Whether you want to use a cryptocurrency trading bot or a portfolio management app, you need to connect it to your exchange account. In order for this to happen, you have to use application programming interface (API) keys.
For Binance.US, the process remains the same. But if you have never used API keys or the specific exchange before, you may need some help with Binance.US API key setup.
To support you through the process here is how to get an API key on the US version of Binance.
How to Manage Binance.US API Key Setup?
While setting up the API key for your trading bot or another application, it is important to remember that Binance.US is a different entity than Binance, the latter of which serves countries other than the United States.
Due to this reason, if you have configured your third-party applications with Binance, you will need a different setup for your Binance.US account. Besides, if you live in the United States, you will only be able to use Binance.US. It’s because Binance.US is the designated arm of Binance that complies with U.S. regulations for cryptocurrency trading.
With this in mind, you can follow the pointers below to learn how to effectively manage your Binance.US API key setup.
You Need to Generate Your API Key From the Exchange Itself
While connecting your exchange account to a third-party tool, you may run into various platforms that offer to generate the API key for you. This is a big red flag and compromises your exchange account.
It’s because such websites ask for your exchange account’s login details and associated information, which gives them full control over any funds that you have stored in the respective exchange.
However, these websites still do not and cannot generate the API key for you. The reason is simple: The API key can only be generated via the Binance.US exchange itself.
For security purposes, this rule also holds true for all exchanges other than Binance.US. In turn, remember that you need to learn how to get the API key from the exchange itself instead of blindly trusting a third-party website.
You Should Have an Active Binance.US Account
Before you can execute your Binance.US API key setup, you need to have an active Binance.US account. This is what allows you to generate an API key that is specific to your account and which can let you see your funds or make automated trades.
Once again, if you have a Binance account, then it won’t work with a Binance.US key generation. Instead, you will require a separate Binance.US account in order to set up your application with the U.S. front of the exchange.
To make sure that you can carry out all associated activities, confirm that you have a Binance.US account first. From there, you can move forward with setting up your API key. This ensures that you don’t face any problems achieving your required goals through third-party applications.
You Have to Verify Your Account for API Trading
At Binance.US, you can only start using your account if you have completed the verification processes outlined by the exchange. These verification processes are segmented into two categories, namely Basic Verification and Advanced Verification.
Basic Verification refers to simple verification that allows you to perform foundational activities with your account such as the buying and selling of cryptocurrency on Binance.US.
Advanced Verification requires a few more steps but provides you with full access to additional features. These also include the ability to trade your cryptocurrencies on Binance.US through API trading.
As a result, if you are performing the Binance.US API key setup in order to connect to a trading bot, it is crucial that you complete Advanced Verification at Binance.US. The steps are a bit lengthy, but it’s a requirement that you absolutely need to fulfill.
You Should Choose Reliable Third-Party Applications
When learning how to use the API key to automate your trading activities, you need to choose credible third-party applications. This holds true whether you are using a portfolio management app or an automated cryptocurrency trading bot.
This particular step ensures that you don’t compromise the security of your account or forfeit the management of your cryptocurrency funds by any means.
Some of the most common factors to choose a trustworthy third-party application include the following pointers.
- Choose a well-reviewed application.
- Check for any reputational problems with the platform.
- Determine if there have been security issues with the app.
- Confirm the overall ease of use for your chosen app.
These requirements ensure that you are able to utilize a credible application that also remains straightforward to use. In turn, this adds to your overall security and the safety of your funds.
You Need to Be Mindful of Your Secret Key
Your Binance.US API key comprises two segments:
- API Key
- Secret Key
Both of these keys are based on a long string of alphabets and numbers. But once you generate these keys from Binance.US and leave the page, the Secret key is hidden for your safety.
As a result, make sure that as you perform the Binance.US API key setup, you copy both keys and keep them safe in a secure location. In case you make any changes to your API key settings later, this saves you the hassle of generating these keys over and over again.
You Have to Check the Access Level for Your API Key
You have to make sure that you never give Withdrawal access to any third-party application. As the name suggests, this level of access enables these applications to make withdrawals from your Binance.US account.
To ensure that you do not fall prey to unauthorized withdrawals, you should give the third-party applications only the access to read your account balances and data, as well as to perform trades on your behalf.
This makes sure that you can use your third-party app in a safe and secure way that keeps your funds in your account and only uses them for your authorized trading activities.
In Binance.US, these options are categorized as the following.
- Can Read
- Enable Spot Trading
Both of these options should be On/checkmarked. However, the permission to Enable Withdrawals should remain unchecked.
