What are the top 10 biggest concerns of working with a crypto market API provider?
Working with third-party API providers for your company’s digital assets can be a risk. You want to make sure you can trust the service provider which will help protect your company’s security. When integrating with a crypto API, you have to ensure your company’s assets are safe and secure. The risk of working with crypto APIs as a third-party provider is that you give up some control and visibility into your company’s digital assets.
In this blog post, we’ll explore the top 10 concerns when working with CoinAPI as a crypto API provider. We spoke with several cryptocurrency experts who listed their concerns when working with CoinAPI as a crypto API provider. Read on to find out more.
1. I’m not convinced because the API itself may be unstable and of poor quality. I’m not sure if the crypto market API provider has the specific functions or data I require.
There are many important functionalities of an effective cryptocurrency API that you should consider before choosing the right vendor. How is CoinAPI positioning itself to be the number-one choice for meeting the needs of our customers? There are numerous additional benefits to using CoinAPI, including the ease of integration, data standardization, data workflow, or multiple language SDK.
There are many important functionalities of an effective cryptocurrency API that you should consider before choosing the right vendor. Which features are most important to consider when selecting cryptocurrency API?
- Data normalization
- Interfaces you need
- The latency
- Custom requests
- Easy integration
- Highest frequency data
- EMStrading API compatible with the Market Data API
You can always try our product before buying it at CoinAPI since you can test the API beforehand. We have listed all of CoinAPI’s critical functionalities here.
According to what our customers say, the biggest advantage of working with CoinAPI is great documentation, cess to a few interfaces (REST, WebSocket, and FIX), custom requests, and easy/scalable integration. Customers chose CoinAPI because of 5 years of proven experience, robust and tested platform, service capabilities, and highest frequency and aggregated data. We guarantee access to all historical and current cryptocurrency data. Want to see what are the top features of great Market data API? Read more here: https://www.coinapi.io/blog/2022/07/how-does-coinapi-market-data-api-works/#more-349
2. CoinAPI? A business with a market data API? (misconception).
We want to dispel the misconception that CoinAPI is simply a market data API. We don’t want to offer such a limited service when the market is expanding. CoinAPI’s portfolio currently includes two APIs: market data API and EMS API. We remove the complexity of crypto operations, trading, and data access at scale.
CoinAPI creates and manages a crypto API library for:
– Developers of cryptocurrency applications
– Index providers
– Market makers
– Investors and traders
CoinAPI has a whole ecosystem, (we have market data and trading) so it is better to integrate with one company than with several vendors. CoinAPI also creates CryptoTick, a platform for non-technical users such as researchers and analysts that allows them to download flat files containing historical/current market data.
Customers describe CoinAPI as the most “complete” API. Has all of the data needed for analysis, including historical OHLC, order books, and trades.
3. There are no real differences between crypto market API providers.
Yes, there are differences between Crypto API products. Some Crypto APIs offer more features than others. Some are more user-friendly than others. Some are more expensive than others. It really depends on your needs as to which Crypto API is right for you.
APIs are designed to save you time so you can focus on developing your product while the API provider takes care of the rest. It is possible to avoid the effort of developing essential functions by using APIs.
Our aim at CoinAPI has always been to provide easy-to-use and developer-friendly API data so that our clients can focus on building their apps and growing revenue. APIs are an excellent way to enhance your company. What are the benefits of including CoinAPI in your product or service? How can businesses benefit from it? The article explores the top five advantages of integrating CoinAPI into your product or service.
4. The API’s implementation will be costly, as will maintenance and support.
To build the API on your own, you will need dedicated resources to maintain the entire infrastructure. The biggest investment is usually not in building API, but in the technical depth that comes with maintaining this infrastructure.
Implementation of the API product is not expensive, the real and huge cost is when you want to build an API on your own. In this article, we have compared the build vs buy option, and here there is a great explanation of the cost differences. Just remember that all maintenance, development, and support are on the CoinAPI side. You don’t have to worry about it.
It is clear that our customers do not want to spend their resources developing new products, and their features, and maintaining a data workflow. Clients choose CoinAPI to become smarter and stronger, and what is most important, is to focus on its own product development.
It is not true that implementing an API is expensive. In fact, there are many benefits to implementing an API, including increased efficiency and improved data quality. Maintenance and support costs may be higher initially, but over time they will decrease as the system becomes more streamlined.
There is no question that implementing an API can be expensive. However, the benefits of doing so can be substantial. An API can help to open up your data and functionality to third-party developers, who can then build new applications and services on top of it. This can lead to increased traffic and new users for your platform, which can in turn generate new revenue streams.
The cost of maintaining and supporting an API can also be significant, but it is important to remember that these costs are generally ongoing regardless of whether or not you have an API. In other words, you will still need to support and maintain your core platform even if you do not have an API. Therefore, the costs of maintaining and supporting an API should be considered in the context of the overall costs of running your business.
5. How much money will I save if I buy crypto market API provider access instead of hiring developers to do it?
If you’re looking to save money on your development costs, support, and maintenance – buying access to CoinAPI can be a great option. With CoinAPI, you’ll get access to a wide range of features and tools that will make development faster and easier. And because CoinAPI is a subscription service, you’ll only pay for the months that you use it. So, if you’re looking to save money on your development costs, buying access to CoinAPI can be a great option.
If you have a small or medium-sized project, and your developers are comfortable working with APIs, then purchasing access to CoinAPI may be the most cost-effective option. Our plans start at just $99 per month. Compared to this, the cost for hiring developers that you can expect is approx $50-$100 per hour for experienced API developers so just think about it before making the decision.
6. We must have control over delays and details. We don’t want a crypto API data provider standing between us and the exchange.
