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How to configure Binance API key and add it to Good Crypto

Want to trade on Binance with Trailing Stop, concurrent Stop Loss and Take Profit, and other advanced order types? They are all at your disposal with the Good Crypto app. Add Binance API key to our app and enjoy our seamless trading flow with sophisticated trading tools that work in the same way on every crypto exchange we support.

How to configure Binance API key and add it to Good Crypto

An introduction to Binance for new users

This is probably not the first Binance review you’re reading, right? So be it, because this cryptocurrency trading platform by far is one of the most recognizable crypto exchanges on a global scale. Millions of users trade in various digital coins for fiat money or other digital coins on top of this cryptocurrency trading platform. Normally it demonstrates the largest 24h volume among all crypto exchanges, so – congrats! To open an account with them was a good choice.

In order to track the progress of your portfolio on this exchange and learn, say, how to set a stop loss on Binance, just open the Good Crypto app where everything is pretty much straightforward. But first, let’s configure an API key on Binance to add it to Good Crypto.

What is an API key?

Not specific to crypto, API stands for application programming interface that allows two apps to recognize and talk to each other. Think of connecting two apps via an API as creating a group chat for a couple of your friends that you want to introduce to each other.

Binance and Good Crypto are two separate apps, so you’ll need to connect them if you want to import your trades and balances from Binance to Good Crypto and execute orders on Binance via our app. An API key will help you with that.

Alternatively, you can use our referral link and get a 20% cashback on all Binance trading fees for life since we at Good Crypto have the Binance referral program.

You’ve probably heard of public and private keys in the context of blockchain wallets. The API key you generate on the exchange is made up of these two keys exactly and works similarly.

The API key, or public key, or public address identifies you as a user. Think of it as the email you use to create an account, while the API secret or secret key, visible only to you, signs the requests from your public address and proves that it was you, who’ve sent the request, beyond any doubt due to strict mathematical rules of asymmetric encryption.

Security

So, is Binance safe to use? Well, Binance security is a topic for a separate article indeed, but in general, you might want to say so. At the moment, however, let’s discuss if it’s safe to add Binance API key to Good Crypto because it’s something different.

In general, by issuing an API key, you create a potential (however small) risk to your account’s security, but don’t worry, Good Crypto has got you covered!

When you add an API key to your Good Crypto account, it gets immediately encrypted on your device and transferred to our servers in an encrypted form over a secure channel. From now on, your encrypted key is stored in our database being invisible to anybody. Channels of communication between our app and our servers are always encrypted – this is how we make sure no man-in-the-middle attack is possible. When you need to send your order to the exchange, you instruct the app, and we send the request to our server. In an instant, the server places your order on the exchange.

Moreover, your public and secret keys are always stored in separate encrypted and firewalled databases on our servers and only “meet” for a brief moment of signing the request to the exchange.

Thus, your API key is totally secure once inside the app – your main task is to make sure you don’t expose your API key yourself. The critical rule for that is to NEVER send your API key over an unencrypted channel. This means absolutely no sending your API key to your phone by email! The most secure way is to issue a QR code for the API key on your desktop and scan it with the Good Crypto app from your phone (more on that below).

There is also an additional layer of security since it’s you and solely you who defines allowed actions, or permissions, for your API key. It’s less complicated than you think. Look!

Good Crypto normally requires two permissions: the permission to import and track your orders and balances (Read) and send orders to the exchange (Write). To allow these permissions, just check Read and Write while creating your keys.

But, please, note that we strongly encourage you NOT to check the Withdrawal box while creating your keys. Our app doesn’t need this option to function just fine, so do yourself a favour and reduce the risk for your funds being withdrawn by anyone but yourself.

Register new Binance account

The process of configuring and adding your API key

Step 1: Go to API management

Go to API management

Sign in to your account on Binance website, click on the Account/Profile icon and, then, on API management

Step 2: Instruct the exchange to issue an API key

Instruct exchange to issue API keys

Start creating your API key by naming it, for example, GoodCrypto. And then press Create API

Step 3: Verify your credentials

Verify your credentials

Verify your actions by entering two different codes: into the e-mail verification form and into the Google verification code form.

The first code will be sent to your email once you click “Send Code”.

The second one is the one generated by your Google Authenticator app (or similar) – it’s the same 2FA code you’ve used to log in to the exchange.

Once you click Submit – your API key will be created.

Step 4: Check and edit API key permissions

Binance_4_eng

DO NOT CLOSE THIS SCREEN until you add your API key to Good Crypto – your secret key will only be shown to you this once – if you leave this screen, you’ll never see it again.

Take a look at the red arrows pointing at API Key and Secret Key (API Secret in our app), respectively. You have to copy each of them separately to later add them to the Good Crypto app.

Congratulations! You have now created your API key. You can also see a QR code – it actually contains both your keys at the same time.

Now, let’s check which permissions your newly-minted key has. By default, your Binance API key should have two permissions: “Reading” and “Spot & Margin trading”.

“Reading” will help you track your portfolio in Good Crypto. “Spot & Margin trading” will help you place spot orders via our app, say, Binance stop loss or Binance trailing stop.

If for some reason those two boxes are not checked – use “Edit restrictions” to check them.

