What is a crypto exchange API key?

A crypto exchange API key is a credential that lets software access your exchange account programmatically — without logging in through the web interface. It's the standard way to connect bots, portfolio trackers, tax tools, or trading apps to an account.

What it actually consists of (in most cases):

• API Key — a public identifier for who's making the request.
• API Secret — a private password that signs each request; the exchange verifies the signature to confirm it came from you.
• Passphrase (some exchanges, e.g. Coinbase) — an extra piece used in the signature.

The critical part: permissions (scopes). When you create a key, you typically choose what it can do:

• Read — view balances, orders, history.
• Trade — place/cancel orders.
• Withdraw — move funds off the exchange.

The rule of thumb: only grant the minimum needed. A key for a tax tool needs read-only. A key for a trading bot needs read + trade. Almost nobody needs a key that can withdraw — a leaked key with withdraw permission is basically a bank card left on the street, and exchanges generally warn you not to enable it unless absolutely required.

Security points worth knowing:

• The secret is shown once at creation — if you lose it, you regenerate the key, you can't recover it.
• You can revoke keys at any time from the API settings page.
• Keys are IP-restrictable on some exchanges — bind them to your server's IP so they're useless elsewhere.
• A compromised read-only key leaks your balances and trade history — a privacy issue, but not a fund-loss one. A compromised withdraw-capable key is the worst case.
• API keys ≠ your login password. A key is a limited credential; your password is the full master key.

How they differ from private keys/wallet seeds: an exchange API key controls access to your account on that exchange's platform. A wallet's private key or seed phrase controls the actual crypto on-chain — that's a different, far more sensitive thing that should never be shared with anything except the wallet software itself.

If you're looking at a specific exchange's API setup, I can pull the details for a particular platform — just tell me which one.