How to Use Finage trading APIs

In today blog post, it is mentioned the subjects about Trading APIs, why Finage is reliable, opening and closing a position with an API and what REST API in detail.

Table of Contents

How to Use Finage trading APIs

How can you use APIs with Finage?

What is a REST API?

How to get started with Finage's REST API?

How to use Finage's REST API?

What is a streaming API?

How to use Finage’s Streaming API

Fundamentals of Trading with APIs

Opening And Closing A Position Via An API

Final Thoughts

 

How can you use APIs with Finage?

There are two types of APIs you can use with Finage. These are;

• Web API
• A FIX API

The first option includes our REST API and our streaming API. Finage is available for retail customers through our site. Let's first start by saying that you should remember that these APIs do not have their own platform. These are solutions that provide historical data, real-time pricing, and direct access to the IG ecosystem that allows you to fulfill orders.

 

Effective use of the API requires prior development or coding experience. But don't worry, we have a team of experts ready to assist you. Alternatively, if you want to use an advanced platform capable of trading algorithms, among a number of other features, you can use the ProRealTime platform.

 

REST API Guide

What is a REST API?

REST stands for representative state transfer, which is a standard way of accessing resources on the Internet. The process involves both parties; customer and source. In this case, the person using the API is you, the customer, and the source is the Finage trading ecosystem. A REST API needs an automated request written in code to trigger a static response from the Finage system. The REST API only takes a screenshot of the information at that moment, so it is used to collect certain information and perform various actions such as accessing account history and opening or closing positions.

 

How to get started with IG's REST API?

Here are some important things you need to do to get started with our API:

• Create an Finage account
• Generate your API key and security token
• Practice generating REST code using our sample apps
• Start coding in any program that supports HTTP

You can also utilize an Finage demo account to practice using our APIs, but you have to make sure you sign up with the same email address as your real account.

 

Important Note: A security token is required to log in and access the API. You will need to submit a request for an access token. Each token is valid only for a limited time, which must be specified in the request.

 

How to use Finage’s REST API?

Using Finage’s REST API asks an understanding of development and coding. There are four transaction classifications you need to understand, they are:

 

 

• GET which allows you to get a resource
• POST that lets you create a resource
• PUT that allows you to change a resource
• DELETE which allows you to delete a resource

These help you to automatically set the parameters of your commands and interact with the Finage trading system. There are a variety of different transactions that fall into these four categories, covering everything from accessing your account history to creating an OTC order. For a more in-depth look at how REST API components work, visit our Finage website. You can even try our REST API. It gives you a complete experience so you can build your confidence in making requests and viewing responses.

 

Streaming API Guide

What is a streaming API?

A streaming API, as the name suggests, provides a continuous stream of information to the user. Unlike the REST API, which is just a screenshot of a specific moment, the streaming API keeps updating the user after the first request. This makes it useful for subscribing to markets and viewing the most up-to-date price information.

To use a streaming API, we recommend that you have a basic knowledge of REST APIs as the two are used in conjunction with each other.

 

How to use Finage’s Streaming API

Finage steaming API allows you to receive real-time market quotes, trading updates and account status notifications. To enjoy the benefits of the Live API, you need to subscribe to Lightstreamer. This means all the items you want to access and any related areas. For a deeper look at how our streaming API works, visit our Finage streaming API guide. You can even try our streaming companion to test the service in an interactive environment.

 

Fundamentals of Trading with APIs

Even if you feel ready to trade APIs, it is still important to know some of the basic concepts involved, such as which instruments to trade, how to price them, and how to open a position.

 

Market Instruments

Each market instrument you see in Finage's API represents a CFD. These are derivatives that get their prices from an underlying asset. CFD trading allows you to move long or short in that market by profiting from rising and falling prices.

Markets will have certain identifiers in APIs called EPICS.

For example: IX.D.FTSE.CFD.IP

This means you want to trade a CFD contract on the FTSE 100 down price market.

 

Api Pricing

There are two ways to access the latest prices from Finage:

• Subscribe to instrument via streaming API
• Get a snapshot of the instrument's price via the REST API
• Historical prices can also be requested using the REST API

 

Opening And Closing A Position Via An API

As with opening a position in a normal market, when you open a position through an API, you will have to make some basic choices. First, you need to decide which market to trade. This should always be based on your personal preferences and interests. Second, you have to decide at what price level you want to open your trade. Most traders use fundamental and technical analysis to establish a methodology for opening a position. And finally, you should decide whether to sell the market.

When you reach a certain level of profit or loss, you can decide that it is time to close your position.

Both opening and closing of positions happen via the API's /positions command or the /workingorders API - work orders, a normal stop or limit.

 

Final Thoughts

We have included our article today to better explain Finage, which will be your most reliable choice when using Trade APIs. You can easily reach your goal by following the important steps we have focused on. We hope that this blog post will be beneficial for you. We will continue to create useful works in order to get inspired by everyone. We are sure that we will achieve splendid things all together. Keep on following Finage for the best and more.