In general, GTranslate Pro works without API key. API is an optional feature.
There are some limitations on the number of characters you can translate per day. There is 100.000 character daily limit. So every day 100KB of your site will be translated and cached.Also it will start the translation from the most popular content, since the translations are done on demand.
API key is a commercial and it is an optional feature. As of February 2012, Google charges $20 for every 1 million characters translated through the Translate API.
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