Binance API Key Settings Needed to Work with Coinmatics

This article will tell you about the Binance API key settings required to use Coinmatics. Whether you're a trader or investor, we'll guide you through the settings that need to be enabled.

Important note: if you delete your API key, you won't be able to restore it. You'll have to create and link another key. If you are subscribed to a strategy, it will remain associated with the deleted key. You'll need to unsubscribe and re-subscribe using your new API key. You won't be charged twice for this subscription during the paid billing period.

If you're a Spot / Margin trader

and only wish to share your strategy on Coinmatics, you need your API key to have read-only permissions. It's an "Enable Reading" setting in API restrictions:

If your only goal is to share your strategy with the subscribers and you don't plan on copy trading with this exchange account, then "Enable Reading" permission is enough. You don't need to enable Spot and Margin Trading since Coinmatics does not need to do trades via your API key in this case. And remember to never select "Enable Withdrawals" — our platform does not need to do withdrawals.

If you're a Futures trader

you need to open a Futures wallet on your Binance account first. Otherwise, you won't be able to enable Futures trading in API key settings. Log in to Binance and go to Wallet -> Futures. Click the "Open Now" button and you're good.

After you enabled Futures trading, you can create an API that supports Futures trading — this setting appears in API Key permissions:

Hint: we do not recommend enabling IP address restrictions. They will not work with Coinmatics.

Note that API Key created before your Futures account opened does not support Futures API service. So if you created an API key first and opened a Futures account after that, your old API key will not work for Futures trading. You'll need to create a brand new API key. 

If you're an investor

then you need both "Can Read" and "Enable Spot & Margin Trading" options selected to follow a Spot strategy:

In case you'll decide to follow a Futures strategy, check "Enable Futures" as well (don't forget to open a Futures wallet on your Binance account first, we described that above for Futures traders).

Other restrictions are not required, leave the boxes unchecked.

We do not recommend enabling IP address restrictions. They will not work with Coinmatics. And remember to never select "Enable Withdrawals" — our platform does not need to do withdrawals.

Note that API Key created before your Futures account opened does not support Futures API service. So if you created an API key first and opened a Futures account after that, your old API key will not work for Futures trading. You'll need to create a brand new API key. 

Important points to check out

• API key settings update can take about an hour depending on the system load.
• You must complete the intermediate and above KYC first to be able to create the API key or enable the trading permissions on it.
• The created API key with the enabled trading permissions will be disabled in 90 days without a specified IP address. However, we still do not recommend enabling IP address restrictions in order to work with Coinmatics.
• You can trade both on Spot and Futures markets using the same API key provided you choose the correct permissions.
• If you unsubscribe from a paid strategy, you can re-subscribe to it without the double charge using a different API key. However, we don't recommend doing that because some deals may take place during the period when you're not subscribed. You won't be able to copy them.