How the TraderMade Forex API is Helping Businesses
14 May 2021
For decades TraderMade have been providing award-winning charting, research and data products and services to financial institutions, funds, fintech and start-ups to name just a few. In recent years, we have seen increased demand by our customers for Forex data and other asset classes including Commodities, Equity Indices and Cryptocurrencies via our numerous API delivery options.
As we have witnessed, when the markets move it brings opportunity and risk to all financial market participants - and this is especially the case with how businesses position themselves so that unnecessary money is not lost when dealing overseas. Even for individuals, the fluctuations in exchange rates can have a big impact on buying assets abroad, for example, houses etc, even down to picking holiday destinations budgets.
As the amount of available financial instruments and assets are always increasing, making sure that we provide our business customers are getting exactly the information that they require to manage their risk is imperative to TraderMade – after all, our mission statement is “to provide financial products and services that enable all market participants to excel”.
As businesses are continually trading internationally, this move towards flexible API delivery and entirely meeting the needs of our business customers means that our clients are kept fully up to date with exchange rate fluctuations which can negatively impact company profits through no fault of their own. Our FX Spot rates are compiled from multiple institutional banks, therefore, giving the most reliable and non-skewed results that are available within the Forex industry.
With our unrivalled coverage of 1,700 currency pairs that cover all of the major global economies for both live and historical rates, both REST API and WebSocket API options are available.
The TraderMade API allows our business customers to request live real-time rates and historical data directly from the multiple endpoints that are available. Our API is also available to Corporate clients that want to interrogate a high number of previous transactions in quick time, plus also time-slice periods of high trading volumes so that quick and efficient analysis can be made. Our APIs can also be integrated into existing Treasury systems and ERPs, therefore, allowing automated hedging to take place.
The TraderMade database has been trapping and storing live rates from institutional providers since the inception of the business in 1984, we have one of the largest and richest repositories of Forex data available, which can all be fully examined via the REST API. Our Documentation is easy to understand and allows our business customers to connect immediately to the API (https://marketdata.tradermade.com/docs/restful-api).
Once business customers have signed up with us to use the data API, customers have access to their own individual Dashboard via their own unique API key that is created, from here subscribers can manage their subscription directly and therefore also move within the different plans as their needs change and evolve. Business customers can also keep directly informed on how many data requests have been made in real-time, and this is fully supported by our customer support team via the Live Chat service.
TraderMade provides dedicated internet connection and HTTPS security alongside GMT timestamps and fully redundant servers. Dependant on the API endpoint that is used, we give Bid/Ask and Mid rates for live and historical tick data plus we also give Open, High, Low and Close data for any historical minute enquiry. Our experienced customer support team are here to assist our business clients with any API integrations, therefore making the process as seamless and easy as possible.
No-obligation trials for the WebSocket last for 14 days. Visit the streaming forex page for more info. For the REST API, we give rolling 1,000 monthly requests so you learn more about how we add value to your business by visiting the forex API page.