If you’re a member of the PrimeXBT community, you might be waiting for API functions to arrive.
Sadly, the platform currently does not support any API functionality. However, members are eagerly waiting on its arrival as it will definitely be a game-changer.
API functionality in any trading platform brings several advantages to the common trader. These advantages could definitely turn the tide for a lot of PrimeXBT members.
We have already noticed thousands of comments on the internet regarding the possibility of PrimeXBT API.
Don’t believe us? Just check out some of the forums related to the trading platform, and you’ll see for yourself.
Whether you’re browsing Reddit forums or looking up questions in Quora, Prime XBT API is a common topic. Questions like, Does primeXBT have API? Or, when is API coming to PrimeXBT, flock the pages. So, it’s safe to say that this is something the majority of the internet wants to see. But before we delve into it, we need to understand what an API is.
What Does API Mean?
API is an element that could seriously change the way we trade in PrimeXBT. With this functionality, we will no longer limit ourselves to manually making each and every trade. Instead, we could simply program the patterns and let the AI do the job for us. To understand things better, let us first look at the definition of API in terms of trading.
The full form of API is Application Programming Interface. What this does is directly connect the data provider to the end-user. In other words, API creates and maintains an online connection between you and the platform.
APIs are highly beneficial for trading as they allow us to maneuver in ways like never before. It is the element that is necessary to create any kind of automated strategy for trading. This means that we can automatically set any kind of programming and automatically carry out trades. The API will ensure that the programming is followed, thereby eliminating the need for manual control.
It’s basically like having a stockbroker who knows exactly what you want. The only distinction is that it will be artificial intelligence making the deals. This is a big advantage to have when trading in any online platform, including PrimeXBT. This is why it’s in such high demand, with thousands of people calling for the system to be introduced in PrimeXBT. Just imagine the possibilities here; we could make trades even while we’re asleep!
Uses of API on PrimeXBT
API is essentially software that allows two application entities to communicate and share data. Let us look at a basic example to understand the concept further.
Suppose you’re browsing Facebook on your phone and decide to send a message to your friend via chat. There is a connection established between your phone’s Facebook app and the messenger app being used. This connection relies on the functions of API, without which it would not be possible. It is the API that allows data to be shared in this transaction.
API can be used for much more complex and meaningful functions when it comes to crypto trading. In platforms like PrimeXBT, we can only make trades by operating the software manually. This means we have to be present for each and every trade made physically. So it is necessary to calculate every action that we make. But what if we told you there’s a better way to do it?
With the help of API, traders could program their own trading strategies, which can function automatically. This means that we won’t have to be present for any actual work. But how is this possible? How can we make an automatic system which functions on its own? The answer to these questions lies in the use of automatic trading bots.
What Are Automatic Trading Bots?
Automatic trading bots are programmed entities that accurately carry out preset functions and designs. In other words, we can program these bots to make trades according to our own movements. With the help of trading bots, we can take advantage of any trading platform without manual operation.
We can do this by programming a set of data into the algorithm of the API. The trading bots will use this data to carry out certain functions. Basically, it will mimic your own trade movements and knowledge and duplicate it on future trades. It’s like creating an AI clone of yourself that is more intelligent and accurate.
With automatic trading bots, we can greatly lower the chances of human errors by a significant margin. After all, if programmed correctly, a trading bot can achieve three times more than what a person can. PrimeXBT trading bots don’t need any sleep and can react much faster than humans. On top of that, bots will never make clumsy mistakes and will always be precise. This is an essential skill required in the world of online trading.
Automated bots let us tap into the world of PrimeXBT copy trading, a feature that makes things much easier for traders. What’s more, APIs can also be used to keep track of taxable trades. There is so much anticipation for API functionality to be introduced into PrimeXBT. So whether it’s for copy trading or PrimeXBT tax reporting, we could definitely benefit from it.
Is The PrimeXBT API Available?
Despite popular demand, PrimeXBT still maintains a ‘No API’ policy on its platform. Why is this so? Well, this is an obvious choice for the platform as It would give a strategic advantage to traders.
API would allow us to program our trading algorithms on the platform. Although this would benefit traders, it would do the opposite for the platform owners. So to conclude, the possibility of PrimeXBT API remains a dream for the distant future, but the other great features of PrimeXBT, which we covered in our PrimeXBT review, still make the platform a good choice for crypto traders.
PrimeXBT API FAQs
You can use the PrimeXBT API to programme bots that can trade on your behalf. This will eliminate the need for manual trading and make the entire process automated.