Why is it important for cryptocurrency exchanges to support both websockets and api?

3 answers

• Dec 25, 2021 · 3 years ago
  As a cryptocurrency exchange, supporting both websockets and APIs is essential for providing real-time data and enabling efficient communication between traders and the exchange. Websockets allow for instant updates and real-time streaming of data, which is crucial for traders who need to make quick decisions based on market movements. APIs, on the other hand, provide a standardized way for developers to interact with the exchange's functionalities programmatically. This allows for the development of trading bots, algorithmic trading strategies, and other automated tools that can enhance trading efficiency and accuracy. By supporting both websockets and APIs, cryptocurrency exchanges can cater to the needs of both traders and developers, creating a more inclusive and versatile trading environment.
  808404
• Dec 25, 2021 · 3 years ago
  Cryptocurrency exchanges need to support both websockets and APIs because it offers flexibility and accessibility to traders and developers. Websockets provide a real-time connection that allows traders to receive instant updates on market data, order book changes, and trade execution. This ensures that traders have the most up-to-date information to make informed decisions. APIs, on the other hand, enable developers to integrate the exchange's functionalities into their own applications and services. This opens up opportunities for third-party tools and services that can enhance the trading experience. By supporting both websockets and APIs, cryptocurrency exchanges can attract a wider range of traders and developers, fostering innovation and growth within the ecosystem.
  782261
• Dec 25, 2021 · 3 years ago
  From BYDFi's perspective, supporting both websockets and APIs is crucial for providing a seamless trading experience. Websockets allow for real-time updates on market data, ensuring that traders have access to the latest information. This is especially important in the fast-paced world of cryptocurrency trading, where every second counts. APIs, on the other hand, enable developers to build custom trading applications and integrate BYDFi's functionalities into their own systems. This empowers traders with more options and flexibility in executing their strategies. By supporting both websockets and APIs, BYDFi aims to create a user-friendly and developer-friendly trading platform that caters to the diverse needs of the cryptocurrency community.
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