Bybit: Generating Api Key

To connect your automated trading bot to the Bybit 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 Bybit 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 Bybit 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 Two Factor Verification

On the "Advanced Protection > Google Two Factor Verification" section, click on "Settings".

Security Verification

In order to activate Two-factor Authentication, you need to enter the code sent to your email.

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. After scanning the QR Code, the Google Authenticator app will display a code that you need to enter in the "Google 2FA Code" field on the Bybit website. After entering the code, click on "Confirm".

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".

Create API

Click on "Create New Key".

Choose the API Key Type

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

Choose the API Key Type

For the API Key Usage, select "Api Transaction". This option allows the key to be used for trading purposes. After selecting the option, you need to select a name for the key; you can choose any name you like. For the Api Key Permissions, choose "Read-Write". Also, for securing the key, you can restrict the key to specific IP addresses. To do this, choose "Only IPs with permissions granted are allowed" and enter the following IP addresses: (Make sure the IPs are separated by a comma).

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

After entering the IP addresses, on the table below, you need to select "Trade" only on "Unified Trading > Spot". This option allows the key to be used for Spot trading only and therefore prevents the key from being used for transferring or withdrawing funds. After completing these steps, click on "Submit".

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 Bybit 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 permission of the key will also be displayed at the bottom of the details. After creating the key, it will initially only have access to Spot Trading.

Connect to Bybit On CryptoTailor

Now, log into your account dashboard and from the left menu, go to the "Exchanges" section and then select "Connect to Bybit 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 Bybit exchange will be established. Now, this platform can manage your positions through this key. Go ahead and start your automated trading journey! 🚀

On Bybit exchange, after changing your login password, you need to set up new API key(s), as the old one will expire within seven (7) days.

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.