Coinbase has announced its release of Coinbase Exchange Gem, an application programming interface (API) for algorithmic trading.
The Bitcoin wallet and merchant services provider launched its exchange earlier this year, aiming to provide the most robust, reliable and regulated marketplace in the industry. The exchange has gained traction, having the sixth highest reported global trading volume during the past month, and the third highest in USD trading.
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The feature expands upon Coinbase’s API technology already used for its wallet and merchant services. The company noted how often traders with interesting algorithms turn away “because the barriers to entry seem too high.” The API will allow anyone to develop algorithmic trading software connecting to Coinbase’s exchange.
The API allows you to place real-time trades based on data from its Websocket feed, which can be used to construct the order book, track the last traded price and changes to orders.
The API also allows for monitoring the health of the Websocket feed. In the event it stops responding, it can be ‘pinged’ periodically. This can come in useful in cases of stop loss orders, in order to avoid missing the stop trigger.