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Bybit API Key Complete Guide for Crypto Copy Trading Using Finestel & Finestel Pro

Bybit copy trading is super popular among crypto traders, which is why we’ve listed it on Finestel & Finestel Pro and thoroughly explained it in our Bybit Copy Trading article on the Finestel blog. However, the exchange has a more sophisticated API key configuration interface compared to Binance and KuCoin and might seem a little complicated to some copy traders; although it’s quite user-friendly.

Comparing Bybit, Binance and KuCoin API configuration complexity together.

So, we decided to dedicate this one to the Bybit API key configuration for copy trading on both spot and derivative markets, and as both trader and investor (AKA copy trader, client, follower, etc.) exchange accounts.

But first, what are APIs and API keys exactly? We’ll not get into the technical details of APIs, types such as public, partner, private, composite… or compare them, but the opportunities they provide in the crypto asset management industry.

What Are APIs and API Keys?

An “Application Programming Interface” (API) is a communication between two or more pieces of software, applications, computers, or a combination of all that they talk to each other through. So, just like “User Interfaces” (UI) help us interact with computers, APIs allow interoperability between computers, machines, and programs.

APIs may implement a single task or perform numerous actions depending on their applications and design sophistication.

According to Wikipedia, API connections were in use since the 1940s – were they connecting tanks together?!? – but the term didn’t come out until the 1960s and 70s. Nowadays, API connections mostly refer to Web APIs that establish communications between computers over the internet.

What Are API Keys?

API keys are unique identifiers that verify the connection between the parties and also determine the actions that the parties should take. In other words, API keys are a sort of security token to guarantee certain access between the connected parties.

Finestel Pro runs on a powerful crypto copy trading bot

That guarantee could be for a single task like authentication or be as complex as “trade replication executions” between a number of exchange accounts; more on that further below.

What Are API Connections Used for in the Crypto Industry?

Almost all crypto-related applications and platforms (wallets, exchanges, etc.) support API connections. Some of those API connections are to call for extracting simple pieces of data such as price indicators, some others can execute proportional trade replications between exchange accounts or even perform crypto transactions.

The API key grants access for requesting certain actions from the other end of the API connection. As a native example:

Connected Trader Accounts via Read-Only API Keys

When a Finestel trader creates a “read-only” API key on Bybit and modifies the access restrictions to their preferences, they’re actually customizing their Bybit account API access to Finestel. It means the trader is telling Bybit what accessibilities are guaranteed for the API key the Finestel account is connected through.

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In this case (read-only API key) – as you see in the image below – Finestel can request data for the options you’ve check-marked from your Bybit account. Through read-only API access, Finestel will not have access to place/cancel orders or trade on your Bybit account.

Bybit read-only API for copy trading on Finestel

Connected Trader Accounts via Read-Write API Keys

Bybit “read-write” (AKA trade-only) API keys, on the other hand, guarantee access for Finestel to place/cancel orders or trade on your Bybit account in addition to the reading access.

Just like the read-only API key configuration, Bybit users can deeply customize their API keys (the image below). But, unlike read-only API keys, Bybit read-write API connections allow Finestel to execute (place/cancel/modify) trade replications from the copied traders’ Bybit accounts.

Bybit read-write API configuration for copy trading on Finestel

There are tons of other use cases that API keys have such as withdrawals, which Finestel does not require – please keep that in mind as whoever or whatever has the withdrawal API key to your exchange account, potentially has your funds.

Most service providers in the industry (copy trading bots, portfolio trackers, etc.) require read and trade API access, whether to extract data from your exchange account or trade on it.

Now, let me briefly tell you what you can get out of connecting your Bybit account to Finestel and Finestel Pro.

Bybit API Keys + Finestel = Automated Crypto Asset Management

One of the best and most recent groundbreaking applications that API connections have made possible in the crypto investment management environments is automated crypto asset management. Let’s tell you what Finestel Pro is and how pro traders use it for crypto portfolio management.

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What Are Finestel and Finestel Pro?

Finestel is a versatile and reliable automated trade execution system (bot). While Finestel Pro is a white-label personalizable crypto asset management platform for professional crypto traders with a community of investors (followers, copy traders, clients…) and crypto portfolio managers, running on top of Finestel’s copy trading bot.

Finestel Pro demo page reading Your brand

Finestel Pro is a highly personalizable crypto asset management software on top of copy trading

The white label in this context means a web application (software or platform) that you own with your brand on it and personalized to your preferences.

For more details about Finestel Pro please read: Finestel Pro A-Z guide. Or, just apply for your dashboard so you can also see a demo account.

