How to Connect your Binance Account (SPOT and Futures) into Vestinda
In order to connect your account from Binance Exchange to Vestinda, you first need an API KEY.
An API KEY is a secure way to allow Vestinda to read your balance and automate investments. It acts as a secret authentication token and you can control the level of access. Vestinda needs read access to track your portfolio and trading access to automate your investments. No withdrawal access is needed; we forbid withdrawal permissions so please don't enable them.
Create an API Key in Binance
Before creating an API Key with Binance, make sure your account is verified. You need at least Intermediate level verification.
Step 1
Login to your Binance account and go to API Management section from the menu. If you don’t have a Binance account yet, consider opening one here. You will get 10% discount on your commissions.
Step 2
Once you got to the API key list, click the Create API button.
Step 3
Choose System generated API key and click Next.
Step 4
Then enter a representative name like Vestinda and click on the Next button. Make sure you only use this API KEY inside Vestinda app.
Step 5
Confirm and Submit your 2FA.
Step 6
Enable proper trading for the API KEY. Reading data and Trading are needed for Vestinda to track your portfolio and automate SPOT Trading.
Step 7 - Trading Futures
Want to short the market? You need a few additional steps.
Before trying to enable Futures for an API KEY, you must have the Futures Account open in Binance. If you do not see the Enable Futures permission when creating your API KEY, make sure you open the Futures account by following the steps on the official Binance website here: https://www.binance.com/en/support/faq/how-to-open-a-binance-futures-account-360033772992
i) Enable Futures trading for the API KEY
In order to use strategies that can trade Futures (short or long the market) you have to enable Futures trading also. Activate it by clicking on Enable Futures on your API Key.
ii) Click the Use same credentials for Binance Futures checkbox when adding your API key to Vestinda account area.
iii) Make sure you have your Futures account set to One-way Mode
Vestinda currently supports only One-way Mode trading for Futures in Binance. This can be set in the Settings area while in Futures Trading account.
Please make sure you understand how One-way Mode works. You can only hold positions in the same direction.
Eg: if you open a Long position, then you cannot open a short position in the same time as it will close the long position or reduce the size of the Long position.
Read more about this at Binance here: https://www.binance.com/en/blog/futures/managing-risks-with-hedge-mode-in-crypto-futures-trading-3345275339961971082
Step 1: Go to Futures Trading: https://www.binance.com/en/futures/BTCUSDT
Step 2: Click on the Settings menu in upper right corner
Step 3: Click on Position Mode when the menu opens
Step 4: Make sure you have One-way Mode selected for Position Mode
TIP: You can use either Isolated or Cross setting in your Futures account.
Please make sure you understand how Futures works in Binance, including important settings like Single Asset mode vs Multi-assets mode,
⚠️ Trading Futures is only supported without Leverage. All your Positions will be opened with a Leverage of 1x.
Moreover, each asset pair that you trade with Vestinda will be automatically set to 1x as Leverage. This means your setting at Exchange will be overridden and changed to 1x if you are using different leverage setting.
Step 8
Enable Restrict access to trusted IPs only for the API Key in the Binance Account. In order to do this, you will need to:
i) Copy the list of IPs from Vestinda account area after clicking on Binance Exchange logo. If you already have Binance connected, you'll find the list of IPs below the list of connected exchanges.
ii) Go to Binance API Management again and click on Edit Restrictions for the API key recently created. Then check Restrict access to trusted IPs only, introduce all IPs as copied from Vestinda and click Confirm. Enter the 2FA method and you're done.
Connect Binance with Vestinda using the API KEY
Now that you have an API key, you can take advantage of the power of Vestinda by connecting your Binance Exchange.
You can do this in a simple step in your Vestinda Account area. Copy the API Key and Secret Key from Binance and enter those in Vestinda platform.