Coinex: Generating Api Key

To connect your automated trading bot to the Coinex 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 Coinex 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.

Enable Two-factor Authentication

To use the API on the Coinex 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 7.
After logging into your account on the exchange, click on your profile picture in the top menu and then click on API Management.

Click on "Create API"

Click on "Create API" to create a new API key.

Select TOTP Authentication

If you have not already enabled Two-factor Authentication, you will see a similar box to the one in the image asking you to select the method of 2FA. In this case, click on the "TOTP Authentication" option.

Email Verification Code

Before proceeding, you need to enter the code that you received via email. Click on "Send Code" and enter the received code in the corresponding box.

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 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 has been activated for your account, you can go to the "Api Management" page. To do this, click on your username in the top right menu and then click on "Api Management".

Create API

Click on Create API to create a new API key.

Choose a Title and Access Level for the API Key

In this step, you’ll be asked to choose a title for your API key. For example, you can enter "CryptoTailor" or any other name you prefer. This title is only for your reference and won’t be displayed to others. Additionally, in the section below, you need to specify the access level for the key. You should only select the "Trade" option. With this access level, the key will only be allowed to buy and sell. Since you haven’t selected the "Withdraw" option, it won’t be possible to transfer or withdraw funds using this key. Also, in the box at the bottom, you need to enter the code displayed by your Google Authenticator app.

API Key

In this step, the details of the created API Key will be displayed. The Coinex exchange provides you with two keys: one labeled as the "Access ID" and the other as the "Secret Key". Make sure to write down both keys.

Connect to Coinex On CryptoTailor

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

Note: Coinex exchange API keys are created for a duration of 3 months and automatically expire after this period. Therefore, it is necessary to obtain a new API key before the current one expires.

APIs, or Application Programming Interfaces, play a crucial role in connecting our platform to your cryptocurrency exchange, enabling the automation of your trading strategies. By utilizing APIs, you can transform your carefully crafted strategies into automated bots that execute trades for you, day and night. This integration simplifies the trading process, allowing you to focus on strategy development while the system handles the execution.
Security is a fundamental aspect of our API integration. We prioritize the protection of your API keys, using robust encryption techniques to ensure that your data remains confidential and secure. Importantly, the API keys you share with our platform are configured to allow only trading activities. This means that while our bots can place trades on your behalf, they do not have the capability to withdraw or transfer funds from your exchange account, ensuring that your assets remain safely under your control.
The trading-only access granted by your API key is a critical security feature. By restricting API permissions to trading, we add a significant layer of protection to your account. Even in the unlikely event of an issue, the API key cannot be misused to access or move your funds. This limitation provides peace of mind, allowing you to confidently use our platform to automate your trading activities without fear of unauthorized transactions.
To get started with automated trading, you’ll need to generate an API key from your exchange account that has the necessary permissions for trading. This process involves logging into your exchange, navigating to the API settings, and creating a key that is specifically limited to trading functions. After generating the key, you can input it into our platform to begin automating your strategies. Detailed instructions for setting up and securing your API key are provided in the following sections.
In summary, APIs are the backbone of our platform’s ability to automate your trading strategies. With a focus on security, our platform ensures that API keys are used exclusively for trading, protecting your funds from unauthorized access. By leveraging our platform’s automation tools, you can effectively manage your trades while maintaining the highest level of security for your assets.