What Are API Keys?
API (Application Programming Interface) is a method that allows software applications to interact. In the context of exchanges, API keys facilitate communication with your account, enabling services to perform actions without directly logging into the account. This two-way encrypted communication allows systems to execute tasks based on specific permissions.
For automated trading platforms like cryptobots.io, API keys enable sending requests to exchanges to manage trades between token pairs and access information about fund balances and open deals.
Benefits of Using API Connections
Speed: API connections directly communicate with the trading exchange server, bypassing the web interface, which speeds up trade execution. This efficiency is crucial for running complex trading strategies that are difficult to manage manually.
Setting Up and Using API Keys
When creating API keys on your exchange, you'll typically receive:
API KEY: A public identifier.
API SECRET: A private key that acts as a password.
Passphrase: An additional security measure on some exchanges.
Customization: API keys are customizable, allowing you to set specific permissions for services, such as Cryptobots.io. This customization prevents unauthorized actions, like withdrawals, ensuring that the API can only perform the intended tasks.
How Cryptobots.io Uses API Keys
When you select a strategy on Cryptobots.io, you'll need to provide your API keys. Cryptobots.io's system is configured to:
Open and Close Trades: Manage trades between different token pairs.
Access Account Information: View fund balances and the status of open deals.
The system does not have permission to withdraw funds, maintaining account security. This restricted access ensures that your assets are safe while allowing the trading algorithm to operate effectively.
Security Note: Do not confuse API keys with "secret private keys," which should never be shared. Secret private keys are crucial for accessing your cryptocurrency and should be kept confidential at all times.
Do you need more information?
Explore these resources:
FAQ: Quick answers to common questions.
Setup Guide: Step-by-step instructions for new users.
Strategy Guides: Detailed explanations of our trading products.
Exchanges: Explore our supported list of exchanges.
Bot Explorer: Select and activate your preferred strategy.
API Key Guides: Learn to generate and manage API keys.
Trading Guidelines: Understand our policies and expectations.
Automated Trading Guide: Insights on mechanics and risks.
All about cryptobots.io: Learn about our company and mission.
Profit Share: Manage your earnings and payments.
Affiliate Network: Track your referrals and commissions.
My Bots: Monitor your active trades and their performance.
In-app Help: Access tutorial videos and help guides.
Glossary: Definitions for cryptocurrency and trading terms.