crypto bots/Third party api
Wondering about the risk with crypto bots and so. I stumble on a page that can do crypto trading for me.. They say that they can give a great return when using their bot to do crypto handling. But what is the risk of this?
Have someone tried using binance and some kind of bot/third party. Maybe can help me to understand the risk with giving out my api key. This site wants to have the public and private key. But what can they do with it. If I understand correct, they cant take my money, just to trades on my account?
So what is the risk of giving out the private api key? How afraid should you be that they do something fishy, scam me or so? They api key only let them do trade, so I guess I can loose what I have on my account it trades. But not more or what?
You can read about [recent API leak](https://cointelegraph.com/news/3commas-api-leak-victims-demand-refunds-and-apology-for-gaslighting-users) from 3commas.
This is basically the worst thing that can happen, i.e. someone will trade non-liquid coins and by doing so they might be able to empty your account.
As far as I know several security measures are being discussed and might be soon implemented by exchanges and by the services that are using API keys to reduce the probability of such incidents.
It does not mean that you should never use the services requesting your API key – this might be handy sometimes, but spend more time investigating the security measures taken by the company provider and their reputation in general.
Mostly scam. If it seems too good to be true then it’s mostly likely not true! Always ask what’s in for them?
Hello there.
Please, kindly refer to this page to know more about how to use API secure on Binance [https://academy.binance.com/en/articles/what-is-an-api-key-and-how-to-use-it-securely](https://academy.binance.com/en/articles/what-is-an-api-key-and-how-to-use-it-securely)
and here also you can find more info [https://academy.binance.com/en/articles/binance-api-series-pt-1-spot-trading-with-postman](https://academy.binance.com/en/articles/binance-api-series-pt-1-spot-trading-with-postman)
If you have any difficulties with the API functions, please, let us know and check it for you in a private chat at [https://www.binance.com/en/chat](https://www.binance.com/en/chat)
VG
Use BNB farms with 1-2% daily return
Don’t use bots which you didn’t created.
Otherwise your cash is not yours anymore.