In today’s tutorial, we’ll learn how to add your Bitfinex API key and connect your exchange account to the Aluna.Social multi-exchange cryptocurrency trading platform.
If you don’t have an account yet, sign up for free here: https://aluna.social/sigunup.
How to Add a Read-only API key
First, generate an API key on Bitfinex if you haven’t already. Creating a new API key will by default come with read-only permissions, and should look like this:
Once you have successfully generated your API key pair, make sure to keep it in a safe place!
Head over to the Aluna.Social platform and navigate to Menu > Settings > Exchanges (or simply click here).
Alternatively, if you haven’t connected any exchange API key yet, click on the Balances, Orders, or Positions tab at the bottom, and then on the Bitfinex logo.
Once you’re on the API key settings page, add your API key and API key secret to the 2 fields labelled under Bitfinex, and click ‘Save’.
How to Add a Trading API key
Adding a trading API key will enable you to not only view your portfolio but also execute trades via Aluna.Social.
The method of adding the key is the same as above. However, this time, when creating your API key on Bitfinex, make sure to also check the ‘Write’ permission for ‘Orders’.
Do NOT to check the ‘Write’ permission for the ‘Withdraw’ option.
What can I do after adding my API keys to Aluna.Social?
Adding your API keys to Aluna.Social allows you to manage your exchange accounts, from monitoring your portfolio to tracking your trading performance and executing trades, all from one single platform.
More specifically, you will be able to:
- Check your wallet balances
- Open an order
- Close a position
Now that we have successfully added our API key, let’s take a look at how to do these 3 things on the Aluna.Social trading platform.
Checking your Balances from Aluna.Social
From any page on the platform, click on ‘Balances’ on the bottom bar. This will open up your ‘Balances’ tab and show the balances on your exchange account(s). Nobody else will be able to see this!
If you go to your Profile, you’ll see in the bottom left a neat little pie chart showing your portfolio distribution. This includes your portfolio across multiple exchanges if you have added more than 1 API key, and is viewable publicly by anyone who navigates to your profile.
You can even check your balances from Telegram once you have connected your Aluna.Social account to our Telegram Bot!
If you added a ‘read-only’ API key, this will be the only feature available to you. In order to use the next 2 features, you will need to add a Trading API key, one with ‘Write’ permissions for ‘Orders’ enabled.
Opening an Order from Aluna.Social
First, navigate to the Markets page by clicking on the ‘Markets’ button at the bottom, or from the menu. From here, select the coin that you wish to trade.
For this example, we chose the Bitcoin (BTC) market. On the left, you will see your trade execution window. Select the desired market/exchange from the drop-down list (it also works as a search bar once clicked), in this case, the BTC/USD market on Bitfinex.
Now let’s open a Margin trade on Bitfinex. Click on ‘Margin’, then select ‘Long‘ or ‘Short‘. To open a long, make sure ‘Long’ is already selected, then fill in your trade parameters (price and quantity or total), and finally click on ‘Open long order’.
Once your order is successfully created, it will now appear in your ‘Orders’ tab which is accessible from the bottom bar. Click on the pencil icon on the right side to edit your order, or click on the cross icon to cancel.
Once your margin order gets filled, it becomes an open position and will appear on the ‘Positions’ tab.
Closing a Position from Aluna.Social
If you have an open position (margin trades only), you can also close it from the Aluna.Social platform.
Click on the ‘Positions’ tab to view all your open positions.
Clicking on any of the positions will bring you to the position’s details page, showing information such as the % change, base price, open timestamp, close price and timestamp (if applicable). This page also shows the price chart, as well as a comments section.
To close your position, go back to the ‘Positions’ tab, and click on the cross icon on the right side of the position you wish to close. A confirmation dialogue will appear, click on ‘Yes, close this position’. That’s it! The position will be closed with a market order and then disappear from your ‘Positions’ tab.
Alternatively, if you have an open Long position, you can also close it by executing a new Short order of the exact same size. Similarly, if you have a Short position, you can close it by executing a Long order of the same size.
With that, we’ve come to the end of today’s tutorial. Stay tuned for our next article, and come join our community discussions on Telegram.