In a world where crypto adoption continues to rise, the need to access the ever-expanding market is dire now more than ever. Crypto trading APIs have quickly emerged as one of the tools fast-tracking this traction, and aiding trades.
What is Crypto Trading API?
API is short for an application programming interface. In the case of cryptocurrencies, crypto APIs allow the integration of applications with cryptocurrencies. You can often think of an API as a helper, a translator, or a middleman.
In this way, a crypto trading API can be a live link between a trader and a particular broker, which is also to say via an API, a trader can automate trades with a broker.
Across the financial tech sector today, APIs have become omnipresent. Their present popularity owes not only to the ease they provide but also to their innate ability to serve as a bridge for several requests – making it a darling of the enterprise space.
How does a crypto trading API work?
Simply put, a crypto trading API is a messenger or a go-between linking the trader’s software with a broker trading system. In this case, this can be between a crypto wallet and another exchange.
APIs work via the principle of connection; allowing the exchange of data between different devices to enable the consistent flow of information between all the devices. With APIs, traders can automate orders to buy or sell crypto with a particular broker, and have these orders executed without being present to monitor them.
Technically, a crypto trading API would often monitor wallet content, and check market prices, while using this real-time data to make decisions.
In the crypto world, the usage of APIs has allowed for more use cases in the sector helping to link different utilities and software together.
How to trade cryptocurrency via API?
Trading cryptocurrencies using an API is one of the highlights of the modern-day trader. Most importantly, the choice of one’s API is also dependent on the trader’s strategy. Some APIs are more suited to day trading, rather than the long-term, while some are cheaper than others. Eventually, your entire trade result often rests on your strategy.
Next, you would have to pick out a broker that works for your strategy. This process involves back-testing some APIs. Or employing multiple APIs.
For the next step, you will want to sign up and connect the API to your demo account. Backtest enough to be confident with the result. You can then launch out on your main account.
Best Crypto Trading APIs
There is an abundance of commission-free crypto trading APIs out there, picking out the right one is the priority. Here is a list of the best crypto trading APIs out there.
- 7b API
7b API is especially secure and stable, and is also easily suited to daily traders. While many beginning users might be tempted to go for extremely popular exchanges, seasoned traders understand non-existent fees and stability can help yield more profit. In this way, 7b is a good option for traders seeking stability and security, especially considering that most exchanges suffer downtimes and often have complicated user agreements.
- Binance API
Binance has one of the free-to-use APIs on the market. As one of the largest cryptocurrency trading platforms in the world today, its API is relatively simple to install. Anyone with enough requisite knowledge can bind the Binance API to their app to obtain access to a very diverse market of trading pairs.
- Kucoin API
The API, provided by crypto outlet Kucoin, is another worthy mention. Kucoin provides a crypto API trading platform that is compatible with android as well as PC users, allowing for market coverage that is wide. While payment issues can sometimes crop up, the API holds stable under pressure and delivers good results.
Is it possible to use API for Android?
It is very possible to integrate crypto APIs within the Android interface. Using third-party API on Android is possible as data can be shared across it and even other platforms.
As a matter of fact, there are many different types of APIs that can be used to develop a program on any kind of operating system, be it Android, ioS, Windows, or any other kind. As long as the API in question is adapted to the Android operating system, it can be used.
How to Use 7b Crypto Trading API?
The 7B API is set up so that absolutely anyone can access, and begin using it. To access 7B’s API resources, you will need an API key. This helps to authorize you as a valid client.
7B Crypto Broker has both a web version and an app version; its API can be accessed from either. However, you must first create an account with the broker. After this is done, you can click the box labeled “Account”.
Advantages of 7B’s Crypto API
7b’s API offers developers the flexibility to customize their programs to the smallest detail, while still providing top-notch efficiency and service delivery. The API allows for the seamless integration of functionality into programs.
In addition, the API also allows the end-user to initiate and execute secure transactions and it is just as stable as it is fast. Transaction requests made on the API are processed in an instant, giving end-users the much-sought feature of lightning-quick transaction speeds, at low fees. As expected, transaction speed is critical to making money in daily trades. Even a second too late, could trigger a million-dollar loss.
The 7b API also provides an extensive range of software tools that can be used to develop various programs with various features and functionalities.
How to Start Using Crypto Trading API Tools
Much like any other API, a cryptocurrency API allows you to build and run cryptocurrency-related software programs. You can use different types of APIs based on the software you plan to build. For example, the CoinMarketCap API allows you to build software that integrates data aggregator functionality, while the 7B API will allow you to build an exchange-type program with nonpareil processing abilities.
So how do you use an API?
The process begins by selecting one. Again, you should choose an API that is not only suited to the software you wish to build and compatible with your OS. Once you have selected an API, you can proceed to the next step.
Next, get an API key. API services are only available to entities that possess an API key. An API key is a unique code, or password, which validates an entity as a valid user of that specific API. An API key ensures that the API’s resources are safe while identifying and authenticating API calls.
Next, you’ll need to survey the API documentation. API documentation is basically a user guide on what an API does, and how to use it. It is important that you study the API documentation of your chosen API, in order to confirm if it is truly the right fit for your software.
Finally, you can test the API by writing your first request. If the results are satisfactory, you can then link your software to the API and you’re ready to go!