What makes a great crypto API? Among the many features of an effective cryptocurrency API, there are many important functionalities you might not consider. How is CoinAPI positioning itself to be the number one choice that meets our customers’ needs? What are the most popular cryptocurrency APIs on the market? What distinguishes CoinAPI from other market solutions?
1. We normalize crypto data at the highest possible level
Each cryptocurrency exchange has its own set of trading rules and limitations. Many cryptocurrency exchanges have a habit of naming cryptocurrencies differently. CoinAPI is a guardian of order, and to stay organized, we normalize the cryptocurrency data to get the most accurate crypto data.
We’re trying to get a bird’s eye view of what’s going on in the metadata, so we’re watching everything from above. We’re seeing exchanges and cryptocurrencies, and we’re always attempting to “connect the dots” and see the connection between cryptocurrencies with different names.
Did you know that CoinAPI collects up to 200GB of compressed data per day? This data is compressed ten times! All to meet even the most demanding requests faster and smoother.
We’re standardizing the entire API abstraction layer, which means we have one API delivered in three different protocols, removing the client’s need to worry about which interface each cryptocurrency exchange has. We abstracted away all the differences and what it supports, so the users and developers can integrate one API rather than twenty.
2. CoinAPI displays the most recent cryptocurrency price
CoinAPI does not convert currencies; rather, we determine what the price should be and the market price at the time. All this is thanks to the algorithm we developed. People require that type of data to be of very high quality because they are performing calculations and deep analyses important to their companies. Getting the best price in the cryptocurrency market is essential. With CoinAPI you’re faster and better at your job. You can focus on data analysis rather than searching for a trusted source of data.
3. Every interface you need
Another important feature is that CoinAPI has various interfaces that are easy to access in cases where exchanges do not have this scope. We also have an enterprise interface, such as the Fix protocol, which allows us to integrate even minor exchanges with systems that support this specific fix protocol. CoinAPI provides three types of protocols: REST, WebSocket and FIX. This will make it easier and faster to get a working integration between API and users. This is why CoinAPI is the most popular cryptocurrency APIs on the market.
We provide all protocols where exchanges typically provide one or two (sometimes two but their functionalities do not match) and all options. This is a very uncommon but much-needed feature. CoinAPI becomes so abstract that we have different protocols than the exchange. The customer doesn’t care about exchange protocols. CoinAPI ensures that it is connected to and compatible with the best exchange protocols.
4. We are integrated with virtually every exchange
We have integrated CoinAPI with approximately 350 exchanges to extract data such as order books, transactions, quotes, and metadata. In addition, we aggregate this data to generate metrics and metadata from various exchanges and attempt to make sense of it across exchanges. CoinAPI also archives the data. We have access to the exchanges and their data, which we are attempting to decipher for our users.
5. The lowest latency in the market
Low latency is a critical feature in the crypto market. We have a gateway on each continent that allows people to access our services. We have dual redundancy, so if the servers in Europe fail, customers will be redirected to the nearest location. All to maintain business continuity and the highest service level.
As a result, the goal of CoinAPI is to be as close to the exchange as possible and to acquire this data as quickly as possible. Customers appreciate this when they shop with us. The principle is that low latency is critical for the financial market.
Because our software supports the low latency use case, you don’t lose anything by using TradingAPI. We work just as well as something the customer would have to create, except they don’t have to.
6. Custom Requests
We support all of the functionality provided by the exchanges. Customers frequently inquire whether we support various non-standard items, and the question is whether we support only standard items or also non-standard ones. We always support all of the exchange’s functionality; for example, if the exchange has an unusual order type, we can easily deal with it.
7. Easy integration with API
We integrate very easily, so if someone chooses “build my own”, they will not be able to compensate for the experience and time spent on product development. For example, we can integrate in 2-3 weeks, others take much longer, and a month is a bare minimum.
8. Manage everything from one place
Using a single API, you can easily manage everything you have in one place, including all of your risks. You have a single location where you can learn everything about orders and gain exposure to various cryptocurrencies. There are a lot of situations where you need to know where you are at all times the same time, such as if you have a lot of cryptocurrencies and want to be more or less balanced to the market, which requires some pretty complicated algorithms and risk management stuff. It’s convenient to have a single location where you can learn everything.
9. Highest frequency data and the aggregated data derived from it.
CoinAPI provides exchange rates and orders books at a very high frequency. We have low-frequency data, which most other providers don’t have.
10. EMS (trading ecosystem) compatible with the Market Data API.
The fact that we have trading distinguishes us from any other market data provider where everything is about data. In addition to API products, CoinAPI develops CryptoTick, a platform for non-technical people such as researchers or analytics from which people can download flat files containing historical/current market data.
Not convinced yet what are the top crypto APIs in the market? Test your use case and see if the CoinAPI fits your product. It’s free! Get your API Key here
