> ## Documentation Index
> Fetch the complete documentation index at: https://docs.getpanther.app/llms.txt
> Use this file to discover all available pages before exploring further.

# On-chain vs API trading

> The two ways to trade in Panther, how they differ, and which to choose.

Panther offers two ways to trade. Most people use **on-chain trading** — it's the default and works everywhere. **API trading** is a desktop-only option for people who want to connect their own exchange API keys.

## At a glance

|                     | On-chain trading                                  | API trading                                                      |
| ------------------- | ------------------------------------------------- | ---------------------------------------------------------------- |
| **What it is**      | Trade from secure wallets Panther sets up for you | Trade with your **own** Kalshi/Polymarket API keys               |
| **Who holds funds** | You do (self-custody wallets)                     | Your funds stay in your Kalshi/Polymarket accounts               |
| **Where it works**  | Desktop **and** web                               | Desktop only                                                     |
| **Setup**           | Sign in → deposit → verify identity for Kalshi    | Paste your exchange API keys                                     |
| **Best for**        | Almost everyone                                   | Traders who already have funded exchange accounts and API access |

<Info>
  These are **accounts** you switch between, not a global toggle. Pick the active one in the [account switcher](/accounts/switching). On web, only on-chain trading is available.
</Info>

## On-chain trading (recommended)

With on-chain trading, Panther creates two secure, **self-custody** wallets for you when you first sign in — one for Kalshi and one for Polymarket. You deposit USDC, and your trades are placed and settled directly from those wallets. There are no API keys to manage, and your funds stay under your control.

<CardGroup cols={3}>
  <Card title="No keys to manage" icon="wand-magic-sparkles">
    Wallets are created automatically. Nothing to copy or paste.
  </Card>

  <Card title="Self-custody" icon="shield-halved">
    You hold the funds and can export your keys anytime.
  </Card>

  <Card title="Works on web too" icon="globe">
    The same account works in the browser and the desktop app.
  </Card>
</CardGroup>

<Card title="Set up on-chain trading" icon="arrow-right" href="/trading/onchain-setup">
  Sign in, add funds, and place your first on-chain trade.
</Card>

## API trading (desktop only)

API trading connects Panther to your existing **Kalshi and Polymarket accounts** using API keys that you create on those platforms. Your funds never leave those accounts, and your keys are stored **only on your computer**. This option is available in the desktop app only — the web app doesn't support it.

<Card title="Set up API trading" icon="arrow-right" href="/trading/legacy-setup">
  Connect your Kalshi and Polymarket API keys on desktop.
</Card>

## Which should I choose?

<AccordionGroup>
  <Accordion title="I'm new to Panther">
    Use **on-chain trading**. It's the default, needs no API keys, and works on both web and desktop.
  </Accordion>

  <Accordion title="I already trade on Kalshi/Polymarket with API keys">
    You can use **API trading** on desktop to keep that setup — or switch to on-chain to trade from web too and let Panther handle the wallets.
  </Accordion>

  <Accordion title="I only use the web app">
    Use **on-chain trading** — API trading isn't available on web.
  </Accordion>

  <Accordion title="I just want to practice first">
    Turn on [demo mode](/accounts/demo-mode) and trade with simulated money. No setup required.
  </Accordion>
</AccordionGroup>