25 feb 2021

Is Your Account Safe?
Yanda API Key Security Explained

Application programming interfaces (APIs) has become ever more popular with developers now relying on them heavily to support the delivery of new products and services to their end-users.

This is because it allows programmers to integrate different functions from external third-party service providers without having to build this feature into their own product saving time and investment.

With the rise of API's across mobile and web applications comes the potential for more security issues, and coders need to understand the risk to keep corporate and customer data safe, and with more and more APIs being integrated each day, some API Keys are even used two or three times across various platforms by a user so there could be a cause for concern.

How and why Yanda uses your API keys?

Yanda Custodial allows you to integrate Binance exchange and use it from the Yanda dashboard only. You need to use your API keys for achieving that without coding!
When generating new API keys on crypto exchanges you can decide which permissions to grant to your keys in order to access different functionalities:
  • Read Balance
  • Trade
  • Withdrawals

In order to keep your trading funds safe, Yanda highly discourages traders to give withdrawal permissions to the API generated on the exchanges. If you give withdrawal privileges to your API, anyone that posses your keys will be able to steal your funds.

The only permissions required to use Yanda are:
  • Read Balance
  • Trade

Reading balance - is important for keeping track of your funds and the profitability of your entire portfolio (that aggregates all the exchanges you want).

Trading permissions - are also required to let Yanda automate your trading strategies that will work according to the parameters you set [read more about Yanda strategies here].
You can integrate your Binance account now and we have the full set of tutorials available for you to learn and understand how and where to retrieve your API keys!
Check out how to connect to Binance here
How to connect your Binance API keys on Yanda

Author: Chris Wyatt