Top 5 Important API’s that Empowers a Cryptocurrency Exchange
Diving into the cryptocurrency exchange business is the most trending and mostly chosen business idea in the recent air. Starting a cryptocurrency exchange platform is not so difficult, but making it stand high and unique with a high user base and brand visibility in this competitive world is the bigger task.
To make this possible, you must beat the competition by building a cryptocurrency exchange platform with advanced APIs. Let us look at the role of APIs in cryptocurrency exchange platform development.
API is the acronym of Application Programming Interface, is a set of rules that describes how two applications interact with each other.
In cryptocurrency trading, an API connects you with your exchange, that gives you access to real-time market data, manage your accounts, and more.
What is API?
As said above, an API is an Application Programming Interface, is just a set of protocols and a way through which programs talk with each other. This API is created by developers on the server and clients can talk to that API anytime.
It is sometimes termed as a contract between both the information provider and information receiver that establish content that is required from the consumer and the content required by the producer.
If you want to retrieve information or perform any function on the computer, API helps you to communicate and complete your request. Since API is a way for organizations for sharing information by maintaining security, authentication, and control.
In this article, we will discuss the top 5 APIs that need to be integrated in cryptocurrency exchange for the seamless performance of the platform.
REST API stands for Representational State Transfer API which was created by Roy Fielding. A REST API which is also known as RESTful API is an API or Application Programming Interface that allows for interaction with RESTful web services and conforms to the constraints of REST architectural style.
API developers can implement REST in a variety of ways. When a client request is made through the REST API, it transfers the representation of the state of the requested information to the receiver or endpoint. This resource is transferred in one of the several formats via HTTP.
We implement the following types of Rest APIs in our crypto exchange development to make you stand out as unique in the crypto world.
Trading Bot APIs
Cryptocurrency Trading Bots are automated software that lets anyone buy and sell cryptocurrencies at the right time without any involvement of manpower. The crypto trading bots check the market price and execute the trade at the perfect time without the trader’s presence. The goal of this software is to increase the revenue and reduce the losses and risks in the cryptocurrency exchanges.
Many Cryptocurrency Exchanges like Binance, integrate Trading Bot API to help their traders to make automated trading at the right time. These applications enable users to manage all of their crypto exchange accounts in a single place.
We Bitdeal - Leading Cryptocurrency Exchange Development Company to integrate the trading Bot APIs from Binance, Kraken, and other popular crypto exchange platforms in our cryptocurrency exchange script with which you can launch your own crypto exchange platform that supports crypto trading bot. This API allows users to trade ETH, LTC, BTC, and more with ease.
Cryptocurrency Exchange with Trading Bot API is an added advantage to be used by a huge mass of crypto traders.
Price Ticker API
The Price Ticker API or Price Index API or Market API is ideal for tracking price changes and exchange rates of cryptocurrencies. There are many free cryptocurrency and Bitcoin API available in the market which anyone can integrate into their cryptocurrency exchanges.
This Ticker API returns all the relevant data or information related to the price of cryptocurrencies such as Name, Symbol, Code, Decimals, Price 24 Hours High, Price 24 Hours Low, Price 24 Hours, Total Volume 24 hours, Total Supply 24 Hours, and more for any of the cryptocurrency or any specific crypto pairs.
When you integrate this kind of Price Ticker API in your cryptocurrency exchange, your traders get the information about the exact price of each cryptocurrency and exchange the cryptos they desire at the time they wish.
We develop our Bitcoin exchange script with Price Index APIs such as Coingecko, Coinmarketcap, Cryptocompare, and more to extract the market price of cryptocurrencies.
Merchant API is one that provides merchant solutions such as order, payments, checkouts, and catalog APIs for any top merchant or cryptocurrency exchanges to the integrated exchange platform. This Merchant API can help traders to make orders, payments, and transactions easily with easy steps and procedures.
Order and Payment APIs
Order and Payment APIs offer custom order and payment processing methods for mentioned cryptocurrency exchange. Crypto Exchanges or Merchants who use these third-party order management systems use these APIs for maintaining synchronous communication between Order Management System (OMS) and its platform.
Orders of cryptocurrency exchanges can be of Limit Order, Market Order, and Stop Order. Crypto Traders can choose any of the order methods and place their orders and execute the trades that they desire.
This API provides an option to process offline orders through service calls. With this set of APIs, partners and Merchants can create, query, and update the checkout baskets and perform any number of checkout actions.
This Catalog API provides merchants and partners a way to manage the overall catalog of the platform by making web service calls and allows for the integration with any third party catalog management systems.
As a leading Cryptocurrency Exchange Software Development Company, we develop and deploy our scripts and software with the integration of Merchant APIs such as order API, Payment API, Checkout API, and so on from the top Merchant API provider such as Binance, Kraken, and more.
In the world of cryptocurrency, liquidity is an important aspect and it refers to the probability or ability to convert any digital currencies into fiat currencies with no effects on the general stability of the prices.
Integrating liquidity in the cryptocurrency exchange can bring you many benefits such as Fair Price Range, Fast Transactions, and more. The importance of the term liquidity in the cryptocurrency exchange is huge and the platform with fewer liquidity issues can yield a high volume of trading and traders.
A crypto exchange that leverages the utilization of liquidity API can get added advantages such as Stability, Fair Price, Accuracy for Technical Analysis, quicker transactions, and more.
Bitdeal integrates liquidity API from top crypto exchanges like Binance, Kraken in the process of developing of cryptocurrency exchange script to launch a crypto exchange platform with high liquidity. This will ensure visibility and user density to your cryptocurrency exchange platform.
Third-Party Exchange API
A third party API utilized by a business is nothing but an integration of any resource or service from a third party business or website. This integration of a third party’s API into your crypto exchange can boost any advanced features into your platform.
Third-Party Exchange API is the integration of crypto exchange features from any top cryptocurrency exchanges which acts as a third party resource that provides exchange feasibility into your crypto exchange platform that benefits users to exchange their cryptos anytime.
We Bitdeal - Leading Bitcoin Exchange Script Provider offers cryptocurrency exchange script inbuilt with Third-Party Exchange APIs such as Binance, Karen, and more top cryptocurrency exchanges to offer your traders a wide range of market orders to exchange their cryptos instantly.
These are the topmost Cryptocurrency APIs that must be included in your cryptocurrency exchange platform to make your crypto exchange business a high return over and the most welcoming business among the crypto lovers in the digital globe.
Want to build your own cryptocurrency exchange platform with the above-mentioned APIs or want to integrate the above APIs in your existing crypto exchange platform? Feel free to catch our cryptocurrency exchange script developers/experts anytime.