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Shrimp is a portfolio management platform introduced in 2018 that provides multiple solutions to the world of cryptocurrency trading. For three years, the platform has provided intuitive and valuable products that allow cryptocurrency investors to seamlessly interact with the digital asset market.
Shrimpy’s main offering is portfolio rebalancing and social trading tools, which users can use to improve their market performance. Not to mention, the platform currently supports a list of 16 exchanges including: Binance, Kucoin, Coinbase, Bittrex, Poloniex, Kraken, Bibox, Bittrex global, Gemini, Binance US, HitBTC, Huobi global, Bitmart, Bitfinex, Bitstamp, and OK. Former.
team behind Shrimpy has new plans to update their platform. Namely, your current goal is to integrate futures contracts into your existing social trading ecosystem. A futures contract involves the purchase of an asset at a future date but with predetermined prices. Why is it so important to crypto investors and what motivates Shrimpy to launch this feature as part of their social trading program? Let’s find out.
Why Social Futures Trading?
As mentioned above, Shrimpy has already planned to launch its new futures trading features, merging them with its copy trading segment. According to a press release, the main reason for introducing futures trading is the increased demand for the service from users. To be sure, there is very little integration of futures for such instruments in the cryptocurrency market, so the increase in demand is no surprise.
Shrimpy wanted to give his clients what they wanted and as such planned to roll out his new feature gradually. But why do consumers need social trading for futures?
Futures are among the riskiest investment options in the financial markets. Risks associated with futures include counterparty risk, liquidity risk, delivery and settlement risk, and operational risk. refore, high levels of risk and increased complexity force beginners to seek the help of experienced trading veterans.
How will Shrimpy’s social commerce work?
Shrimpy’s Social Trading Futures will work similar to your usual social trading program. Once automated, the user will follow a selected market leader and any changes made by the leader in their portfolio will be applied to the follower portfolio.
refore, every time a leader makes money, the follower will also make money. Note that the case is also true the other way around. Once automated, users will set a stop loss, above which the follower account will automatically stop following the leader if the loss threshold is reached. stop loss threshold will go a long way in protecting small investors from losing all their wealth.
However, before you start following the market leaders, you must first allow futures trading on your Exchange account and link the account to a Shrimpy account. How can futures trading be set up?
How to set up futures trading on Shrimpy
Once introduced to Shrimpy, futures trading will require investors to create new ones. API keys and link them to your accounts. feature will initially only be available on the Binance exchange. However, Shrimpy plans to integrate more exchanges in the future so investors can access a wider range of trading platforms.
How can you combine Shrimpy futures trading with your exchange? That’s how;
- Enable the futures trading option on yours Binance account. Just visit the futures trading section after logging into your account, enter the required details and complete the process to enable futures trading.
- Configure the API keys and allow futures trading authorization for the specified keys.
- Update the API keys in Shrimpy by pressing the key update function.
- Click on the “Manage Portfolios” button on the Shrimpy dashboard tab and in the new window click on the Futures Trading checkbox. Once selected, you will be able to add and manage futures portfolios in your Shrimpy account.
It’s a gradual release
Shrimpy will launch its social futures trading option in the coming weeks. process of this release began in March 2021 and, according to the developers, the complexities associated with futures led them to release the feature in phases.
first phase (completed in early March) involved the implementation of future characteristic portfolio rebalancing. This tool helps Shrimpy keep track of future transactions and investor balances and their relevant trades to view information for the end user.
Later, Shrimpy turned his attention to introducing the futures option on the trading page.
third phase focuses on the introduction of the manual futures trading function. At this stage, investors will be able to complete their social trading by manually copying the strategies of the market leaders.
Finally, the platform will combine social trading features with portfolio rebalancing tools to automate social futures trading. Once this fourth stage is ready, investors will only have to select their leaders, place their orders and wait for the returns of their operations.
Why use Shrimpy Futures social trading?
As mentioned above, futures are among the most complex financial assets of our time and cryptocurrency futures are even more complex. Experienced traders have already learned to trade futures contracts; therefore, they can provide extensive assistance.
By introducing social trading for futures contracts, Shrimpy creates the ability to help novice users invest in futures and make a profit without any prior knowledge. sole task of the user is to create a futures portfolio, select a profitable leader, and monitor his performance.
Leaders will also be the primary beneficiaries of the release of future Shrimpy options. y benefit from the accusations they make of their followers. In general, the introduction of futures trading opportunities will benefit both the market leader and followers in the long run.
Followers of futures trading will enjoy choosing from a wide variety of strategies offered in shrimp. se strategies are provided by the platform or by individual experts who have created strategies that help maximize revenue.
Final word
Shrimpy has provided excellent portfolio rebalancing and social trading options for cryptocurrency investors. Numerous social trading leaders and novice investors have managed to maximize their profits using Shrimpy. refore, the introduction of futures trading makes it even more attractive and creates additional options to maximize income.
One of the most exciting things about Shrimpy is hers. user interface (UI) that provides a great user experience (UX). Also, Shrimpy’s pricing for its subscription-based payment caral makes it stand out from other platforms that provide similar services.
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Adam is an outgoing boy who likes adventures and discovering new things. Despite her boring life, she loves writing about cryptocurrencies and exploring what blockchain technology can do for the next digital world where all adventures will be virtual.
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