Place Stop Orders on Binance via API: A Step-by-Step Guide
As an Ethereum investor, you probably know the importance of taking profits and limiting potential losses. An effective way to achieve this is to use stop orders in conjunction with OCO (One Cancels Other) orders on cryptocurrency exchanges like Binance.
In this article, we will guide you through placing a Binance order via API, ensuring that you can execute an OCO order and take profit at a specific price.
Step 1: Register for the Binance API
Before you proceed, be sure to register for a Binance API account. This will give you the necessary credentials to use API keys and interact with the exchange’s APIs.
Step 2: Obtain API Keys
Once you have obtained an API account, you will need to obtain two API keys:
- Client ID: This is used to authenticate your API requests.
- Client Identity: This is a secret key that must be kept confidential to prevent unauthorized access to your account.
Step 3: Configure the Binance API Client
To connect to the Binance API, you need to configure the client using the “python-binance” library. Install the required package:
pip install python-binance
Create a new Python file (e.g. binance_api.py
) and add the following code:
import os
binance.client import client from
Set API credentialsclient_id = 'YOUR_CLIENT_ID'
client_secret = 'YOUR_CLIENT_SECRET'
Initialize Binance clientclient = Client(client_id, client_secret)
Replace “YOUR_CLIENT_ID” and “YOUR_CLIENT_SECRET” with your actual API keys.
Step 4: Make a Support Order
To make a support order on Binance via the API, you need to create an OCO (One Cancels Other) order. Here is the code:
def place_bracket_order(ordertype, quantity, price):
Create an OCO order with a take profit conditionoco_order = {
'type': 'ocoo',
'type1': {'side': 'buy', 'type': 'limit'},
'type2': {'side': 'sell', 'type': 'stoploss'}
}
Set support order settingsbracket_order = {
"price": price,
'quantity': quantity,
'ordertype': ordertype,
'ocoo_type1': oco_order['type1'],
'ocoo_type2': oco_order['type2']
}
Execute an OCO order with the Binance APIclient.place_order(**bracket_order)
Replace “ORDER_TYPE” with “buy”, “sell” or “stoploss”.
Step 5: Take profit at target price
Once you have placed an OCO order, you can take profit at a specific price. To do this, you need to create another bracket order:
def place_profit_order(bracket_order, profit_price):
Create a profit order with an exit conditionprofit_order = {
'type': 'profit',
'type1': {'side': 'buy', 'type': 'limit'},
'type2': {'side': 'sell', 'type': 'stoploss'}
}
Specify the parameters of the profit orderprofit_order_params = {
'price': profit_price,
'quantity': bracket_order['quantity'],
'order type': bracket_order['order type']
}
Execute the profit order using the Binance APIclient.place_order(**profit_order_params)
Replace “PROFIT_PRICE” with the price at which you want to take profit.
Put it all together
Here is the complete code:
“` python
import os
from binance.