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S04 – Setup Digital Coin Trader to Work with Binance US

DISCLAIMER:

None of the information communicated here is financial advice. Digital Coin Trader is not a financial advisor and this content and material is presented for informational purposes only. Under no circumstances shall Digital Coin Classes be held liable for any damages arising out of, or in connection with, your access or use of our material.

Intro

This Getting Started guide will walk you through the entire process of setting up the Digital Coin Trader (DCT) program to buy and sell cryptocurrencies on supported cryptocurrency exchanges.  An exchange is a organized market where tradable contracts are bought and sold.  Exchanges exist for all sorts of financial trading, to include: shares of publicly traded companies (known as stocks), foreign exchanges (known as FOREX) to trade on foreign markets, currency exchanges which are used to trade the differences between international currencies, and cryptocurrency exchanges.  For our purposes, we will be using cryptocurrency exchanges to buy and sell cryptocurrencies. A cryptocurrency is a digital asset based on a network that is distributed across a large number of computers which collaborate to confirm a digital ledge. This validates and confirms the creation and every transaction throughout a cryptocurrency’s lifetime.  These topics, and other related topics, can be further investigated at the Digital Coin Courses website.  This FAQ will specifically focus on setting up exchanges and connecting DCT to these exchanges via an application programming interface (API).

In general, there are five major steps to successfully connect DCT to a crypto exchange (exceptions will be explained as necessary):

  1. If you have not done so yet, join the Digital Coin Traders family: Digital Coin Trader (DCT) access is by invite only while we are in our PRE-APLHA phase. To apply to gain access to DCT: Visit our webpage and fill out the “Contact Us” form or click: https://digitalcointrader.io/index.php/contact/
  2. Next, create an account on one of the many DCT supported exchanges – DCT supports many of the most popular exchanges around the world.  Some exchanges may be restricted to some users based on regional restrictions.
  3. Fund your newly created exchange account – There are many ways to fund your exchange account and each exchange has their own process or processes to do so. DCT never keeps your money.  All transactions occur on the user’s exchange of choice (among those supported by DCT).
  4. Create an API on the exchange –  An API is a software intermediary that allows two applications to talk to each other.  In our case, DCT talks to the exchange, via the API, to perform transactions.
  5. Create a trader on DCT that connects to the newly created API – This trader will buy and sell on your behalf using user determined settings and values

DCT Currently supports 5 of the top ten Exchanges according to CoinmarketCap.com, with more to come soon.

Create and Fund a Kraken Exchange Account and Setup an API

Each exchange has their own process for account setup as well as setting up an API.  As such, we will explain, separately, how to setup an account and API on each of the exchanges available.  Where available, a signup FAQ link has been provided just below the link to the Exchange Website.  Then after the Exchanges section, we will walkthrough the Trader setup in DCT. This walkthrough is specific for the Binance.US exchange.

Clicking on the blue header below will take you directly to the exchange website to sign up

Binance.US

Signup FAQ: https://support.binance.us/hc/en-us/articles/360046786874-How-to-Register-an-Account-on-Binance-US

Kraken is popular, safe, secure, and has low fees.  For these reasons Kraken is a good choice for users.  The process for setting up DCT to work with Binance.US requires a few steps that should be done in the following order: (Click each link for a walkthrough)

  1. Setting up a Binance.US Account – Click link to the left or use the FAQ link provided above
  2. Verify your Binance.US Account – Binance.US requires a ID verification process, commonly referred to as “Know your Customer” or KYC.  Click link to the left for a walkthrough
  3. Fund your Binance.US Account – Click link to the left for a walkthrough on how to fund your Binance.US account.
    • You can fund your account in several ways.
      • Link your Bank Account to Binance.US
      • Bank wire/ACH Deposit.
      • Use a  Debit/Credit Card to purchase cryptocurrency, and then sell it on the exchange to convert to your preferred currency base
      • Crypto Deposit – If a user already has cryptocurrencies, the users can deposit most major cryptocurrencies directly from a wallet or another crypto exchange.  Due to the complicated nature and risk involved, this method is recommended only for experienced crypto traders.
  4. Setup your API in Binance.US
    • In order for the Digital Coin Trader (DCT) platform to connect to an exchange, the user must have a valid, working Application Programming Interface (API) on the Exchange. The API allows DCT to “talk” to the Exchange and buy and sell on the user’s behalf.  Adding an API is different on each exchange. The number of secret phrases depends on the exchange and it’s associated API requirements. DCT requires 2 secret phrases for the Binance.US API to work properly. You will need the APIKey, APISecret Key.
      • WARNING:  The Secret Key will ONLY be presented during the creation process.  It is CRITICAL that you record ALL API key phrases and keep them in a safe place.
    • To setup your API Key in Binance.US, follow these steps:
      • On the Binance.US website, click on your name in the upper right corner of the screen and select API Management from the pull down menu.
      • On the next screen Give your API key a Label and click Create
      • verify new Key creations with 2FA
      • On the next screen, all key permissions are preselected and there is no need to modify settings during the creation process.
        • Settings can be modified using the Edit Restrictions button, so it is still extremely important to understand that selecting Withdraw Funds will allow anyone who is able to hack into your account to withdraw all of your funds.  DCT does NOT require this option and we recommend AGAINST ever selecting this option.
      • Record your API Key and Private Key presented and store them in a safe location (you will need these later)
        • Do NOT lose these keys!

Connect to the Exchange using your API

The process of setting up the default DCT trader is specifically designed to get the average DCT member setup and trading as quickly and as easily as possible

The default settings are designed to provide the user with a working trader that can make profits with no additional modifications required, while having adjustable options for more experienced members to customize their trader to their personal preferences.

Click on the Add Exchange Button

Select your exchange from the list of exchanges supported in block one of the image below.

Enter your API Keys in the appropriate fields.  IMPORTANT: Make sure you are inputting the proper key into the proper field

 

Create a Trader in DCT and connect your Trader to your Exchange

The next step is to create a trader and add it to your connected exchange (which you created during the above step).

  • Your trader should be provided a name, if not name your trader, select your currency base, and add trading pairs that the trader will use to trade with.
  • The Exchange blocks is filled in during the previous step.  Do NOT modify the Exchange field.  Doing so will “break” the trader
  • Choose your currency base from the tabs presented – It is important to make sure to choose the right currency base to match the currency of the funds you have in your account.
  • The number of coins you may add is governed by your membership plan.  Higher membership plans allow for more trading pairs to be active for trading (see plans for more options at: https://digitalcointrader.io/index.php/plans/)

Editing and Activating Symbols

The final stage in setting up your trader is to edit and activate the symbols (re: Trading pairs) which were added in the previous step. We recommend that beginner traders leave the settings at default and just activate the symbols for a while until you are confident and comfortable with what each of the settings do.

Setting up and Activating your trader

The trader will be off by default.  To activate your trader, Select Dashboard from the Main Menu on the left side of the user interface (UI)

Now just toggle the Trader Active to the on position to start trading!

Congratulations!

Please contact a member of our staff if you have any questions or problems with setup or with your trader.

If you haven’t done so already, please follow the steps below to request access to DCT.

Digital Coin Trader (DCT) access is by invite only while we are in our PRE-APLHA phase.

To apply to gain access to DCT:

Visit our webpage and fill out the “Contact Us” form or click: https://digitalcointrader.io/index.php/contact/

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