What Does The Finestel’s Copy Trading Bot Do 

Finestel Pro runs on top of Finestel's powerful trading bot, but it's not like any other bot you see in the industry.

Finestel’s bot copies from a connected trader exchange account and executes proportional replications of the copied trades into investor accounts that copy the trader. It works on both spot and futures markets. But that’s not all!

Pro traders use Finestel Pro’s tools and services to manage multiple exchange accounts of their community of clients. In other words, pro traders provide crypto asset & portfolio management services to their community, using only one dashboard + their exchange account’s trading terminal.

Besides, Finestel Pro has a robust client management automation system that is fully customizable and contains an autonomous billing system, automated reporting (live and historical track record), customizable support and more.

Bybit API Key Configuration for Connecting to Finestel and Finestel Pro

First of all, the API key configuration and process of connecting your Bybit account to Finestel Pro and Finestel copy trading platform are similar but since Finestel will get thoroughly replaced by Finestel Pro, we use Finestel Pro as the example.

Bybit API Key Configuration for Connecting Trader Exchange Accounts to Finestel Pro

The “trader” exchange accounts are connected by the white-label owner and available to copy or invest in by the clients. White-label owners may use different literature on their personalized Finestel Pro than we use on Finestel, such as “strategy” or “fund” instead of trader and “follower” instead of investor.

Bybit trader exchange accounts connect via “Read-Only” API keys which allow Finestel’s copy trading bot to read and copy the trades from them. The image below shows the API key configuration for connecting a Bybit trader account to Finestel Pro:

Bybit read-only API configuration for connecting a trader account to Finestel

Bybit’s Read-Only API Permissions

  • Contract: “Orders” and “Positions” permissions allow Finestel to read and copy derivative orders and positions for executing proportional replications on investor exchange accounts and also reporting.
  • USDC Contracts: Finestel does not support USDC trading so traders and investors don’t need to checkmark this option.
  • Derivative API V3: This permission allows Finestel to read and copy all USDⓈ Derivative contract trades.
  • Spot: This option grants read and copy permission to Finestel to copy the trades you make on your Bybit spot market account.
  • CopyTrading: By check-marking this option, you’ll allow Finestel to copy the orders you place on your Bybit spot account.
  • Wallet: First of all Finestel and Finestel Pro do not require “Withdrawal” permission. The other two, “Account Transfer” and “Subaccount Transfer” permit Finestel to read and copy asset transfer between spot and derivatives accounts and also Bybit subaccounts.
  • Exchange: The Exchange History permission is to collect the required data from your connected exchange account to create reports and account’s stats.

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Bybit API Key Configuration for Connecting Investor Exchange Accounts to Finestel Pro

Investors, copy traders, or followers are accounts that connect via Bybit “Read-Write” (or trade-only) API keys.

The read-write API keys allow Finestel to execute the trade replications that have been copied from the copied trader account. The image below shows the configuration:

Bybit read-write API configuration for connecting an investor account to Finestel

Bybit’s Read-Write API Permissions

  • Contract: “Orders” and “Positions” permissions allow Finestel to place, cancel, and modify the copied derivative orders and positions on investor exchange accounts.
  • USDC Contracts: Finestel does not support USDC trading so traders and investors don’t need to checkmark this option.
  • Derivative API V3: This permission allows executing all USDⓈ Derivative contracts trade replications on investor exchange accounts.
  • Spot: This option grants trade permission to Finestel for executing spot market trade replications from the copied trader.
  • CopyTrading: By check-marking this option, you’ll allow Finestel to place, cancel, and modify the copied spot market orders into your Bybit account.
  • Wallet: First of all Finestel and Finestel Pro do not require “Withdrawal” permission. The other two, “Account Transfer” and “Subaccount Transfer” permit Finestel to execute asset transfer replications (from the copied trader) between your spot and derivatives accounts and connected subaccounts.
  • Exchange: The Exchange History permission is to collect the required data from your connected exchange account to create reports and account’s stats.

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Final Important Notices

  1. To create a Bybit API key both trader and investor accounts must select the “API Transaction.” The “Connect to Third-Party Applications” option is for connecting platforms that are listed on the Bybit API management section, which Finestel will be shortly, But until then, you need to select the API Transaction option.
  2. Like Binance and KuCoin – and probably all crypto exchanges – Bybit shows your “API secret key” only once after creation. If you miss it, you’ll need to delete the API key and create a new one.
  3. Finestel does not require the “Withdrawal API access” to your Bybit account.

 

 

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I'm a semi-retired, old-school gamers and a blockchain tech and crypto market enthusiast. I've been researching and writing about next-gen crypto asset management on Finestel for the past couple of years.

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