What does API mean?
The abbreviation API stands for Application Programming Interface. Most large companies at some stage develop APIs for customers or internal use.
An API helps various applications interact with each other. In everyday life, we constantly use APIs but we do not always realize that we are dealing with them.
Where are API technologies used?
Web services create APIs to interact directly with their users without using a browser. The API works both ways: users can access the API to get the necessary data and/or manage their accounts, as well as to perform certain actions within those web services.
Here are examples of the API usage:
- Registration in applications with social media credentials. Each social network has its own API. Websites and applications where a user logs in with their social media credentials use the social media API protocol. In addition, those websites and applications collect authorized user data via the same API.
- Google uses APIs to allow developers of various applications to access and integrate information from Google services into their websites. For example, you can watch a video hosted on the YouTube platform on another website or even on an app.
- APIs are widely used by trading platforms and stock market analysis websites that collect data directly from exchanges and even create charts based on it. Previously, in order to get market information, traders and investors had to call a real trading platform and talk to a broker. Now the information is easily available online.
APIs in crypto trading?
Various crypto services use APIs to get the latest information about digital currencies and their prices. In particular, it can be:
- current pricing;
- trading volume data;
- opening and closing prices, high and low prices, etc.;
- historical data on trading volume and pricing;
- newsfeed with market information.
- cryptocurrency rating by trading volume, capitalization, etc.
Cryptocurrency Trading Bots
Professional traders create bots that use APIs to place trades on exchanges. The API in this case allows you to set the transaction time, entry/exit point, take profit and stop loss levels, etc.
Trading bots strategies may differ but even the most sophisticated ones are possible with the API. For example, there are bots that take advantage of market arbitrage. Such bots monitor the market on various exchanges via the API. If a bot finds out that a certain cryptocurrency is undervalued on one exchange but overvalued on another, it buys the cryptocurrency on the exchange where the price is lower and sells it on the one where the price is higher.
HitBTC API
Both newcomers and professional traders can easily trade using the HitBTC API. It was built using the most advanced technologies to provide fast, secure, and reliable service.
The HitBTC API development team is committed to providing the best trading experience to API users. Customers can appreciate fast order execution, convenient deposit and withdrawal methods, access to market data and many other functions.
HitBTC focuses on the safety of client funds and account security. You can connect to the platform via the API without risking losing control of the exchange account.
Modern automated cryptocurrency trading relies entirely on APIs that pass on information to trading bots that can analyze the market and make trading decisions. Many traders appreciate the HitBTC API due to its robot-friendly functionality. Automated trading is a solution for traders who do not want to spend a lot of time in front of computer screens and who appreciate the opportunities of cryptocurrency assets.