Binance: Generating Api Key

To connect your automated trading bot to the Binance exchange, you can create your API key using this guide. Before running the bot, make sure to backtest your strategies.

In this step-by-step guide, you can see how to create an API Key on the Binance exchange. The functionality of the API Key is that this platform (CryptoTailor) uses it to connect to the exchange through your user account, which means it grants this platform the ability to execute trades.

Note that this key can only be used to execute trades and cannot be used for transferring or withdrawing funds.

Activating Two-factor Authentication

To use the API on the Binance exchange, you first need to have Two-factor Authentication enabled for your account. If you have already done this, you can skip this step and go to step 6. To enable Two-factor Authentication, after logging into your account, go to the "Account & Security" section.

Choose Google Verification

On the "Two-factor Authentication" section, click on "Manage" for authentication app.

Install Google Authenticator

This step is for downloading and installing the "Google Authenticator" app. If you already have this app installed on your phone, you can proceed to the next step and click on "Enable Authenticator App". Otherwise, you can download it using the displayed link.

Scan QR Code

In this step, you need to scan the displayed QR Code using the Google Authenticator app. Note that there is a backup code; make sure to write it down and keep it in a safe place before scanning.

Activating Two-factor Authentication

To finalize the activation of Two-factor Authentication, you will be asked to enter the code sent to your email and the code displayed by the Google Authenticator app. After this step, Two-factor Authentication will be activated for your account.

Go to "Api Management"

Now that Two-factor Authentication is enabled for your account, you can access the "API Management" page. To do this, on your account page click on "API Management".

Create API

Click on "Create API".

Choose a "Title" for the API Key

In this step, you will be asked to choose a title for the API Key. For example, you can enter the term "CryptoTailor". This label is only for your reference and will not be displayed to others.

Choose the API Key Type

Choose "System Generated" and click on "Next".

Authentication

For security purposes, you will be asked to enter the code sent to your email and the Google Authenticator code again.

View API Key Details

In this step, the details of the created API Key will be displayed. The Binance exchange provides you with two keys: one labeled as the "API Key" and the other as the "Secret Key". Make sure to write down both keys.
Note that the access level of the key will also be displayed at the bottom of the details. After creating the key, it will initially only have "Read" access. Therefore, you need to edit it by clicking on "Edit Restrictions".

Edit API Key Permissions

Please note that you should only select the "Enable Spot & Margin Trading" option and leave the other options unselected. With these settings, the created API key can only be used for Spot/Margin trading, and it won’t be possible to transfer or withdraw funds using this key. Additionally, to increase security, you should restrict API key access to specific IP addresses in the section below. Use the "Restrict access to trusted IPs" option and enter the following IP addresses: (Make sure to leave a space between each IP address.)

To view the IP addresses, please log in to your account.

After entering the IP addresses, click on "Confirm" and then press "Save".

Connect to Binance On CryptoTailor

Now, log into your account dashboard and from the left menu, go to the "Exchanges" section and then select "Connect to Binance Exchange" and enter the API Key and Secret Key you received from the exchange there, and click on "Save".

Finish

If you have entered the information correctly, your key will be successfully saved and the connection to the Binance exchange will be established. Now, this platform can manage your positions through this key. Go ahead and start your automated trading journey! 🚀

APIs, or Application Programming Interfaces, are powerful tools that facilitate the connection between our platform and your cryptocurrency exchange account. Through APIs, you can automate your trading strategies by converting them into bots that execute trades on your behalf, 24/7. This integration streamlines your trading activities, allowing you to optimize and manage your strategies without needing to manually intervene in each trade.
When it comes to API usage, security is a paramount concern. Our platform is built to safeguard your API keys, employing advanced encryption methods to ensure that your information remains secure at all times. It’s important to note that the API keys you provide to our system are only granted permissions necessary for trading. These keys are restricted from performing any withdrawals or transfers, meaning that your funds are securely locked in your exchange account and cannot be moved by our platform.
The focus on trading-only permissions is a key feature of our API integration. By limiting the API access to trading functions, we ensure that your assets remain protected. Even in the rare event of a security issue, the API key cannot be used to withdraw or transfer your funds, adding an extra layer of security to your trading activities. This allows you to confidently use our platform’s automation features, knowing that your assets are safe.
To begin automating your trades, you’ll need to create an API key with trading permissions from your exchange account. This typically involves accessing your exchange’s API management settings and generating a new key configured specifically for trading. Once you have your API key, you can enter it into our platform to start automating your trading strategies. For detailed, step-by-step instructions on how to create and configure your API key, refer to the guides provided on the subsequent pages.
In conclusion, APIs are essential for enabling the automation of your trading strategies on our platform. With security measures in place to ensure that API permissions are limited to trading activities, you can rest easy knowing your funds are secure. Our platform provides a safe and efficient way to automate your trades, allowing you to maximize the potential of your trading strategies without compromising the safety of your assets.