So you’ve got a Shrimpy account, a Bitfinex 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?
API keys are the way we can link your cryptocurrency exchange account to Shrimpy in order to access your balances, execute trades, and more. Using these API keys, our servers will be able to connect to your exchange account and manage your portfolio. This automated way prevents you from needing to log into the exchange directly, but instead manage your assets through a 3rd party.
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 Bitfinex, 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 Bitfinex API Key and Secret Key
Login to Shrimpy and navigate to the Settings -> Exchange 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 Bitfinex. Click on the API option on the dropdown in the top right.
Navigate to "Create New Key".
Name your API key and set the permissions. Enable the following permissions for your API key:
- Account Information - Read
- Account History - Read
- Orders - Read and Write
- Wallets - Read and Write
Copy the API keys that are generated and securely store them to be put into Shrimpy.
Enter your 2FA code if you’re prompted. You will receive an email with a link you need to click to verify the activity.
Once you have your keys, enter them into your Shrimpy account on the following page.
Select Bitfinex 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.