Even if you don’t know much about software development, you’ve probably heard about APIs, or app programming interfaces. Basically, these interfaces allow various programs to interact, and they can be very useful when you want to obtain data from some source: let’s say, from a crypto exchange. All major exchanges seem to have their own APIs, and ByBit is not an exception here. In this article, we explain how its API works, how you can connect to it, and what you can use it for.
How it works
APIs are sets of definitions and protocols that allow two different programs to interact. Using an API is a simple way to connect to a trading platform and collect valuable data or automate some operations, so every aspiring trader should definitely understand the basic principles. ByBit has its own API which allows you to download both chronological and live market data, view account credits, and so on. It is a powerful instrument that can make your trading activities much more efficient.
What it’s good for
ByBit API has numerous useful applications due to its exceptional performance. It gets updated every 20ms, making it a perfect instrument for high-frequency trading. You can also use this API to create a trading bot powered by AI to make your trades even more efficient and profitable. This way, you won’t have to analyze the market manually, your bots will do everything for you. The API can also be useful for market research.
How to connect to it
First of all, you have to log into your broker account. Go to the settings section and connect it to ByBit by adding your keys. Once you enter the keys, the account will be connected. But how do you get the keys? It’s also quite simple: create a ByBit account, go to the Account and Security settings tab, then go to the API Key Management tab. Create a new key and follow the instructions. Copy your API key and your secret key somewhere, and now you can start using the API.
Trading on ByBit can be extremely profitable since the exchange is focused on crypto derivatives with high leverage rates. While it’s very risky to trade them, professional traders using advanced bots may find great opportunities here. ByBit is known to be rather quick, secure, and convenient. It features all kinds of cryptocurrencies as underlying assets for derivatives, and you can start trading with just $1 in your account. However, there are no passive earning options here.