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 Kraken 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 Kraken account by going to https://www.kraken.com.
2. Go to your account settings by pressing your account icon and press Settings and API:
3. Press +Generate New Key to generate a new API Key and Private Key:
4. Generate your new key by providing a Key Description (nickname), set the Nonce Window to 0 and give the following Permissions:
- Query Funds
- Query Open Orders & Trades
- Query Close Orders & Trades
- Modify Orders
- Cancel/Close Orders
Make sure the Funds permission is unchecked, so no deposits or withdrawals can be made with the API Key. A Key Experation date, Query Start Date/Time and Query End Date/Time can be optionally defined (in this guide we set these properities to Off). Press Generate Key:
5. The API Key and Private Key are now generated and can be directly used on your ProfitBird account. Press Back to key list to return back to your settings overview:
6. Your API Key is now added to your list of API Keys:
7. By clicking on the name of the API Key you can see & copy the API Key and Private Key for use on your ProfitBird account.
Here you can find how to link your Kraken account with your ProfitBird account.