July 13, 2020

Normalized API for trading

Axon Trade’s mission is to provide clients with normalized FIX API to trade across multiple cryptocurrency exchanges. Our FIX 4.4-compatible solution can help you to:

  • reduce development costs
  • reduce maintenance costs

All these “reduce” points are usually highly overused by marketers and in most cases become nothing but buzz words. Our team mainly consists of engineers, so instead we will speak in facts here.

Most digital asset exchanges have their own unique APIs. There is nothing wrong with expressing yourself by inventing yet another REST or WebSocket API for trading. Our team saw many of these along the way… The problem arises when you need to trade on, for example, Binance, OKEx, HitBTC, Gemini, and SeedCX simultaneously. The names were chosen intentionally because all five of these exchanges have significant differences in workflow. Try to send a market order through their native APIs and you’ll have a perfect example.

Imagine that you need to build a system that should trade on these five exchanges – and for some reason, you decided to do it in-house. The integration of each exchange will take about three to four weeks (we’ve spent about two weeks per exchange, taking into account our 30+ integrated exchange experience). In an ideal scenario, this is one month for a team of five, or five months for a one-man-band. With prices ranging from $2,000 to $10,000 per engineer per month, you might end up with an initial budget of $10k to $50k.

But this is only the initial commitment. Exchanges tend to change protocols by constantly introducing “latest and greatest” features, decommissioning old APIs, and doing all the other things that keep developers constantly busy. This means more work for engineers but less money for a business.

We already passed this road and are happy to offer our FIX 4.4. order routing solution for crypto markets. Axon Trade’s solution provides the ability to trade digital assets using a single, standard API and very predictable workflow. All messages (NewOrderSingle, OrderCancelRequest, ExecutionReport, RequestForPosition, OrderMassStatusRequest and so on) and logic were replicated from traditional trading systems that make the integration process seamless and almost instantaneous.

No matter how often exchanges change their protocols – the Axon Trade team tracks these changes on the back end to simultaneously update our own connectors and keep your trading operations uninterrupted.

For financial professionals with relevant experience, integration with Axon Trade’s order routing services is a question of days (sometimes hours) rather than weeks and months when dealing with native exchange formats one by one. To those who are not familiar with FIX, we provide code samples and expert integration assistance.

Being a member of the FIX Trading Community, Axon Trade does its best to spread the word regarding utilizing the FIX protocol for trading digital assets. We believe that a unified protocol such as FIX can significantly improve reliability and reduce the cost of ownership for our current and future clients.

Let us know if you would like to try our services with a no-cost, no-obligation trial period!