APIs (Application Programming Interfaces) have become a constant in the global financial ecosystem – which is why it is hardly surprising that the rapidly expanding crypto market is exploring its use for transactions.
Today, APIs are the arsenals for crypto trading platforms and top players. So, as a would-be or established crypto trader with aims of further exploiting the crypto trading landscape, tapping into the power of managing exchange APIs could be the way.
Here, we dive into how to set up and harness crypto exchange APIs for optimal trading results.
What are APIs and how do they Work?
APIs generally allow seamless connection to exchanges and the platforms they represent. They are sets of tools, algorithms and protocols that give developers and traders the possibility to explore the functionalities of existing software programs on platforms onto which they are integrated.
By adapting APIs to their platforms, crypto exchanges make it easier for traders and developers to harness and enable transactional processes, as well as gain access to real-time pricing and trading information.
With APIs, crypto, especially Bitcoin wallets, keys and addresses can be generated, stored and traded. The peculiarity of APIs used on exchanges is that every major exchange has its own set of codes and protocols.
As a result, setting up trading on these platforms requires that developers write a custom code for each exchange they want to operate on. This, for traders, means learning and navigating several unique issues or code associated with every exchange before setting up trade through their respective APIs.
However, thanks to the power of advanced technology, developers and traders can now go through the process from a unified interface. Cloud-based developer tools, such as the Universal Crypto Exchange APIs by Shrimpy, allow traders to interact and explore several exchanges from a single interface.
With Shrimpy, crypto traders can store several relative user API keys as well as connect with about 16 major exchanges for trade and information tracking, through the unified interface.
Shrimpy Universal Crypto Trading APIs for Bitcoin Trading
Employing the use of Shrimpy for API trading requires that an account be set up on the Shrimpy developer platform through which an API Master Key can be created for trading. Through this, users have the ability to sign requests, manage accounts and collect real-time and historical data on the exchanges of their choice.
To set up trade, account verification and generation of sets of user private and public API keys are needed. These allow the user to manage and connect to several exchange accounts.
Trading setup is completed by linking an exchange account that will be used to trade. Shrimpy has an automated interface that allows access to the data on the assets in the account by signing the request with the generated API keys.
To trade cryptocurrencies with this, there will be an underlying code that simply requires specifying the assets to be transferred through the “fromSymbol”, “toSymbol” and “amount” commands on the interface.
These commands refer to the exchange of assets and the amounts to be exchanged respectively. Trading can also be enabled through harnessing market data for the best trading positions. Shrimpy allows users to do this through a function called order book or ticker.
Bitcoin Trading Via Exchange APIs
Tapping into the potential of cloud-based technologies made available is one of the best ways of exploiting the crypto gold mine. Shrimpy provides crypto trading with the power of scalable interactions through integration of cloud-based connections.
With the Shrimpy Universal API tool, developers have the power to leverage the existing decentralized and unified infrastructure to enable multi-channel trading instead of going through the hassle of managing several connections separately.