API Comparison of Major Cryptocurrency Trading Platforms
In this series of articles, the crypto-exchange API quality will be assessed. The estimate is divided into several stages: 1) introductory 2) functionality test 3) conclusions and comparison with international standards and practices. The first stage involves an evaluation of the API, which is carried out without testing it and relies solely on the materials provided on the exchange website. The evaluation is carried out according to a number of criteria listed below.
· Documentation — the quality and completeness of the documentation on the API developer’s website (further — on the website). Score in points: from 0 to 5.
This criterion is most important for a third-party developer. It affects the speed and quality of developing the client software.
· Completeness — the completeness of the web interface functions implementation through the API. Score in points: from 0 to 5.
An ability to develop complex and scalable solutions in client software depends on this.
· Naming — the names used must be logical. Score in points: from 0 to 5.
Names that are closest to the market terminology reduce the likelihood of misinterpretation and thereby lower the chance of semantic errors being made in the development of client software.
· Sequence — the design should be consistent, must not differ from one method to another (order of parameters, semantics). Score in points: from 0 to 5.
The sequence partially determines the quality of the documentation. It also allows you to develop the best quality client software and identify errors at an early stage.
· Implementation method — the API should not allow you to achieve the goal in several ways. Score in points: from 0 to 5.
This defines unambiguous interpretation of API functions, which allows you not to duplicate the code and avoid code re-optimization.
· The presence of WebSocket — the existence of the WebSocket protocol. Evaluation: Yes / No.
The criterion expands on the technological capabilities of the client software. It allows you to swiftly implement complex solutions and software in a variety of existing platforms; it also helps to get data as quickly as possible. In addition, the presence of WebSocket allows you to utilize fast market-making strategies, as well as algorithmic strategies.
· Examples — the availability of API examples on the website of the exchange, as well as their implementations in various programming languages. Score in points: from 0 to 5.
Examples affect the development speed of client software and allow you to apply the correct architecture recommended by the exchange.
· Tests — the availability of API tests on the exchange website. Evaluation: Yes / No.
This reduces the probability of errors in the development of connectors and thereby reduces the development time.
· The number of implementations — the number of implementations on GitHub. Score in points: from 0 to 5.
Determines the number of software products in the form of ready-made modules and solutions offered by the exchange community, which accelerates the development of client software.
The evaluation of the documentation showed that its maximum quality is delivered by the KuCoin exchange due to its placement on the website and the sufficient filling. At the same time, the documentation of the Bibox and LBank exchanges resides on GitHub and contains the minimum amount of information. Also, the Binance and OKEX exchanges have high quality of documentation, despite their location on the GitHub resource.
Against the medium rate of completeness, high values were shown by Binance and KuCoin exchanges.
The Binance exchange has the maximum naming value. At the same time, Bibox, CoinBene and OKEX exchanges have minimum ones. However, the difference in values is insignificant, which indicates a relatively equal spread of values across all exchanges.
The maximum and minimum values of sequence were found in Binance and Bibox exchanges, respectively.
APIs of all exchanges were highly estimated by implementation method parameter. All functions are realized uniquely.
The absence of examples on most exchange websites identified leaders in this assessment: these are Huobi and FCoin, which contain some examples of connector implementations in programming languages. Moreover, the location of these examples on GitHub reduced the score by 0.5 points. The minimum number of examples was provided by Bibox, LBank and OKEX.
As for the number of API implementations by third-party developers, Binance is the winner, having tens of times the number of connectors on GitHub compared to other exchanges. The minimum number of implementations includes Bibox, CoinBene and LBank.
·Kucoin API — https://kucoinapidocs.docs.apiary.io/
·Lbank API — https://github.com/LBank-exchange
·Bibox API — https://github.com/Biboxcom/api-sample
·Binance API — https://github.com/binance-exchange
·CoinBene API —https://github.com/Coinbene?tab=repositories
·Huobi API — https://github.com/huobiapi
·OKEX — https://github.com/okcoin-okex/API-docs-OKEx.com
·Fcoin — https://developer.fcoin.com/zh.html
Stay tuned for next articles!
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