An important part of cryptocurrency trading is technical analysis, or at least figuring out your personal investment approach, be it lump-sum investing or dollar-cost averaging. The veteran retail cryptocurrency trader is likely to have figured out some sort of hybrid between the two, given his own personal finance situation - but how does one start to figure it out all by himself?
Here's where a little coding (I use Python) and Gemini's API comes in very handy for those starting out. This is Part I of the Gemini API series, which covers how to set up your first Gemini account.
What is Gemini?
Here's some basic info about Gemini that you can just grab off the web:
Gemini is a US-based cryptocurrency exchange platform that allows its users to safely buy, sell, and create portfolios around crypto. Gemini was created in 2014 in New York by the Winklevoss twins. This makes Gemini one of the few crypto exchanges that are regulated in the US. Gemini brings a user-friendly platform that is great for beginners and advanced traders alike. For example, beginner traders will enjoy Gemini’s web and mobile apps while the advanced users may dive into advanced features that the Active Trader brings. Storing your crypto with Gemini ensures that your assets are held in our state-of-the-art storage system that has been built by world-class security engineers and experts. Gemini is SOC 1 Type 2 and SOC 2 Type 2 compliant. Gemini is the world’s first cryptocurrency exchange and custodian to complete these exams.
What is the Gemini API (Aye-Pee-Eye)?
Simply put, an API (Application Programming Interface) is a set of instructions that allows you to retrieve data from an online database. Being a cryptocurrency exchange, Gemini has - you guessed it - historical cryptocurrency prices for every single coin held on their exchange. Trust me, that is a minefield worth of data that's useful for any investor trying to figure out his regular investing approach.
Best of all, it's free to use, with a little coding expertise. Gemini API is available for the following protocols, so go wild:
Get Me Started!
For starters, you might want to get yourself a free Gemini account first via https://www.gemini.com/share/dyzywwpfl - full disclosure, this referral code gets me US$10 in BTC when you trade your first US$100 worth of any cryptocurrency on Gemini
Once you've gotten your Gemini account, head over to their sandbox @ https://exchange.sandbox.gemini.com/ and sign up (again!) for a sandbox account - this account is different from the first account in the sense that all trades executed are for demonstration purposes. Trust me, you'll want to mess around on the sandbox rather than your actual Gemini account. Once you've registered, you should be directed to the following screen:
From there, click on Account on the upper-right hand corner and go to Settings, then navigate yourself to the API tab:
Thereafter, click the Create API Key button, and pick the Master Key option (which gives you more options in terms of account regulation). Follow your on-screen (and phone) instructions, and you'll be presented with your API Key and API Secret - please store these safely as you will not be able to view them again! Thereafter, name your API Key and give it all the necessary permissions in the API Key Settings (just check all the boxes at the bottom of the prompt).
With that, you've just created your first Gemini account and Gemini sandbox account! Give yourself a pat on the back, and take a break - we'll be back tomorrow for more on how to perform your first data analysis of cryptocurrency trading data.
(Update: Check out Part II here!)