In the simplest terms, an API key is the bridge between a piece of software (WealthyBot) and another medium such as your Exchange. The API key is a unique string of code that allows the software to read out the API Back-end and Data.
An application programming interface key (API key) is a unique code that is passed in to an API to identify the calling application or user. API keys are used to track and control how the API is being used, for example to prevent malicious use or abuse of the API. The API key often acts as both a unique identifier and a secret token for authentication, and generally has a set of access that is specific to the identity associated with it."
What does WealthyBot use the API key for?
We use the API key for a whole array of reasons. The most note-worthy being:
Read out the actual exchange prices
Ask the exchange how much funds you have in your portfolio
Send buy and sell commands to your exchange automatically
By using this API key, we do not require any Login information of your exchange, nor can we withdraw any funds (Make sure to never enable withdrawal rights in your API keys. As this allows companies to withdraw funds. We explicitly do NOT want these rights.)t