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…
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.
Now that you have the 2 different components for your Binance API Keys, you can connect your account to Shrimpy.
Once you have logged into Shrimpy, select “Binance” as your exchange and paste your “API key” and “Secret Key”into the Shrimpy application. You can find the page to input new exchanges by navigating to “Settings” and then “Exchange”. Once the keys and passphrase 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 email@example.com.
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.