This help article is meant to cover the various aspects of making a deposit and withdrawal via Shrimpy Advisory.
First and foremost, it is worth noting that Gemini is the custody provider for Shrimpy Advisory. This means that all deposits are sent to Gemini, and all withdrawals are sent from Gemini directly to either your external wallet or your linked bank account.
Shrimpy Advisory provides several methods for depositing into your account.
Bank Deposit: Link a bank account and make a deposit right away.
Credit/Debit Card: Create a MoonPay account and deposit via a debit or credit card.
Wire Transfer: Link a bank account and receive wire transfer information. Then, login to the bank platform and follow their process to initiate a wire transfer.
Cryptocurrencies: Shrimpy Advisory provides the following options for cryptocurrency deposits:
When making a deposit, the deposited funds will be represented within your Shrimpy Advisory account and available for use within 24 hours. There are no hold periods on cryptocurrencies deposited to Gemini via Shrimpy Advisory.
Any funds that are deposited into your Shrimpy Advisory account will automatically be distributed into your selected baskets based on your desired allocations. You are not required to take any action on deposited funds.
You are able to withdraw funds from your Shrimpy Advisory account to a bank account or crypto wallet address, at any time.
Bank Account: Withdraw to a linked bank account, at any time. There is no validation period for this process. It will take 3-5 business days for the funds to be deposited into the linked bank account.
Cryptocurrency Address: There is a 7-day wait period after linking a new wallet address in which you will not be able to perform a withdrawal. A withdrawal can be made to an external wallet via any of the cryptocurrencies supported by Shrimpy Advisory. Withdrawals made via cryptocurrencies require varying amounts of time depending on which blockchain is used.
Shrimpy Advisory does not charge a fee for withdrawals, but you are subject to fees charged by Gemini as well as on-chain transaction costs when making withdrawals via cryptocurrency.
When making a withdrawal, funds are pulled from each Basket proportionally, and each cryptocurrency within each basket following the basket allocations.
Hypothetically, your portfolio is set up with the following investment strategy:
- Basket 1 (50%/50%) - 80% total portfolio value.
- Basket 2 (50%/40%/10%) - 20% total portfolio value.
When you make a withdrawal, the following would take place:
- 80% of withdrawn funds would be removed from Basket 1.
- This portion of the withdrawal would be split evenly between both cryptocurrencies included in Basket 1 per the baskets 50%/50% allocation.
- 20% of withdrawn funds would be removed from Basket 2.
- 50% of these funds would be removed from Cryptocurrency 1.
- 40% of these funds would be removed from Cryptocurrency 2.
- 10% of these funds would be removed from Cryptocurrency 3.
As you can see, the withdrawal will be split across all Baskets per your investment strategy, while also following the cryptocurrency allocation for each individual Basket.
Have questions, comments, or concerns? Feel free to send an email to AdvisorySupport@Shrimpy.io and one of our Support Agents will get back to you as soon as we're able.