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Binance API Setup Guide

This guide will walk you through creating and configuring Binance API keys to enable Portfolio Tracking in MyCryptoPilot.

Why Connect Binance?

Connecting your Binance account allows MyCryptoPilot to:

  • Sync your trading history automatically
  • Calculate real performance metrics (Win rate, Profit Factor, Sharpe Ratio)
  • Display verified trading stats to potential followers
  • Earn the Verified Badge when your stats meet criteria

Security First 🔒

Important security notes:

  • ✅ API keys are read-only (no withdrawal or trading permissions)
  • ✅ Keys are encrypted using AES-256-GCM before storage
  • ✅ Encryption key is stored securely in environment variables
  • ✅ Keys never appear in logs or browser console
  • ✅ You can revoke API keys anytime from Binance settings

We NEVER:

  • ❌ Request withdrawal permissions
  • ❌ Request trading permissions
  • ❌ Store your password
  • ❌ Have access to your funds

Step 1: Create Binance API Key

1.1 Log in to Binance

  1. Go to binance.com
  2. Log in to your account
  3. Complete 2FA verification if prompted

1.2 Navigate to API Management

  1. Click on your profile icon (top right)
  2. Select API Management
  3. You may be asked to verify your identity (2FA code)

Note: If you don't see "API Management", ensure your account has completed identity verification (KYC).

1.3 Create New API Key

  1. Click "Create API" button
  2. Choose "System-generated API Key" (recommended)
  3. Enter a label: MyCryptoPilot - Portfolio Tracking
  4. Complete 2FA verification

1.4 Configure Permissions ⚠️ CRITICAL

ONLY enable these permissions:

  • ✅ Enable Reading (or "Read Only" / "Spot & Margin Trading - Read")
  • ❌ DISABLE Enable Spot & Margin Trading
  • ❌ DISABLE Enable Futures Trading
  • ❌ DISABLE Enable Withdrawals
  • ❌ DISABLE Enable Internal Transfers

Screenshot location: [Screenshot showing correct permissions checkboxes]

For maximum security, you can restrict API key usage to specific IPs:

Option 1: Unrestricted Access (Not Recommended)

  • Select "Unrestricted" if you want simplest setup
  • Less secure but easier for users with dynamic IPs

Option 2: IP Whitelist (Recommended)

  • Select "Restrict access to trusted IPs only"
  • Add MyCryptoPilot server IPs: 
    [IP addresses will be provided based on deployment]

1.6 Save Your Keys

After creation, Binance will display:

  1. API Key (public) - Example: xzY3k8mN...
  2. Secret Key (private) - Example: 7hB9qW2v...

⚠️ CRITICAL: Copy both keys immediately. The Secret Key is shown only once and cannot be recovered.

Store them temporarily in a secure location (password manager, encrypted note).

Step 2: Connect to MyCryptoPilot

2.1 Navigate to Exchange Settings

  1. Log in to MyCryptoPilot
  2. Go to Account → Exchanges
  3. Click "Connect Exchange"

2.2 Paste Your API Keys

  1. Exchange: Select "Binance"
  2. API Key: Paste your API Key
  3. Secret Key: Paste your Secret Key
  4. Click "Validate & Connect"

Screenshot location: [Screenshot of the Connect Exchange form]

2.3 Validation Process

MyCryptoPilot will:

  1. Test your API keys with a simple API call
  2. Verify read-only permissions (no trading/withdrawal enabled)
  3. Encrypt keys using AES-256-GCM
  4. Store encrypted keys in database

Success message: "✅ Exchange connected successfully!"

2.4 Initial Sync

After connection:

  • First sync starts immediately
  • Fetches trades from last 30 days
  • Syncs automatically every 5 minutes (FREE), 1 minute (PRO), 5 seconds (ULTRA)
  • Performance metrics calculated for 4 periods (All-Time, 365D, 90D, 30D)

Step 3: View Your Stats

3.1 Dashboard

Go to Trading → Dashboard to see:

  • Connection status (Active, Last sync time)
  • Performance metrics:
    • Winrate (%)
    • Profit Factor (Gross Profit / Gross Loss)
    • Net PnL (Total profit/loss)
    • Sharpe Ratio, Sortino Ratio
    • Max Drawdown, Average Win/Loss
    • And 8 more metrics

3.2 Verified Badge

The Verified Badge is automatically managed:

  • ✅ Activated when exchange is connected and synced
  • ❌ Removed when exchange is disconnected

Verification shows followers that your stats are real and backed by live trading data.

Troubleshooting

Error: "Invalid API Key"

Possible causes:

  1. Typo in API Key/Secret: Copy-paste carefully, no extra spaces
  2. Wrong permissions: Ensure "Enable Reading" is checked
  3. Keys revoked: Check if keys still exist in Binance API Management
  4. IP restriction mismatch: Add MyCryptoPilot IPs to whitelist

Solution:

  • Re-check both keys (no spaces before/after)
  • Verify permissions in Binance API Management
  • Try creating new API keys if issue persists

Error: "IP address not whitelisted"

Cause: Your API keys have IP restrictions enabled, and MyCryptoPilot's server IPs are not whitelisted.

