Application Programming Interface (API) is a software code that enables platforms or computers to interact with each other and execute operations. The transactions to be performed with the API are performed faster and more efficiently. The basic functions remain the same in operations performed with APIs. APIs have different usage areas. APIs are divided into four different categories according to their usage areas: open API, internal API, composite API and partner API.
APIs create their own API that allow an organization or company to access the services it provides without being part of its ecosystem. By creating a new system from an organization's or company's existing system, APIs help the organization or the company to make a profit.
In a financial context, API enables interaction between the automated trading algorithm and the broker platform of the trader's choice to obtain up-to-date quote and pricing data.
The API automatically connects traders' accounts to traders' systems to enable algorithmic trading. API is a programming code that helps query and communicate data between two software platforms. APIs are preferred by users for providing data services in many areas.
Online shopping sites are examples of API usage areas. When you search for the product to be bought on the site, you will see data such as price, color, fabric from many different brands. While the online shopping site presents the products to the buyer, it collects information about the product by using API. The data collected thanks to the API is then presented to the user.
How Does API Work?
API works with software in the background to fulfill user requests. The software in the background of the API waits for users to send their requests to the agent. The request received thanks to the API is processed and output. The data received with the API can be displayed on the applications.
For instance, the users who want to access the weather information of any city, when the user enters the name of the city into the weather application of his/her computer or phone, the user can view the weekly report for that city. Weather information is accessed thanks to a third party. With the API, it is possible to view the weather report through the application without making an extra search.
APIs also work as security layers. Authentication can be done with API keys for the user to check their account. User information is not shared during verification. By limiting the sharing of user data with the transaction platform, only the data to be accessed can be displayed.
What Can APIs Be Used for?
APIs are used in all areas for software platforms to interact. APIs are useful for accessing data and using payment and wallet services, so most APIs are free. APIs provide users with the opportunity to save both time and money.
In the cryptocurrency space, traders use APIs to access market data. Thanks to APIs, trading bots enable them to perform algorithmic trading operations for traders.
What Is Modern API?
- Modern APIs are based on web service methods.
- Modern APIs work as a product rather than as code like APIs.
- Modern APIs are designed for specific groups to use and are versioned to meet the expectations of specific groups.
- Modern APIs have stronger security features because they are designed for a specific group.
- Modern APIs have software development features such as design, testing, management and versioning.
How to Use APIs in The Cryptocurrency World?
In the cryptocurrency world, API is used to make up-to-date market information available to users. On cryptocurrency platforms, the API acts as an intermediary between users to perform transactions such as buying and selling assets and viewing instant market data.
Who Can Benefit from API Trading?
People interested in trading can also benefit from APIs. APIs are preferred by traders for trading assets such as cryptocurrency, commodities and stocks. Traders use API protocols or futures trading platforms when they want to improve their strategies. People who want to create new trading operations use coding software.
Where to Find APIs for Traders?
Access to APIs is provided by brokers. Brokers provide online documentation for APIs. APIs inform developers about technical information such as how to authenticate, what data to use, etc. The broker should be aware of all the technical information when looking for functionality. To facilitate interaction with APIs, brokers maintain libraries in different languages. Instead of writing their own functionality, brokers can refer to these libraries that provide functionality. The development of trading systems is fast and the development cost is low.
What Are the Advantages of API?
APIs bring the components that make up application systems to a new level by dividing them into parts and reassembling them for another purpose. When developers want to develop an application, there is no need to create an application again when there are issues such as authentication, payment transactions and communication. Developers use APIs and leverage the functionality and plug-in capabilities of APIs. APIs enable components of applications to communicate through networks or the internet.
What Are the Disadvantages of API?
APIs are a target for hackers. When the security of APIs is weakened, all applications become vulnerable. APIs are vulnerable to attacks such as CSRF, XSS, DDoS.
What Is MetaAPI?
MetaAPI is an API system that allows applications and users to use the products and features made available by Metatime. Metatime is the world's most comprehensive blockchain ecosystem, which is a complete set of micro service applications. With the API, applications that want to be used on the Metatime ecosystem, by combining it with the blockchain network, digital payment facilities will be provided and Metatime products will be available. Thanks to MetaAPI, application developers will be able to experiment without limitations and the most appropriate service fees will be determined.
