Creating an API Key on Binance and OKX: A Step-by-Step Guide

API keys are essential for connecting your exchange account with automated trading systems like Akrido Digital Assets. Setting up your API key is straightforward, but it’s crucial to follow the steps carefully to ensure the security of your account. In this guide, we’ll walk you through creating an API key on both Binance and OKX.

How to Create an API Key on Binance

1. Log into Your Binance Account:
   • Visit Binance.com and log in using your credentials.
2. Navigate to API Management:
   • Click on your profile icon at the top right corner.
   • From the dropdown menu, select API Management.
3. Create a New API Key:
   • Enter a label or name for your API key, e.g., “Akrido Trading Bot.”
   • Click Create API.
4. Complete Security Verification:
   • You will be prompted to complete security verification (2FA), such as SMS, Google Authenticator, or email verification, depending on your account settings.
5. Configure Your API Key Permissions:
   • Once your API key is created, you’ll see the key and secret key. Save them securely as the secret key will not be shown again.
   • Set the permissions for the API key. For Akrido, ensure you enable Enable Reading and Enable Spot & Margin Trading. Do NOT enable withdrawal permissions for security reasons.
6. Restrict Access by IP Address:
   • For added security, restrict access to the API key by specifying the IP addresses that are allowed to use the key. This can help prevent unauthorized access.
7. Save Your API Key:
   • Save the changes, and your API key is ready to be used with Akrido.

How to Create an API Key on OKX

1. Log into Your OKX Account:
   • Visit OKX.com and log in using your credentials.
2. Go to API Management:
   • Click on your profile icon at the top right corner.
   • Select API from the dropdown menu.
3. Create a New API Key:
   • Click on Create V5 API Key.
   • Enter a label for your key, such as “Akrido Bot,” and choose an API Passphrase (you will need this later).
4. Set API Key Permissions:
   • Select the permissions required for trading, such as Trade and Read-Only. Do NOT select withdrawal permissions for security reasons.
5. Complete Security Verification:
   • You will be prompted to complete security verification (email, SMS, or Google Authenticator).
6. Secure Your API Key:
   • Save your API key and secret key. These keys will be used to connect your OKX account with Akrido.
   • Restrict IP addresses if you want to limit access to specific IP addresses for additional security.
7. Finalize Your Settings:
   • Click Confirm, and your API key is now ready to be integrated with your Akrido strategies.

Final Tips for Using API Keys Safely

• Keep Your Keys Secure: Never share your API key or secret key with anyone. Treat them like passwords.
• Use IP Whitelisting: Restrict access to only your trading bot’s IP address if possible.
• Do NOT Enable Withdrawals: This adds a critical layer of security by ensuring that even if your API key is compromised, your funds cannot be withdrawn.