Globalization is exploding the world of international finance. With foreign currencies’ involvement as a medium of transactions, currencies like the USD, EURO, and CAD are commonly used to make payments worldwide.
Many developers around the world are working on building interfaces for both mobile and desktop apps to support these financial activities. Multiple registered companies who wish to develop robust and advanced currency conversion programs, currency exchanges, etc. are continually looking for suitable trading APIs.
What are Trading APIs?
API is an abbreviation of the application programming interface. It connects two applications to leverage the functionality, we can say that API is everywhere. If you have a custom-built platform, API reading will allow you to access the provider’s ecosystem.
This way, you can connect your system’s front-end to the broker’s back-end system through a well-encrypted communication channel. It means you can enjoy all the functionalities of brokers without even using their applications.
Benefits of Trading APIs
Trading APIs allow you to build custom front-end solutions that run on other reputed brokers’ data and functionality. Here’s how API helps traders:
- The clients can get access to historical market data
- The clients can stay up to date with the executable pricing list along with living market data
- The clients can analyze the market closely
- An immediate order execution can take place
- Another advantage is that clients can perform anonymous trading. As most of the brokers don’t register or track the users of their back-end system
- The clients can fetch powerful features and implement them to a new system in no time using API
- Utilizing API trading services of existing trading brokers saves time and cost to the clients
- Lastly, the clients can access all the risk management features along with other necessary trading tools
The scope of using external trading APIs in your system is enormous. Now when you understand the definition and scope of foreign exchange API trading services, let’s have a detailed overview of some leading Forex trading APIs available for you.
Leading Foreign Exchange Trading APIs
A vast majority of top forex brokers provide forex API trading services. However, the access and features of the platform vary. To make it easier, we have curated a list of some leading forex trading APIs available in the market. Here, you will find a brief introduction to each platform, benefits, and hot get started using it from specific brokers.
Let’s get started!
FOREX.com has been a global leader in automated trading since 2001. It offers an exceptional trading environment with superior order execution at consistently low costs compared to others. Many brokers claim this platform to be #1 for its quality execution on almost every trade possible. Its transparent and competitive pricing is worth a try.
To support independent clients’ need to automate their custom platforms, FOREX.com offers their clients to build a connection between their algo-trading strategies with FOREX.com’s deep liquidity platform. By leveraging its REST API, clients can access trade execution, live streaming prices, over 80 FX markets, and other advanced order types. Moreover, it also comes with complete access to its developer resources.
Benefits of using FOREX.com’s API
- Access to automated trading strategies
- Integrated account management
- Charting and analysis.
- Easily compatible solution
- 24/7 customer support
How to start using FOREX.com’s API?
Connecting to FOREX.com’s API is pretty straightforward. First, apply for an account and request API access from the customer support team. Then, connect directly to the REST API. Here, you can develop, test, and automate your custom trading strategies.
FOREX.com offers complete API support. For sample code or support tools, the clients can access their documentation portal. There is also an API Member Support Forum to search for answers about account maintenance (for other forex and retail investor accounts as well), etc.
XTB Broker is an award-winning platform founded back in 2002. In the world of forex investment, the XTB is an esteemed broker firm located in the UK, Poland, Germany, France, and Chile. It is regulated by the top 5 regulatory bodies, including IFSC, SEC, CySEC, FCA, and CNMV. XTB has two trading platforms: xStation and MT4.
XTB extends its xAPI for clients who wish to scale their trading applications. The XTB API can help users to make fast and well-optimized Forex trading applications for server deployment and web from their platform. To have a deeper understanding of its API, XTB offers detailed xAPI protocol documentation (v.2.5.0) on its official website.
Benefits of using xAPI
- Free to use for all
- Test Trading account from XTB available
- Lowest latency
- Highest throughput API trading
How to start using XTB’s xAPI?
To use xAPI, one needs to register with XTB. To gain access, simply click on ‘create a test account.’ From there, log in with your email address and get started. Although XTB provides detailed documentation on its API structure and its usage, you can contact its customer support team anytime for any queries related to API.
Established in 1974, IG trading deals in 17,000+ markets with 239,000+ clients worldwide. Users can automate the entire forex trading process by connecting their financial solutions with IG’s market-leading trading technology. IG Group offers Web API and FIX API. The Web API consists of the REST API and streaming API and can be accessed on the IG labs site.
These APIs are not standalone solutions for all forex trading needs. The clients can exploit these to get direct access to the IG trading ecosystem. IG APIs enable you with the best experience real-time pricing, retrieve historical market data, and execute orders. To make effective use or customization of these APIs, clients need to write code from scratch with coding or development experience. However, IG provides an individual a detailed API guide using its Forex APIs (both REST and Streaming).