We at Good Crypto are working towards implementing Binance margin trading in the near future, so, hopefully, very soon you’ll be able to use this feature too.

!!! Binance has recently changed its API key policy. From now on all new API key created on Binance without whitelisted IP addresses will have their Spot Trading permissions expire every 30 days. To avoid disruption to your trading, please, whitelist the following GoodCrypto servers IPs for your Binance API key:

54.248.180.59
54.178.162.63
35.74.2.235
18.181.32.224
54.250.87.53

You need to whitelist ALL 5 IPs as we rotate them for every key.

!!! Don’t activate the “Withdrawal” option – we’ve already explained that our app doesn’t need this option to function just fine, so don’t: reduce the risk of your funds being withdrawn by crooks.

Step 4.5: Enable Futures trading

If you are not concerned with Binance Futures trading – simply skip this and go to the next step.

If at this point you see an additional option “Enable Futures” as shown in the picture below, it means that you’ve already activated your Binance futures account.

Binance_5_eng

Don’t see this option? Activate the futures trading feature as illustrated in the picture below, and you’ll find the “Enable Futures” box in your API settings right after.

Activate the futures trading feature as illustrated in the picture below, and you’ll find the “Enable Futures” box in your API settings right after.

Check the “Enable Futures” permission box for us to track your futures wallet and send futures orders to the exchange. Not planning to trade futures with us yet? Activate it nevertheless, we’re sure that someday you’ll want to give it a try!

Here is one tricky moment: because of the bug in Binance’s logic, you cannot enable futures trading for old API key, created before activating your Binance Futures account. So, you’ll need to activate your Futures Account first, then create a new API key, and enable the futures trading permission for it.

Step 5: Add your API key to Good Crypto

  • Option 1: QR code + mobile app

The most secure and convenient way to transfer your API key from Binance to our app is to scan the QR code with Good Crypto from your phone.

Binance_7_eng

To do this, go to Settings in your Good Crypto app, then Exchanges, then Binance and click “Scan QR code” – you’ll have to allow the app access to your phone’s camera when prompted.
Simply point your camera to the QR code on your screen – and voíla

This is how you can scan your QR code on Binance via Good Crypto

This is how you can scan your QR code on Binance via Good Crypto

Don’t forget to name your account so that you could tell it from your other accounts. It will be displayed across the app, so make sure to include the name of the exchange in some form to be able to identify it.

Also, the shorter the name the better, since the space on the screen of your phone is scarce.
After you’ve done naming it – press Save and Validate.

The green check on the second screen means that you can start using your account

The green check on the second screen means that you can start using your account

If everything is fine, the status will turn to OK, and you’ll see a green checkbox. Begin using your account right now!

By the way, take a look at your new API key on the screen up above! We display the first and last numbers of your public key on purpose. In case you forget which account this key represents you can always go back to the Binance interface and compare the first digits of the key, to differentiate one account from the other in case your naming skills will fail you.

If the key wasn’t added and you’ve received an error message, make sure you’ve entered the correct key and that the key has at least the “Read” permissions.

The problem persists? Contact our support desk at support@goodcrypto.app

  • Option 2: Ctrl C/Ctrl V + web app

Another safe and convenient(-ish) way to add the keys is by using the web version of our app.

If you don’t have your mobile phone at hand, your camera broke, or your exchange does not create QR codes for the API key, you can go to the web version of our app on your desktop, copy and paste the API key from the exchange, and we will sync in to our mobile app in real time.

The flow in the web app is similar to mobile: Settings → Exchanges → Binance → Enter API keys manually

The flow in the web app is similar to mobile: Settings → Exchanges → Binance → Enter API keys manually

We don’t recommend storing your keys on your PC or sending them via email or in any other unencrypted way!

Step 6: Turn on 2FA for your Good Crypto account

Once you are done adding your API key, increase the security of your Good Crypto account by turning on 2FA – we do not require it but strongly recommend it.

The 2FA banner in your app might seem a little bit annoying. We did it on purpose because we wanted you to be safe. And – sorry, we won’t get off your back until you enable 2FA to secure your account.

Turn on 2FA for your Good Crypto account

Congrats! You’ve successfully added one more exchange to your favourite crypto portfolio manager, Good Crypto.

What happens next:

Now GoodCrypto will import the history of your trades, deposits, and withdrawals from the exchange. On Binance it takes some time, so be patient.

Compared to other similar apps that start tracking your exchange balance only from the moment you add your API key, Good Crypto is pulling data from the exchange going as far back as the exchange API permits. Say, you’ve been two years with Binance. The app, then, will display how your portfolio has changed over the last 2 years. Pretty cool, huh?

If you are having troubles connecting your account – please, contact our support.

Check out our other pieces to learn how to trade and earn with Good Crypto:

Trailing Stop Order: a definitive guide by Good Crypto app

Kraken vs Coinbase Pro: a full guide for 2021

Have an account with other exchanges? No problem! Find yours in the list of 30 + guides we’ve provided for you:

How to configure Bybit API key and add it to Good Crypto

How to configure FXT API key and add it to Good Crypto

How to configure Kraken API key and add it to Good Crypto

How to configure KuCoin‌ API key and add it to Good Crypto

How to configure Bitfinex API key and add it to Good Crypto

 

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February 18, 2021

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