What is API and how does it work?
API (application programming interface) is a software mechanism that allows us to receive information from any software environment and to exchange data with it in real time. In some cases, commands can be sent to the program environment via the API—for example, you can send a command to transfer money and indicate the necessary parameters for this command. API is hosted on a backbone site, but it can also respond to requests from third-party solutions, if the requests are properly formulated and sent to the certain address, and contain the keys required to access the API (in case it requires any keys).
On the backbone site, API has access to a wide range of current information. For example, on the online exchange, the data include asset prices, the volumes of assets on sale and the volumes of assets sold. In addition, API can be used perform any automatic actions; for example, via an API, your program can reserve or order the desired quantity of goods under the conditions you specify.
As we have already mentioned, the program designed to interact with the API of the backbone site should simply send a correct request to a correct address; when the API interface receives a command which it was “trained” to execute, the interface, per the command received, collects and arranges in a specified manner the information necessary for the client, which it later sends to him in the readily available form. All this happens rather quickly, and even a single bot user can send several different or similar requests every second and very quickly update the information according to the data received. This is much more convenient for a client than to parse the necessary information on the backbone site personally.
API from another website gives the user many advantages provided the API is functional and faultless:
1) You save the resources of your site and aggregate the necessary information much faster.
2) You can forget about such an unreliable tool as HTML parser.
3) Many sites are negatively disposed towards parsing by special programs; they prefer to be visited only by people, which certainly means greater returns from the increase in the website load. As a result, your parsing program, once identified as software, may get barred from the necessary data or be fed misinformation, for example, the dollar rate, which is 1.5 times higher than the actual one, indicated in the base resource. If the site provides an API though, it is a clear indication of it adequately reacting to the aggregator robots if the data is collected via an API.
4) When a website is updated, program elements like these are preferably left unchanged since their modification may disrupt interaction with third-party services through the API.
Many owners of e-currency exchange services want their websites to show and quickly update the exchange rates of bitcoin and other cryptocurrencies. This can be achieved through parsing necessary characteristics on the site of the chosen exchange, albeit this method has some serious drawbacks. Tackle this problem with a fundamentally different tool—the API provided by a resource offering the information you need.
API, by the way, can help in some other cases too; the bottom line is that via an API your site, in fact, gets the readily available information after a certain request with no extra load involved—all the work is done by the so-called API provider backbone site.
EXMO API and its features
Let’s analyze some features of the API provided by EXMO cryptocurrency exchange.
In the case of a cryptocurrency exchange, you can, for example, use an API to get the data on the status of “order books” in some currency pair. This will allow you to display the current EXMO exchange rate on the web page of the exchange service. It is also possible to source the information about the cost of a certain sum of the cryptocurrency at the indicated exchange direction (you will get the average price and the total amount of money to be spent).
EXMO API can also enable cryptocurrency exchange services buying or selling EX-CODE to automatically create EX-CODE for the sum specified by the code buyer or automatically download the code sold by the client (via an API in the latter case, you can get both the coupon amount and the new balance amount of the exchange user, who is the representative of the exchanger).
Thus, after the client has paid for the code purchase request, the code will be almost instantly created and sent via an API request to the exchange website, which will display the code to the client. And conversely, if the client who wants to sell his code in your exchange copies and pastes it into the desired field of the exchange form and initiates the exchange process, then through the automatic API request you can load the EX-CODE into your EXMO account, after that the balance of your account will be immediately replenished with the amount specified upon its creation (the system will return an error message if the client tries to sell the wrong or already used code). In addition to the balance replenishment, the API request for loading EX-CODE will return the service information about the code loaded—in particular, you can find out the amount and currency of the code. In some cryptocurrency exchanges, e.g. https://arbitrcoin.com/
, the client indicates the amount encrypted in EX-CODE to see the exchange service’s commission. After clicking the “Exchange” button, the exchange process takes place.
All in all, the processing of an order and paying for it (in other words, the exchange) will take no more than 1–3 minutes, and often less than a minute. As a rule, the exchange of the code, provided by your client, for fiat money can be made in a few seconds; in case it is the exchange service that generates the code via the API, the code generation will be quick enough too.
This way, using an API while creating and loading codes, you can automate the work with them on EXMO, as you let the trusted program to handle the required operations. Via an API, you can also automatically receive some other data, like transaction ID, which will enable you to monitor the cryptocurrency transactions in any browser of the corresponding blockchain.
In addition, you can use the WALLET API on EXMO to get information about the replenishment of your balance and the money which has already been withdrawn. The available automation of payments, in addition to general convenience and high security, makes your cryptocurrency account on EXMO an excellent alternative to a typical bitcoin wallet.
The advantages of using the EXMO API for exchange services
Trading EX-CODE via an EXMO API an e-currency exchange gets many advantages.
1) First, the purchase and sale of such a high demand asset as EX-CODE will significantly increase the trade turnover of the exchange, which means its profit will increase. The EXMO trading platform has about 20,000 active users daily, many of whom are looking for profitable and convenient EX-CODE exchange options.
2) The EX-CODE exchange is fully automated through EXMO API. Without having to allocate technical resources of your own exchange service, you can quickly service EX-CODE exchange orders thanks to the EXMO API: the maximum number of API requests from one user or one IP address can reach 180 per minute.
3) EX-CODE is both created and exchanged for money on your EXMO balance, 0% commission is charged. This means that the exchanger can set its own currency exchange rates, and they can be profitable. EX-CODE can exchange money in nine different currencies—Bitcoin, Litecoin, Dogecoin, DASH, Ethereum, RUB, USD, EUR, and UAH. This will allow you to obtain a wider range of potential clients and maximally suit the needs of visitors from different countries.
4) Using the debugged and protected EXMO API for trading, EX-CODE ensures high security of your trading operations. In addition, you will not suffer from dishonest clients—if one tries to sell you an invalid EX-CODE, you will immediately know about it.
5) To start working with EXMO, your exchange service should first register on this trading platform, connect to the EX-CODE API (if necessary, the manual
is available), set commissions and carry out the integration on your site.
6) In addition to trading codes, you can also increase the attendance of your site by automatically displaying the current rates of cryptocurrencies on EXMO. To do this, you need to use the PUBLIC API
—it can be used even without authentication.
7) For automatic trading on EXMO platform, you can use the TRADE API
—you will be able to buy the currencies available on EXMO at the best rate.
8) To automate money withdrawals from EXMO, for example, into a cryptocurrency wallet, you will need the WALLET API
. This API defines the parameters for money withdrawals from your balance on this trading platform.
This information can help you choose the appropriate way to automate EXMO cryptoexchange work. Automation will give you a possibility to increase the operating speed or provide additional services to your customers.
Thank you for staying with us!
Yours faithfully, EXMO Team