Solution:

  1. Go to Binance → API Management
  2. Click "Edit" on your API key
  3. Add MyCryptoPilot server IPs to whitelist: 
    [IP addresses will be provided]
  4. Save changes
  5. Reconnect in MyCryptoPilot

Error: "Rate limit exceeded"

Cause: Binance API has rate limits. Too many requests in short time.

Solution:

  • Wait 1 minute
  • Retry connection
  • If persists, check if other apps are using the same API keys

Sync Not Working

Symptoms: Last sync timestamp not updating, no new trades appearing

Solutions:

  1. Check connection status: Go to Account → Exchanges
  2. View last error: Hover over warning icon if present
  3. Manual sync: Click "Sync Now" button
  4. Check Binance: Ensure you have trades in the last 30 days
  5. Reconnect: Try disconnecting and reconnecting

Missing Trades

Possible reasons:

  1. Trades older than 30 days: First sync only fetches last 30 days
  2. Different trading account: Ensure API keys are from the correct Binance account
  3. Futures vs Spot: Currently supports both Spot and Futures trades
  4. Sync delay: Wait 5 minutes for next automatic sync

Performance Metrics Not Showing

Requirements:

  • At least 10 trades synced
  • Trades must have realizedPnl data (futures) or be calculable (spot)
  • Wait for initial sync to complete

Check:

  • Go to Account → Exchanges
  • Look for "Last Synced" timestamp
  • Ensure it says "Active" status

Email Notifications

MyCryptoPilot sends email notifications for sync failures:

Notification Triggers

You'll receive an email if:

  • Sync fails due to invalid API keys
  • IP whitelist issues detected
  • Network/API errors occur

Rate Limiting

To avoid spam:

  • Maximum 1 email per 24 hours per connection
  • Automatic retry every 5 minutes until sync succeeds
  • Email includes troubleshooting guidance

Opt-out

To disable sync failure emails:

  1. Go to Account → Email Preferences
  2. Uncheck "Exchange sync notifications"

Managing Your Connection

Viewing Connection Details

Account → Exchanges shows:

  • Exchange name (Binance)
  • Connection status (Active/Inactive)
  • Last sync timestamp
  • Next sync scheduled time
  • Total trades synced
  • Last error (if any)

Updating API Keys

If you need to rotate API keys:

  1. Create new API keys in Binance (Step 1)
  2. Go to Account → Exchanges
  3. Click "Disconnect"
  4. Click "Connect Exchange" again
  5. Paste new API keys

Disconnecting Exchange

⚠️ Warning: Disconnecting will:

  • Remove your Verified Badge
  • Stop automatic syncs
  • Keep historical trades (not deleted)
  • Hide performance stats from followers

To disconnect:

  1. Go to Account → Exchanges
  2. Click "Disconnect"
  3. Confirm action

You can reconnect anytime without data loss (historical trades remain).

Plan Limits

Connection limits by plan:

PlanMax ConnectionsSync Frequency
FREE0 connectionsN/A
PRO1 connectionEvery 1 minute
ULTRA3 connectionsEvery 5 seconds

Multiple Exchanges

Ultra users can connect multiple Binance accounts (e.g., main account + futures-only account).

Coming soon: Support for Bybit, OKX, Kraken APIs.

Advanced: API Key Rotation

For maximum security, rotate API keys every 3-6 months:

  1. Create new API keys in Binance
  2. Disconnect old connection in MyCryptoPilot
  3. Reconnect with new keys
  4. Revoke old API keys in Binance

FAQ

Do you store my API keys?

Yes, but encrypted:

  • Keys are encrypted using AES-256-GCM (military-grade)
  • Encryption key stored securely in environment variables (not in database)
  • Keys never appear in logs or error messages
  • Only decrypted in-memory during API calls

Can you trade on my behalf?

No. API keys have read-only permissions. We cannot:

  • Place trades
  • Withdraw funds
  • Transfer assets
  • Modify account settings

What data do you fetch?

We only fetch:

  • Trade history (spot + futures)
  • Order details (symbol, side, price, quantity, PnL)
  • Account balances (for future features)

We do not fetch:

  • Withdrawal history
  • Deposit addresses
  • KYC documents
  • Login credentials

Is my data shared with third parties?

No. Your trading data is:

  • Private by default (only you can see raw trades)
  • Aggregated stats are public if you're a verified trader (Win rate, Profit Factor, etc.)
  • Never sold to third parties
  • Used only for calculating performance metrics

What happens if my API keys are compromised?

If you suspect compromise:

  1. Immediately revoke keys in Binance API Management
  2. Disconnect in MyCryptoPilot (Account → Exchanges)
  3. Create new keys with fresh credentials
  4. Reconnect with new keys

Impact: Read-only keys cannot withdraw funds, so compromise risk is minimal.

Need Help?

Ready to connect? Go to Account → Exchanges

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