API stands for Application Programming Interface. As the name already suggests, it is an interface used to link the ProfitBird platform with the exchanges.
If you provide your ProfitBird account with the API Key and Private Key of your Binance account, then the ProfitBird Platform is able to invest and trade on your exchange account on your behalf. So the API Key and Private Key act as a unique identifier for authentication.
Note that you can assign access rights to your API Key and Private Key if you generate them. We always recommend to disable the permission to deposit or withdraw funds from your exchange account using the API Key and Private Key. This means that ProfitBird does not have access to your funds.
Follow the steps below to generate & store your API key and Private Key:
1. Sign in to your Binance account by going to https://www.binance.com.
2. Go to your account settings in the top menu and press API management:
3. Provide a API key label (nickname) and press Create:
4. Provide your 2 FA code if 2 Factor Authentication is enabled.
5. A confirmation e-mail has been send to your linked e-mail account:
6. Go to your e-mail account and open the e-mail from Binance (check the spam e-mail if the e-mail is not visible in your inbox) and click the link Confirm new API key.
7. Your API Key has now been generated and is visible in your API List. Store the generated API Key and Secret Key at a safe place as the Secret Key will not be shown again on your Binance account. The API Key and Secret Key are required on the ProfitBird Platform to link your Binance account with your ProfitBird account. Give both Read Only and Enable Trading permissions to the API key under Edit restrictions. Make sure the Enable Withdrawals permission is unchecked, so no deposits or withdrawals can be made with the API Key. Optionally an IP whitelist can be provided. In this guide we will choose the Unrestricted option:
Here you can find how to link your Binance account with your ProfitBird account.