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a) What is an API Key?
The API (Application Programming Interface) allows two software programs to interact with each other based on a set of programming instructions.
b) Why is it needed?
The API Key is needed to provide the services and execute actions on your account. Shaman Trading uses the API Key for the following purpose:
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Fetch your account data (asset balance, trade history, open orders)
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Place orders and execute trades
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Cancel orders
The API is the personal and secure connection between Shaman Trading and your account at the exchange.
Nowadays it is very common to use API to exchange data, especially among modern asset managers, wealth managers, and hedge funds because it enhances financial management in 3 ways:
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You have total control over your funds. Your funds stay within your account and are managed directly within your exchange account. Shaman Trading does not have access to your account or asset balance, wallet, or private keys.
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Transparency is the key. All trades are executed on your exchange account. You can follow the performance of your asset immediately. Furthermore, verifying the Profit-and-Loss, drawdown, and other data that is provided by the exchange.
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Simplicity at its best. Working with any asset manager to use certain trading strategies requires the creation and connection of your API key. This is done in less than 3 Minutes.
c) How can I create an API Key?
Please follow the following 4 steps to create your own API Key within your Binance exchange Account.
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Log in to your Binance Account and click [API Management] from the user icon.
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Enter a label (ie. Shaman Trading) for your API key and click [Create API]
Note: Ensure that you have two-factor authentication (2FA) enabled on your account.
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Complete the security verification with your registered 2FA devices.
Note: Click on [Get code] to receive the security verification code on your e-mail and phone.
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Your API is now created. Please make you click the box “Enable Futures” and save the API Key and Secret Key immediately. For your personal security it is crucial to add a whitelisted IP. At the bottom click on the second checkbox "Restricted Access to Trusted IP". Now insert the IP below and click confirm. The moment you click [Save] the Secret Key will not appear anymore.
Whitelisted IP: 18.200.100.18 52.211.152.32 54.217.210.221 54.217.77.64 54.246.99.95 54.74.183.153 63.33.252.112
d) How does it work?
With the evolution of technology, it has been significantly easier for automated trading compared to traditional asset management. The entire process starts using your personal trading bot “Balian” and takes you less than 8 minutes. All you need to do is to purchase your 3-Months Subscription of “Balian”, connect your Binance exchange account with an API key by submitting your Private Key and Secret Key. The rest is going to be taken care by the trading bot “Balian”.
Have a look at our Signals for Bitcoin Futures by Shaman Trading.
After activating your Shaman Trading account from an email invitation and purchasing the trading application, please follow the guideline after payment.
You can connect your exchange account to the Shaman Trading Website via the API key by following a couple of steps. API keys are stored encrypted in the Shaman Trading database and our software performs several security checks before executing any actions via your API.
Disclaimer: This article is for informational purposes only