Connecting to Kraken
If you purchased a plan that includes Copy Trading (Medium or Pro) then you can add a connection to an exchange on which the trades will be executed.
If you want to add a connection to ByBit please follow this guide.
The guide below will show how to connect to the Kraken demo environment and the Kraken live environment. The demo environment can be used for testing, to monitor and most of all get a feel on how everything works.
Adding a new connection
You can add multiple connections to an Exchange. But you cannot add the same Exchange account multiple times.
On the Settings page scroll down to the Copy Trading section and press on “Add a new connection to an Exchange”
A new section shows up in which you need to fill in some details that we need to grab from the Exchange we are going to add. First make sure you select the Kraken tab on top.
In the “Name Your Exchange” field you can specific is display name for the exchange.
In case you want to connect to the Demo Environment you can mark the Is Demo/Test Account checkbox.
First we need to grab the public and private key by creating them on the API section in Kraken. We also need to whitelist the IP of our trading servers to allow them to make the trades.
Now lets head over to Kraken.
First you need to decide if you want to add on the Demo account or the Live account.
The demo account you need to head over to: https://demo-futures.kraken.com
And for the live environment you need to go to: https://futures.kraken.com
Make sure you are signed in. For the demo environment you can generate fake credentials, for the live environment if you don’t have an account yet this is the time to create one.
In the upper right corner click on the Profile Icon and choose Settings
Then go to the API Keys section and create a new key.
Make sure to have the General API on “Full Access” and keep the Withdrawal API on “No Access”.
Then click on “Create Key” and a new window will be visible with the Public and the Private Key.
Make sure you keep these keys private. We use encryption to make sure they are stored safely on our platform and no-one can access them.
You can now go ahead and copy the Public Key and the Private Key into the Settings page of Fiat Bear like this.
But wait before clicking on the Add button, we still need to add IP Whitelisting.
Go back to Kraken and on the API Keys settings click on “IP Whitelist”.
In the IP Address field fill in 126.96.36.199 and press the “Add Address” button.
Now you can go back to the Fiat Bear settings page and click the “Add” button. We will do a quick test if we can connect to the Exchange and if everything is correctly configured you should get a confirmation the Exchange was added.
Make sure to set a proper leverage. You can update the Preferred Leverage at any time by editing the Exchange its settings. If you set the Preferred Leverage option to 0 it will use the same leverage that was used by the trader you are copy trading. You can also override this leverage setting again in the Trade Configurations.
Leverage can be used to amplify your trades. By using borrowed capital you can trade higher USD amounts. The higher your leverage the more risk you take. Crypto is volatile, which means using high leverage equals higher risk of liquidation, but it can also result in higher profits.
For example if you set a Leverage of 10 and we use $100 to open a new position then in fact it will open $1000 worth of that position. Any loss or gain is also amplified by 10. Keep in mind that if the market turns against you the risk of liquidation is higher when using more leverage.
Make sure to check Kraken Requirements before enabling Copy Trading with this exchange.