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

Want to trade on Bybit 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 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.

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

Bybit

An introduction to Bybit for new users

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 $10,917,468,724 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. But first, let’s configure API key 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.

Bybit and Good Crypto are two separate apps, so you’ll need to connect them if you want to import your trades and balances 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.

Security

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.

The process of configuring and adding your API key

Step 1: Go to Account & Security

Account_Security

Sign in to your account on the Bybit website, click on the Account/Profile icon and, then, on Account & Security. Proceed to the next screen and click on API Management.

API_Management

Step 2: Instruct Bybit to issue an API key

Bybit_9_en

Click on Create New Key. Then, the following window will pop up:

Create_New_Key

Click on Connect to Third-Party Application and select GoodCrypto under Application Name (this action will automatically add your API key to our servers’ IP addresses, increase its safety and will free you from issuing the API key again at the end of a 30-day period). Then, choose Orders and Positions under Key Permission. Then enter your 2FA token and click Confirm.

key_edded

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 and green stripes painted over the API Key and the API Secret, respectively. You have to copy each of them separately to later add them to the Good Crypto app.

You can save your keys on your computer, but we strongly advise you against it – it is not safe!

Step 3: Add your API key to Good Crypto

he most secure and convenient way to transfer your API key from an exchange to our app is to scan the QR code with Good Crypto on your phone. On Bybit, however, there is no such functionality yet. So if you happen to transfer your API key to your phone over encrypted channels, you can add it to our app by copying and pasting.

Go to Settings in your Good Crypto app, then Exchanges, then Bybit and click Enter API keys and then copy and paste the keys you already have on your phone.

settings

This is how you can manually add your Bybit keys to Good Crypto on the phone

A safe and convenient(-ish) way to add the keys is by using the web version of our app on your desktop, copy and paste the API key from the exchange, and we will sync it to our mobile app in real time.

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

Bybit_7_en

We never recommend storing your keys on your PC or sending them via email or in any other unencrypted way!

Step 4: 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.

Bybit_8

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. 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 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 FXT 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

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

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

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July 30, 2021

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