Company

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for EUR/USD

Min.

Deposit

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Account

Types

Spread

Type

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Execution

Details
CFDs are leveraged products and can result in the loss of your capital. Rankings are influenced by affiliate commissions. All information collected on 1/11/2017.

The Ultimate Guide to

Choosing a Broker
For API Trading

Not sure which broker is right for you?

Don’t worry - we’ve got you covered. In this guide, you’ll learn:

Ready?

Part 1

Why Choose
For API Trading?

scored best in our review of the top brokers for api trading, which takes into account 120+ factors across eight categories. Here are some areas where scored highly in:

  • + years in business
  • Offers + instruments
  • A range of platform inc.
  • 24/7 customer service
  • Tight spreads from pips
  • Used by 0+ traders
  • Offers demo account
  • 0 languages
  • Leverage up to

offers one way to trade: . If you wanted to trade EURUSD through copy trading or other means, skip to part two.

The two most important categories in our rating system are the cost of trading and the broker’s trust score. To calculate a broker’s trust score, we take into account a range of factors, including their regulation history, years in business, liquidity provider etc.

have a trust score, which is . This is largely down to them being regulated by , segregating client funds, being established for over years, and much more. For comparison:

Trust Score comparsion

Trust Score
Year Established
Regulated by
Uses tier 1 banks
Company Type Private Private Private
Segregates client funds

The second thing we look for is the competitiveness of the spreads, and what fees they charge. We've compared these in detail in part three of this guide.

Part 2

Who is (& Isn’t)
Suitable For

As mentioned, allows you to trade in one way: .

Suitable for:

  • Spread Betting
  • CFD Trading
  • Forex Trading
  • Social Trading

Not Suitable for:

To trade with , you'll need a minimum deposit of $. offers a range of different account types for different traders including a , .

Finally, isn't available in the following countries: . They do not offer islamic accounts either.

Part 3

A Comparison of vs. vs.


Want to see how stacks up against and ? We've compared their spreads, features, and key information below.



Spread & fee comparsion

The spreads below are illustrative. For more accurate pricing information, click on the names of the brokers at the top of the table to open their websites in a new tab.
Fixed Spreads
Variable Spreads
EUR/USD Spread
GBP/USD Spread
USD/CAD Spread
USD/JPY Spread
DAX Spread
FTSE 100 Spread
S&P500 Spread

Comparison of account & trading features

Spread type Fixed
EUR/USD Spread
EUR/GBP Spread
Crude Oil Spread
Gold Spread Private Private Private
DAX Spread

Part 4

What are APIs?

Through technology, the world has become increasingly interconnected. An Application Programming Interface (API) is used to enable software applications, operating systems and servers to connect with each other in order to share assets. The programs communicate using a set of common protocols. A request is sent from one application to access the data or features of the connected application, and the API allows or denies the request on the basis of a predefined set of rules.

In Forex, CFD and other financial instruments trading, APIs allow a user’s front-end system to be connected to the broker’s back end system via an encrypted communication channel. This means that traders are not committed to using an application or platform supplied by the broker, but can use their own custom platform or app instead. They can conduct trade orders, trade execution, trade settlement, and trade verification, as well as view live prices and access historical market data through their own user interface.

Who uses APIs?

APIs are particularly useful for institutions and brokers with their own, proprietary trading software. However, they can also be used by private traders and app developers, or anyone with sufficient programming knowledge to set up and maintain the connection.

Benefits of Using APIs

APIs allow users to create custom front-end trading solutions that can utilise the functionality and data from established suppliers. This includes:

  • Live market data and executable prices.

  • Historical market data and prices, allowing API users to analyse markets and chart client sentiment.

  • Risk management tools and features, such as stop loss and take profit limits.

  • Current and historical trading data, so the user can maintain their account through their own user interface.

  • Immediate execution and instant confirmation, so orders can be carried out through their own trading platform.

Furthermore, trades can be carried out anonymously, rather than being recorded on the broker’s platform, and as a back-end does not need to be developed by the user, this may save on costs.

Drawbacks of Using APIs

API trading is not suitable for everyone. Here are a few reasons why some traders may prefer to use the platforms offered by brokers, rather than attempt to create their own custom solutions:

  • API trading requires development time and ongoing maintenance, which can be costly.

  • Generally, strong programming knowledge and skills are required. The extent of this will depend on the broker selected by the client.

  • Connecting an API can open the door for hackers to attack the application, so the security of the site may be hampered. Using APIs from trusted and authorised brokers should help to mitigate this risk.

Which Online Brokers Offer APIs

The vast majority of major trading services providers offer API trading solutions, however the features and degree of support on offer vary between brokers. Here are a few examples.

AvaTrade


AvaTrade
are brokers regulated by the Central Bank of Ireland to provide Forex, CFDs and other financial instruments and related services. They offer APIs that allow traders to link their custom trading solutions to the AvaTrader servers for secure and instant trade execution using real time transparent pricing data. The AvaTrader API also allows clients access to historical market data. The API libraries are supplied as .NET or Java files, so a good grasp of either of the programming languages is required to get them set up; no technical support is provided. There is no fee to use the AvaTrader APIs, however the client will be required to set up an account and maintain a balance of at least £1000. The APIs can also be used to connect automatic trading solutions to the AvaTrade platform. These can be tested on the demo platform using live market information.

IG

IG Markets Ltd. are one of the UK’s major CFD and share dealing firms, and as such are authorised and regulated by the Financial Conduct Authority. In addition to offering their own web platform and trading apps, they also provide automated trading solutions via their APIs. The APIs provide access to historical and live market data and prices, and can be used to execute trades using IG’s pricing and execution technology. The IG API also enables users to get real time trade notifications and account status notifications, and allows them access to risk management tools, watch lists and other functionality.

Its API has been designed for various types of organisations such as brokers, financial institutions, individual traders and app developers. IG offer a REST (Representational State Transfer) API – a standard way to get access to the resource over the web. The Web API comes with technical support, including online documentation and developer tools, offering assistance to those that require it. The programming languages supported include Excel (VBA), Java and .Net. For institutional clients with professional programming resource, the FIX API allows OTC trading via a live price feed, direct trading into global stock exchange order books and much more.

FXCM

FXCM Ltd. are authorised by the Financial Conduct Authority, with permission to provide trading services and products. They offer a variety of APIs, including the Marketscope Indicore which is for traders who use algorithms as part of their trading strategy. They also have the FXCM Forexconnect API, which uses .Net, Mac, iOS, Linux or Android programming languages, and allows users to run price data analyses. A Java API enables clients to connect their own applications and the FIX API is for institutional clients, offering a robust and advanced interface which can be customised to meet the needs of the client. API specialists are available at FXCM to provide a walk-through demonstration of the options.

Conclusion

APIs offer a connection between applications, data and resources, allowing them to be transmitted from one system to another. They are a powerful tool for developers wishing to create their own bespoke applications that are based on the market data and features provided by brokers. Whether a client is connecting an algorithm for automated trading, their own platform, or their own app, APIs provide all the tools to securely link to the data suppliers. Institutional clients can benefit from dedicated API solutions, whereas clients with less advanced programming skills can select brokers who offer additional support along with their APIs. The functionality and data provided through APIs, and the amount of technical support varies from broker to broker.


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