Create an Account and API key
To start algo trading our bots need a way to talk to an exchange to execute orders (open and close positions), read your balance and calculate position sizes. This is where the API key comes in – by generating it you create a secure link between Smartpositions and your Bybit account. The API key will allow your bot to place orders and read balance information for calculations without risking your assets as the key won’t have withdraw or transfer permissions. If you haven’t done so yet please log in to your Bybit account to start the process.
1. Navigate to the Account tab within your Bybit account and select API.
2. Navigate to the API Management tab
When the account tab is selected, multiple options become available. Please select the API management tab on the left side of the screen. When the tab is selected, please click "Create API" on the top right.
3. Select the system generated API key option or if you're familiar- choose self generated
For almost all users, the "basic" system generated process is the way to go. It requires additional knowledge and tooling to be able to successfully complete the creation of a "self generated" API key.
4. Setting up the API name and it's initial settings
First, select the option "API transaction" and assign a suitable name for your API key. It's advisable to use a name referring to the services you're using or something that will make it's function clear.
Secondly select the "read & write" option which will allow our systems to execute orders, read balances and calculate all appropriate elements of a succesful trade.
5. Copy our IP address information .
With the "read & write" option active and the "Only IP's with permissions granted are allowed to access the OpenAPI" you're ready for the next step. Please come back to my.smartpositions and on the exchange configuration tab click the "edit" button. Our system IP's will be shown, please copy those via the green icon on the right.
6. Updating the API settings for use with smartpositions
In the Bybit API settings, please paste the copied IP addresses under step 2 and submit the API form at the bottom of the page. When authentication is completed you'll see the API credentials consisting of two important elements. The API "key" and the API "secret". You'll need both elements to be able to setup an effective connection. It's advisable to temporary copy both elements into a text editor or a similar program (just make sure not to save them to your computer).
7. Finalizing your API inputs into my.smartpositions.
When the API has been updated with the IP's we can finalize the process. Paste the API key (from your text editor) into the first and the API secret into the second insert. Click "Test" to test the API connection. This should be confirmed by a green pop-up stating "API keys accepted". Please press the "Save" button to conclude the process. Congratulations! We can now move on to start configuring the bots.
