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What is an API key and how do I use it?

What is an API Key?

In the simplest terms, an API key is the bridge between a piece of software (That is us, Cryptohopper!) and another medium such as your Exchange. The API key is a unique string of code that allows the software to read out the API Back-end and Data.

As stated by IBM "An application programming interface key (API key) is a unique code that is passed in to an API to identify the calling application or user. API keys are used to track and control how the API is being used, for example to prevent malicious use or abuse of the API. The API key often acts as both a unique identifier and a secret token for authentication, and generally has a set of access that is specific to the identity associated with it."

What does CH use the API key for?

We at Cryptohopper use the API key for a whole array of reasons. The most note-worthy being:

  • Read out the actual exchange prices.
  • Ask the exchange how much funds you have in your portfolio.
  • Send buy and sell commands to your exchange automatically.

By using this API key, we do not require any Login information of your exchange, nor can we withdraw any funds (Make sure to never enable withdrawal rights in your API keys. As this allows companies to withdraw funds. We explicitly do NOT want these rights.) CH can only trade, as it should be.

Where do I create an API key?

Creating an API key differs from exchange to exchange. But below is a list of all exchanges we support, and their support articles on the matter.

Note: Not every API is equal, and specific settings apply for specific API keys. A good rule of thumb is the following : Everything needs full access except for withdrawal. IP whitelisting should be unrestricted.

I have created my API, now what?

After you have created an API key, you can fill it into your hoppers configuration ( fill in your API key here )

If all goes according to plan, your API key should now be filled in into your hopper. Make sure that you have a subscription running! Otherwise the hopper will not act.

Now that your hopper is all set up and ready to trade. You should start creating a configuration of your very own! A good starting point for that would be our  configuration Documentation.

Still having trouble getting the API to work? Consult your exchange, or read through our Troubleshooting and error documentation.

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