API key

An API key is a key and secret pair that lets a program access your exchange account without your login and password. You set its permissions: read, trade, withdraw.

How it works

An API (application programming interface) lets bots, portfolio trackers and tax tools talk to the exchange directly. When you create a key, the exchange shows a public key and a secret. The secret is usually shown only once and should be guarded like a password.

Keys have permissions: read only (see balances and trades), trade (place orders) and withdraw. Fewer permissions mean less damage if the key leaks. Many exchanges let you lock a key to IP addresses, so a stolen key will not work from someone else's server.

A leaked key with trade rights is dangerous too: an attacker can pump an illiquid coin and make your account buy it at an inflated price from them. That is why you delete keys once a service is no longer needed.

Example with numbers

For a portfolio tracker you create a read-only key. For a bot you create a key with trade permission, no withdrawals, locked to the two IP addresses of the bot's server. Neither case needs a key that can withdraw.

Common mistake

The main mistake is ticking every permission and pasting the key into unverified bots, chat-app services or random scripts. Grant the minimum, never enable withdrawals unless you truly must, add an IP restriction and delete keys you no longer use.

Questions and answers

What is an API key in simple terms?

It is a pass that lets a program into your exchange account. The program can only do what the key's permissions allow.

Is it dangerous to give an API key to a bot?

There is always some risk. You reduce it with no withdrawal rights, an IP lock, a reputable service and a separate sub-account holding a limited amount.

What should I do if my API key leaked?

Delete the key in your exchange settings right away, change your password and check order and withdrawal history. If you see activity that is not yours, contact support.

API key

How it works

Questions and answers

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