Build Crypto Exchanges using APIs

build crypto exchanges

There are several paths interested parties chose when it comes to participating in the blockchain and/or cryptocurrency world. At first, the most popular trend was mining, which is profitable if the price of bitcoins exceeds the cost to mine: electricity and the computer systems. Eventually, cryptocurrency trading is an appealing option without requiring in-depth technical knowledge. Thus, this leads to the obvious need: build crypto exchange.

Naturally, building a crypto exchange is not an easy task. To build reliable, secure and stable crypto exchanges, companies need to invest their resources. However, there are several key factors that should be kept in mind. It is common that the platforms may encounter server faults, automatic failover, the need for scaling up with demand or scaling down to save money. Meanwhile, these should be executed while being transparent to the clients. Some of the service crypto exchanges should be providing are:

  1. The interfacing of a number of different cryptocurrency networks
  2. Payments and withdrawals handling
  3. Movement of funds to and from a cold store

Accordingly, Crypto APIs provides facilitation means for the adoption of cryptocurrency trading through its Blockchain APIs and Crypto Market Data APIs. Our vision encapsulates two main advantages we aim to bring to developers: time efficiency and development effectiveness. Go-to-market will be much faster, without having to reinvent the wheel.

Moreover, there is a wide range of data-driven API endpoints provided from 100+ exchanges. This allows the developer or enterprise to get access to information in a Request-Reply Scheme or Subscribe-Publish communication model. In simple words, information about current, latest & historical data, plus exchange rate is literally one “request” away.

For instance:

Get All Current Rates from Exchanges

The user executes the following HTTP request:

GET https://api.cryptoapis.io/v1/exchange-rates/5b1ea92e584bf50020130615 HTTP/1.1
Host: https://api.cryptoapis.io
Content-Type: application/json
X-API-Key: my-api-key

Finally, the expected response body includes the current exchange rate between the requested asset and all other assets such as:

{
“meta”: {
“totalCount”: 34,
“index”: 0,
“limit”: 50,
“results”: 34
},
“payload”: [
{
“baseAsset”: “5b1ea92e584bf50020130615”,
“quoteAsset”: “5b1ea92e584bf50020130612”,
“weightedAveragePrice”: 0.00025063981680473099,
“timestamp”: 1543839501,
“datetime”: “2018-12-03T12:18:21+0000”
},
{
“baseAsset”: “5b1ea92e584bf50020130615”,
“quoteAsset”: “5b1ea92e584bf50020130613”,
“weightedAveragePrice”: 6.8903065749863579,
“timestamp”: 1543839501,
“datetime”: “2018-12-03T12:18:21+0000”
},]
}

Address API information

Crypto APIs Address API allows you to:

  1. look up information about public addresses on the blockchain
  2. generate single-use
  3. low-value key pairs with corresponding addresses
  4. help generate multisig addresses
  5. collect multiple addresses into a single shortcut for address viewing

These are all based on the coin/chain resource the user has selected for the endpoints. You can check more on this API in our Bitcoin API article.

Crypto Exchanges Trades – Latest Data

Information about transaction data is essential when dealing with crypto trading. Crypto Market Data API gives access to the latest data from all symbols from all supported exchanges up to 5 minutes ago.

The user executes the following HTTP request:

GET /v1/trades/latest?limit={limit}

Finally, the expected response body includes the list of the latest data returned in time descending order:

{
“meta”: {
“totalCount”: 1813,
“index”: 0,
“limit”: 50,
“results”: 50
},
“payload”: [
{
“exchangeId”: “5b1ea8278111cc0001206314”,
“baseAsset”: “5b1e9de8cf19ad00016095e2”,
“quoteAsset”: “5b1e9de8cf19ad00016095e5”,
“eventTime”: 1532955177,
“exchangeSequenceId”: “35209977”,
“tradeType”: “SPOT”,
“price”: 8168.9910900000004,
“amount”: 0.00089999999999999998,
“direction”: “SELL”
},

….{
“exchangeId”: “5b1ea8278111cc00012062d8”,
“baseAsset”: “5b1e9de9cf19ad0001609613”,
“quoteAsset”: “5b1e9de8cf19ad00016095e3”,
“eventTime”: 1532446280685,
“exchangeSequenceId”: “272319805”,
“tradeType”: “SPOT”,
“price”: 0.0013412999999999999,
“amount”: 52.420000000000002,
“direction”: “SELL”
}]
}

Transaction API information

Crypto APIs Transaction API allows you to look up information about:

  1. unconfirmed transactions
  2. query transactions based on hash
  3. create and propagate your own transactions
  4. embed data on the blockchain

Similarly, these are all based on the coin/chain resource the developer has selected for the endpoints.

In a nutshell, time means money, especially for crypto-exchanges. And if you are a developer or enterprise looking to grasp the most promising opportunities in cryptocurrency trends, let us tell you: “You have loads of work to do”. BUT probably not as much as you thought! APIs do have a habit of minimizing your efforts when it comes to qualitative workflow. #guiltyascharged

Find out more on our use cases for building crypto exchanges.

And… happy investing!