Most of the new Users do not know how to create API Keys from your Trading Account on CoinDCX, Bitfinex, Binance etc, or some of the Users even might not have a Trading Account on any of these Exchanges.
How to Create API Keys?
Here is some information about API Keys, and how to Generate them with different Exchanges.
What is an API Key?
An Application Programming Interface key (API key) in simple terms is a secret Key (Passcode in general terms) that is provided by a Software (in this case Cryptocurrency Exchange) to the User Account (Your Account). This is usually a string with randomly generated characters by the Exchange on your Account Only, and only you will have this unique API Key and no one else can see this (unless you manually share the Key or Account details with someone).
What is the use of an API Key?
An API Key is used by some softwares to perform certain secured actions on your Account. They can only perform these actions, if they have your API Key, which obviously is shared by you as it is a Unique key generated on your own account.
For example, a Simple Money Transfer in an eCommerce website. In any Shopping website, after an Online Purchase is made using a Payment Gateway, the Money is added to the Merchant Dashboard confirming the Payment is Successful. This Transaction happens and Money is added to that particular Merchant only using the API Key (or any similar name) of the Merchant, by the Payment Gateway Company.
Why does autoPredict.io need my API Key?
autoPredict.io is a platform where you can create your own Trading Bots which run automatically. These Trading Bots can place Buy/Sell Orders 24×7 on your behalf on your Trading Account based on the Rules you have Created. In order for our Bot to place Orders in your Trading Account, autoPredict.io needs access to the Trading Account to place Orders.
- DO NOT SHARE Login Details of Trading Account with anybody
- Place Orders 24×7 using Trading Bots
- Trading Bots place Orders in your Trading Account using API Keys
- Give Permissions only to access Wallet, Orders,
- Be sure to uncheck ‘Withdrawal’ Permissions while generating API Keys
- Secure your Cryptocurrency (Money)
It is obvious that users MUST NOT SHARE their Private Data (Trading Account login details in this case) with anybody. Hence, all the Trading Exchanges provide the unique API Keys so that the Trading can happen on your Trading Account without accessing the Account all the time. Using your API Key, the autoPredict.io Bot can place Orders on your behalf without accessing your Trading Account.
MOST IMPORTANT point to consider while generating the API Keys is to make sure that the WITHDRAWAL permissions MUST be unchecked.
This is an example of Bitfinex Exchange Permissions popup shown while creating API Keys
What are API Key ‘Permissions’?
API Key ‘Permissions’ are the access that you would provide with that API Key. Using the API Key, the Key holder can perform only those actions that are defined in the Permissions.
We can ‘Read’, ‘Write’ or ‘Read and Write’ using the Permissions for a specific action. In screenshot above, we can see that ‘Read’ Only Permission is provided for Account Info and Account History. Which means, the API Key holder can only Read the information provided in Account Info, and Account History but cannot Create or Edit these two fields.
Example: Read Profile Information
‘Read and Write’ permissions are provided to the ‘Orders’, “margin trading”, ‘Margin Funding’, ‘Wallets’ Options. This means, the API Key holder can Read the information from the mentioned fields, or Write / Edit into these options aswell.
Example: Read Previous Orders and Write / Place New Orders based on the RULES you have created.
Also we can see in the above Screenshot, that there is no selection for Read / Write to Withdraw option. Which means, the API Key holder cannot Withdraw the Cryptocurrency/Money from the Account as he doesn’t have the Permission. Hence, your Cryptocurrency / Money will stay within your Account.