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…
Shrimpy allows for any number of exchange accounts to be linked to a single Shrimpy account. That means if you want to have 10 Kraken 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 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.
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 [email protected].
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.