A lot of crypto and blockchain applications require API keys to use them properly. For example, trading bots, portfolio trackers, third-party trading platforms, and so on. If you are looking for how to create and set up an API key, let’s take the biggest crypto exchange in this example, Binance. Therefore, keep on reading this learning crypto blog post, and find out how to create a Binance API key. Also, new users of Binance will get 5% off at trading fees for a lifetime.
What is an API key?
In short, regarding this Binance API key example, the API key it’s used to authenticate and give permission to a third-party application, to access some of the Binance account features. For example, to read your Binance account portfolio, enable spot and margin trading features, enable withdrawals, universal transfers, and vanilla options.
The Binance API keys will be used for distinct cases by every user, more specifically for what every user needs the API key for. But, to keep your account secured, I would recommend that everybody should limit the permissions. And by this, I mean only to enable the permissions for reading plus spot and margin trading, which will work for trading bots, third-party trading platforms, portfolio trackers.
How to create and set up the Binance API key?
Time needed: 3 minutes.
How to create a Binance API key?
- Login into your Binance account
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- Enter the API management section
Hover over your account and click on API management. Be informed that, to access the API key management zone, you will need to have a two-factor authentication method already set up. For example, Google authenticator, or phone number and email.
- Give the API key a label and click create API
Enter a name for your API key and click create API.
- You will need to pass the two-factor security verification
In my case are the phone number and email. Just enter the codes received and click submit to pass the security verification.
- The Binance API key is created
Safely store your Private key because once you exit the API management zone, you will not be able to see it again. The Private key acts like a password in association with your API key.
- Edit restrictions and IP access restrictions
This is for every user’s usage situation, but keep it simple and don’t enable too many permissions. Only if you trust that third-party application. The IP access restriction will come with extra security, and only from that IP address that you set up, the third-party application will have access to your Binance account.
Many third-party applications integrate with the world’s biggest cryptocurrency exchange, Binance. Especially trading platforms, trading bots, and portfolio trackers. So, the Binance API keys are in high demand.
Also, keep your account secure and limit the API key permissions. Furthermore, Binance recommends enabling the IP restriction for extra security.
Make sure to follow my blog and also my other channels. Shortly will come a review about a freshly launched trading platform that integrates with Binance, which brings cool new features in crypto trading.
For the new users of Binance, sign-up with my referral link and get 5% off at your trading fees for a lifetime.
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This Binance API key how-to-article is intended for informational purposes only. Therefore, the views expressed in this document are not, and should not, be construed as investment advice or recommendations. Readers of this document should do their own research, taking into account their specific financial circumstances. Also, the investment objectives and risk tolerance before investing. This document is not an offer, nor the solicitation of an offer, to invest, buy or sell any of the assets mentioned herein.
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