While OKEx has now rebranded to OKX, it is still the popular cryptocurrency exchange that its users swear by left, right, and center. If you also have an account at OKX or want to use a trading bot with the exchange, you may easily understand the hype behind the exchange.
But before you can integrate your trading bot, you need the OKX API key setup. This key allows you to seamlessly connect your bot with your exchange account, without having to share your login details with a third-party.
To help you move forward with the seemingly challenging process, here is a lowdown on how to get the OKX API key within a few easy steps.
How to Handle OKX API Key Setup?
No matter how difficult the process to set up your API key might seem, it becomes a breeze to get through once you know what to do. In fact, the process is so easy that OKX users are advised to follow their API key setup all by themselves.
Since setting up the API key requires you to fetch the details from your specific account, fulfilling this requirement by yourself also keeps any third-party from learning your login credentials. As a result, you can fully protect the access details that could allow someone to transfer your funds or perform any other actions through your OKX account.
While handling the API key setup for OKX, you can rest assured that you can manage all the requirements within a few minutes at most. The setup is also completed and verified right away, which means that you don’t have to wait a few days to start using your cryptocurrency bot.
This is in contrast to your account opening or verification process, but directly in line with certain changes that you make on your account such as placing new orders or selling your cryptocurrency.
You should also be mindful of a few suggestions that you can follow before and after learning how to get OKX API key.
You Need to Perform OKX API Key Setup From Your Account
If any third-party website offers to generate the API key for you, it is a red flag that you should avoid by all means. It is because your API key needs to be generated through your OKX account. As a result, remember that only you can create your API key after logging into your account.
The API Key Will Give You Different Access Options
When you create API keys to provide your account’s access to another app such as a trading bot, you also have to manage exactly how much access the application receives. This means that you can choose if the app can only see your account balance, actually perform trades on the market for you, or withdraw the balance out of your account (this last option is not recommended).
Your API Key Setup Needs to Be Done Just Once
Unlike logging into an account over and over by entering your user ID and password, your API key needs to be configured just at the start. From there, your exchange and your trading bot can communicate with each other behind the scenes, but only use the information and access that you have allowed through your earlier settings.
Your API Key Is As Confidential As Your Password
Your API key is a combination of your public and private keys. It creates a backdoor for your exchange account and trading bot to communicate with each other without sharing login details. But it is still an encrypted key that neither application’s programmers can see. Keeping this in mind, make sure that you are not sharing it with anyone. Instead, make it a point to treat it as securely as your password.
How to Set Up OKX API Keys
Learning how to get OKX API key is quite easy when you are following step-by-step guidelines. Keeping this in mind, you can find a set of instructions below that guides you through the process.
While using these instructions, adopt security and usability best practices that include but are not limited to the following.
Use your own computer. Perform your OKX API key setup through your private computer instead of a public or office machine. This helps you steer clear of the risks of getting hacked.
Remember your OKX account login details. You will need to be logged into your account to perform the setup. Make sure you have the login credentials with you.
Setup 2FA before the process. If you have not set up two-factor authentication (2FA), you need to go through the process to complete the API setup. This requires you to add another verification step to your login process through Google Authenticator, which ensures extra security.
Go through your third-party bot’s instructions. Many reputable crypto trading bots provide you with instructional videos and material on how to get your API key. If these resources are available, don’t hesitate to use them.
Take your time with the process. While the whole process is quite easy and can be completed in just a few minutes, don’t push yourself to get through it as fast as possible. Since hurrying it along can lead you down avoidable mistakes, take your time and read the instructions repeatedly if you need to do so.
With this information in mind, you can go through the following steps with ease.
Start by Logging Into Your OKX Account
While learning how to get OKX API key, you need to be logged-in to your OKX account. If you are not logged-in, you will not be able to see the options to create your own API key. As a result, do this basic check from the get-go in order to avoid any unnecessary delay with the setup.
Click on Your Profile Icon
After making sure that you have successfully logged-in with your own account, look at the little profile icon that is available at the top-right corner of the screen. You will be given a set of different options. From there, choose the API option. If you have already enabled 2FA, you will be taken to the next screen for your OKX API key set up right away.
Create Your API Key
At the time of writing, the page to create your API key on OKX is titled Create V5 API Key. This page gives you the ability to set up your API key with a few customization options.
These include the following editable fields:
- API Name. This is where you enter a nickname for your API key, which makes it easy to track and manage your API keys from a list afterwards.
- Passphrase. This allows you to set up a passphrase for your API key, which is required to set it up with different bots.
- IP Address. This gives you the option to restrict your API key usage with certain IP addresses. This feature is not needed when you are setting up a third-party trading bot or portfolio tracking app. This function is important to remember while learning how to get OKX API key.
- Permissions. This feature is crucial during the OKX API key setup. It allows you to determine how much control the third-party app has on your account. It includes the following options.
- Read. This allows the connected app to read data such as available balances from your account. You should enable this option.
- Trade. This lets your chosen app trade your digital assets over the exchange. If you are creating the API key for a trading bot, you should mark this option as checked.
- Withdraw. This gives your third-party app the ability to transfer funds outside of your account and to another wallet. This option should be left unchecked.
- Enter Code. This is where you enter the code that you receive on your email. You have to click “Get Code” next to this field in order to get the details.
- Google Authentication. This field requires the code that you get through your 2FA setup. You can simply enter the information that you receive on your Google Authenticator app.
- Confirm. Once you have gone through all of the options, click this button.
Note Down Your API Key Details
You should be able to see a pop-up confirmation about the creation of your API key. This provides you with a public key as well as a secret key. You need both of these details to set up your third-party application. Never directly share these keys with someone else. Instead, always enter them into the app yourself.
Best Practices to Follow While Learning How to Get OKX API Key
While executing OKX API key setup, you need to make sure that you are following safety best practices. This not only helps you secure your funds, but also ensures that your personal and private information is also safeguarded from bad actors.
Never Share Your Login Details With an App
Any credible app would only ask for your API key and never for your account’s login details as an alternative access method. If an app, bot, or software asks for your OKX login details, it is your sign to steer clear of it. Any app that needlessly asks for these details has bad intentions behind the requirement.
Don’t Give Withdrawal Access
As mentioned in the sections above, giving withdrawal access during your API key setup allows third-parties to transfer your funds to whichever wallet address they want. Keeping this in mind, don’t check the withdrawal access box during API key creation.
Deal With Credible Apps Only
Even when an app asks you for API key access without withdrawal requirements, it does not mean that it fulfills all aspects of credibility. Make it a point to check for reviews, testimonials, and overall community discussions to spot any reported problems. This holds true for trading bots, portfolio apps, and other software alike. The practice calls for additional research, but it is worth the effort.
The Process is Simple, But Requires You to Be Careful
While learning how to get OKX API key does not require any advanced skills, it does need you to be careful about the aspects of security and cybersafety. As long as you are mindful of these factors, you can breeze through the setup and enjoy using your preferred app without any issues.