(MENAFN- GetNews) IQDAX, one of the latest and emerging trading platforms, has recently announced the launch of TradeSocket, a trading API protocol integration as part of the platform. TradeSocket is built on top of the popular WebSocket technology for enhancing its trading-specific operations.
The company wants to encourage traders worldwide to start trading on its platform using custom trading software, taking advantage of the largest financial markets 24/7 all over the world, accessing real-time prices and placing orders without possible technical glitches, including the potential for downtime or connectivity issues, which could have a significant impact on trading results.
IQDAX ‘s much-anticipated TradeSocket, an electronic communications protocol for trading operations, will help traders execute transactions within a fraction of seconds by using trading bots. It will also be extremely useful for intraday traders who want to book quick profits instantly by buying and selling stocks or digital assets.
Trading bots are quite common these days and facilitate not only cryptocurrency trading, but also forex and stock trading. Trading bot refers to a specialized computer software or system that automatically makes trades in a trading account through an official company provided API protocol.
What is an API?
API (Application Programming Interface) is a special infrastructure that facilitates trading bot to use the trader's account and place trade orders programmatically based on a set of predefined rules and algorithms. On IQDAX, it will be possible to start trading and complete online transactions of various trading assets through API access. IQDAX offers a special token authentication system to provide maximum security to clients and their funds.
API Security Is Crucial
IQDAX is confident of launching TradeSocket on its platform from November to facilitate superfast algorithmic trading. The new API interface will allow secure authorization, order management and trading by following a single access protocol across all devices and platforms, including web, mobile web, iOS and Android apps, and desktop applications.
Security is also a key aspect in the implementation of Tradesocket. That is why IQDAX has opted for a multi-layered WebSocket token authentication mechanism – to streamline the process of authorization and keeping the trading session alive for the whole session cycle.
TradeSocket vs REST API
Modern web-based trading platforms must provide real-time market data streamed to traders' front-ends and trading bots via the WebSocket technology. A plain HTTP-based API protocol is not effective as it creates overhead, and for financial applications, especially those that require rapid responses or real time interactions, it is not fast enough.
Maintaining active TradeSocket connections instead of making continuous REST HTTP requests is beneficial not only for traders but also to enable the ultra-fast performance of the platform itself. Moreover, TradeSocket is far more efficient and fast compared to REST because it does not require the HTTP request/response overhead for each message sent and received.
Ella Brown, Managing Director at IQDAX, has commented the launch of TradeSocket as follows: “We want to make IQDAX a number one global multi-asset trading platform to trade financial derivatives with leverage. That is why we have given considerable thought over the launch of TradeSocket, trading API protocol for clients who prefer trading via trading bots or customized applications, including those that utilize neural networks. We strive to provide traders on IQDAX round-the-clock access to real time market quotes from numerous trading venues and offer lightening transaction speed within fractions of a second.”
Cryptocurrency trading APIs and trading bots are extremely essential to progressive traders. Trading APIs connect trading terminals or bots directly to the relevant data sources and assist them in making the right move in their investment. Obtaining accurate real-time market data through streaming trading APIs is really fast and straightforward.
Trading APIs like TradeSocket facilitate rapid data exchange, thus delivering market data in real-time to make timely trading decisions instead of providing such data on demand. The use of TradeSocket API is designed to be the perfect way for building a trading bot or an application for trading crypto, forex, digital assets, and stocks.
To learn more, please visit the official IQDAX website at:
Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.