Kraken is a leading cryptocurrency exchange that provides a secure, reliable platform for digital trading assets. API, or Application Programming Interface, is a set of programming instructions and standards for accessing web-based applications and services, such as Kraken. API connects Kraken with third-party services and applications, such as trading bots, charting and analysis tools.
It allows users to trade various digital currencies, including Bitcoin, Ethereum, Litecoin, Ripple, and many more. But what is API in Kraken?
Kraken provides its users with two APIs: the Private API and the Public API. The Private API is used for account creation, deposits and withdrawals, and trading.
It also allows users to view their account balance and order history. On the other hand, the Public API is used for tasks such as viewing the order book, trade history, bid/ask prices, and charting data.
Kraken API is an essential tool for traders and developers to automate their strategies and manage their portfolios. With API, users can access real-time market data, place orders, and view their account balances and trading history. API can also integrate Kraken with external services, such as charting and analysis tools and trading bots.
Kraken API has recently undergone a significant update, increasing the security and stability of the platform. The update focused on enhancing the API's ability to handle high-volume trading and improving the speed of order execution. It also added several new features, such as the ability to view order history, read account balances, and open/close positions.
The new Kraken API also supports REST and WebSockets, allowing easy integration with external services and applications. It also includes support for the FIX protocol, which increases the security of order execution and reduces the likelihood of errors.
Additionally, the new Kraken API supports the FIX Trading Community (FTC) standards for order execution, which includes enhanced security features and improved order execution speed.
Kraken also provides an API for developers to access its liquidity to build their trading applications. This API makes it easy to integrate Kraken into existing trading systems, allowing developers to focus on creating the best trading experience for their users.
Kraken's API constantly evolves as the platform responds to user feedback and implements new features. In the past few months, Kraken has released several updates to its API. For example, it has added support for more currencies, improved the API documentation, and made it easier to connect to the API with third-party libraries.
In addition, Kraken has added support for margin trading, which allows users to borrow funds from the exchange to increase their leverage. This feature is available only to users with verified accounts, so complete the KYC process before using margin trading.
Conclusion:
Kraken also recently added support for futures trading. This feature allows traders to bet on the future price of a digital currency, with potential profits and losses magnified by leverage. This feature is available to all users so that anyone can take advantage of this powerful trading tool.
Kraken's API is constantly improving, making it an invaluable tool for developers and traders. With the latest updates, Kraken continues to provide an easy-to-use and secure platform for digital trading currencies. If you're looking for a reliable digital currency exchange, Kraken is the right choice for you.