Creating an API key on Binance helps you securely connect your account to third-party applications. It enables features like automated trading, portfolio management, and tax tracking.

Follow this step-by-step guide to generate an API key on Binance:

1- Log in to Your Binance Account

Visit the Binance website and enter your login credentials.

2- Go to API Management

Click on your profile icon located in the top-right corner of the homepage. From the dropdown menu, select API Management.

3- Create a New API Key

On the API Management page, click the Create API button.

Choose the type of API key to create:

Default: Binance will generate the API key and secret for you.
Self-generated: You provide your own public key, suitable for users requiring enhanced security or specific integrations.

For most users, selecting Default is recommended.

4- Set API Key Permissions

Read-Only: Allows the API to access your account information without performing any actions.
Enable Trading: Permits the API to execute trades on your behalf.
Enable Withdrawals: Allows the API to withdraw funds from your account.
Enable Futures: Grants access to futures trading.
IP Access Restrictions: For enhanced security, you can restrict API access to specific IP addresses.

5- Complete Security Verification

Depending on your account's security settings, you may need to complete Two-Factor Authentication (2FA) to confirm the creation of the API key.

6- Access and Secure Your API Key and Secret

After creation, your API Key and Secret Key will be displayed.

Important: This is the only time the Secret Key will be visible. Ensure you copy and store it securely. If you lose the Secret Key, you will need to delete the API key and create a new one.

7- Security Best Practices

Never Share Your API Keys: Keep your API Key and Secret Key confidential to prevent unauthorized access.
Use Trusted Third-Party Applications: Only connect your API keys to reputable and trusted services.
Enable IP Restrictions: Limit API access to specific IP addresses to reduce potential security risks.
Regular Monitoring: Periodically check your API key usage and permissions to ensure they align with your current needs.

A Final Word!

Your API key is now ready to use! Just remember to keep your keys safe and never share them publicly. Using your Binance API key with compatible platforms can automate and simplify many processes, whether you are tracking your portfolio, managing tax obligations, or implementing a trading strategy.

If you need more information, you can reach out to the Crypto Accountants, and we will help you with crypto taxes.

How to Generate APIs on Binance?