Crypto trading has become the norm in the digital financial system. The number of users involved in the crypto market is increasing by the day, with most of them becoming permanent members of the industry.
When you have such high competition among crypto exchanges, one of the platforms that stand out is Poloniex. Poloniex is based in the US and boasts over $83 million in trading volume on a daily basis. It is one of the largest cryptocurrency exchanges in the world.
Poloniex has gained a reputation over the years because of the various trading features the exchange introduces frequently. One such feature is the Poloniex API key. Poloniex API has become the most sought-after Poloniex product because users love how easy and updated the API feature is.
The Poloniex API is a gateway for seasoned traders to execute their professional trading strategies on the platform with access to the most advanced trading tools. Users need to create a Poloniex API key and use the exchange right away!
What Is The API Key In Poloniex?
Application Programming Interface key, or the API key in Poloniex, is a key that enables users to execute trading strategies that they would not be able to with the standard website interface.
In other words, the API allows users to interact with Poloniex in ways that are better suited for professional traders by gaining access to automated trading strategies.
The API key in Poloneix should be used by traders who are skilled in coding since it will require users to implement codes and use commands.
How To Use Poloniex API Key
There are many ways of using API keys on Poloniex. In fact, every Poloniex user must have API enabled in your account, create API keys and then use it. These keys enable users to create advanced trading bots and lending bots and use third-party applications, among others. By integrating your API keys with a Poloniex API trading bot, you can perform the following functions:
- Algorithmic trading
- Efficient trading based on Tradingview signals built into your bot
- Arbitrage trading
- High-frequency trading
- Trading without human intervention And more.
And if you wish to connect your API keys with third-party applications, then you can connect with applications such as:
- Trade analysis applications
- Trading and lending applications
- Tax applications meant for cryptocurrencies
- Portfolio management applications
- Asset tracking applications
To use the Poloniex API bot, you need to first create an API key and then integrate your account with any trading bot.
Here’s how you can create a Poloniex API key:
- Login to your Poloniex account and click on the “wrench” icon located in the top right corner next to “Balances” and “orders.”
- Choose “API Keys“from the drop-down menu.
- Once inside the API keys page, click on “Enable API” or “Create New Key” if you have already enabled it in your account.
- Next, you will have to add your six-digit 2FA code and click “Confirm.”
- A confirmation e-mail will be sent to your E-mail address. Click on the link sent, and it’ll redirect you to your new API key page with the new API key. The confirmation link is active only for 15 minutes, so do it before it expires.
Once you have created an API key, you will notice that the “Enable Withdrawal” option is deselected by default, and “Enable trading “is selected. If you wish to use the third-party application for trading purposes, then keep the options that way.
The withdrawal option is deselected by default because by enabling it, you will bypass all withdrawal confirmations such as E-mail confirmation and 2FA verification. Think twice about enabling withdrawal for your API key.
How To Integrate The Poloniex API Trading Bot
If you want to run a Poloniex API trading bot, then you need to connect your Poloniex account with a trading bot. There are many trading options you can choose from, with some of them equipped with features that work best with Poloniex. Follow the steps below to integrate a Poloniex trading bot:
- Create a new API key for your trading bot by following the steps mentioned above.
- Now, go to your trading bot account and then link the exchange with the bot.
- Go to “Link Exchange” or “Add accounts” (different trading bots will have it mentioned in different ways)
- Choose “Poloniex” exchange from the names mentioned. Copy your API key and Secret key and paste them onto the trading bot application. You may need to fill in more details such as the type of exchange, an account nickname, and more.
- Click on “Save,” and you have successfully integrated a trading bot into your account.
You can even choose to create your own Poloniex trading bot using the Poloniex API python program.
Poloniex API FAQs
Login to your Poloniex account and click on the “wrench” icon located on the top right navigation bar. Choose “API keys” from the drop-down menu and click on “Enable API” on the API page. You will be asked to enter your six-digit 2FA code and click “Confirm.”
You can follow the same process of creating a new API key for your account with multiple portfolios. Try to create a new API key for every third-party application.
Choose a trading bot and integrate your API keys with the bot. Create a new API key through the API key page and copy-paste the new API key on the trading bot website. Select your exchange as Poloneix and save information to integrate.
Poloniex is a competitive trading platform that thrives on bringing new and innovative crypto trading products to the market for its users making it a highly sought-after crypto referral program. The exchange’s API keys enable users to do much more than just the basic functions available on the standard Poloneix website.
With the API keys, users are exposed to a range of applications that can help them gain profits from the platform through crypto trading. The trading bots will enable traders to spread their investments on a wide range of assets, thus minimizing losses. Thus, enabling API keys on Poloniex is a must for every Poloniex user. For more information on Poloniex, we refer you to our full Poloniex review where you will find much more information about the platform in general.