After generating a Binance API key, it is time to protect it. This is done by following some simple rules. To create your API key, you’ll need to use a two-factor authentication method. To use this, download a Google Authenticator app and enable two-factor authentication. Once you’ve done that, you’ll be able to access your API secret. After that, you can share your API secret with others.
After generating your API key, you’ll need to protect it from theft. Remember that your API key expires several times. If you want to use the API multiple times, you’ll need to update the permissions of the API keys. This should only take a few minutes. Follow the steps below to secure your API key. To protect your API key, keep it in a safe place. Binance warns against high market risk, but it makes its best efforts to choose coins of high quality. It cannot be held responsible for your trading losses.
Once you have obtained the API key, you’ll need to add it to your 3rd-party trading software. Then, you’ll need to configure your API key for specific purposes. For instance, you can enable spot and margin trading for spot trading pairs, but you must enable withdrawals and allow your platform to transfer funds for arbitrage purposes. You’ll need to include two permissions: “read” and “write” respectively.
After creating your API key, you’ll need to select the permissions you wish to enable in your Binance account. You can either enable or disable the different permissions, but it’s recommended to enable “Enable Reading” or “Enable Spot & Margin Trading”. When you’re finished with your API key, you can start trading on Binance. It’s a good idea to create a backup in case your API key gets compromised.
To connect your Bitsgap account with Binance Futures, you’ll first need to register on the exchange. Once you’ve completed this, go to Wallet > Futures. Select the option to connect to Binance. You’ll be prompted to enter your API key and API secret. You can then copy the secret and link your Bitsgap account to your Binance futures account. Then, you’ll be presented with the corresponding interface.
If you’re a first-time user of Binance, you should avoid enabling withdrawal permission. This permission will allow your apps to access your accounts and make trades. By default, cryptocurrency exchanges disable withdrawal permissions, but some threat actors may have managed to get hold of your API key. By enabling this permission, you’re opening yourself up to exploitation by cybercriminals, who claim that they can withdraw up to 80% of the victim’s cryptocurrency balance.