Cryptocurrencies have taken the globe by storm, and they are now being used in a variety of apps and services.
If you want to grab a piece of that explosion, either individually or as a developer of a new app, you might need to employ a cryptocurrency API to ensure you receive the finest features and capabilities.
All of these APIs simplify the complex world of cryptocurrency into comprehensible, usable data. Each has its own advantages and disadvantages, and each may be targeted toward a particular type of software or application.
So, in this article we have put together an analysis to highlight one of the popular cryptocurrency exchange API.
What is a Cryptocurrency Trading API?
A crypto trading API is a software interface that enables you to engage with a crypto trading platform automatically. API offers a list of instructions written in a certain computer programming language. The code specifies how you should interface with the cryptocurrency exchange, which includes:
- The programming language you can use,
- The syntax for sent messages,
- The maximum number of orders or requests you can send each minute to the exchange.
By writing the appropriate code, you may easily import a crypto trading platform into your account via an exchange API.
You can interact with a crypto trading platform and send requests using programming languages like Python, Node.js, Java, and C#.
You can buy and sell assets, access real-time and historical market data, and execute more complicated trading methods from your terminal by interacting with an API.
The essential capabilities and benefits of a trading API are the same whether it’s a stock trading API or a crypto market data API.
Cryptocurrency markets are open 24/7 and feature some of the greatest volatility of any asset class. You can get around this new asset class using API tools.
Also Read: 10 Best Crypto Trading Strategies
How to Use a Cryptocurrency API?
Cryptocurrency APIs require the same characteristics as any other API to be properly functional. The necessary API key is the first thing you’ll need if you wish to utilize one. If you’re trying out an API for free to see how it works for your project, you may need to receive a second API key if you decide to subscribe.
All APIs are made up of code that you enter into your application to have access to the API’s features and capabilities. They act as stand-ins for writing the code functionality yourself, saving you not only the time and effort of coding but also the time and effort of locating the data required for each feature.
Once you’ve obtained an API key, you’ll need to check the developer’s documentation to ensure that it’s correctly implemented.
From there, you can usually delve inside the coding and make minor changes to the features and services exposed to app users. You may also customize how often the API calls and other backend details to ensure that your requirements match the subscription level you’ve chosen.
Even after you’ve done these steps, you might need to do some debugging to make sure you’re getting the most out of the API and to resolve any issues you run into.
CEX.IO Trading API
CEX.IO is a regulated crypto exchange that has over 5 million users across the globe. It was founded in 2013. For their crypto trading and exchange APIs, Websocket and REST are two options.
You can use their cryptocurrency exchange WebSocket API to:
- Check your account balance.
- Sign up for a newsletter to get book orders.
- You can examine orders, place new orders, cancel orders, and view order history.
You may use their REST API to:
- View your trade history and account balance.
- Get real-time price feeds and access pricing charts.
- By pair, you can check and cancel your open orders.
Their REST API is ideal for communicating with your trading orders, while their WebSocket API is better for placing orders and obtaining market data. Getting started with the CEX.IO API is straightforward thanks to their extensive documentation.
What are the Benefits of Trading With CEX.IO APIs?
Some of the benefits of trading through the CEX.IO APIs are:
- Speed: Trades are completed instantly with CEX.IO APIs if a set of preset conditions are satisfied.
- Arbitrage Possibilities: CEX.IO APIs can automatically find and execute arbitrage opportunities on your behalf, regardless of how long the price difference has existed.
- Never miss an Opportunity: CEX.IO APIs can track a limitless number of markets 24/7, so you can take advantage of any new possibilities that emerge.
- Remove Human Emotions and Error: In the crypto markets, the tides shift extremely fast, which may take a toll on your emotions, regardless of your degree of experience.
CEX.IO has proven to be the leading cryptocurrency exchange in the world. CEX.IO operates in 49 countries and its business model is based on security and legality.
You can find numerous licenses on their site that confirm this. It is also interesting that the percentage of lost customer money is almost negligible. We believe that this is enough of an indicator of why you should choose CEX.