Want to trade on Bybit exchange with Trailing Stop orders, Stop Loss + Take Profit combos, Grid, DCA, Infinity Trailing Algos, and other advanced trading tools? They are all at your disposal with the GoodCrypto app. Add Bybit 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.
Table of contents:
Sign in to your account on the Bybit website, click on the Account/Profile icon and, then, on API.
Click on the Create New Key button on the left side of the page. On the popup window choose API key type – System-generated API Keys.
Then, you’ll be redirected to the API Key Usage page.
First, choose Connect to Third-Party Application and select GoodCrypto in the dropdown menu under Application Name. This will automatically tie your API key to our servers’ IP addresses, which ensures their safety and frees you from re-issuing API key every 30 days.
Then, go under API Key Permission, select Read-Write permission and check the following boxes in Permissions: Orders, Positions, USDC Derivatives Trading, Trade (Derivatives API V3), Trade (SPOT), Account Transfer and Subaccount transfer.
Once ready, click the Submit button.
Note: “Read-Only” permission will only allow you to track your Bybit balances and positions in Good Crypto. “Read-Write” is needed for manual and automated trading on Bybit with the GoodCrypto trading terminal.
Verify your API settings by entering Google 2FA code, and you will be redirected to the created API key.
DO NOT CLOSE THIS SCREEN until you add your API key to Good Crypto – your API Secret will only be shown to you this once – if you leave this screen, you’ll never see it again!
Copy your API Key and API Secret. You will need to add them to the GoodCrypto app a bit later.
You can add your Bybit API key either via our mobile app (on iOS or Android) or our web app.
Once you’ve created your Bybit API key, go to Settings in your mobile or web version of Good Crypto app, then Exchanges, then Bybit and click Enter API keys.
The green check on the second screen means that you can start using your account
Copy the API Secret, and API key that you previously stored and paste them into the respective fields in Good Crypto.
Don’t forget to name your account so that you could tell it apart from your other accounts. It will be displayed across the app so make sure you 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.
Now press Save and Validate.
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 Bybit 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
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.
Congrats! You’ve successfully added one more exchange to your favourite crypto portfolio manager, Good Crypto.
Now, GoodCrypto will import the history of your trades, deposits, and withdrawals from the exchange. It might take 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 Bybit. The app, then, will display how your portfolio has changed over the last 2 years. Pretty cool, huh?
If you are having trouble connecting your account – please, contact our support.
Bybit was founded in 2018 and is now one of the booming cryptocurrency derivatives trading venues, with more than a million registered users. Built with a focus on the end user, Bybit strives to deliver an advanced and innovative trading flow. It offers 24/7 multi-language support as part of their service and currently has $417,219,931.25 in trading volume.
In order to track the progress of your portfolio on this exchange and learn how to set, say, a trailing stop loss, just open the Good Crypto app, where everything is pretty much straightforward. Don’t forget to configure your API key and add it to Good Crypto.
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.
Bybit and Good Crypto are two separate apps, so you’ll need to connect them if you want to import your trades, balances and positions from Bybit to Good Crypto and execute orders on Bybit via our app. An API key will help you with that.
You’ve probably heard of public and private keys in the context of blockchain wallets. API keys you generate on the exchange are made up of these two keys exactly and work 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 sent the request, beyond any doubt due to strict mathematical rules of asymmetric encryption.
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, positions, 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.
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 2023
Have an account with other exchanges? No problem! Find yours in the list of 30 + guides we’ve provided for you:
How to configure FTX API key and add it to Good Crypto
How to configure KuCoin API key and add it to Good Crypto
How to configure Kraken API key and add it to Good Crypto
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July 30, 2021
