How to Connect Shrimpy to Binance [Pictures]
Make it easy to diversify and rebalance by connecting your API Keys to Shrimpy.
We’ve had a ton of growth recently and realized we needed a step-by-step guide (with lots of pictures) to help you unlock the power of Shrimpy for free. If you don’t know what rebalancing is or the benefits of rebalancing, check out the our overview of portfolio rebalancing for cryptocurrency.
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?
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…
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 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 Binance API Key and Secret Key
How often should I rebalance? How many assets should I include?
We’ve been busy performing hundreds of thousands of backtests at Shrimpy to find what types of portfolios have performed best in the past. First things first,
Always do your own research (DYOR).
We’ve written a bit about how to avoid scams in the past. If you haven’t you should definitely check it out.
How to Avoid Scams with these 24 Cryptocurrency Red Flags
This article is part of an ongoing series we are providing to help you improve your portfolio and decrease your risk…
Next, here’s a link to our latest research on how portfolios with different assets and rebalance periods have performed.
Crypto Users who Diversify Perform Better [New Research]
That’s one small step for your portfolio, one giant leap for your returns.
Short summary is that in the past portfolios with ~20 assets and a rebalance period of every 1 hour have far out-performed other portfolios. Adding more cryptos after 20 did help returns, albeit at a lower rate.
What about security?
Shrimpy ensures all API keys are encrypted separately and stored securely using FIPS 140–2 validated hardware security modules (HSMs) to protect the confidentiality and integrity of your Exchange API keys. We also recommend turning off withdrawal rights so Shrimpy only has trade access. As of writing this article these are disabled by default on Binance and Poloniex
Rebalancing with Shrimpy
Over the past year, we have seen that rebalancing a diverse portfolio can significantly improve performance. The Shrimpy website can help automate this entire process. Quickly select assets, instantly allocate a portfolio, and rebalance on a consistent time period. Shrimpy is the easiest way to manage your portfolio. Best of all, it’s completely free to use right now!
Sign up by clicking here.
If you still aren’t sure, try out the demo to see everything we have to offer!
Don’t forget to check out the Shrimpy website, follow us on Twitter and Facebook for updates, and ask any questions to our amazing, active communities on Telegram & Discord.
Leave a comment to let us know your experiences with rebalancing!
The Shrimpy Team