TradeLand creates orders on Binance using the API keys you provide when you connect your Binance account to TradeLand. Here’s a simplified explanation of how it works:
API Key and Secret: When you create an API key and secret on Binance and provide them to TradeLand, you’re essentially giving TradeLand a set of digital keys that grant it permission to interact with your Binance account in specific ways.
Permissions: The permissions you set for your API keys determine what TradeLand can and cannot do. Generally, you should enable permissions for reading your account information and creating orders. For security reasons, you should not enable withdrawal permissions.
Creating Orders: When you set up an AI agent for trading on TradeLand and launch it, the AI agent will start monitoring the market for the trading pair it’s set up to trade. When the AI agent’s algorithm decides it’s a good time to make a trade based on its strategy, it sends a request to Binance via the API to create a new order.
Order Execution: Binance receives the request, verifies it using your API keys, and if everything checks out, executes the order. This could be a buy order or a sell order, depending on the AI agent’s strategy and the current market conditions.
Confirming the Order: After the order is executed, Binance sends a confirmation back to TradeLand via the API. This lets TradeLand know that the trade has been completed.
This process happens in real-time and can occur many times a day, depending on the AI agent’s settings and market conditions. Despite this level of interaction, it’s important to note that your funds still remain in your exchange account at all times. TradeLand does not have access to withdraw your funds due to the API permissions set.