapest Starter plan available for 19 dollars. This will allow me to run 3 automations at the same time.
There are multiple payment methods available to purchase the subscription. I will be using CoinPayments that supports cryptocurrency payments.
Now, everything is ready to automate my trading through the Shrimpy tool. My paid plan will expire on July 9th – this will be the day when I finalize the experiment and share my results.
Launching Shrimpy Automation
The social trading feature allows you to choose and follow the leader that will manage your crypto portfolio. You can see the number of followers of the traders and their profitability for the past day, week, and month.
TheBorg will be the first guy I am going to follow. He has no additional following fees and he has registered positive profit for the previous month.
Now I need to create a portfolio that I will connect to this leader. My subscription plan allows me to launch 3 automations, so I am going to divide my whole portfolio into three equal parts. My total balance is 3,491 USD, and this will be my starting point for the Shrimpy testing.
I have created a new portfolio and called it TheBorg for a better understanding of which portfolio will be connected to which leader. My Binance balance consists of BTC and BNB and I will transfer 33% of all the coins to the new portfolio.
The portfolio is created and I can start following the trader I selected before. The Shrimpy bot has also offered a stop-loss value at 693 dollars and I will be using this setting as it is.
I’ve started the automation and my portfolio is getting rebalanced. Now I have the same coins as the trader I follow in the same proportions. Once the trader will buy or sell anything, the same actions will be applied to my portfolio.
The second account I am going to follow is Curlyjazz. This trader has a following fee. I will have to pay 5% of the performance.
The third portfolio will be connected to TheMentor account with no additional fees.
To launch these two automations I have created two more Shrimply portfolios and connected them to these two leaders.
On the history tab, you can actually see what is going on with your balance. I have also seen the alert that stopped my account from buying SUSHIDOW and FILDOWN coins. To solve this, I had to log in to my Binance account, pass the quiz and activate leveraged tokens trading.
There are two features available to check the performance. You can see the results on the portfolio chart that shows you the total value of all coins hosted on your exchange.
Another piece of information that you can use to analyze the Shripmy results is the Portfolio total numeric value.
After several days of trading, I received the following message:
It tells that the trader I am following has started to take the fee for his services. I decided to keep following theBorg with the new conditions.
All three automations are now working fine with no issues. I will let Shrimpy trade for one month and let you know the amount of profit it would be able to generate.
Shrimpy Bot Results after One Month of Usage
So now, after one month of performance, it is time to check out the profit that Shrimpy was able to generate for me. The Starter plan I bought is now expired and there are 75 dollars pending following the fees that I need to pay. That is an interesting way of monetization, to request the payment afterwards.
As I am not going to continue this experiment, I won’t pay those fees (especially taking into account that none of all three Shrimpy automations were able to bring me any profit).
After a month, TheBorg has ended up with 898 USD in portfolio value. It registered a peak value of 1,235 USD right at the beginning of this test. Two weeks after starting the experiment, things got only worse.
The peak value for Curlyjazz’s portfolio was in the middle of the month with 2,282 USD in value. After that, the portfolio lost profit day after day and now worth 985 USD.
TheMentor’s portfolio had its peak at 1,329 USD at the beginning of the month. However, it ended with no income, the same as with the two previous leaders. The final portfolio value is 1095 USD.
These are the overall Shrimpy results for the whole experiment, the final balance is 2,979 USD (-15.64% since the last month).
Here is the price of Bitcoin for the same period. As you can see it was pretty stable for the whole experiment, so the failure reason is not anyhow connected to any massive cryptocurrency price drop.
Shrimpy Bot Experiment Final Verdict
While the whole Shrimpy testing resulted in a negative outcome, it looks like the tool itself is great and it exactly does what it is expected to do. The only issue here is the lack of professional traders who would be ready to share the experience in public via this social trading platform.
I am not sure what is the compensation that Shrimpy offers to its leaders, but at the moment, it does not attract any serious traders. Some leaders may not even receive their compensation, as Shrimpy is taking the fees afterwards.
There are different coins left on my Binance account:
Now I will sell those back to Bitcoin and prepare this account for another trading bot test. See you in my next experiments, and feel free to suggest the services to test in the comments below.