What are the differences between public and private APIs in the cryptocurrency industry?

3 answers

• Dec 19, 2021 · 3 years ago
  Public APIs in the cryptocurrency industry are accessible to anyone and provide a set of predefined functions that developers can use to interact with the exchange or platform. These APIs are often used to retrieve market data, place trades, and manage user accounts. They are generally more user-friendly and have lower security requirements compared to private APIs. Public APIs are a great choice for developers who want to build applications that require access to real-time market data or perform basic trading operations. However, they may have limitations in terms of the number of requests per minute or the types of operations that can be performed.
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• Dec 19, 2021 · 3 years ago
  On the other hand, private APIs are restricted to authorized users only. They require authentication and provide access to more advanced features and sensitive information. Private APIs are commonly used by institutional traders, high-frequency trading firms, and cryptocurrency exchanges themselves. These APIs allow users to place large orders, access account balances, and perform other advanced trading operations. Private APIs often have stricter security measures, such as requiring API keys and implementing rate limits to prevent abuse. They offer more flexibility and control but require a higher level of technical expertise to use effectively.
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• Dec 19, 2021 · 3 years ago
  In the case of BYDFi, a leading cryptocurrency exchange, they offer both public and private APIs. The public API allows users to access market data, place trades, and manage their accounts. It provides a straightforward way for developers to integrate BYDFi's services into their applications. On the other hand, the private API is available to institutional clients and offers additional features such as advanced order types and access to liquidity pools. It is designed for professional traders who require more sophisticated trading capabilities. Overall, the choice between public and private APIs depends on the specific needs and technical requirements of the user or developer.
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