Benefits of using IG’s APIs
- World’s #1 CFD provider
- Market-leading pricing and execution technology
- Quick coding with the sample app is available
- Access to third party software
- Safe and secure provider
How to start using IG’s APIs?
First, a user needs to create a live IG account and generate an API key and security token. You can then begin coding on any HTTP-compatible program, or you can code yourself.
Another way is via ProRealTime. It is best if the clients need to send IG trades from a tailor-made interface. Just like the previous method, create your live IG account. Launch ProRealTime and create your algorithm and start trading.
Alternatively, clients can also test their application connection with the IG Demo account. Simply enter your email and get started. If you already have a live IG account, you can switch between the live and demo accounts (retail investor accounts are also available in real-time).
Used by over 200,000+ traders, AvaTrade is a premium automated trading platform. It follows a customer-first approach. Founded in 2006, AvaTrade is a highly regulated online broker. The regulatory bodies monitoring AvaTrade are the Central Bank of Ireland, FSB, ASIC, USE, IIROC, and BVI. It extends its web API to all clients for its custom API trading portals in real-time. Check our latest AvaTrade review here.
AvaTrade APIs allow their clients to access all historical market data on their platform. A user needs to have a sound knowledge of programming languages like .NET and Java files to utilize the AvaTrade API. There is no technical support provided by AvaTrade. The lack of assistance is the only drawback of the AvaTrade platform.
Benefits of using AvaTrade’s APIs
- No additional costs
- Access historical market data in real-time
- Streamlined user-interface
- 24-hour customer support (Saturday to Friday)
- Enjoy additional trading features
How to start using AvaTrade’s APIs?
Simply set up an account and maintain a minimum balance of £100 with AvaTrade. The clients can use these APIs to connect automated trading solutions to AvaTrade. Using live market information, this can be tested on the demo platform.
5. City Index
City index, founded in 1983, is a global FX and CFD broker. Its parent company is GAIN Capital, which is listed on the NYSE. The top-tier financial regulatory bodies that regulate City Index include the Monetary Authority of Singapore (MAS), the Financial Conduct Authority (FCA), and the Australian Securities and Investments Commission (ASIC).
Under its multiple partnership models, City Index offers the best Liquidity API. It allows clients to connect to FX and CFD markets. You can connect to City Index’s platform with your custom algos or third-party platforms via its Java and FIX APIs.
Benefits of using City Index’s API
- Receive better price improvements
- Real-time audit trail
- Competitive and tight spreads
- Multiple order types
How to start using City Index’s API?
Regarding City Index’s API access, there is not much information available on the platform. To start, simply hit the contact us button, and ask for API access. The platform offers clients prompt customer service.
ThinkMarkets is a powerful trading platform available online. It is mobile optimized and packed with effective tools that support assorted trading requirements of clients. It enables access to several financial instruments, including Forex, Stocks, and Cash Indices. In comparison to its peers, ThinkMarkets is a superior platform built over advanced technology.
For all of its clients, ThinkMarkets offers cutting-edge API trading to create their trading platforms or data tools. The full suite is available to enhance your trading capabilities. With its MetaTrader 4 FIX API, clients can bring a dynamic and integrated Forex trading environment while achieving low latency and high-speed trade execution. Using ThinkMarkets API, you can access real-time market data and manage order types via the FIX API protocol.
Benefits of using ThinkMarkets’ API
- High speed and low latency execution
- The integrated and dynamic trading environment
- Access to competitive pricing and deep liquidity
How to start using ThinkMarkets’ API?
If you wish to use the ThinkMarkets API, simply fill out a form on its official website. You need to fill in details like name, email address, phone number, region, and selecting the type of membership you want to choose from available options. You can also send a custom message in the message box in the form. Once you fill out the contact form, a specialist will get back to you immediately.
With this, we have come to an end of our list of the best service providers for clients wishing to build their financial platforms with the help of experienced and well-trusted market leaders.
Trading API services are powerful tools for every broker who aspires to launch something big on a low budget. Whether clients wish to build their app or platform, it comes in handy to fetch powerful external brokers’ tools. If you are an experienced developer, you can utilize the FX trading API from any reputed broker. But if you are a beginner and have no knowledge of programming languages, we recommend using those brokers who provide additional support on API documentation.
However, please remember that not every broker has the functionality you’re looking for. Therefore, you need to research before investing your time in choosing a particular API.