Binance offers a feature that's akin to a security guard for your API key: IP Whitelisting. It's a simple yet potent tool in your security arsenal.
By setting specific IP addresses that are allowed to use your Binance API key, you're creating a protective barrier. Even if a malicious actor were to obtain your key, they'd be rendered powerless unless they're accessing it from the whitelisted IP.
Binance strongly advises you to set up an IP whitelist for all your API keys, irrespective of their permissions or uses. With this whitelist, your API keys can only be accessed from designated IP addresses. This measure ensures that even if someone gets your key, they can't use it from an unauthorized IP.
However, be vigilant about potential scams. If someone accesses your keys, they might engage in pair trading with low-volume assets to gradually drain assets from your account. To counter such tactics, Binance introduced an auto API key deletion policy in December 2022. If your API key isn't IP whitelisted and remains inactive for 30 days, it gets deleted. To prevent this, set up your IP whitelist.
Remember to regularly review your whitelist. Just as you periodically change passwords, it's a good practice to review and update your IP whitelist. Ensure that only the necessary IPs have access, and remove any that are no longer in use or are unfamiliar.
