Having access to plenty of market information is the most distinct advantage for those in the digital asset market. Low latency data, risk analysis, and management tools generate competitive advantages for traders and investors worldwide. Through API technology, you can exchange information, such as balance or order routing between an exchange and the Vector platform.
Understanding the importance of API tools can open up a world of possibilities when it comes to entering well-positioned and running your operation successfully. Don’t know what an API is? Rest assured, we’ll explain in this article what an API key is and how to integrate your exchange account into 4 steps!
What is an API?
API is the acronym of Application Programming Interface, which makes the “middle ground” in communication between two software. What does that mean? For example, each time you use a social networking app, send a message or check the weather forecast on your smartphone, you’re using an API for each service.
How Does the API Key Work?
An API key is a code that is passed through applications that “call” the API, either to authenticate its user, developer, or program that is requesting some kind of information.
The API key also acts as a kind of unique identifier, as well as a token. As soon as the key is created, the API secret is also generated. Typically, the key comes with a set of access rights for the API to which it is associated.
What is the Purpose of the API Secret?
The API secret is used for authentication of the most critical parts of the system, where access must be extremely limited. Each environment has an API secret that can be modified and must be kept safe.
The purpose of the API secret is to keep communication secure through two matching keys. There’s a public key for each user and everyone can view it, and there is also a private key (API secret) that only the user should know. Information encrypted by the public key can only be decrypted by the private key and vice versa.
How do Exchanges use the API concept?
Cryptocurrency exchanges allow your users to integrate their accounts into external solutions, such as Vector. In this way, traders can view their balances, send orders on other platforms, and leverage exchange usage. All this is made simple through the API keys.
The information exchanges share about the user’s account through the API Key is usually: viewing account balances, allowing you to send orders, and allowing you to cash out balances.
In general, exchanges allow what accesses a new API Key will have. For Vector, users only need to release access balance hits and sending orders to have a complete product experience. No personal information such as name or document number is shared by this integration; it remains secure with Exchange.
API Keys are generated in the user’s account within Exchange and consist of a pair of cryptographic hashes that are commonly called API key and API secret. To learn how to generate the API key in your account, go to the Exchange settings, check the Help Center, or contact the support team. You can also follow the tutorials we have prepared for you about our partner exchanges by clicking here.
Here are the best practices for managing your API Keys on exchanges:
Keep your API Key and Secret safe at all times.
Always create a new API Key for each new integration you are performing in an external solution.
Only release the accesses when necessary, to which the external solution is proposed. For Vector, viewing balances and permission to send orders.
How do I connect my API key to the Vector platform?
With Vector, you can connect your Exchange account and have hundreds of unique tools available to trade cryptocurrencies. In this article, we’ll explain how to integrate your API with the Vector platform.
On the Vector platform, go to the top menu of the screen and choose the Routing option. Then, click Register Exchange Account.
2. Choose the Exchange of your choice
From the menu, choose the exchange you want to integrate. Then, click the Register Account button.
3. API Key and API Secret
Now, enter in the API Key and API Secret in the fields. The information will be generated during the setup of your chosen Exchange account.
4. All Set: Exchange Registered Successfully!
Click Send, and on the next screen, click the Finish button. Within minutes, a popup will appear on your screen confirming that your account has been successfully synced on the Vector platform.
Let’s go #ToTheMoon
Now that you’ve integrated your exchange account with the Vector platform, you’re ready to use features that will put you on a new strategic level. This ensures that you, a successful trader, can exceed your goals and dominate the crypto market.