Need help connecting Shrimpy to Coinbase Pro?
Make it easy to diversify and rebalance by connecting your API Keys to Shrimpy.
So you’ve got a Shrimpy account, a Coinbase Pro 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.
Can I use Coinbase Pro Portfolios with Shrimpy?
Coinbase Pro offers a feature to segment your funds using "Portfolios". You can not use this feature with Shrimpy. You can read more here. The proper way to segment funds and create portfolios with Shrimpy is to use the "Portfolios" feature inside the Shrimpy application.
How to get Coinbase Pro 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 Coinbase Pro account. Once you have logged in, you will see a page that looks similar to the one shown above. You can navigate to your API keys by selecting the drop down menu next to your name, then selecting "API".
Once you have navigated to the API Settings page on Coinbase Pro, click on “New API Key”.
While creating your keys, 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 Coinbase Pro API keys. These include: "View" and "Trade". Shrimpy does not require "Transfer". This option should be left disabled.
Note: Before continuing, Coinbase Pro has an extra component to their API Keys. This is the "Passphrase". This passphrase should be copied into a secure location so you can input this passphrase into Shrimpy in the future. You can see that the "Passphrase" is located on this screen. Take a moment to copy this value.
Once these have all been enabled, create the API keys by clicking "Create API Key".
Once the keys have been generated, you should be taken to the following page. This page shows the "API Secret". This value should be copied and stored in a secure location along with your "Passphrase". This screen will not be shown again, so there is no way to retrieve this secret once you close out of this screen.
The final component to your API keys is the public key. This key is found on the page shown above. This last value should be copied so it can be input in the Shrimpy application and link these two accounts.
Now that you have the 3 different components for your Coinbase Pro API Keys, you can connect your account to Shrimpy by selecting "Link Exchange."
At this point, select “Coinbase Pro” as your exchange and click "select."
Paste your “API key” and “Secret Key” into the Shrimpy application. Once the keys have been copied into the correct fields, click the “Save” button.
Once you have successfully linked your API keys, 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 found within the actions menu 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.
Have questions, comments or concerns? Feel free to reach out to us via the blue "Support" button found in the bottom left corner of your Dashboard, or send an email to Support@Shrimpy.io.