Having access to various market information is the biggest differential for those who operate 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 your Binance account 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, in this article we’ll explain what an API key is and how to integrate your Binance account into the Vector platform!
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 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 that everyone can view, and there’s 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 API?
Cryptocurrency exchanges allow users to integrate their accounts into external solutions, such as Vector. That 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 the 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 to 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. It consists 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.
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 Binance account and have hundreds of unique tools available to trade cryptocurrencies. This article will explain how you can generate your Binance API key and integrate it with the Vector platform.
On the home page, click the menu in the upper-right corner of the screen, then click API Management.
Now choose the name of your key and click “Create API”.
At this point, the API List will appear with the API Key and Secret API information.
Ready! Now that you’ve created your Binance API Key and Secret, let’s add it to Vector.
Part 2: Connecting to Exchange in Vector
On the Vector platform, go to the top menu of the screen and choose the “Negotiation” option. Then, click “Register Exchange Account”.
Choose the Binance option, and then click the “Register Account”.
You will now enter in the API Key and API Secret fields the information generated during the configuration of your API Key and API Secret in your Binance account.
Then, click “Send” and on the next screen, click the “Finish” button.
Within minutes, a pop-up will appear on your screen confirming that your Binance 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.