A gateway on each continent provides access to our services. In order to maintain business continuity and provide the highest quality service, if European servers fail, customers will be redirected to the nearest location. All of our services are provided to ensure low latency.
Because our API does not sacrifice any of the low latency functionality, you don’t lose anything by using it. We function just as well as anything the customer would have to create, except they don’t have to. CoinAPI, one of the most developer-friendly API providers in a variety of form factors such as web applications for customers seeking the most reliable data, sophisticated analytics, and ultra-fast trading, is a leading provider due to its extensive language support. We deliver our API in three different protocols, eliminating the requirement for clients to care about which interface each cryptocurrency exchange uses. We have eliminated all of the distinctions and what they support, so users and developers can connect one API rather than twenty.
We’re trying to get a bird’s eye view of what’s taking place with the metadata, so we’re keeping an eye on everything from above. We’re seeing exchanges and crypto assets, and we’re always striving to ‘connect the dots and see. CoinAPI gathers up to 200GB of compressed data every day, and this data is compressed 10 times to ensure fast and seamless service.
7. Crypto market API? I will build it itself, I don’t need an external provider
When building an API alone, you don’t take into account a lot of corner cases (e.g., cryptocurrencies are called differently, every API is different, and there are generally a lot of things you can run over) that you don’t know about. This is not easy and doable in a month.
By integrating with CoinAPI, the client has access to ALL exchanges. Also, saving time, and money, and hiring additional developers. The customer can focus on the development of his product, not on the additional things he has to produce, which we provide. In this article, we have compared the build vs buy option where you can check which option is suitable for you.
8. I can exchange/trade data directly with the exchange
By integrating with CoinAPI, you can very easily jump between exchanges without effort. The second thing is assets on different exchanges – as CoinAPI by normalizing the data we can say that “XYZ” is the same currency on different exchanges. What’s more – we have historical data, and that’s what exchanges don’t provide, only actual data. The customer, for example, will be able to compare exchanges for himself and it will not cost him anything then. We also have more protocols than the exchanges, because the exchanges mostly have 1-2, and we have 3.
When it comes to normalizing cryptocurrency trade data, a number of factors come into play. Our most recent article discusses different types of normalization and why they are important for end users.
Read the full article here: https://www.coinapi.io/blog/2022/10/why-is-it-critical-to-normalize-cryptocurrency-trade-data/
Companies need access to both live and historical exchange rates. Our unified Market Data collects data from the top crypto exchanges via their public WebSockets using flexible REST APIs.
CoinAPI updates exchange rates and orders books regularly. Most other providers do not have low-frequency data, which we do. CoinAPI provides live exchange rates for 15k+ currencies as well as historical rates from 2014 to the present.
A single cryptocurrency might have several aliases, so standardizing data is critical. You can take one step closer to having a complete and clean cryptocurrency data view by collecting data through CoinAPI. CoinAPI has its own database, which we also utilize to calculate exchange rates.
Having a consistent data format is one of CoinAPI’s key advantages. Industry innovation is stimulated by standardization. All market symbol details and asset codes are double-checked by humans. This guarantees the highest quality. You can get a comprehensive and clear view of crypto data by collecting it through CoinAPI and standardizing it.
9. I’ll try to use information from various free sources.
There are a number of different ways that you can access market data, and each has its own advantages and disadvantages. Using a broker’s API, accessing a financial institution’s API, or using a third-party service like Yahoo! Finance are some of the most popular methods.
Each approach has its own pros and cons, so it’s important to understand the differences before making a decision. Third-party services like Yahoo! Finance are often free to use, but they may not provide as much data as other methods. Ultimately, it’s important to choose the method that best suits your needs. If you need a lot of data and features, a market data API may be the best option. And if you just need some basic data, a third-party service like Yahoo! Finance may be all you need.
Just remember that you can lose a great deal of time trying to collect data from various sources. It will be very time-consuming to “glue” data from various other free sources. You will need to gather all of the data from the various sources, and then try to make sense of it all. This can be a very difficult and frustrating process, and it will take a lot of time.
Of course, it all depends on the specific goals of your project and how important having complete data is. If time is a major concern, you may want to consider prioritizing which data is most important to have and focus on gathering that first.
10. Not sufficient infrastructure of crypto market API provider (e.g specific protocol is not available) or custom requests.
API requests are delivered via Fix, which is an open-source API that enables integration with API platforms in addition to exchanges. API requests can also be delivered via API platforms such as CoinAPI, which supports the Fix protocol. API requests can be sent through REST, WebSocket, or FIX protocols. With CoinAPI, API and user integration are simpler and faster. The API is the most popular cryptocurrency API on the market because of its versatility. Our API provides all protocols that exchanges generally offer (one or two, usually two but with different functions) as well as all options. Having different protocols than exchanges is a valuable but rare feature. The customer does not care about the exchange’s protocols. CoinAPI ensures that the best exchange protocols are integrated and compatible.
Customers frequently ask whether we support non-standard items and whether we support only standard ones or also non-standard ones. We can easily accommodate the exchange’s diverse order types using SDKs in 40 languages, which ensures that CoinAPI’s endpoints are developer-friendly. Our SDKs come with comprehensive documentation in addition to multi-language SDKs, and you can find it on GitHub at https://github.com/coinapi/coinapi-sdk.
A sandbox is a test environment that provides a “safe space” for testing, training, and experimenting with different configurations or major changes to your configuration. It allows you to simulate your production environment for testing, training, and development purposes. You can try out new changes without worrying about upsetting your current production company. Our API provides secure access to the market data library and includes tools for uploading, aggregating, and processing data. The data can assist you in gaining new insights into the performance of your business.