A little reminder about APIs
An API is an interface to access a service: we can make the analogy of the remote control and the television. The remote control is an interface that allows you to interact with the television without touching the wires.
In our case, the API allows access to a trading platform and thus to create cryptocurrency trading bots such as bitcoin or ethereum. The advantage is that you don’t have to give your password but just the API keys that you will learn how to create in this tutorial. If you want to know more about it, see our article How to create your API keys on Kraken? where we explain the APIs in more detail.
How to create your API keys on Binance?
You must first create a Binance account. If you haven’t already done so, you can use our referral link to sign up. Thank you !
The tutorial takes several safety steps but remains simple to implement. After creating your Binance account, go to the API management page. You can also access it by clicking on your account icon in the top right corner and then on API Management.
1. Give a name to your new API keys that will allow you to remember what they are used for, for example API_Botcrypto. Then click Create. If you have already added API keys to your Binance account, you can see them just below.
2. On the window that appears, you must click on Get code to have Binance send you a code by email (if you don’t click on this button, you won’t receive any email…). If you have enabled two-factor authentication, you will also need to enter the code for your application.
3. There you go! Your API keys are created. All you have to do now is enter the API key and the secret key on Botcrypto’s API page to start using our trading bots! Be sure to do this right away or save it in a safe place since the secret key will never be displayed again, and you will have to repeat the whole process.
Finally, you can manage the rights you grant to these API keys. Only the Enable Trading right present by default is needed on Botcrypto but we will review them for you:
- Read Only : gives the possibility to read market information.
- Enable Trading : gives the possibility to open buy or sell orders on your account.
- Enable Withdrawals : provides the ability to withdraw funds from your account. NEVER give this right if you are not 100% sure you need it and to have 100% confidence in the third party service that will use these API keys. We don’t need to have access to this right at Botcrypto, so we advise you to leave it disabled.
That’s all for today. If you have any questions, feel free to ask us in comment and see you soon on Botcrypto 🙂 !