So you’ve got a Shrimpy account, a Binance account, you know rebalancing could help you, but you don’t understand API keys or how to use them. Keep reading!
What are API Keys anyways?
What Binance says about API Keys
Above is what Binance says about API Keys. Basically in order to rebalance and diversify your portfolio we need an API to talk to the exchange.
Before we start…
Shrimpy allows for any number of exchange accounts to be linked to a single Shrimpy account. That means if you want to have 10 Bittrex accounts linked to Shrimpy, you are more than welcome. If you want to link 3 Bittrex, 1 Binance, 9 KuCoin, 5 Coinbase Pro, 7 Kraken, and 31 Poloniex exchange accounts, this is all possible inside a single Shrimpy account.
If you’ve already connected your API Key and would like to jump ahead, read about our research from over 200,000 tests on how portfolios would have performed with different numbers of cryptocurrencies. There’s a short summary at the end with a link to the research as well.
How to get Binance API Key and Secret Key
Login to Shrimpy and navigate to the Allocations tab at the top right. We need 3 primary pieces of information: Which exchange you’ll be using, your API Key, and your API Secret
Login to Binance. Click on the Account button under the person icon on the top right.
Click on the Enable button in the API section of your Account Dashboard.
Enter your 2FA code if you’re prompted. You will receive an email with a link you need to click to verify the activity. This link may expire after 15 minutes.
We’ve used our fancy Photoshop skills to put a pink box around the API Key and Secret Key. Copy these and make sure that Enable Withdrawals is not selected. Before you try, yes, I’ve deleted my Keys so you can’t use them :P
Select Binance as your exchange and paste your Keys into Shrimpy. Hit "LINK EXCHANGE". This will add your exchange to the right column, where it says "MANAGE EXCHANGES".
Congratulations! You have successfully connected your API keys to Shrimpy.
It’s now time to experience the exciting features that are waiting for you inside the application. Starting with the “Allocations” tab. Clicking this tab, you will quickly see there are a list of assets which are available on the exchange you linked. This is where you should select the assets you would like to have in your portfolio.
These are the assets that will be bought or sold in order to reach your target allocations. The target allocations are the assets and percentages that are specified under “Your Allocations”. Anything that is not in your allocations will be sold in order to buy these assets. Essentially, treat this list of assets that you select as what you want your entire portfolio to become. Shrimpy will do the rest to reach this goal.
The “Rebalance Now” button is the way you let Shrimpy know you want to perform trades immediately. Once you hit that button, it will perform all of the necessary trades to reach the target allocations that were specified on the “Allocations” tab. If your portfolio has already been created and is close to your target allocations, it will simply realign your allocations to match your target allocations.