What are exchange APIs?

What are exchange APIs and how do they work? Let's find out through the following article!

What is an API?

API (Application Programming Interface) is an intermediate method that helps connect two different system components, allowing them to exchange data and take advantage of mutual capabilities.

Applying APIs to the project construction process helps developers complete it more quickly, significantly saving time and effectively improving work.

It can be commented that today, modern application architectures that do not rely too much on programming languages have pushed APIs to be more popular than ever.

What are exchange APIs?

This is a way for traders to access their accounts programmatically so that they can conduct trades without having to log in directly to the exchange.

Thanks to these APIs, traders can apply third-party services to execute trades, manage portfolios, gather information from personal accounts or even execute complex strategies... quickly.

Each exchange will have unique APIs that allow traders to manage their accounts in different ways.

Some of the most common features of the exchange API may include placing orders, gathering information from personal accounts and accessing market data...

Instructions to create exchange APIs

In this article, Nobody will take an example from Binance. With other popular exchanges, you can also do the same thing as follows:

1. Log in to your Binance account with full security steps, in the best security conditions.
2. Select “Admin Center” > “API” > “Activate”.
3. Install and set up the desired API > click “Generate New Key” > select and enter the code “Google Authentication” or “SMS Authentication”.
4. Once step 3 is done, the system from Binance will send a notification to your Mail address. Click “Confirm Create” to confirm the new API creation. This process can be slow, please be patient.
5. After step 4, you will be redirected to the “API Key Created” message page.
6. Save the “Secret Key” somewhere safe, as it won't show up again. Always remember not to share the information on this site with anyone.
7. Maybe Binance will recommend that you set up a fixed IP address that you trust to increase the level of security.
8. If you want to edit your API with different apps, then press “Edit” and do as you please and save.

Note for step 5:

If you are not redirected to the “API Key Created” page, you may not be logged into your Binance account.

At this point, you should proceed to log back into your Binance account, open your Mail box and click “Confirm Create” again.