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How to configure Kraken API keys and add them to Good Crypto

Want to trade on Kraken 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 Kraken API keys 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 Kraken API keys and add them to Good Crypto

Trade on Kraken via Good Crypto

Everything you need to know about API keys

An introduction to Kraken for new users

Even though in the Kraken vs Coinbase battle, Kraken falls short of the 24h trading volume, it is still one of the oldest and most popular cryptocurrency exchanges, well-known among both experienced traders and new users. As of February 2021, its 24h trading volume was slightly over $2 bln. 

 The Kraken exchange might look somewhat fun due to its lovely web design, but it has decent liquidity and, having been around for quite a while, has not had any major security issues. In addition, the platform is compliant with the regulations of many jurisdictions, including US.

In 2014, it was especially popular for euro/bitcoin trading, and in 2015, after adding the option to buy ethereum, it started ranking second in terms of trading volume as for bitcoin/ethereum. 

In any Kraken review existing out there you’ll find information about various features including Kraken margin trading as well as derivatives trading via Kraken Futures. 

But why go through the Kraken login process every time when you can execute stop loss and take profit not only on this exchange but on many more from just one app? 

Simply add API keys to Good Crypto and enjoy a more advanced trading flow! 

But wait…

What are API keys?

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.

Kraken and Good Crypto are two separate apps, so you’ll need to connect them if you want to import your trades and balances from Kraken to Good Crypto and execute orders on Kraken via our app. API keys 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’ve sent the request, beyond any doubt due to strict mathematical rules of asymmetric encryption.


So, is it safe to add your Kraken API keys to Good Crypto? 

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 API keys to your Good Crypto account, those keys get immediately encrypted on your device and transferred to our servers in an encrypted form over a secure channel. From now on, your encrypted keys are 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 keys are 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 keys over an unencrypted channel. This means absolutely no sending your API keys 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.

There is also an additional layer of security since it’s you and solely you who defines allowed actions, or permissions, for your API keys. 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 on the exchange!

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 keys

Step 1: Go to your account security settings

Go to your account security settings

Sign in to Kraken and go to your account. Click on the icon with your User name → Security → API.

Step 2: Instruct exchange to issue API keys

Instruct exchange to issue API keys

Press “Add key” to start the process of generating the keys.

Step 3: Check and edit API keys permissions

Check and edit API keys permissions

Now, let’s check which permissions you newly-minted key will have. By default, your Kraken API keys shouldn’t have permissions.

Check the boxes Query Funds, Query Open Orders & Trade, Query Closed Orders & Trades, Modify Orders, Cancel/Close Orders, and Query Ledger Entries

“Query funds” will allow Good Crypto to sync your balances, “Query Ledger Entries” – to import your account history. The four options under Order & trades will allow you to trade on Kraken via Good Crypto’s interface.. 

Set Nonce window at 5000 or more. Curious ones can learn what Nonce is here. For the rest of you – setting it at 5000 or more will ensure smooth communication of our app with the exchange.

Press “Generate key” to issue the keys.

!!! 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: Generate API keys

Generate API keys

Congratulations! You have now created your API keys and can see both your public key (API Key) and your secret key (Secret Key) on the screen. You can also show a QR code on the screen – by pressing the small print on the right – it actually contains both of your keys at the same time and will help you copy/paste the keys to Good Crypto.

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

Of course, you can save it on your computer, but we strongly advise you against it – it is not secure!

Step 5: Add your API keys to Good Crypto

  • Option 1: QR code + mobile app

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

To do this, show your QR code on Kraken and then open Good Crypto on your phone. 

Secure and Convenient way to transfer your API keys from Kraken to Good Crypto

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

How to scan your QR code on Kraken with Good Crypto?

This is how you can scan your QR code on Kraken with 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 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. 

After you’ve done naming it – press Save and Validate.

Start using your Kraken account at Good Crypto app

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 keys 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 Kraken 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 API keys, you can go to the web version of our app on your desktop, copy and paste the API keys 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 → Kraken → Enter API keys manually

How to add the API keys by using the web version of Good Crypto app

We never 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 keys, 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. 

Compared to other similar apps that start tracking your exchange balance only from the moment you add your API keys, Good Crypto is pulling data from the exchange going as far back as the exchange API permits. Say, you’ve been two years with Kraken. 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.

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

How to configure Binance API keys and add them to Good Crypto 

How to configure Bittrex API keys and add them to Good Crypto 

How to configure Binance Futures API keys and add them to Good Crypto 

How to configure Bitfinex API keys and add them to Good Crypto 

How to configure Bybit API keys and add them to Good Crypto 

How to configure API keys and add them to Good Crypto 

How to configure Bitstamp API keys and add them to Good Crypto 

Check out our articles to learn more about Good Crypto and become a better trader:

Trailing Stop Order: a definitive guide by Good Crypto app

What is DeFi in Crypto: an Ultimate Guide

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March 19, 2021

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