You Should Enable Access to All IP Addresses
Another option that comes into play during the Binance.US API key setup is the unknown IP addresses restriction. When checked, this option limits any IPs other than the ones you whitelist from accessing your Binance.US account.
Checking this option prohibits many applications from functioning properly. As a result, ensure that you leave this option as Off/unchecked. This enables your chosen applications to access your Binance.US account as intended.
How to Set Up Binance.US API Keys
In order to initiate and complete the setup process, you simply need to follow the setup instructions clearly. As long as you don’t veer off course, you can easily execute the setup phase and utilize your Binance.US exchange account with the application of your choice.
Login to Your Binance.US Account
Ensure that you are signed in to your Binance.US account. This makes sure that you are receiving all the options that are required to create the API key and do not run into speed bumps along the way.
Click on Your Profile Name
The next step comes in the form of accessing the user menu. You can do so by looking at the top-right corner of the screen, where you can see your username or email address. After you click here, you can notice a string of options that take you towards the next step.
Select API Management
Instead of having to go through different submenus, you can simply click on API Management from the dropdown menu. This intuitive navigation saves you from dealing with different submenus and takes you directly to the next step of the process.
Create Your Key
After you have landed on the API management page, you can move forward by choosing the Create option. This allows you to create a new API key from scratch.
Name Your API Key
On the Create API dialogue, you will be asked to give your API key a label. Simply type in the name of the application that you are giving permission to, and click Create again.
Verify the Action
Right afterward, you will receive a confirmation email on the email address that is associated with your Binance.US account. Once you verify that it is you who wants to complete the API key setup, the exchange puts your request through.
You should find this email in your inbox. But if it doesn’t reach you within a minute or two, you should check your spam folder.
Determine API Key Permissions
After learning how to get Binance.US API key with proper restrictions and permissions, this is where you configure them for your API key.
By default, your permissions should look like this.
- Can Read: Checked/Enabled. This lets your app read data such as account balances.
- Enable Spot Trading: Checked/Enabled. This enables your app to buy and sell cryptocurrency on your behalf.
- Enable Withdrawals: Unchecked/Disabled. This option should remain unchecked/disabled at all times.
- Unrestricted (IP access): Enabled/Selected. This permits your third-party application to connect without IP restrictions.
Copy Your API Key and Secret Key
Once you have gone through the options above, you should click the Save option that is located in the top-right corner of the Create API key screen. Make sure that you save your API key and Secret key properly and only share them with the application that you want to use.
Follow the Instructions From Your Third-Party Application
After your API key and Secret key are generated, you can follow the instructions that come directly from your chosen application. Many of these applications will require you to choose Binance.US from a list of exchanges, and then enter the API Key and Secret key within their designated fields.
This process is quite straightforward and lets you complete the last steps of your API key without any issues. But if you face any problems, you can go through tutorials on the specific application’s website.
If you are using a reputable platform, it is more than likely that it would have tutorials ready to guide you through this part. Otherwise, you can contact the app’s team for further guidance on how to navigate the specific application.
It Is Important to Select Your Third-Party Applications Carefully
When looking for portfolio management or automated trading bot platform to use with your cryptocurrency account, it is critical that you determine the legitimacy and credibility of such apps before choosing one for yourself. This allows you to steer clear of security lapses and bad experiences.
To ensure that you complete your Binance.US API key setup for an application you can rely upon, keep the following points in mind.
Stay Away From Apps That Ask for Withdrawal Access
Never choose an application that asks for withdrawal access on your API keys. Any app that goes against this rule is not reliable and is likely to cause long-term security and credibility issues.
Steer Clear of Trading Bots That Give Specific Figures for Profits
Don’t select a platform that promises sky-high returns with specific figures. It’s because no one can predict the exact profit they can generate in the volatile market of cryptocurrency. Any app that promises such numbers displays is not credible enough to handle your funds.
Check Reviews for the App Before You Sign-Up
As mentioned above, reviews are the key factor in determining the overall trustworthiness of the app. However, ensure that you are not going by the reviews that are on the platform’s own website, since they can be edited. Instead, look for reviews on external platforms such as Google and Reddit to check the reliability of any app.
It’s Not Difficult to Create an API Key When You Know What to Do
Once you learn how to generate an API key at Binance.us, it is not difficult to complete the process all on your own. But after you have obtained your API key, make sure to consult application-specific instructions from your chosen platform. This helps you configure your newly-generated API key with the app of your choice.