What is an API?
API is an acronym that stands for Application Programming Interface. Simply put, the API allows our customers to interact with Poloniex in a way other than the standard website application.
The API enables our customers to implement trading strategies that they would not be able to implement through our user interface. With the API, a customer can complete the same actions as the user interface, but it allows our customers to use their coding skills to implement automated trading strategies.
Why should I use the API over the UI?
The API is predominately used by more advanced traders, who usually have a degree of skill when it comes to coding. Using the API will require you to use commands and/or implement code. You can get a feel for the requirements to set this up by viewing our introduction guide here: https://docs.poloniex.com/#introduction
What can I connect to using the API key set?
There are many different ways to use the Poloniex API. Some include third party applications and self created advanced trading bots!
Using the API allows you to connect to third party applications such as:
- Trading applications
- Asset tracking applications
- Portfolio management applications
- Trade analysis applications
- Tax applications related to cryptocurrencies
- Lending applications
Using the API will also allow you to implement trading bots of your own design for:
- Algorithmic trading
- Arbitrage trading
- Trading based on signals/technical analysis built right into your bot
- High frequency trading
- And many other functions
How do I set it up?
To get started, you will need to create your API key and API secret. More details on that can be found here: How to Create an API/Secret Key Set
API set up is not something that Poloniex assists with, but you can get started yourself by checking out our guide here: https://docs.poloniex.com/#introduction. This guide will have all of the information you need in order to get started!
Can I use this on Futures too?
Yes you can! Details on this can be found here: How to Use Our Futures API Starter Kit
Is using an API safe?
API keys provide full access to your account without the need for logging in or two-factor authorization. As such, it is important that you only enable the API on your account when you intend to use it and that you disable the API if you stop using it. It is also imperative that you do not share your private keys with anyone because this gives full access to your Poloniex account.
You should use a unique API key for each bot, 3rd-party service, or application. Always delete API keys that you are no longer using. More security tips can be found here: API Key Security