Ethereum: Issues with Trading on Binance API Using Python
As a developer, it’s exciting to explore new APIs and platforms for trading, especially for cryptocurrencies like Ethereum. However, I encountered some issues when trying to trade on the US version of Binance API using Python without external libraries.
In this article, I will outline the challenges I encountered, provide workarounds, and propose a solution to help you successfully trade on Binance API.
Challenges:
- Authentication: Binance API requires authentication tokens, which are usually obtained via OAuth flow or password-based authentication.
- API Keys: Each user has their own API key, which must be exchanged for Binance API Token (BEP20) before submitting transaction requests.
- Rate Limit: Binance API has rate limits on the number of requests per hour, which may limit your ability to trade frequently.
Workarounds:
Using OAuth flow
To overcome authentication issues using OAuth flow:
- Install
requestsandoauthliblibraries:
pip install requests oauthlib
- Generate a client id and secret for Binance API in your app:
client_id = 'your_client_id'
client_secret = 'your_client_secret'
- Create an OAuth provider object using the client id, secret and redirect URI (i.e.
import requests
oauth_provider = OAuthProvider(
client_id=client_id,
client_secret=client_secret,
redirect_uri='
)
Redirect the user to the OAuth provider's authorization URLurl = oauth_provider.get_authorize_url()
Handle the callback from the OAuth providerdef authorize_callback(code):
Replace with your own code to handle the callback responsepass
Create a trade request using the BEP20 API token (BEP20)trade_request = {
'symbol': 'ETHUSDT',
'side': 'buy',
'type': 'limit'
}
response = requests.post(
f'
headers={'X-MBX-APIKEY': oauth_provider.get_token(code)}
)
Process the responseUsing password-based authentication
To overcome authentication issues with password-based authentication:
- Create a Binance API token (BEP20) for your app:
import requests
api_token = 'your_api_token'
- Make a transaction request using the BEP20 API token:
trade_request = {
'symbol': 'ETHUSDT',
'side': 'buy',
'type': 'limit'
}
response = requests.post(
f'
headers={'X-MBX-APIKEY': api_token}
)
Process the responseRate limiting and rate limit exceptions
To avoid rate limit errors:
- Make API requests in batches to minimize the number of requests per hour.
- Handle rate limit exceptions by retrying failed requests with a smaller batch.
Conclusion:
Trading on the Binance API without external libraries can be difficult, but there are ways to overcome these issues. By using the OAuth flow or password-based authentication and rate limits, you can successfully trade on the US version of Binance API using Python. Remember to replace the placeholders with your own values.
Additional resources:
- [Binance API Documentation](
- [OAuth flow for Binance API]( OAuth flow documentation)
Please note that this is not an exhaustive guide and you should refer to the Binance API documentation and the requests` library documentation for more information on using the APIs.