FIX API is an abbreviation stands for the Application Programming Interface of Financial Information Exchange; which is an e-protocol for exchanging financial information. It is widely used to permit communication between a customer, merchant, speculation store, or representative and a liquidity supplier.
FIX API is an all inclusive standard. It’s utilized by various banks, prime merchants, and mutual funds in web based trading. The beginnings of FIX API go back to the mid 1990s, when a few volunteer
software engineers were looking for open doors for correspondence bolster when exchanging
stocks . In 1998, this group of software engineers began a non-benefit organization called FIX Protocol Limited (FPL), which concentrated on growing, creating and supporting the convention.
Purposes behind a customer to begin utilizing FIX API
- The customer isn’t happy with existing money related stages and interfaces since it is difficult to control all framework usefulness at the same time.
- Limitations of existing interfaces. For instance, some outstanding stages require at least two ticks to take care of a request, which is inadmissibly moderate for high-recurrence procedures.
- A requirement for wellbeing and keeping up the obscurity of a customer’s robotized frameworks.
- A want to cross-interface with the liquidity supplier.
Necessities to make a FIX API association
- Connection points of interest for a test (UAT) condition, which ought to be utilized for testing before making a live association.
- The FIX API determinations report, which resembles a handbook for the convention. Here is a passage from the archive:
- Standard Header MsgType = b 131 QuoteReqID String. Interesting identifier in light of Quote Request (35=R) Example: 131=RequestQuote1
- An experienced software engineer. From my experience, most software engineers with standard convention abilities, for example, HTTP, telnet, TCP, or Java will effortlessly have the capacity to set up an association.
In a perfect world, our proposal is to utilize a cross-associate with the liquidity supplier, which is a physical association between the control boards utilizing patch code. Tenderfoots may utilize an attachment adapte.
There are many advantages of utilizing FIX API solutions. You will have add up to control over the way toward exchanging and getting information with no sort of mediator or middleware programming. Balance this with the MetaTrader 4 (MT4) execution chain:
Customer Terminal => MT4 Trade Server => MT4 Bridge => Aggregator => Liquidity Provider
An appropriately arranged foundation will convey:
- Faster general execution speed.
- Ability to plan a customized interface.
- Ability to utilize your own particular programming, tweaked to the broker’s needs.
- Opportunity to utilize different request sorts, for example, market or farthest point.
Be that as it may, there are a few drawbacks:
- You will have another duty to keep up the usefulness and smooth execution of the framework.
- If you were already utilizing Meta Trader 4, you should reinvent any programmed frameworks from MLQ4.
- There will be extra costs identified with the software engineer’s work and cross-interface (facilitating at a high review server farm may cost you $1000 every month or all the more relying upon the understanding).