The use of financial data in the stock market has been common since the late 1800s. The technology has definitely improved over time. This is best seen at Finage that uses the latest data in fintech to better assist traders, startups, and investors in their endeavors.
Financial data can be used to gauge a company's financial state. This is where financial technology comes in as it makes the process easier and automatic. The same can be said for our stock market APIs, which are made for anyone who needs them.
Contents:
Financial Data & Stock Market APIs
Technical Parameters
Security of financial data
Scalability
Reliability and redundancies
Compatibility
The right programming language
Data delivery formats
Request types
Market Parameters
Latency
Currency consistency
Data sources and scopes
Cost Parameters
Request quotas
Price packaging
Final Thoughts
Financial Data & Stock Market APIs
The stock market is complex and volatile, where a seemingly small setback or error could result in catastrophic losses. This means that it is important for a broker or stockholder to be able to monitor financial data and their investments.
Stock market APIs are tools that allow users to access a vast amount of financial data at any time. This financial data already comes ready for viewing as it is customized before reaching the user.
Stock market APIs and financial data are used by various people in various ways, mainly by developers, traders, and startups. Developers use them in order to form financial software or apps. They may be asked to create a trading algorithm or simply a dash that allows users to view the stock market as it unfolds. Traders and brokers are the main users of this type of fintech. They use them to monitor changes in the market and a tool like this is invaluable.
Some analysis of financial data has to be made in order to choose the best results. Certain parameters that an API should meet have been put in place to help make this choice. These must fall under three main parameters: market, technical aspects, and cast. Fortunately, Finage offers stock market APIs and up-to-date financial data that will meet the parameters.
Technical Parameters
Before using any data, you have to know some aspects and parameters. Technical parameters that should be considered are as follows:
Security of financial data
The security of your financial data is of the utmost importance. As such only, the APIs with access to the most secure servers can be desirable here. This also depends on where the server is located.
Scalability
To get the best data, you need to use the best API solution. It’s the API’s ability to handle sudden spikes in requests made at a particular time. The infrastructure of most stock market APIs is such that they do handle large amounts of requests daily. Handling a sudden spike is completely different territory.
Reliability and redundancies
It is safe to say that the closer a provider is, the better. This is not only for speed but for regulatory factors. This is despite the fact that the average API already has built-in redundancies.
Compatibility
This refers to compatibility with the operating system you wish to use. if you use Linux for example, it would be better to find an API best suited for it.
The right programming language
Compatibility with the right programming language should be also considered. Finding the API with the best financial data and the one which best fits your requirements would make life easier. Available programming languages include the following:
- Python
- Javascript
- Java
- PHP
Data delivery formats
The format of the financial data you receive is important as it allows reading and checking the information easily. This also means the data won’t give issues to your systems. Examples of financial data delivery formats include:
- CSV
- JSON
- XML
Request types
The request type you use determines the API that is best for you, depending on the framework you wish to build upon. The following are some common request types are:
- REST
- SOAP
- JSON
- XML
Market Parameters
Latency
The time it takes for a user to receive a data signal is known as latency. The quicker a data signal is received, means that there is less latency and this is the best case as the information will be more accurate than usual.
Currency consistency
An automated currency change, especially when dealing with international trade may not be optimal for all systems so this is something to keep an eye on.
Data sources and scopes
It is crucial to closely monitor the kind of data a provider actually gives out and ensure that all of it is useful and most importantly, legal.
Cost Parameters
Request quotas
Financial data vary in the way in which APIs operate, this also applies to the presence or absence of request quotas. Most users prefer having unlimited requests without quotas as they are perfect for busy moments.
Price packaging
Whether it be through a long contract or a month-to-month deal, the price package of getting the right financial data has to be one that fits with what you are willing to pay. What is really desirable is how flexible an API with financial data can be.
Final Thoughts
The volatility observed in the financial world has made an impact on financial data, the stock market, and any kind of fintech. Finding the perfect financial data that has the reliability attributes is difficult, but it can be made easily with Finage. We can provide you with prime financial data and API that will meet your needs without hurting you financially!
You can get your Real-Time and Historical US Stocks Data with Finage free Stock Data API key.
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