Need help connecting Shrimpy to Kraken?
Make it easy to diversify and rebalance by connecting your API Keys to Shrimpy.
So you’ve got a Shrimpy account, a Kraken 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?
An API key and API secret are like a username and password. These keys allow Shrimpy to communicate with the exchange in order to perform trades. Basically in order to rebalance and diversify your portfolio we need an API to talk to the exchange.
Before we start…
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 Kraken API Key and Secret Key
Note: There are a number of confirmation and set up stages in-between each of these steps. Some of the missing steps include steps for setting up and entering 2FA codes. These were excluded because there were many of these intermediate steps.
Log into your Kraken account. Once you have logged in, navigate to the "Settings" and then "API" tab. This is where you will create your API keys. You can see in step 2, how this should look once you have navigated to this page.
Once you have navigated to the API key page on Kraken, click on “Create New Key”.
Once your keys have been created, it is important to remember that Shrimpy requires access to APIs for trading and collecting data on your account. You can see in the above image all of the settings that should be enabled on your Kraken API keys. These include: "Query Funds", "Query Open Orders & Trades", "Query Closed Orders & Trades", "Modify Orders", "Cancel/Close Orders", and "Query Ledger Entries". Shrimpy does not require "Withdrawal Funds" or "Deposit Funds". These options should be left disabled.
Once these have all been enabled, create the API keys by clicking "Generate Key".
Once the keys have been generated, you should be taken to the following page. This page shows both the "API Key" and "Private Key" (A.K.A. - API Secret).
Now that the keys have been created, the “API Key” and “Private Key” should be copied so we can input them into the Shrimpy application.
Please do not use the options on Kraken for adding a Password or 2 Factor Authentication to your API key. Shrimpy will not be able to make trades on your account if you add these extra settings to your keys.
Now, select “Kraken” as your exchange and paste your “API key” and “Private Key” into the Shrimpy application. The "Private Key" should be input into the "API Secret" field on Shrimpy. You can find the page to input new exchanges by navigating to “Settings” and then “Exchange”. Once the keys have been copied into the correct fields, click the “LINK EXCHANGE” button.
At this time data should populate in your account dashboard. If it does not populate immediately, please allow up to 15 minutes for the data to populate. If it still does not populate after 15 minutes, please contact us at firstname.lastname@example.org.
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 “Automation” tab. On this tab, you can select assets to include in your portfolio by selecting "Add Assets". You can also automate an index using the "Create Index" button.
Don't forget to set a rebalance period or select a threshold rebalancing strategy to automate your portfolio.
The assets included here are the ones that will be bought or sold by Shrimpy in order to reach the desired percentage of each asset. The target allocations are the assets and percentages that are specified under “Allocation”. 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 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 “Automation” 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.